Could it be that the automobile's luster has faded over the years, that cars have become less synonymous with youth and freedom to Generation Y? A study by the University of Michigan Transportation Research Institute clearly says yes, but that's not the whole story, Bloomberg reports. Though young people are buying fewer new cars, baby boomers, the crowd born between 1946 and 1964, are buying more new cars.
The automotive industry is getting more evidence that it's time to expand product offerings or switch over to another business. A new study by the US Public Interest Research Group (PIRG) says the "driving boom" is over. While Baby Boomers loved their cars, their kids - aka Gen Y or Millennials - have different idea.
Next year, the very first Baby Boomers will be 65 years old. By 2025, nearly one in five drivers will be 65 or older. Looking even further ahead, the number of licensed drivers over age 65 is set to double in 2030, to 57 million. The National Transportation Safety Board believes that the government needs to prepare for this and work towards reducing death and injury rates for elderly drivers.
In a preliminary report, the Governors Highway Safety Association recently indicated a 10% drop in motorcycle related fatalities around the U.S. in 2009. This decline marks the first such improvement in over a decade as deaths have been on the rise consistently from 1997 onward.