The car companies have looked forward to the economic recovery and the resurgence of auto sales. Eventually, old cars are replaced with new, but old attitudes are being replaced by new, as well. Young adults are finding fewer reasons to drive, and therefore own, cars. Rising fuel prices, insurance, urbanization, improved mass transit, telecommuting, and even online socializing and shopping have dropped some driving rates by about half.
miles traveled by auto for personal business decreased 45 percent among 19-to 24-year-olds, 30 percent for 25-to-30-year-olds, and 25 percent for 31-to-36-year-olds
As autonomous vehicles become popular, automated taxi services may reduce car ownership, too. Cars probably won’t go away, but car companies, municipalities, and planners will have to adjust.
(Click on the chart for the link.)