Posted on 07/12/2015 12:09:17 AM PDT by 2ndDivisionVet
*If you’ve never heard of ride-sharing, app-based taxi services like Uber and Lyft, you probably don’t get out much.
They are pretty much taking over the world.
And John Zimmer, who co-founded Lyft, even goes as far as saying that in five years, most millennials won’t own a car. They will see no need for it.
“You could actually start seeing the majority of millennials in the next five years or so saying there’s no reason I should get a car,” Zimmer told Mashable recently. “The car used to be the symbol of American freedom. Now it’s like …owning a $9,000 ball and chain, because you have $9,000 in expenses on your car every year.”
Sounds like something someone with a ride-sharing business would say.
But apparently there’s data to support his theory.
An article in Huffington Post states millennials are less likely to get driver’s licenses compared to previous generations; and according to the AAA Foundation for Traffic Safety, the number of cars purchased by people aged 18 to 34 fell by almost 30 percent from 2007 to 2011.
Of course this could be for a number of reasons. The economy; parents unable to foot the bill for a monthly car note.
And these days, the Generation Y’ers use skateboards, bikes and public transportation more often as a means of travel. So this could also lend itself to the reasons why they are not purchasing cars.
Yet it is true, as Mashable notes, that this millennial shift has contributed greatly to the success of ride-sharing companies like Lyft and Uber, whose worth is at least $2 billion and $40 billion respectively.
Not to mention the contributions of their parents and grandparents; who rely heavily on the service for their own means of regular transportation.
Yet and still, the jury is still out on whether or not cars will soon be obsolete for the Gen Y set. A survey conducted this year found that 43 percent of millennials are actually likely to purchase a car in the next five years.
“Whatever millennials do right now, it’s highly likely that they’ll drive more as they age into their 30s and 40s,” wrote reporter Emily Badger in an op-ed for The Washington Post last year. “The question is whether they’ll continue to drive less than their parents did at each stage of life — and whether future generations will replicate their patterns.”
Basic F-150 is actually $26,500.
If you need to pull a trailer of sufficient size, the $40-50K truck is a must-have.
Just wait until the next generation transitions to bicycles because none of the millennials can afford a car! They’ll live in caves and under overpasses and eat grass. They’ll be eco-friendly, hip and super-trendy and HuffPost, Salon and the rest of the slavery advocates will be right there to congratulate them.
You should buy a new car with a bumper to bumper 36k warranty. $300/mo is a nice car payment you are throwing your money away. This makes no sense.
Per Dave Ramsey, the average car payment is around $500 a month.
$500/month car payment
$100/month insurance
$150/month gas
That’s $750/month, 9K a year
If you live in your car then it is your mortgage too.
But they could just 3D print themselves one if they wanted to.
I have a 2004 Lincoln Aviator as my puller engine.
Adjust that for inflation and get back to me.
Then, after about a year, I’d be back to paying $400-$1,000 every three months. I’d also then have a monthly car payment. :)
I’ve learned that I don’t need a car that costs more than $4,000 on a car, than maintain it. Every car that way should last at least 400,000km.
You are aware that new cars come with a 3 year warranty, some even longer? Are you that clueless?
What I am aware of is that 3yrs, 36,000km means whichever one gets used up first.
They're cheaper than high-speed rail, and more practical. The Israelis have developed the technology so that it's cost-effective, but the watermelons won't ever let it happen here.
I will help you with the math ok? 8000km = 5000mi. or 1,666 / month. On an annual basis that is 20,000 per year. So you would need an extended warranty. I bought a Ford 125mile / 7 year warranty for 1000 bucks. I financed that warranty and it increased my payment about 10 dollars. It is also transferable if I sell the car. It is bumper to bumper covers everything.
Again what kind of car needs 300 per month in maintenance?
I was giving a basic average, depending what needs to be done. Sometimes it is just an oil change and other times, everything had to be flushed.
An out-of-warranty Jaguar!
My older car(2001 Camry) needed a few things to get thru annual inspection. I spent $1000. I do not expect any more maintenance for a year. Again please specify the make and model and year of the car you are referencing.
An out of warranty Cessna Citation V.
It's coming. Already Uber is branching out into deliveries of merchandise.
So then who will drive people around? If there are only a few private cars the demand for rides will be so high as to raise the price of a ride beyond reach, thus discouraging people from ditching their cars.
See Law of Supply and Demand.
They’ll own a car because they’ll be working for Uber or Lyft.
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