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I think the 'why millenials don't buy new cars' question breaks down into 2 parts. Why don't some millenials buy cars at all, and why do the millenials who buy cars not buy them new. As a millenial (30 yrs. old) who got my license on my 16th birthday and have been driving ever since, I can't answer for my peers who choose not to drive. But I can answer for me. I don't buy new cars because they are too expensive. End of story.
Even if I could afford a new car, and I'm sure there are some new cars I could afford if I was willing to make payments, it doesn't make any financial sense.
I bought a fun, economical, sports car for $2500 that still had 200,000 miles of life in it with nothing more needed than routine maintenance. Why pay 8-10 times that for the latest model?
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