A recent report by Edmunds confirmed that the slow job and house markets are still preventing young buyers from going to new-car showrooms, to no surprise.
Two years ago, buyers between the ages of 18 and 34 bought 12.6 percent of all new vehicles. This represented an increase from 10.8 percent in 2011, and the number was expected to increase significantly in 2013.
"Younger Americans across all income levels have had trouble pulling together the financial motivation to buy a new car," said Edmunds Chief Economist Dr. Lacey Plache, according to the website.
Towards the end of 2013, the share of new vehicle purchases by young car buyers has dropped toward where they were in 2011.
Through August, shares were at around 11.4 percent in 2013, according to Edmunds
The main issue is young buyers are still having a hard time finding jobs to buy new cars, and instead they're choosing decent used cars or sticking with the same vehicle year after year.
The economy created around 30,000 new jobs each month for older Millennials between the age of 25 and 34. Through August 2013, only an average of 4,000 new jobs created for the same age range every month, according to Edmunds.
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