Young people don't drive.
That's the gist of a British study, which found that vehicles – once tied to the act of becoming an adult – now matter less for the UK's under-21-year-old crowd. According to The Guardian:
In Britain, the percentage of 17- to 20-year-olds with driving licenses fell from 48 percent in the early 1990s to 35 percent last year. The number of miles traveled by all forms of transport, per capita per year, has flatlined for years. Meanwhile, road traffic figures for cars and taxis, having risen more or less every year since 1949, have continued to fall since 2007.
Why the declining interest in automobiles? Well, as the study suggests, most of the UK's youth now prefer to walk or hop on a bicycle, rather than to jump behind the wheel of a vehicle.
Automakers are worried that today's youths don't aspire to own a vehicle like they did back in the good ol' days and some analysts even suggest that the golden age of motoring is over. But we'd say – quoting Puff Daddy P. Diddy Diddy – "It's all about the Benjamins baby." Today's vehicles are expensive. End of story.
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