They buy fewer cars because they have less money. It's not rocket science.
You've no doubt been hearing for years that young people just don't care about cars the way previous generations did when they were young. There have been some possible flaws with these findings though, like how many of the studies were conducted during a time of economic downturn, when few people of all ages were buying cars. This is probably how it's possible that a new study on the subject, conducted by MTV, weirdly enough, has found the opposite to be true.
The study, which was given the horrific marketing-speak name "Millennials Have Drive," was presented at the National Automobile Dealers Association Convention and Expo, an event which sounds like it would be at least a minor crime against humanity. It's unclear to what extent the change in economic outlook has impacted the findings, but the difference is quite dramatic. One of the most pervasive beliefs about young people and driving is that they view their smart phones as a car replacement, but the study found that a whopping 92 percent do not see their phones as a suitable substitute.