Study: Americans age 18-34 buying less new cars

11:25 AM, Sep 17, 2012   |    comments
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(CNN) -- Younger Americans are hitting the brakes on car shopping these days.

In the last five years new car purchases by 18-to-34 year olds dropped 30%.

That's according to car shopping web site Edmunds.com.

It may be a reflection of the economy, but some say there are other societal shifts involved.

Like more people moving from the suburbs to urban areas where you don't need a car.

And then there are those blaming social media.

A study by consulting firm Deloitte found that 46% of 18-to-24 year olds would choose Internet access over owning a car.

That's right. The freedom you used to get from your car, they say you now can find interacting online.

Even car makers are taking note.

A spokeswoman for General Motors said for young people, the first car is no longer a rite of passage... it's the first cell phone.

CNN