[TheFuture]

Also think about how much easier it is to buy used vehicles. All the car buying websites have changed the auto sales industry in the last 10 years. The used car market is much bigger now and more selection, meanwhile consumers are more informed as ever on the value of new cars.

Though as much as the article talks about cultural preferences of Gen Y, I think the "cheapness" is being driven solely by Gen Y having no money. Sure you can say you don't need your car as a status symbol, but if you were making 40% more in salary and didn't have $100k in student debt, you'd get a nicer car.

We all entered college as tuition skyrocketed and yet the real value of a degree is shrinking, and we all graduated into a decade of zero economic growth. We're masking our (relative) poverty by being content with all are parents old used stuff and calling it "cool".

[andyking]

I don't have £100,000 in student debt - because I didn't go to university. I'm not rich, but I'm financially independent. The only thing that would push me to get a nicer car would be better reliability, or better gas mileage - which both save you money (in gas, and repair bills / wasted time) in the long run. Car ownership is purely financial for me.