New car purchases are down 30 percent over the past 5 years among 18 to 30-year-olds, according to CNN.
While some blame the economy for this trend, many factors such as higher availability of public transportation, the rise of social media and stricter regulations on driving could be downplaying the importance of car ownership, according to CNN.
"With this generation, what owning a car means is completely different from previous generations," Annalisa Bluhm, a spokeswoman for General Motors told CNN. "It was a rite of passage. Now the right of passage is a cell phone."
While some car companies worry over this trend, some believe the statistic misrepresents what is really happening.
Michelle Krebs, an analyst at Edmunds.com, a website for purchasing cars, told CNN that more young people are buying used vehicles or driving their parents’ cars.
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