Bloomberg News: ‘Just a few years ago, obituaries were being written for the motor car…’Now used car prices are going through the roof…while public transit route inquiries have plunged’


By: - Climate DepotJuly 2, 2021 11:21 AM

Via: In The Pipeline

People enjoy the freedom of their own car, big shocker…

Bloomberg (7/2/21) reports: “Cars are having a moment almost as improbable as the stunts in the “Fast and the Furious” movies that celebrate them. Just a few years ago, obituaries were being written for the motor car — Millennials and Gen-Zers, so the argument went, were going to swerve away from car ownership as more of them moved to cities with myriad public transport options and ride hailing services like Uber. Besides, concern about the adverse impact on the environment would deter young people from making purchases. Then the pandemic hit. Now, as the world recovers, used car prices are going through the roof. Waiting times for driving tests have blown out. And online requests for driving directions are soaring, while public transit route inquiries have plunged. An EY survey of 3,300 consumers in nine countries found that 32% of non-car owners said they intended to get a car in the next six months. About half of those prospective buyers were millennials…Georgios Basdanis, a 32-year-old doctor in London…said he’d have loved an electric car, but says that option was too expensive — not only the purchase price but also the insurance costs.”