The young Americans choosing Y2K cars over shiny new SUVs: ‘I get so much crap from people’
Summary
Many young Americans are choosing used cars from the late 1990s and early 2000s, called Y2K cars, because new vehicles are too expensive. These older cars are reliable, cheap to insure, and easier to pay for without much debt, making them a popular choice amid high costs for new cars and living expenses.Key Facts
- The average new car costs over $50,000 in the US, which is too high for many young people.
- People under 35 make up less than 10% of new car buyers in 2024, the lowest ever.
- Average monthly payments for new cars are $765, and for used cars, $542. Some pay $1,000 or more each month.
- Y2K cars are reliable vehicles from the late 1990s and early 2000s that often last over 150,000 miles with basic maintenance.
- These cars are cheaper to buy, run, and insure compared to new models.
- Interest rates and loan lengths have increased, making new car financing similar to a mortgage.
- The supply of affordable used cars under $15,000 is shrinking, falling from 21% to 15% of the market in one year.
- Nostalgia plays a role in buyers wanting cars they remember from their youth.
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