LOS ANGELES (CBS) — American automakers have stumbled as much as any industry since the financial crisis and subsequent $110 billion in taxpayer bailouts, but now they may have to contend with an even bigger foe: the “Generation Y” consumer who seems more interested in gadgets than cars.
A historic recession combined with a growing prominence of high-tech gizmos is forcing many young people in their teens and twenties to defer or even altogether forget about the prospect of owning their own car, which may mean more financial challenges for carmakers who are still trying to recover from the lowest sales in decades.
Karl Brauer, editor-at-large at automotive research site Edmunds.com, joins KFWB’s Ken Jeffries to explain the dynamics behind the trend.
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