By David MacDonald B ig-rig fever is now a global pandemic and if you’re not properly immunized it’s recommended that you should take all precautions – mostly just stay away from millennial hotspots like Starbucks. That’s right. The category is evolving because the same generation that propelled the Kardashians to fame and took the Snuggie seriously has decided to get some fresh air. That’s according to Bloomberg’s Kyle Stock who sees rising sales in vehicles like the Jeep Renegade as a sign that pad- dleboarding, adventure racing, rock climbing, and cross-country skiing millennials are redefining the automotive category responsible for rushing them safely to soccer 20 years ago.
Stock believes they’re emboldened by “cheap credit.”
“Last year, Americans bought about 270,000 new boats, almost 50,000 more than they did in 2014. They also bought roughly 442,000 tow-able campers, a 41 percent increase from 2014. In short, for the SUV set, it’s about far more than Costco competency and a commanding view of the road, as crossover critics have long claimed. None of this will be news to anyone who has set foot in a Whole Foods, Lululemon or a Crossfit “box” (known to normal people as a gym).
Despite all our screens – and in some cases because of them – health is no longer just a hobby.
The smartest automakers saw this coming,” he said.
And buyer’s remorse isn’t a factor for these millennials; they’re too busy checking their Step Counter app from a cliff face using their SUV’s Wi-Fi in the parking lot below to care.
Phil LeBeau, the editor of CNBC’s Behind the Wheel, says that “despite rising interest rates, Americans are borrowing more than ever to buy new and used vehicles.”
“Analysis of auto loans in the fourth quarter by Experian shows the average new vehicle loan hit a record high $31,099 [USD], while the average loan for a used auto climbed to a record of $19,589 [USD].”
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SPOTLIGHT ON BUSINESS MAGAZINE • MAY 2018
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