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3 Reasons Why Young People Do Not Buy Cars And Apartments Anymore

IndianMoney.com Research Team | Updated On Saturday, February 25,2017, 07:09 PM
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3 Reasons Why Young People Do Not Buy Cars And Apartments Anymore

 

 

 

Are you from the Gen Y? You may not be interested in buying an apartment or owning a car. Wondering what’s Gen Y? Oh…If you are born between 1981 and 1997, you are Generation Y, popularly called Gen Y. You are in the age of smart. Today is the age of taxi aggregators. All you require is a smart phone and you can book a cab in seconds. You can track your cab, right from the moment you book it, till it reaches your destination. Why bother buying a car, when you have a cab attending your travelling needs, 24/7?  

What about buying your own house/apartment? You are Gen Y. You would most probably say, why buy a house when you can rent it? You keep changing jobs regularly. Sometimes, you chase jobs in different cities. Your thoughts and that of Gen Y, why bother buying a house when you can rent it.

Gen Y is not interested in owning anything. They are only interested in convenience. This is very different from the previous generation which preferred owning things, preferably expensive things which they called assets. Why do many young people today, prefer not to buy cars and apartments? Let’s find out. Want to learn more on investment planning? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website. IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real Estate, Loans, Bank Accounts and capital markets.

You are not interested in owning things

You are Gen Y and a very practical person. You prefer convenience…. only convenience. Why spend hard earned money buying a car, or avail a car loan to buy a car, when you can always use a cab? Check out the large number of taxi aggregators around.

Just use your smart phone and book the cab. You can even share a cab with fellow travelers and save a lot of money. Sharing and Pooling are the buzz words, when it comes to taxi aggregators. Just think of a cab, as a car with a driver. Why bother buying a car, when you can use a cab even in the middle of the night?

What about owning a house/apartment? You live in a generation which changes jobs regularly. Why, you might even change cities in search of better job opportunities? Career is after all the engine of growth and you have to invest in it. If you are Gen Y, you would prefer renting a house, instead of buying one. It would be very convenient to relocate to another city, as you can rent a house very close to your office.

You are worried about expensive things losing value

Let’s say you buy an expensive car with a lot of fancy gadgets. Half your life is spent worrying about the maintenance of the car and the safety of the gadgets. Your car gets scratched in a minor road accident? You lose your temper and then road rage. The value of the car reduces with time called depreciation. You see time, eating up your hard earned money.

All this headache, tension, stress and anger, has a simple solution. Use taxi aggregators and book cabs whenever you want a ride. When you buy an expensive car, depreciation is your worst enemy.

You love to gift yourself an experience

Let me ask you a simple question. Did you see your parent’s travel and visit foreign countries? Most probably not. It’s highly likely; your parents never travelled a lot. Most of their money went in buying a house and a car.

You are the Gen Y. What do you believe in? You would most probably gift yourself an experience. What better experience than travelling. You get to see new cities and maybe a few countries. Why waste money buying expensive things which depreciate in value, when you can always save money and go for a vacation?

Does this mean all citizens buying houses and apartments are not smart? No, buying your own home and car definitely has its benefits. Tastes differ across people. Everything has its advantages and disadvantages. You be the judge. Be Wise, Get Rich.

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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