U.S. Millennials Take Longer to Drive Away in New Wheels: Chart

(Bloomberg) -- Every generational cohort in the U.S. is purchasing cars faster except millennials, according to researcher Cox Automotive. Younger consumers’ rising debt levels play a clear role, said Steve Lind, general manager at Cox’s Autotrader. Millennials, many of whom are first-time car buyers, may also be slower to seal deals because there are more technology options available than ever before, he said. Automakers report May U.S. deliveries on Thursday, with analysts projecting a sales pace slower than a year earlier for the fifth month in a row.

--With assistance from Gabrielle Coppola

To contact the reporter on this story: Anne Riley Moffat in New York at ariley17@bloomberg.net.

To contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, Sophie Caronello