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Millennials aren't driving

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TAMPA, FL (WFLA) -
Getting your drivers license used to be a right of passage for teens.  Most kids couldn't wait for that special birthday so they could find freedom behind the wheel.  But times are changing.
 
Gerri Detweiler of Credit.com says, "We're finding that a lot of young people just don't want to get their drivers license. Either they feel like they don't need to spend the money on driving or they have people, like parents and friends, who are happy to drive them around when they need it."
 
Detweiler says young people also spend a lot of time connecting online and find it's not always necessary to be everywhere in person.
 
"From a financial standpoint, not having a car can be a great move because car loans and insurance and gas are expensive  and those things really do add up, so that means more money in your pocket," says Detweiler.
 
But there's also a financial downside.  Detweiler says, "Not driving, not getting a car loan, can actually affect your credit. It may not be a big impact immediately but down the line, when you do want a car loan or decide to buy a home, not having that established credit history can make it more expensive to do those things."
 
Credit experts agree that a car loan, paid on time, can be an important credit reference for someone just starting out.  It demonstrates a positive payment pattern and creditors want to see that.
 
"I wouldn't say run out and buy a car and get a car loan just to build a credit history, but it probably would be a good idea to have at least one credit card, with a low limit. You can pay it in full, you don't have to pay interest, but that established credit history is really important to your financial future," adds Detweiler.
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