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From: Autos Pak on 23 Jul 2010 12:00
We all remember our first car. There's nothing quite like the memory
of seeing your parents hand you the keys to a vehicle you can call
your own, and the experience has historically happened somewhere
between a child's 16th and 18th year. Right?

Perhaps not. It seems that the time-honored act of buying your first
new-to-you car in your teenage years is waning in popularity. And the
same is also true of vehicles purchased from well-meaning parents for
their children. According to CNW Marketing Research, in calendar year
2005, there were 7.5 million vehicles purchased by or for teens. In
2010, that number is expected to dwindle all the way down to 4.2
million.

Tellingly, this statistic is falling right alongside the flickering
teen job market. CNW reports that 27 percent of all American teens
have not worked full- or part-time so far this year, which is up
dramatically from 2005. Not surprisingly, only 16 percent of teenagers
that do happen to have their own set of wheels pay the full monthly
payment themselves (that's down from 21 percent).

Transaction prices are also down, which has led to another intriguing
bullet point: 57 percent of cars purchased by or for teens are from
domestic automakers, due largely to the fact that American cars tend
to be less expensive on the used market.

Reference:
http://www.autospak.com/
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