Why young people don’t buy cars or apartments or anything expensive anymore

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It’s a new generation and it is a new generation. The traditional yardstick of measuring success i.e.ghar, gaadi aur paisa has been thrown into the winds as the newer X generation (people born after 1990) believe it is all out of date. Subsequently, research shows that not a lot of young people are interested in opting for material possessions and would rather like to keep it simpler, and hence the tag “The Generation of Renters”.

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Why ?

The morals and materialistic tendencies of Y generation were laid to rest as soon as their time came to an end. Today’s generation doesn’t aim for prosperity or stability, rather they have traded it for geographical and financial independence. Success is now measured by the amount of time they spend overseas travelling or how much Serie-A funding their new start-up has received.

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Where is the money?

X generation always despises the impending financial crisis- they do not believe in taking loans, or in the words of sociologists, they try to avoid serious loans, as they think that these will hinder their future prospects. Also, a majority of the X generation lives in Metropolises where the living costs are usually very high, never giving them the opportunity to invest in such costly overtures.

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Little or no interest in materialistic tendencies

Why buy a car when you can get a cab? It’s nearly the same as having a car that too with a chauffeur. If you are a little below the means and live in metropolitan cities, you can easily commute by public services like Metro or auto-rickshaws. Why buy a house in a beautiful place and go there for vacation, if you can find a place to stay through Oyo or Airbnb in any corner of the planet? Similarly, why buy property at your current city of occupation when you could get transferred or could leave for greener pastures in the form a of a new job, business opportunities etc. According to Forbes, X generation changes jobs as frequently as once every three years. Also, why take a out a loan for 20 years and pay additional rate of interest, when you can just accept the fact that you will live in a rented house for the rest of your life.

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Buying costly possessions makes us worry about them

Imagine owning a house. Apart from worrying about the monthly installments, you would also have to worry about the plaster that is falling of the wall, the light that hasn’t been functioning properly in the stairway, or the rowdy neighbor who always parties late into the night and doesn’t let you sleep and always manages to mug your parking space- the possibilities are limitless. Same goes for other possessions like cars, etc.

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The fear of depreciation

The car for which you had churned out so much money only a few years ago would never fetch you an equal amount (unless it is a limited edition, and in that case you would not be reading this article). It’s cost will continually get depreciated until you virtually get a trifle. In case of really estate, an economic meltdown can lead to an instant plummet in their pricing matrix, and rest as they say, would be a medical history of never ending depression and heart related conditions.

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In this world where existence precedes over essence (Monsieur Sartre), why be materialistic at all.