Yes, I do agree with the following statement:
"Brauer said one issue is economic: A combination of high unemployment among young people and economic troubles for their parents is making it harder for younger people to afford to drive."
From article.
However, the article also stated, "For one thing, many young consumers care more about new technologies, such as the latest phone, than about the latest car."
Although this could be a possibility, I think the reason behind decreases automobile trends is more on the financial hardships people are facing. Right now, I feel consumers would rather settle for a used inexpensive car than a luxurious one and be left with more money for more essential items. Consumer are making smarter buying decisions and really evaluating the value of purchases and how beneficial it will be.
Personally, I think through purchase decisions more now than I did in the past based on my economic standing. I evaluate pros and cons and whether I actually need items.
As far as younger consumers caring more about the latest phone...
Well, If they aren't car shopping the latest phone can help them do lots more. It's more valuable in terms of daily benefits. Weather, news, mail, texting and social media to name a few.
Moreover, I think its a lame excuse for low car sales.