Has the Developed World Hit “Peak Car Use”?

From naked capitalism:

Yves here. While this piece provides a solid overview of the fallen status of cars, it misses an obvious contributor to the lack of enthusiasm for them among the young: with weak incomes and in many cases, heavy student debt loads, an automobile is too large an expense relative to what they get out of it.

From Unconventional Economist, who has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs. Originally published at MacroBusiness

I wrote late last year how Americans appear to be losing their luster for cars, driving less, obtaining fewer licenses, and using less gasoline.

The below charts from The Atlantic illustrate the situation nicely, suggesting that the US might have hit “peak cars”.

First, at the height of the housing bubble, there were just over two registered cars on the road per household, whereas as at 2011, there were just under two:

Second, due to the rising population, the total number of vehicles on US roads has started rising again, although families are obviously not buying as many vehicles as the bubble years:

Third, the average number of miles traveled has fallen 9% since the mid-2000s peak...MORE