Study finds younger people are putting the brakes on car shopping these days

CLEVELAND - Remember when you bought your first car? Buying a car used to be a rite of passage for young people. Afterall, it gave you freedom to go where you wanted, when you wanted. But apparently not anymore. Cars are being replaced by something much smaller and it is usually the latest technology gadget. 

According to the car shopping website Edmunds.com, new car purchases by 18-34 year olds dropped 30 percent in the last five years.

Experts said the economy isn't only to blame. There are societal shifts involved, like more people moving into urban areas where you don't need a car. Some said you can even blame social media.

A study by consulting firm Deloitte found that 46 percent of 18-24 year olds would choose Internet access and interacting online over owning a car.

Automakers have noticed. A spokesperson for General Motors said for young people, the first car is no longer a rite of passage. It's the first cellphone.