A result of the push for big SUVs

[Old Crank]

Americans are getting priced out of cars. The push by car companies for big trucks and SUVs as daily drivers has jacked up costs. The cost of operation is also much higher for these things also. Fuel, insurance, interest payments, registration, and maintenance all go up. Creating a debt cycle. Overal pollution levels climb also.

Sorry about the ad barrage.

https://www.newsweek.com/americans-can-no-longer-afford-their-cars-1859929


In 2023—a year during which inflation slowed down to the point that the Federal Reserve decided to stop hiking rates—new car prices rose by 1 percent to an average of $50,364, while used car prices fell by only 2 percent to an average of $31,030.

But as things stand, cars are still really expensive for many Americans. Just 10 percent of new car listings are currently priced below $30,000, according to CoPilot. Things are not much better in the used car market, where only 28 percent of listings are currently priced below $20,000.

According to an October report by Market Watch, Americans needed an annual income of at least $100,000 to afford a car, at least if they're following standard budgeting advice, which says you shouldn't spend more than 10 percent of your monthly income on car-related expenses.

That means that more than 60 percent of American households currently cannot afford to buy a new car, based on Census data. For individuals, the numbers are even worse, with 82 percent of people below the $100,000 line.