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.
$100k to afford a car! Wtf.
I think it’s just more of the rot. Americans couldn’t ever really afford cars to the extent that they were used, no society can. And I don’t mean this on a moral ground or whatever, just economically it is a terrible, terrible system to uphold and only ever functioned due to absolutely gargantuan subsidies at every point
But, you know, that works for a while if your average consumer gets a nice treat, but it’s simply unsustainable