U.S. · Iran · Fortune Technology
“I keep seeing a lot of different aspects of life getting more expensive, and it’s harder,” said Eble
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Car ownership has long been integral to the American dream.
Key facts
- The share of new car buyers earning below $100,000 fell to 37% last year, down from 50% in 2020, according to Cox Automotive
- She searched for something used under $20,000, and eventually paid a little more than that for a 2021 Mazda CX-5
- New vehicles now sell for an average of nearly $50,000, up 30% in six years, and average monthly payments, based on 10% down and a 6-year note, recently hit $775
- The share of vehicles listing for less than $30,000 is about 13%, down from 40% five years ago, per the car review site CarGurus
Summary
After a few years of sharing a 2019 Chevrolet Trax, Dana Eble and Tyler Marcus are finally looking for a second car. “I keep seeing a lot of different aspects of life getting more expensive, and it’s harder,” said Eble, an account manager for a public relations agency. Consumer prices rose 3.3% in March, the biggest yearly increase since May 2024, while new car prices were up 12.6% from a year ago, the Labor Department reported Friday. New vehicles now sell for an average of nearly $50,000, up 30% in six years, and average monthly payments, based on 10% down and a 6-year note, recently hit $775. To cope, buyers are spreading their payments out longer.