US EditionBuyers fret as the average cost of a new car nears $50K
Buyers are stretching loans as 7-year financing tops 12% of sales and only 13% of vehicles list under $30,000, analysts said.
- The average cost of a new car is nearing $50,000, a 30% increase in six years, with monthly payments hitting $775.
- The share of new cars under $30,000 is about 13%, down from 40% five years ago, and the share of used cars under $30,000 fell from 78% in 2021 to 69% in February.
- Consumers are hanging on to their cars longer, nearly 13 years on average now, to avoid big expenses, and some are opting for leases, which can save $140 compared to financing.
96 Articles
96 Articles
Average new car prices near $50,000 as rate of increase accelerates
As anyone looking to buy a vehicle knows, purchasing a new car, truck, or SUV is getting more and more expensive, and a new report shows that the rate that prices are increasing is starting to speed up.
After sharing a 2019 Chevrolet Trax, Dana Eble and Tyler Marcus for a few years, they are finally looking for a second car. But as they enter the market, the young married couple is not sure how much they can afford. “I keep seeing how many aspects of life get more expensive and harder,” said Eble, an account manager at a PR agency. Owning a car has long been an essential part of the American dream.
Los Angeles Times
Independent EspañolAfter a few years of sharing a 2019 Chevrolet Trax, Dana Eble and Tyler Marcus are finally looking for a second car.
Monthly payments for new cars hit astonishing milestone
After a few years of sharing a 2019 Chevrolet Trax, Dana Eble and Tyler Marcus are finally looking for a second car. But as they jump into the market, the young married couple isn’t sure what they can afford.
Average price of new cars nears $50,000 as automakers focus on big pickups and SUVs while cheaper sedans get phased out
After a few years of sharing a 2019 Chevrolet Trax, Dana Eble and Tyler Marcus are finally looking for a second car. But as they jump into the market, the young married couple isn’t sure what they can afford. “I just 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. Car ownership has long been integral to the American dream. But as automakers slas…
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