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Americans were paying about 38% more for a new car or truck over the summer than they were just 10 years ago. The average transaction price for some popular vehicles is up nearly 50%, 60% or even 70%. So how are drivers affording it? As CBS News found, many are not.
In Vineland, New Jersey, the typical family takes home about $39,000 a year after taxes. CBS News business analyst Jill Schlesinger recommended spending 10 to 15% of that income monthly on a vehicle. That leaves an average family there with about a $400 a month budget.
Sounds like it’s time to make good life choices find a better job.
Yes, many people can help themselves advance economically, some can't for various reasons. I do think autos have gone up in cost more than the rate of inflation, over the past 30 years, but it is difficult to quantify because cars are so different, and more complex today. Plus they typically go higher miles, and last longer.
I remember as a child in 1971 seeing adds for VW Beetles, Ford Pintos and Chevy Vegas for around $2,000. Yes, very basic transportation. Today that would be around $12.708 if you believe the inflation rate over that time period. You can't get a basic, new car for anything near that today.
People spend a LOT on cars today. I many of my neighbors driveways there is well over $100K for two cars sitting there.
if you can't afford a new car, pick up an additional job and get what you want. It only costs a few dollars a more to go first class.
Ah yes.. The Old bootstrap or get another job quote from the Far Right..
America, the ONLY 1st world country where:
Wages has been stagnant for 30 years!
Works more hours then almost any other 1st world nation!
Almost no worker rights!
Almost no vacation compared to all other 1st world nations. 4-6 paid weeks is the norm!
Only 1st world country where Healthcare is tied to their work.. so they up or sideways mobility is nearly non-existent!
Higher education means loans almost for lifetime.. where higher education is paid for by taxpayers in other countries!
American Right Wing talking point...
If you can't get by by a full time job.. you should get one more.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
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It's because they are loading cars up with way too many luxuries and electronics as standard equipment. I think of my first car thar I owned 20 years ago compared to my current car, night and day.
My first car had a nice big engine bay that would actually allow you to work on the car yourself, no A/C, roll up windows, manual door locks, and an old Delco AM/FM Casette deck, which I replaced with a Pioneer CD Player. Open rear end (i.e. no limited slip or traction control), no ABS, rear drum brakes, solid rear axle and no trunk lever (you had to get out of the car and use the door key, which was separate from the ignition key). Oh, and no airbags
Compare that to my current car. Only thing old school on it is the pushrod V8 and 6 Speed Manual Transmission. Other than that, no contest. It has an electronic e brake switch instead of the old lever/pedal, an infotainment system with bluetooth, SIRIUS XM and a 7 inch screen, limited slip independent rear suspension with traction control, 4 wheel disc brakes with ABS and Brembo pads and calipers, auto up and auto down power windows, power mirrors, AC with temperature setting/automatic climate control, and that V8 is shoehorned into the engine bay, so no hope of the home mechanic working on it themselves, other than say oil changes or brakes. Even spark plugs would be a challenge to change with this car. And it has several air bags
Old car was $9,900 in 1988. I bought it in 2000 for $3,500 with only 50k miles and no rust.
Current car was $38,000 in 2018. I bought it for $32,000 certified used last year with 3,600 miles and still had factory warranty
If you stay away from looking at fully loaded pickup trucks and SUVs, and stick to basic sedans or hatchback cars, there are actually some very good deals out there. The demand for sedans or small hatchbacks has gone way down, and dealers are open to offers on them just to get them off the lot.
I recently bought a new base model Honda Fit for less than $17K, and it has everything on it that I need for a car. There are several dozen other similar sedans or hatchbacks available for even less, but I wanted something that I knew would be an easy re-sale in the future.
Most people don't really need a big pickup or SUV for daily transportation needs.
Some people choose to forego a car and move to an area that has shopping, restaurants and employment within close proximity. Plus public transportation nearby. Rent a car for occasional road trips.
Concentration of wealth means a middle class income is increasingly falling behind the average income.
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