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Average US new car price for a vehicle sold at the end of the year was $48,681. I guess everyone is living in luxury now? (That's maybe kinda true) https://www.

Average US new car price for a vehicle sold at the end of the year was $48,681. I guess everyone is living in luxury now? (That's maybe kinda true) https://www.kbb.com/car-news/average-new-car-price-sets-record/ https://www.kbb.com/car-news/average-new-car-price-sets-reco...

ThunderSizzle 4y ago
Living in debt living paycheck to paycheck to payoff those huge liabilities. I doubt that would be thr average price if car financing wasn't expanding to much longer lengths than 3-5 years.
Retric 4y ago
New car buyers tend to be relatively affluent, otherwise they would be buying used.
- bluGill 4y ago
  Not affluent. They have to have a good income as the poor and lower class are priced right out. However most are in the middle class and living at or beyond their means. Those who are affluent and not rich are buying older used cars and keeping them running for many years. You can save several hundred thousand dollars over a lifetime while still driving cars - money they invest. (not to be confused with the poor who don't have that money in the first place and thus can't invest) If you don't have a car at all there is potential for several hundred thousands more saved. However if you live where this is good transit you are spending several hundred thousand on that: not only do you have to account for fares, but also areas with good transit tend to have both higher taxes and higher rent. Still getting rid of a car is a great idea to save money, and if you can get rid of all you are mostly likely better off (just not by as much as you would think compared to the frugal car owner)
  - deleted 4y ago
    [deleted]
  - Retric 4y ago
    For large groups this large income and affluence are linked, also people living above their means are likely to lease. Similarly some wealthy people don’t have cars, but many people without cars are simply poor.

ThunderSizzle 4y ago

Living in debt living paycheck to paycheck to payoff those huge liabilities. I doubt that would be thr average price if car financing wasn't expanding to much longer lengths than 3-5 years.

Retric 4y ago

New car buyers tend to be relatively affluent, otherwise they would be buying used.

bluGill 4y ago
Not affluent. They have to have a good income as the poor and lower class are priced right out. However most are in the middle class and living at or beyond their means. Those who are affluent and not rich are buying older used cars and keeping them running for many years. You can save several hundred thousand dollars over a lifetime while still driving cars - money they invest. (not to be confused with the poor who don't have that money in the first place and thus can't invest) If you don't have a car at all there is potential for several hundred thousands more saved. However if you live where this is good transit you are spending several hundred thousand on that: not only do you have to account for fares, but also areas with good transit tend to have both higher taxes and higher rent. Still getting rid of a car is a great idea to save money, and if you can get rid of all you are mostly likely better off (just not by as much as you would think compared to the frugal car owner)
- deleted 4y ago
  [deleted]
- Retric 4y ago
  For large groups this large income and affluence are linked, also people living above their means are likely to lease. Similarly some wealthy people don’t have cars, but many people without cars are simply poor.