4 ms·
Given that the article starts off with a story about someone at the lower end of the economic spectrum being unable to afford a car, it seems borderline mislead
by rainsford 3y ago
Given that the article starts off with a story about someone at the lower end of the economic spectrum being unable to afford a car, it seems borderline misleading to then discuss car affordability in terms of the average new or used car price. As you suggested, the fact that the average new car sale is $49k in no way prevents you personally from buying something like a Civic, Corolla, or Impreza and getting a perfectly good new car for half the price. It's not even like housing, where there are supply issues making things unaffordable. Car makers offer cheaper models and would presumably make more of them if more people demanded them.
Also while there is nothing wrong with spending $49k or more on a car, it's wild to me that this is the average new car sale price in the US considering the median household income is something like $75k. Spending an equivalent to 2/3 of your yearly income on a depreciating asset when there are perfectly reasonable cheaper alternatives does not seem reasonable as the rule rather than the exception. If you make a lot of money or like nice cars, sure, but as the case for the average buyer...wow.