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The average car purchase price in the US is under 34k
by nwienert 2y ago
The average car purchase price in the US is under 34k
- bryanlarsen 2y agoDoes that include used vehicles? Average for new is $47k. https://fortune.com/2024/02/28/how-expensive-new-used-cars-outlook-forecast/ https://fortune.com/2024/02/28/how-expensive-new-used-cars-o... And new is appropriate, since used price is payment from one owner to another. IOW, if one side of the transaction gets a good deal the other gets a bad one, leaving average unchanged. Average annual capital cost is new price divided by lifetime.
- nwienert 2y agoFirst - the average number there is according to Kelly Blue Books "proprietary editorial process", and I have doubts. Given it's spiked in recent years too we can assume that 90% of people today aren't at this new inflated price even if it's true and likely many more are holding out or buying used now. Second - every one of your numbers is rounded up quite a bit, especially mileage as the average mileage would be 135k by year 10. Third - You left out selling your 50k car in year 10 given 135k miles. Fourth - EAC, one way to get to the truth, not the only.
- bryanlarsen 2y agoI never claimed the numbers were average. The OP claimed that $10,000 a year on a car is uncommon. I'm saying that you don't have to go much above average to pay $10,000 a year on your car -- that spending $10,000 a year is common, even if a little less than 50% of people do so.
- nwienert 2y agoI'd guess closer to 10% than 50% do, the more average amount would be closer to 5k/year making the original claim pretty far off.