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Americans can no longer afford their cars

www.newsweek.com

Americans can no longer afford their cars

57 comments
  • I can’t phantom spending more than $25k on a new car (for myself, I don’t need a family vehicle). I’m in the market for a used car around $15k and even that seems steep. With this article saying average prices are around $40k and 82% of Americans make under $100k, I have to assume people are seriously struggling to afford anything if much of it is going towards car expenses. And that’s just for a car, not to mention housing, food, etc.

    Edit: oh…

    Manufacturers cite disappointing sales results as primary reasons for discontinuing smaller, more affordable vehicles from their lineup," Yoon explained.

    "But car buyers' preferences have also shifted dramatically to larger trucks and SUVs in the past 10 years or so, and even more towards high-tech and comfort amenities in the form of cameras, sensors, radars and large infotainment screens," he said.

    Yeah, I’d be a-okay with an fm radio and roll down windows in a compact hatchback, thanks. You people with your fancy cars. It’s all going to be trash with the flick of a firmware update.

  • This is the best summary I could come up with:


    The pandemic's disruption of manufacturing supply chains, as well as outsized consumer demand in 2021, really put a strain on vehicle inventory and drove prices up significantly, said Yoon.

    "Supply chain disruptions also forced manufacturers to prioritize more profitable, higher-trim vehicles in their lineups, which meant the inventory available to purchase also carried a higher sticker price."

    "Macroeconomic factors like inflation and higher interest rates are also reducing vehicle demand, but not enough to drastically drop car prices in the foreseeable future."

    But there are other reasons besides pandemic-related disruptions that there seem to be no more affordable cars in the U.S.—including that automakers are increasingly focusing on the production of expensive SUVs and trucks while dropping smaller, cheaper vehicles that would cost $20,000 or less.

    "Manufacturers cite disappointing sales results as primary reasons for discontinuing smaller, more affordable vehicles from their lineup," Yoon explained.

    "But car buyers' preferences have also shifted dramatically to larger trucks and SUVs in the past 10 years or so, and even more towards high-tech and comfort amenities in the form of cameras, sensors, radars and large infotainment screens," he said.


    The original article contains 758 words, the summary contains 186 words. Saved 75%. I'm a bot and I'm open source!

57 comments