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But as things stand, cars are still really expensive for many Americans. Just 10 percent of new car listings are currently priced below $30,000, according to CoPilot. Things are not much better in the used car market, where only 28 percent of listings are currently priced below $20,000.
According to an October report by Market Watch, Americans needed an annual income of at least $100,000 to afford a car, at least if they’re following standard budgeting advice, which says you shouldn’t spend more than 10 percent of your monthly income on car-related expenses.
That means that more than 60 percent of American households currently cannot afford to buy a new car, based on Census data. For individuals, the numbers are even worse, with 82 percent of people below the $100,000 line.
$100k to afford a car! Wtf.
Somewhat related, used cars are getting too expensive too.
It’s ridiculous. 10 year old cars with 100k+ on the odometer are still like 10k
A lot of slightly used cars are just priced at what MSRP and that looks cheaper cause the MSRP for the same model has risen sharply