Attention, Plebs: New Cars Are Becoming Prohibitively Expensive

[CentralMass]

https://www.thetruthaboutcars.com/2019/04/attention-plebs-new-cars-are-becoming-prohibitively-expensive/

"Edmunds estimates that the average transaction price of a new vehicles reached $36,495 in December 2018 — a 3 percent increase compared to December of 2016 and a 13 percent increase compared to December of 2012. Taking that knowledge, Road & Track compiled a broader picture of the new-car market and where it might be going."
"It’s not just in our heads, either. Cars have actually gotten more expensive over the past 10 years, and not just by a little bit. Edmunds says that, on average, new cars sold for more than $36,000 in February, up 29 percent from the same month in 2009. Meanwhile, median household income in the U.S. has only risen to around $62,000, an increase of about six percent over the past decade. Even more cringeworthy? Interest rates have also risen in that time period, from an average of five percent to around 6.26 percent. Not only are cars more expensive, but your auto loan will now cost you more money."
"The Detroit News reports that this will ultimately push more customers into the secondhand market. However, those vehicles only represent a comparative bargain, as the average transaction price of a used vehicle rose by a hefty 36 percent between 2009 and 2018."

[Initech]

1. Yeah I am going to be due for a new car relatively soon.

I'm going to drive my current car until I can't drive it any more, but I am looking at spending at least $32K on a car and could go up to as high as $37K. And that's not including gas, maiden, and insurance.

[benld74]

2. Last new car we bought was '98 Winstar

Traded in 1 of our used cars
My deceased dad’s car.
$5k of earned points on Ford credit card

All other vehicles were used
Cheaper in many ways

[CentralMass]

3. I put $5k into my 2010 for a rebuilt engine, new clutch and some other work.

[doc03]

4. It is hard to find a serviceable car for under $5k. What do you do

if you are making $10 an hour and trying to live on your own?

[getagrip_already]

5. Thats easy...

You spend every last dime you have and then some to get anything that will get you to and from work.

Then some cop profiles you for driving a junker, searches your car illegally and seizes it for what he claims is a pot seed but which is really just a peppercorn or burr.

Oh, and they throw your ass in jail for possession but you cant comr up with $500 for bail so you sit there and lose your job and apartment.

And if you are a minority they will say at least we didnt shoot you or deport you, which they may have done anyway.

[doc03]

6. Yep I know my brother went through that. The COPs target junkers to make an easy

DUI arrest and if they don't get a DUI they get you for a tail light, no seat belt or something. They know you don't have the
money to fight the ticket. Meanwhile someone in a Beamer with a trunk full of coke never gets stopped.

[madamesilverspurs]

7. Becoming????

I've had one brand new car in my whole life, and it cost $2K. Early 1970s. Long time ago.

Since then, my ability to work declined, so did my income. Those for whom social security is the only income can only dream. Likewise for many who work multiple jobs but still search in futility for reliable transportation that doesn't exceed budgetary constraints. Too many of my neighbors have to work a third job to pay for the car to get them to the second job that pays for the daycare so they can keep their main job.

My 18-year-old minivan had 130k on the odometer when I bought it eight years ago, and I've only added another 15k in that time. I dread the day that something major happens because I'll have no way to fix it.

And I get yelled at - sometimes by fellow liberals - for not driving an environment-friendly hybrid. For the record, I've looked, and the cheapest used one I could find was more that three times my total annual social security benefit.


.

[CentralMass]

11. +1

[Ferrets are Cool]

8. I haven't bought a new car since '89

[Luciferous]

9. I bought a new car a couple of years ago for like half that price. It's a Honda, and it

isn't the basic model either. It was my first time buying a new car but I will drive it until it dies so I figured it was worth it.

[Yavin4]

10. Don't most people lease new cars instead of buying?

And, isn't leasing a far worse deal than buying given that you have no asset at the end of the lease?

[ProudLib72]

12. Has qualiy increased by 29 percent as well?

Just saying...

[The Velveteen Ocelot]

13. No, the quality is generally quite good. The increased cost is probably

on account of all the electronic bells and whistles that are now standard in most of them.