Cars have always been expensive, but prices over the past 30 years or so have been increasing faster than median wages (though safety, comfort, and power have all increased dramatically in that time).
The last time I saw a number (2012?), the average purchase price of a new car was right around $30k.
Besides a few blips, the availability of cheap/easy credit has more or less hidden it, though. The era of the middle class buying everything with cash/savings hasn't really existed since the early 1960s. And why would I not finance when I can get 0% for 60 months?
The last time I saw a number (2012?), the average purchase price of a new car was right around $30k.
Besides a few blips, the availability of cheap/easy credit has more or less hidden it, though. The era of the middle class buying everything with cash/savings hasn't really existed since the early 1960s. And why would I not finance when I can get 0% for 60 months?