Just 10% of new car listings are currently priced below the $30,000 mark, after years of price increases have made vehicles unaffordable to millions.

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.

  • CoolYori [she/her]
    ·
    10 months ago

    I am convinced cash for clunkers will remain one of the worst impacts on the environment for ages to come. I know its better to change to electric cars but for those that cant. Buying used is the second best option to buying a new low cost ICE car.

    • 7bicycles [he/him]
      ·
      10 months ago

      know its better to change to electric cars but for those that cant.

      Cash for Clunkers precedes being able to buy an EV by a lot, that was always just a subsidy to car manufacturers

    • red_stapler [he/him]
      ·
      10 months ago

      I'll die on this stuipid neoliberal hill, but Cash for Clunkers scrapped about 680k cars. In a year where 14 million cars were scrapped, that's a pretty small amount.