Buyers fret as the average cost of a new car nears $50K
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The average cost of a new car in the US is nearing $50,000, with prices rising 30% in six years, causing concerns about affordability among buyers. As a result, buyers are opting for longer loan periods, with 12% of sales now involving 7-year loans, which can lead to higher interest payments.
The average cost of a new car in the US is nearing $50,000. This is a 30% increase over the past six years. Buyers are feeling the pinch, with many opting for longer loan periods to afford their purchases. The share of vehicles listing for less than $30,000 has decreased significantly. Car companies are prioritizing more expensive models, such as SUVs and pickup trucks, which bring in higher profits. Advanced safety features and technology also add to the cost of vehicles.
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