More consumers are buying cars they can't afford - Autoblog

Oct 8, 2024 · For many prospective car buyers, the best way to navigate the current car market is to simply wait. Of consumers who said they planned on buying a new car in the next 12 …

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Consumer Sentiment Hits Multiyear High As Gas Prices ... - Autoblog

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Nov 16, 2024 · The used car market has seen more consistently positive signs. Prices have continued a steady decline, with the average used car list price at just over $25,000 in October.

autoblog.com

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Growing New Car Affordability Crisis: Consumers Want More, But …

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Nov 5, 2024 · While new car prices continue to climb, the average price of a used car has declined 6.2% year over year to just over $27,000—roughly $20,000 less than the price of a …

yahoo.com

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Americans Doomed — 22% Owe More Than Their Car Is Worth

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Oct 30, 2024 · “Consumers owing a grand or two more than their cars are worth isn't the end of the world,” Caldwell said, “but seeing such a notable share of individuals affected at the …

autoblog.com

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Debt Debacle: Why The Average U.S. Household Can't Afford The …

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Jun 2, 2016 · The average car loan now tops $30,000, with the average term stretching to 5-1/2 years. Such debt for a depreciating asset is not healthy for consumers, or smart. For most, …

forbes.com

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Affordability Crisis: ‘Alarming’ New Car Prices Push Buyers Toward …

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4 days ago · A recent Edmunds study found 54% of people surveyed who were planning to buy a new or used car in the next year said they would have to work extra hours or take a side job to …

gmtoday.com

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How Does Everyone Afford All These 80 Thousand+ Dollar Cars?

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A nice raise to be sure but nothing earth shattering. After taxes thats around $600-650 a month. Dump all of that into a car payment and now you can afford an $1100 car payment with no …

reddit.com

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How Trump Could Upend Electric Car Sales - The New York Times

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Nov 25, 2024 · Fewer people will be able to afford electric cars and trucks if President-elect Donald J. Trump and Republicans in Congress eliminate a $7,500 federal tax credit. ...

nytimes.com

FAQs about More consumers are buying cars they can't afford - Autoblog Coupon?

Can you afford a new car?

A majority of Americans cannot afford to purchase a new car after years of price increases. In 2023—a year during which inflation slowed down to the point that the Federal Reserve decided to stop hiking rates—new car prices rose by 1 percent to an average of $50,364, while used car prices fell by only 2 percent to an average of $31,030. ...

Can a majority of Americans afford a new car?

A majority of Americans cannot afford to purchase a new... People look at a Mercedes electric car at the Las Vegas Convention Center during the Consumer Electronics Show January 10, 2024, in Las Vegas, Nevada. A majority of Americans cannot afford to purchase a new car after years of price increases. ...

Why are new car prices so high?

New-car prices have been so high lately that about 60% of shoppers now say they’re worried they can’t afford a new vehicle. That's according to a report released Thursday by research company GfK AutoMobility, which explored how buyers are coping with surging car costs. ...

Should you buy a used car if you're not ready to buy?

Those figures do not include brands, such as Tesla, Rivian and Lucid, that sell cars directly to consumers. For people who are not ready to buy a new car, many formerly leased cars should enter the used market in coming years. ...

Why do automakers sell so much?

Easy. Automakers just started selling to people with more money or an unhealthy willingness to put themselves into severe debt. Based on data from JPMorgan, the average price for a new vehicle sold inside the U.S. has soared to almost $50,000. ...

Can you make a car more expensive and sell more?

“You can’t make a vehicle $7,500 more expensive and sell more of them easily,” said Chris Harto, a senior policy analyst for Consumer Reports. “People are only willing to pay so much.” ...