Quote:
Originally Posted by darcane
Thanks, I didn't see that. I suspect it is less often used to intentionally mislead than from ignorance.
That said, the point still stands. New cars have gotten significantly less affordable over the last few years.
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In 2020 it took 21.2 weeks of the average (mean) family income to buy the average (mean) new vehicle.
In 2015 it took 19.2 weeks
In 2010 it took 16 weeks
In 2005 it took 17.3 weeks
In 2000 it took 16.6 weeks
In 1995 it took 18.2 weeks
In 1990 it took 18.3 weeks
That's as far back as the DOE's average new car price table goes back.
Yes, the price of a new car is going up. Part of that is model mix and the shift to trucks and crossovers. Part of it is dealer mark ups.
If we look at like to like the story is a bit different:
A 1993 Honda Accord LX sedan was smaller than a modern Civic and cost $17,630 ($37,381 in 2023 dollars) A 2023 Honda Accord LX is $27,295
If we look at the 2023 Civic LX sedan the MSRP is $23,750.