Quote:
Originally Posted by JSH
In 2020 it took 21.2 weeks of the average (mean) family income to buy the average (mean) new vehicle.
|
Your math doesn't check out...
From before:
Quote:
Mean Family income in the USA for 2022 was $126,500 or $2,432 per week.
Mean price for a MY 2022 new car = $48,094.
$48,094 / $2,432 = 19.8 weeks - lets call it 20 weeks.
|
Check FRED and KBB, and I get very close to the same numbers as you, good.
For 2020, I get:
Mean Family income in the USA for 2020 was $115,300 or $2,217 per week.
Mean price for a MY 2020 new car = about $39000
$39000 / $2,217 = 17.6 weeks
And 16.5 weeks if I go to 2019.
Compare like to like?
The Accord is a sedan or coupe, and that market is rapidly disappearing, so there is a huge downward pressure on the price.
Meanwhile if we look at a Suburban, which is roughly the same size in both 1993 and 2023, it's gone from $21,920 to $57,200 for the base model. Nearly triple.
(and from ~$33,500 to $106,000 fully optioned!)
How about a Geo Metro in 1993 was $6,710. In 2023, there is nothing comparable. The closest, the Versa is $17k.