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Old 09-28-2023, 02:03 AM   #181 (permalink)
darcane
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Quote:
Originally Posted by JSH View Post
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.

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Last edited by darcane; 09-28-2023 at 02:16 AM..
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