t some point in the not-too-distant past, a new car became a luxury purchase.
he average price for a new vehicle hit $49,500 at the end of last year, compared to $38,948 just three years earlier. Skyrocketing interest rates pushed the average monthly car payment on a five-year loan to $723 in March.
ew vehicles priced under $25,000, a range that the average American might deem affordable, now account for less than 5 percent of all sales.
ustomers who walk onto a dealer’s lot expecting such enticements as zero-APR financing and thousand-dollar rebates are in for a surprise: For the
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1 thought on “New cars have become luxury items”
My first new car (70 Triumph Spitfire) cost $2,800. Should have bought the first year 240Z that costs $3,400!