New cars have always been a luxury good.
They’ve never been “affordable” to the bottom 40% of Americans.
Lower income households have always bought used cars. That’s how the market works.
The issue is now that used cars arent affordable anymore either. You used to be able to buy a used Honda civic or Toyota Camry for $5000 and go for another 100k miles now everything is clapped out at that price and if you do find something you’re very liable to have to pay for a major repair very soon. There are some exceptions sure but it ised to be much much easier. If you buy used at a dealership its either high mileage or just as expensive
That may be true. I’ve had my car for 10 years now. It’s a 2012 Accord I bought used in 2015. So I’ve been out of the market for some time. I’ve been looking at used Bolts, they’re in the upper teens.
New cars have always been a luxury good.
They’ve never been “affordable” to the bottom 40% of Americans.
Lower income households have always bought used cars. That’s how the market works.
The issue is now that used cars arent affordable anymore either. You used to be able to buy a used Honda civic or Toyota Camry for $5000 and go for another 100k miles now everything is clapped out at that price and if you do find something you’re very liable to have to pay for a major repair very soon. There are some exceptions sure but it ised to be much much easier. If you buy used at a dealership its either high mileage or just as expensive
That may be true. I’ve had my car for 10 years now. It’s a 2012 Accord I bought used in 2015. So I’ve been out of the market for some time. I’ve been looking at used Bolts, they’re in the upper teens.