New cars have become too pricey for many Americans
May 8, 2023
The average price for a new car in the U.S. hit $48,000 in March. Many Americans are being priced out of the new car market and spending by the lowest 20 percent of earners is at its lowest level in 11 years. “New vehicles were maybe never an everyman product in America,” Charles Chesbrough, senior economist at Cox Automotive. “We like to believe that they were, but they probably haven’t been for a long time. But certainly they are even less so today.”
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