Buyers fret as the average cost of a new car nears $50K

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DETROIT (AP) — After a few years of sharing a 2019 Chevrolet Trax, Dana Eble and Tyler Marcus are finally looking for a second car. But as they jump into the market, the young married couple isn't sure what they can afford.

“I just keep seeing a lot of different aspects of life getting more expensive, and it’s harder,” said Eble, an account manager for a public relations agency.

Car ownership has long been integral to the American dream. But as automakers slash the production of inexpensive models to cater to customers who can afford oversized pickups and sport utility vehicles, buyers find themselves facing sticker shock at the same time they are already frustrated by the lingering effects of high inflation.

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New vehicles now sell for an average of nearly $50,000, up 30% in six years, and average monthly payments — based on 10% down and a 6-year note — recently hit $775. Looking for something on the cheap end? The share of vehicles listing for less than $30,000 is about 13% — down from 40% five years ago, per the car review site CarGurus.

https://autos.yahoo.com/deals-and-buying-guides/articles/buyers-fret-average-cost-car-040755329.html