Why the average American can no longer afford a new car, according to DailyFinance.
Ford’s F-150 is America’s best-selling new vehicle. But at an average transaction price of close to $40,000, it’s out of reach of many American households — or should be, says a new report. Photo credit: Ford Motor Co.
Here’s a surprising statistic: The average price of a new vehicle in the U.S. is $32,086.
Here’s another one: The average U.S. household can’t afford it.
That’s the conclusion of a new report from Interest.com, a consumer-finance site owned by Bankrate. The report looked at median household incomes across the U.S. and concluded that new cars are out of reach for many Americans — or should be.
It sounds a little crazy, but for those of us concerned about the economy — which should be all of us — it’s worth a closer look.