Looking for a new car?

[mystery-ak]

February 16, 2023
Looking for a new car?
By Silvio Canto, Jr.

Call it inflation, or supply chain issues, or the way it is, but buying a car these days is like looking for a new home.  Check out this report at Fortune:   

The average monthly payment for a new car has soared to a record $777, nearly doubling from late 2019, according to Kelley Blue Book owner Cox Automotive. That’s almost a sixth of the median after-tax income for US households. Even used models have climbed to $544 a month on average.

The sticker shock extends well beyond the US, where inflation is a thorny a political issue for President Joe Biden as the 2024 election looms. In Europe, prices are flirting with records. Used-car prices soared in Japan last year, and in China, a rapid push to electric vehicles means consumers will have to pay more in some cities.

At the root of the problem is automakers’ new mantra: Keep inventory lean and price tags fat. Three years after the pandemic triggered a global shortage of semiconductor chips and crippled car manufacturing, Ford Motor Co., General Motors Co. and their overseas rivals are notching big profits. Even as the chip crunch shows signs of easing, they’re pledging to keep production in check.

And because electric vehicles cost about 25% more than the average car, the shift to plug-ins is about to make the affordability crisis even worse. Add soaring interest rates to the mix, and new cars -- like home ownership and a college education -- are fast becoming the domain of the rich.

“The idea of a new car in every American’s driveway is not the world we live in,” said Charlie Chesbrough, a senior economist at Cox.

more
https://www.americanthinker.com/blog/2023/02/looking_for_a_new_car.html

[Fishrrman]

Car loan?
I did that once, in 1979 (year I hired out on the RR).
Paid it off within a year

Since then, I just paid cash.
Much easier!

[Kamaji]

I'm considering a new ICE car, and am planning on getting one I can maintain for the very long haul - 15 to 20 years - as I have no intention of being bullied into an electric.

[Wingnut]

Last year I was looking at buying a new car.  Every dealer I spoke to wanted 3-5K ABOVE MSRP for the model I wanted.  Screw that noise.  This homie don't even pay MSRP much less 5K above it.  It was very satisfying to walk out of showrooms with the stealerships sales goons hot on your heels begging you to stay!

I won't be back to any dealer for at least 18 months, barring an accident.