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Americans can no longer afford their cars
(www.newsweek.com)
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this post was submitted on 16 Jan 2024
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It's self inflicted. Americans don't buy inexpensive new cars. Now everything new is targeted at upper middle class and financing is expensive + pent up demand from COVID is exacerbating the issue pushing used buyers into the new market.
But you can still buy a Mitsubishi for under 20k and an Impreza for 22k. People don't.
22k for a used car seems like a bad deal
Depends on how used, make, model, and trim. Not everyone is in a race to a bare bones compact.
Key word in there is certified used.
Certified used means it comes with a warranty. My mother purchased a certified used Crosstrek. It was a returned lease. In fact most certified pre-owned vehicles are returned leases. The manufacturer powertrain warranty still applies and the dealer adds a warranty for everything else. She also had the option to purchase a manufacturer extended warranty because it still qualified, which she did. All for $24k. It's 2 years old, less than 10k miles. It's not a bad deal at all when you look at the bigger picture. The new cost of this Crosstrek in the configuration she got it in would have been $31k.
People have been rolling negative equity into new car payments, and claiming to be smart because rates were so low... rates aren't low anymore and that risk is being realized.
Financing a car is a poverty trap.