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submitted 10 months ago by jack@hexbear.net to c/urbanism@hexbear.net

But as things stand, cars are still really expensive for many Americans. Just 10 percent of new car listings are currently priced below $30,000, according to CoPilot. Things are not much better in the used car market, where only 28 percent of listings are currently priced below $20,000.

According to an October report by Market Watch, Americans needed an annual income of at least $100,000 to afford a car, at least if they're following standard budgeting advice, which says you shouldn't spend more than 10 percent of your monthly income on car-related expenses.

That means that more than 60 percent of American households currently cannot afford to buy a new car, based on Census data. For individuals, the numbers are even worse, with 82 percent of people below the $100,000 line.

$100k to afford a car! Wtf.

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[-] FlakesBongler@hexbear.net 62 points 10 months ago

And yet, you must own one lest you be considered a pariah most places

Hate this shit

[-] ClimateChangeAnxiety@hexbear.net 42 points 10 months ago

And to be fair that’s not just a weird social stigma that’s only developed because of classism, it’s a social stigma that developed because you need a car to get anywhere

[-] DragonBallZinn@hexbear.net 30 points 10 months ago

Sure there's walkable cities but whoa mama rent is expensive....but this totally doesn't say anything about how popular walkability is, and that if Americans could live in walkable areas they would...no way.

[-] SpiderFarmer@hexbear.net 22 points 10 months ago

Fr. I've had a car for several years now, but I still get angry over how often I was given shit or denied [low-paying] jobs because I would bike or bus to the place a couple miles away. Part of what keeps me angry is probably knowing people with disabilities denied work or how friends of mine have gotten fucked by our shitty bus system, which is still one of the better ones in the US, mind you.

[-] GaveUp@hexbear.net 52 points 10 months ago

Protectionist policies barring Chinese cars from being imported has to be the main factor

[-] EmmaGoldman@hexbear.net 45 points 10 months ago

That and the ballooning of SUVs and elimination of small cars.

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[-] 7bicycles@hexbear.net 32 points 10 months ago

I think it's just more of the rot. Americans couldn't ever really afford cars to the extent that they were used, no society can. And I don't mean this on a moral ground or whatever, just economically it is a terrible, terrible system to uphold and only ever functioned due to absolutely gargantuan subsidies at every point

But, you know, that works for a while if your average consumer gets a nice treat, but it's simply unsustainable

[-] emizeko@hexbear.net 22 points 10 months ago* (last edited 10 months ago)

yeah I looked into importing a Chinese EV and it involves paying a tariff of something like 27.5% plus a bunch of other fees

[-] FourteenEyes@hexbear.net 48 points 10 months ago

I spend more than 10% of my monthly income just on fucking gasoline

[-] supafuzz@hexbear.net 44 points 10 months ago

America is hands down the shittiest place on earth to live. First they squeezed everybody out to 2+ hour commutes with unsustainable urban rents; then they raised the price of the cars to make those mandatory commutes; now they're raising the rents on the suburban and exurban shitholes people got forced into. Nowhere to live, no way to get around.

[-] macerated_baby_presidents@hexbear.net 31 points 10 months ago

America is hands down the shittiest place on earth to live

correction it is the stupidest place on earth to live

[-] WithoutFurtherBelay@hexbear.net 31 points 10 months ago

America is hands down the shittiest place on earth to live.

Gaza, right now

[-] supafuzz@hexbear.net 18 points 10 months ago

ok, fair, shittiest place on earth excluding American proxy open air concentration camps

[-] GarbageShoot@hexbear.net 23 points 10 months ago

Shittiest place that isn't imperialized, maybe

[-] 420blazeit69@hexbear.net 23 points 10 months ago

America is hands down the shittiest place on earth to live.

Lacks a little perspective

[-] supafuzz@hexbear.net 18 points 10 months ago

I live in Colombia. I'd rather be the poorest person in Colombia than working a regular job in the States, at least here I could go to a doctor

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[-] regul@hexbear.net 40 points 10 months ago

Will this lead to more transit investment or will it lead to a tax credit that can be used on a low-interest 30-year car loan for entrepreneurs of color in opportunity zones?

[-] footfaults@hexbear.net 29 points 10 months ago

Will this lead to more transit investment

Now introducing the 120 month car loan

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[-] jack@hexbear.net 25 points 10 months ago

There actually is more transit investment in the US than there's been in a long time but it's about 5% of what it should be. The other 95% is tax credits.

[-] Tankiedesantski@hexbear.net 22 points 10 months ago

Also, one of those "transit" investments is that stupid Vegas Tesla tunnel.

[-] regul@hexbear.net 16 points 10 months ago

More transit investment for less transit results. The consultants are getting paid but nothing is getting built.

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[-] ClimateChangeAnxiety@hexbear.net 35 points 10 months ago

Just 10% of new car listings are below $30,000

Okay this does bring up a question I’ve had for a long time: Who the fuck buys new cars? I’ve only known like 1 person in my life who bought her car new and it’s because she was a moron who wanted a fancy new mustang. Even relatively wealthy adults I know buy like 3-5 year old cars.

I’ve always questioned this. It genuinely doesn’t seem like there have ever been enough people buying new cars to keep the supply of used cars going. I don’t understand how this works.

[-] davel@hexbear.net 25 points 10 months ago* (last edited 10 months ago)

Not to brag, but as an old software developer, I’ve bought new (compact/subcompact) cars for cash, meaning no loan. Now I live car free, but in a city almost no one can afford. There is still a PMC/middle class/labor aristocratic class, though it’s ever-shrinking.

[-] Satanic_Mills@hexbear.net 24 points 10 months ago

Welcome to the world of car finance, where the tiny guardrails introduced to stop the housing market going Kerplunk again don't even exist, and is therefore awash with subprime loans.

[-] wopazoo@hexbear.net 23 points 10 months ago* (last edited 10 months ago)

Who the fuck buys new cars?

people who can't afford them

[-] 7bicycles@hexbear.net 18 points 10 months ago

Who the fuck buys new cars?

Companies I'd imagine

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[-] Dirt_Owl@hexbear.net 30 points 10 months ago

Somewhat related, used cars are getting too expensive too.

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[-] Rom@hexbear.net 27 points 10 months ago

porky-happy That's okay, you can just rent them from us forever. You will own nothing and be happy.

[-] 7bicycles@hexbear.net 23 points 10 months ago

Cars have always all been rental properties in pretty much everything but name.

[-] jack@hexbear.net 17 points 10 months ago

debt economy

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[-] OgdenTO@hexbear.net 25 points 10 months ago

I love these deranged financial rules of thumb developed in a tiny slice of time in america that everyone is supposed to live by.

30% to housing, 10% to cars

These were made in the 70s and 80s I guess? Not only is today so different that these guidelines are fucking stupid, but even in the 70s the world was still recovering from post war boom. Prior to WW2 the economy was completely different! People didn't save, there were widespread recessions, from nance didn't have the stranglehold that it did moving into the 70s and 80s too.

I bet someone looked at their finances in like August 1976 and made up rules that persist to this day and are absolute fantasy

[-] 7bicycles@hexbear.net 19 points 10 months ago

It's not really bad advice just because it's unrealistic advice

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[-] DyingOfDeBordom@hexbear.net 23 points 10 months ago

My car AC has been broken for like 5 years and they told me it'd betw like 1500 to fix it and "i might as well get a new car" but it's like with what fucking money I can't even afford that 1500

[-] red_stapler@hexbear.net 23 points 10 months ago

People shouldn’t wonder why I drive an old car.

[-] AnarchoAnarchist@hexbear.net 23 points 10 months ago

Not only have cars gotten much more expensive, but the cost to finance the car has gone up dramatically.

A car that should be worth $20k now costs $35k. A few years ago that 20K would have had a 4% interest rate, now it's closer to 8%.

[-] TankieTanuki@hexbear.net 21 points 10 months ago

Capitalism = No Transport

[-] footfaults@hexbear.net 19 points 10 months ago

I remember like in 2018 reports about the 60 month car loan for American cars that won't last that long

[-] CoolYori@hexbear.net 19 points 10 months ago

I am convinced cash for clunkers will remain one of the worst impacts on the environment for ages to come. I know its better to change to electric cars but for those that cant. Buying used is the second best option to buying a new low cost ICE car.

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[-] MelaniaTrump@hexbear.net 16 points 10 months ago

lol, maybe stop buying giant 20 foot, 10000 pound trucks?

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this post was submitted on 17 Jan 2024
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