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.
Consumer prices rose 3.3% in March, the biggest yearly increase since May 2024, while new car prices were up 12.6% from a year ago, the Labor Department reported Friday.
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.
Not necessarily. Same number of people are doing the same amount of travel by car, but now instead of the car sitting at parking lot it is driving off to do another errand. More efficient in terms of fewer cars needed, but overall it’s more vehicle miles and more congestion.
They’re going to be EVs, so it’s still a net positive for the environment. Fewer EVs means less lithium mining.
Less cars on the road also means increased safety, especially when self driving technology is more mature. Humanity is absolutely horrible at driving safely.
Plus, when you factor in all of the costs of owning and properly maintaining a car, a subscription service probably saves you money.
Fewer cars does not mean fewer cars on the road. Autonomous cars means more cars driving on the road at any given time as now you have empty cars going from person to person. It’s less safe from a total VMT perspective. And they sure as hell will use this as an excuse to not give us mass transit.