{"id":1965497,"date":"2023-07-06T11:57:16","date_gmt":"2023-07-06T15:57:16","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/least-affordable-motor-market-in-modern-history-just-8-of-new-cars-cost-less-than-30000\/"},"modified":"2023-07-06T11:59:51","modified_gmt":"2023-07-06T15:59:51","slug":"least-affordable-motor-market-in-modern-history-just-8-of-new-cars-cost-less-than-30000","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/least-affordable-motor-market-in-modern-history-just-8-of-new-cars-cost-less-than-30000\/","title":{"rendered":"Only 8% of new cars are priced below $30,000, making it the most unaffordable motor market in recent times."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">38<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fleast-affordable-motor-market-in-modern-history-just-8-of-new-cars-cost-less-than-30000%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1965497&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Inflation Soars, Car Prices Hit the Roof<\/h2>\n<blockquote>\n<p>Inflation under President Joe Biden has soared, driving up the cost of everything. But <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/morgan-stanley-threat-of-high-inflation-is-real\/\" title=\"Morgan Stanley: Threat of high inflation is real\">car prices<\/a> have gone right through the roof.<\/p>\n<\/blockquote>\n<p>Just 8% of new cars on the market right now cost less than $30,000. That\u2019s down 38% from before the COVID pandemic began in 2020.<\/p>\n<p>Carmakers are finding heavy demand for high-end SUVs and trucks, so they\u2019ve trimmed down their selection on more <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/simone-malcolm-collins-why-the-world-needs-more-big-families-like-ours-amid-the-population-crisis\/\" title=\"Simone &#038; Malcolm Collins: Why the World Needs More Big Families Like Ours Amid the Population Crisis\">affordable models<\/a>, according to data from the car shopping app CoPilot, <a href=\"https:\/\/www.cnbc.com\/2023\/07\/02\/why-its-nearly-impossible-to-find-a-car-for-less-than-30000-.html#:~:text=Now%2C%20fewer%20affordable%20new%20cars,said%20CoPilot's%20CEO%20Pat%20Ryan.\">cited<\/a> by CNBC.<\/p>\n<p><h3>\u201cIt\u2019s the least affordable car market in modern history,\u201d said CoPilot\u2019s CEO Pat Ryan.<\/h3>\n<\/p>\n<p>In 2017, the average cost of a new vehicle was around $35,000. Today, it\u2019s nearly $50,000, according to CNBC. And now, 10% of all vehicles sold cost more than $70,000, a 7% jump from five years ago.<\/p>\n<p>Low-end vehicles have also plummeted. Just 0.3% of new vehicles sold now cost less than $20,000, compared with 8% five years ago, Edmunds found.<\/p>\n<p>The high cost of new automobiles has pushed buyers to purchase older cars with more mileage, which means their cost of maintenance will rise. \u201cThose that have the least ability to pay are getting the car that\u2019s going to cost the most to own,\u201d Ryan said.<\/p>\n<p>So, of course, the cost of buying a used car has also soared. A new Edmunds report found prices on average for used cars are 44% higher than five years ago, but there is some relief: they\u2019ve dropped 6.4% in the first quarter of 2023, Fox News <a href=\"https:\/\/www.foxbusiness.com\/personal-finance\/used-car-values-soar-demand-grows\">reported<\/a>.<\/p>\n<p>\u201cThe good news is that used prices have softened enough in Q1 to offer some relief for consumers getting pushed out of the new market,\u201d Edmunds Director of Insights Ivan Drury told Fox. \u201cThe not-so-good news is that the used vehicle market continues to be challenging for car shoppers since there are fewer vehicles available and demand is <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/least-affordable-motor-market-in-modern-history-just-8-of-new-cars-cost-less-than-30000\/\" title=\"Only 8% of new cars are priced below ,000, making it the most unaffordable motor market in recent times.\">keeping prices historically high<\/a>.\u201d<\/p>\n<p>\u201cRight now the market\u2019s kind of like an EKG, hot, cold, hot, cold. It\u2019s hard to sell right now with the interest rates,\u201d Mike Stotler told The Daily Wire. Stotler, who lives in Virginia, has bought and sold used cars for a dealership for 35 years.<\/p>\n<p><b data-stringify-type=\"bold\"><\/b><\/p>\n<p>\u201cThe bread and butter price point right now is $12,000 to $20,000, but they\u2019re hard to get,\u201d he said.<\/p>\n<p>Interest rates are also hammering buyers of both new and used vehicles. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/more-americans-than-ever-have-monthly-auto-payments-over-1000\/\" title=\"Paying ,000 for auto monthly payments is a trend that has increased in the United States.\">average annual percentage rate<\/a> (APR) on new vehicles bought in the first quarter of 2023 jumped to 7%, compared to 4.4% a year before, according to Edmunds <span style=\"font-weight: 400\">\u2014 <\/span>the highest level since the first quarter of 2008.<\/p>\n<p>Used cars were worse: the average APR increased to 11.1% from 7.8% a year ago, Edmunds said.<\/p>\n<p>\u201cConsumers paid an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chuck-schumer-says-white-house-closer-than-ever-to-ending-student-debt\/\" title=\"Chuck Schumer Says White House Closer \u2018Than Ever\u2019 To Ending Student Debt\">average monthly payment<\/a> of $730 for new vehicles in the first quarter of 2023, compared to $656 a year ago, according to Edmunds. For used cars, consumers paid an average monthly payment of $551, a slight increase from the $542 they paid last year,\u201d Fox reported.<\/p>\n<p><em>The views expressed in this piece are the author\u2019s own and do not necessarily represent those of The Daily Wire.<\/em><\/p>\n<p><em>Joseph Curl has covered politics for 35 years, including 12 years as White House correspondent for a national newspaper. He was also the a.m. editor of the Drudge Report for four years. Send tips to josephcurl@dailywire.com and follow him on Twitter @josephcurl.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Under President Biden, inflation has surged, causing a significant rise in prices. Particularly, car prices have skyrocketed, with only 8% of new vehicles available for under $30,000. This marks a 38% decrease compared to pre-pandemic levels in 2020. Carmakers are witnessing a strong demand for luxury SUVs due to these circumstances.<\/p>\n","protected":false},"author":159,"featured_media":1965498,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1965497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1965497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/159"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1965497"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1965497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1965498"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1965497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1965497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1965497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}