Americans were paying about 38% more for a new car or truck over the summer than they were just 10 years ago. The average transaction price for some popular vehicles is up nearly 50%, 60% or even 70%. So how are drivers affording it? As CBS News found, many are not.
In Vineland, New Jersey, the typical family takes home about $39,000 a year after taxes. CBS News business analyst Jill Schlesinger recommended spending 10 to 15% of that income monthly on a vehicle. That leaves an average family there with about a $400 a month budget.
With that in mind, "CBS This Morning" co-host Tony Dokoupil visited family-owned Lilliston Ford. Manager Ivan Nelson showed Dokoupil a Ford Explorer, packed with technology. He also saw a powerful F-150 Lariat.
But did any of it fit that $400 budget? Not even close.
"Your monthly payment would be $853," Nelson said.
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20 comments:
I know a friend of mine bought a truck at Preston Ford
his monthly payment for the truck is $900.00 dollars
GTFO.....
that's my mortgage payment
no, I'm looking to get a million miles on our two vehicles or having to place Antique Tags on them
like that clown auto shop
Holly Kia...."Jim wants to see ya in a Holly Kia"....
F that man....I agree,
the middle class cannot by these outrageously priced new cars
I couldn't afford the new model of the car I've driven for 14 years.
FU CBS, stop making everyone a victim. People in hell want ice water. Just because its there doesn't mean you get to have it. I hate the MSM.
Not if I got rent to pay.
People keep demanding all this stupid technology like lane keeping assist, automatic braking, and blind spot detection. Not to mention the absurd EPA and fuel mileage requirements.
Gee I wonder why cars are so expensive?
8:31
Who demands those features?
Who wants to be monitored by the government?
In 10 years they won't be in business anyway. They will price themselves right out of business.
8:31. Yeah. Stupid to want safer highways. SMH.
Get an education and get a real job. Then you can afford a car.
The market is ready for a bare bones inexpensive pick-up truck. You would sell them all day long.
10:55
The problem is that all this expensive technology isn't making the highways any safer. What the technology is doing is that it makes drivers more and more complacent.
Gee thanks worwick college.
Lots of people don't comprehend what this electronic technology, such as On-star, is capable of doing. If someone can talk to you when your car is upside down, they can damn sure monitor you when it's on 4 wheels. Big brother is listening at all time. One your free subscription expires, your side of the plan is the only part that is turned off.
Stupid to text and drive also.
The drivers are the problem, not the cars. SMH too !!!
How true that is
Agreed
13 here, and going strong. Love me a Toyota!
Remember when Homer Simpson was allowed to design a car for the "average man"...
Many don't buy cars anymore. They only lease them, and the payments are much, much less that a car payment for the same vehicle. It's the second owner that can afford the car payment.
Autos will now require Mortgages just like a Home !!!
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