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by ceejayoz
780 days ago
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A new Corolla’s MSRP is $23k, and not every car payment is for a brand new car. It’s a far more realistic example than the pricey BMW SUVs people are linking with five-year cost summaries here. The point is “average monthly car payment” and “average money spent per month purchasing cars” aren’t the same stats, just like the cost of a heart transplant doesn’t translate to how much I pay this month for one. |
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If we just dive down the rabbit hole of cheaper economy cars all we are saying is that the standard of living is declining when we compare to the past.
A 1987 Dodge Caravan cost between $25k and $38k in today's money. You can't even get a base model Chrysler Pacifica for that much.
I agree on the fact that most people are buying used cars...but used car prices are based on the benchmark of new car prices, and they're higher APR loans as well. So really both categories are getting less and less affordable.