Rising car prices across the past decade have reportedly left the average U.S. consumer in a tailspin.
Just five years ago, there were more than a dozen models on the market for under $20,000; in 2023, there’s just one.
According to a report from Cox Automotive, paying off a new car will take the average consumer 42 weeks of income in 2023, up 9 weeks from pre-pandemic levels.
With growing car costs and climbing interest rates, it’s no surprise the average American may be pumping the brakes on a new car purchase.
