We’ve all heard of voter discontent with the cost of housing, food, and energy. But anyone thinking of buying a car has their own form of sticker shock.
“The $25,000 car is fast becoming a unicorn,” said Edmunds Consumer analyst Joseph Yoon. But it’s the price point the average American can afford, because that’s the car a payment of around $400 a month will buy.
High-interest rates mean the average monthly car payment is now $744 a month, according to Kelley Blue Book.
![](https://ci3.googleusercontent.com/meips/ADKq_NZZIehvbIsrGSpL8ES43RqAiMLykFY4smX6N4hH4Rax2jApJME_XPmct-SHTrGSy8BWqBKGuFydmd4qap4jyP6sV4uF6w0nlTE837Juxr8Qf3Cv-m9_apFl3z3x7veaEIZsADFZJLniqBCTCXNX0_0-WLuLOkSbZNk=s0-d-e1-ft#https://mcusercontent.com/dc8d30edd7976d2ddf9c2bf96/images/ba8b2a04-b53a-f4de-5b1a-db856d0e0027.png)
That gap has forced Americans to chase a smaller and smaller number of used cars on the market. But the average amount of a used car purchase that’s financed is still a steep $27,800, and interest rates for used cars are typically even higher than for new cars. Today’s used car buyer faces an average monthly payment of $549, a full 40 percent higher than the payment the average American can afford.
But Bidenomics is working.
![](https://ctupstg.wpengine.com/wp-content/uploads/2024/05/unnamed-5-1-300x166.png)
|