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Bidenomics Means Not Being Able To Afford A Car

New car prices are up 25 percent under Biden. As recently as 2018, there were a dozen new car models that sold for less than $20,000. In 2023, there was only one: the bare-bones Mitsubishi Mirage, which is scheduled to go out of production in two years. The average new car now costs a whopping $48,000. The average USED car now costs over $27,000 or almost as much as the average new one did just a few years ago.

Let’s put this into terms that President Biden, who cherishes his 1967 Corvette Stingray, can understand: Last year, Biden got behind the wheel of a Corvette Z06 at the Detroit Auto Show. The price tag for that car starts at $106,000. That’s nearly $25,000 more than the previous-generation Corvette.

Making matters worse, the average new car loan now has a monthly payment of over $750, with an interest rate of 9.5%. For used cars, the average car interest rate is 13.7%.

We’ve noted often that the left hates cars, so maybe this is a nefarious plot to make them so expensive everyone has to take mass transit.

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