"Since purchasing my used vehicle, prices have soared to around $50,000, up almost $18,000 from the average price that I paid when I last was in the market in 2014. That 55 percent increase in price is due to a combination of inflation and the fact that Americans have been buying larger and more expensive vehicles, including electric ones. The numbers are staggering for those of us driving old cars"
"Once you get over the sticker shock, approaching the process requires research and discipline. The first step is to determine how much you can afford. If you already have money set aside, great, but the vast majority of buyers are either leasing or borrowing money to finance a purchase. (If you do not track your spending, a car purchase will prompt you to do so.)"
Vehicle prices have risen sharply; average new-vehicle price is around $50,000, about $18,000 higher than 2014, a 55% increase driven by inflation and demand for larger and electric vehicles. Many drivers keep older cars; average vehicle age is 12.8 years. Buyers should determine affordability and account for financing or leasing, tracking spending if necessary. Ongoing operating costs are substantial; AAA estimates about $1,000 per month for a new vehicle. Research suitable models across brands and geographic areas before visiting dealerships. Drivers who keep cars long-term often benefit from buying rather than leasing to avoid repeated payments.
Read at www.mercurynews.com
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