"For generations, working- and middle-class Americans could find an inexpensive, reliable set of wheels to get around. That era is over, as the average transaction price for a new car now sits around $50,000."
"Once, they could turn to the used-car lot, but even that has also become a minefield of aging, increasingly repair-prone vehicles with six-figure odometers and five-figure price tags."
"Auto repair costs jumped 15 percent in the last year alone, driven by the complexity of modern sensors and labor shortages, making car ownership increasingly burdensome."
The shift towards luxury vehicles has led to the disappearance of budget cars in America, with average new car prices around $50,000. The once-popular econoboxes are now replaced by models starting at $20,000 or more. The used-car market has also become problematic, with aging vehicles at high prices and rising repair costs. Many Americans, especially those with lower incomes, face significant financial challenges in car ownership, necessitating policy changes to address these issues.
Read at www.nytimes.com
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