The average new car officially costs $51,000, says Kelley Blue Book
Apparently buying four wheels and a steering wheel now demands the budget of a starter home, and buyers are just casually signing up for decade-long debt.
New cars have officially crossed over into luxury territory for basically everyone. Fresh numbers from Kelley Blue Book show that the average transaction price for a new vehicle in the U.S. just blew past $51,000.
Instead of walking away from the dealership in protest, Americans are just stretching their auto loans into infinity. Financing a family hauler for seven or eight years used to be an internet meme, but it has quietly become the only way to dodge monthly payments that look like rent.
Cars used to depreciate faster than their owners could pay them off, but now the loan might outlive the transmission.
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