I just read that the average price of a car is now more than 50k. People are insane to buy these with huge loans. There are plenty of very nice cars in the 20k-40k range but somehow people feel compelled to spend a ton of money on their cars.
I've read that the average going above $50k for the first time in the US is largely due to two things:
1. There is enough financial uncertainty that many people are putting off buying a new car for now. The people most worried are also the people who would be buying one of those $20-40k cars. It's the upper end buyers who aren't being affected much by the uncertainty, so the average has gone up.
2. A lot of people bought EVs, which are more expensive than similar ICE cars, in the first 3 quarters to beat the end of the tax credits.
