The Next American Car Recession Has Already Started

[PoindexterOglethorpe]

1. Too many cars are overpriced.

I see that the average cost of a new car is $37,000, and I cannot begin to understand how the average person can afford that. Even if the median household income is a bit more than $63,000, the average new car is nearly 60% of the median household's yearly income. Which seems to me to be way too much to pay. Although, if you keep that expensive new car for some ten years, then it's more affordable. Which does seem to be the case, since the average age of a car on the road is nearly 12 years.

So maybe a lot of people are doing the sensible thing and no matter what they pay for the car in the first place, they're keeping it a long time.