The average cost of a new car in the US today is approaching $50,000 (approximately 3.8 million rubles), but the main reason for the decline in vehicle affordability is not only the rising prices of the cars themselves. This conclusion was reached by Cox Automotive analysts, who studied changes in consumer spending over recent years.
According to experts, buyers are increasingly facing financial burdens related not so much to cars, but to the rising costs of housing, insurance, food, medical services, and loans. As a result, even the previous level of car prices is perceived as significantly heavier on the family budget.
At the same time, modern cars have objectively become more technologically advanced. Many systems that were only found in expensive trims ten years ago are now standard equipment. These include automatic emergency braking, adaptive cruise control, lane-keeping systems, smartphone support, and large multimedia displays.
As an example, Cox Automotive cites the Honda CR-V. Over the past decade, the model has increased in price by almost $10,000, but at the same time, it has received a significantly higher level of safety, comfort, and electronic assistants. From this perspective, the buyer truly gets more car for their money.
However, analysts overlook another important market trend — the almost complete disappearance of truly affordable models.
Ten years ago, buyers could choose between the Honda Fit, Chevrolet Spark, Ford Fiesta, Nissan Versa, and a number of other inexpensive cars. Today, most such models are either discontinued or sold in limited volumes. Even if basic trims formally remain in the lineup, dealers more often focus on more expensive versions with a high level of equipment.
That is why the increase in the average cost of cars is associated not only with technological improvements but also with changes in the market structure itself. Manufacturers have gradually abandoned a significant part of the budget segment, focusing on crossovers, SUVs, and more profitable trims.