For decades, car ownership has been a trademark of the American lifestyle, with vehicles becoming symbols of freedom, independence and even rebellion, as well as a necessity. But in 2024, the country's legendary love story with the automobile appears to have reached a crucial point of potential no return, as cars have become unaffordable to millions.
Life has generally gotten more expensive in the aftermath of the pandemic, including the cost of cars, car insurance and car repairs.
Both new and used car prices rose to record highs during the pandemic, as the car industry was experiencing supply chain disruptions and chip shortages. Since 2020, new car prices have risen by 30 percent, according to data shared by AI car shopping app CoPilot with Newsweek. Within the same time frame, used car prices have jumped by 38 percent.
Poster Comment:
Once they lose their current car, they will be on bikes. But many cannot afford to properly maintain their current cars.