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Tight Economic Times Excluding More Americans From Buying New Cars

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Tight Economic Times Excluding More Americans From Buying New Cars

Fortune magazine broke a news story that won’t shock large swaths of America: many people can’t afford a new car. We’re not talking they can’t afford a nice new car. Literally, these households couldn’t even get a new Mitsubishi Mirage. And we wonder why the industry’s seeing a drop in new vehicle sales.

Anyone in touch with what’s going on economically in the US is shaking their head. For many, the recession is ongoing and the thought of a recovery seems like a cruel joke.

Fortune found that what city people live in determines how easily they can afford a car. If you reside where the cost of living is high, public transportation, car sharing services, or a used vehicle make the most of what little you have left financially. Of course, in some areas, a private vehicle is the only viable option.

According to this Fortune article, the worst areas for vehicle affordability are San Antonio, Tampa, Orlando, Miami, Fort Lauderdale, West Palm Beach, and Detroit. I’m not sure how this works, but Fortune says San Francisco, Washington D.C., Minneapolis, and Boston are best for vehicle affordability.

One of the problems, Fortune concludes, is that new cars cost too much. Again, many people are rolling their eyes, or mumbling about out-of-touch media types. It doesn’t seem like automakers are doing much to solve this problem, but they might be forced to in the future if something doesn’t change.

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Steven has been writing about cars and other transportation issues worldwide for over ten years. His love for cars started long before he can remember, with Corvettes and 911s being his first car-crushes. Since then, he has owned many types of vehicles and has come to appreciate a wide variety of models, the diverse car culture groups, and the automotive industry in general.

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