Skip to content
August 27, 2025
  • Facebook
  • Twitter
  • Instagram
  • Youtube
  • tiktok
MILLENNIUM NEWS 24/7

MILLENNIUM NEWS 24/7

Bridging The Community’s World Wide

  • Home
  • IP TV LIVE
  • PODCAST
  • U.S.News
  • LOCAL ELECTION
  • State News
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maryland
    • Massachusetts
    • Michigan
    • Maine
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Virginia
    • Washington
    • West Virginia
    • U.S. Virgin Islands
  • Politics
  • World News
  • Sports
  • Entertainment
  • Weather
  • Business
  • Health News
  • ADVERTISEMENT
  • About Us
  • Contact us
Live TV

Modest-income buyers being priced out of new-vehicle market

DETROIT— Two years after the pandemic tore through the economy, America’s auto market looks something like this: Prices are drastically up. Supply is drastically down. And gasoline costs drastically more.

The result? A widening disparity between the richest buyers and everyone else.

The most affluent buyers keep plunking down big money for new vehicles, including the least fuel-efficient among them — trucks, SUVS, large sedans.

As for the rest of America, millions are feeling increasingly priced out of the new-vehicle market. They are competing instead for a shrunken supply of used autos, especially smaller, less expensive ones that consume less fuel. The jump in pump prices since Russia’s invasion of Ukraine has only intensified their urge to keep costs down.

They are people like Natalia Ponce De Leon of North Palm Beach, Florida. She had been leasing a Toyota Tacoma pickup she acquired as new four years ago and had been using for her custom drapery business. When it was time to replace it recently, she didn’t even consider a new vehicle.

Instead, she settled on a 9-year-old vehicle with 14,000 miles on it — a Toyota RAV4, a small SUV, that she bought at Earl Stewart Toyota in North Palm Beach. Though it cost her $23,000 to buy the SUV and pay off the remainder of her lease, Ponce De Leon is happy with her decision. For just under $400 a month for six years, she said, she has a vehicle that’s easier to drive than her old pickup yet spacious enough to carry a 6-foot ladder for her business.

Best of all, with gasoline having scaled $4 a gallon nationally, she’s enjoying superior fuel efficiency.

“I’m thinking I’m going to save, per month, between $100 and $200,” Ponce De Leon said — money that she plans to spend for online marketing to help grow her business.

The new-vehicle market is another story entirely. Among all purchases of new autos last month, nearly 79% were trucks and SUVs. A decade ago, that proportion was just 52%.

And that’s despite a whopping 22% jump in the average price of a new car since the pandemic struck two years ago — to more than $46,000, as of December.

Based on March prices and interest rates, the monthly payment on an average new vehicle would be $691 — far beyond the reach of what a household with a median gross income of $65,732 should spend, according to calculations by Cox Automotive and Moody’s.

Not so for many of the wealthier-than-average buyers who now dominate the new-vehicle market.

“Those that can afford it are still buying what they want,” said Jeff Schuster, president of global forecasting for LMC Automotive, a consulting firm.

Ivan Drury, a senior manager at the Edmunds.com auto site, has been surprised by the demand among affluent buyers for high-priced new vehicles.

About Author

dreamboy

See author's posts

Post navigation

Previous California delays coronavirus vaccine mandate for schools
Next Macron, Le Pen decry ‘shocking’ Stellantis CEO pay

Related Stories

Dr Pepper will unwind its merger with Keurig from 7 years ago after buying Peet’s for $18 billion

Dr Pepper will unwind its merger with Keurig from 7 years ago after buying Peet’s for $18 billion

European postal services suspend shipment of packages to US over import tariffs

European postal services suspend shipment of packages to US over import tariffs

Fed Chair Powell faces fresh challenges to Fed independence amid potential rate cuts

Fed Chair Powell faces fresh challenges to Fed independence amid potential rate cuts

Entertainment

James Cameron on two decades of making ‘Avatar’ and the future he sees for movies 1

James Cameron on two decades of making ‘Avatar’ and the future he sees for movies

Katy Perry testifies that she’s seeking ‘justice’ at trial over $15 million mansion 2

Katy Perry testifies that she’s seeking ‘justice’ at trial over $15 million mansion

Lil Nas X charged with attacking police officers as he walked naked on Los Angeles street 3

Lil Nas X charged with attacking police officers as he walked naked on Los Angeles street

Pennsylvania’s Chautauqua is a summertime haven for lifelong learners 4

Pennsylvania’s Chautauqua is a summertime haven for lifelong learners

Mariah the Scientist’s ‘Hearts Sold Separately’ mixes love potions and pensive emotions 5

Mariah the Scientist’s ‘Hearts Sold Separately’ mixes love potions and pensive emotions

At the Pennsylvania Chautauqua, the ‘good use of leisure time’ is an art form 6

At the Pennsylvania Chautauqua, the ‘good use of leisure time’ is an art form

Brent Hinds, former Mastodon singer-guitarist, dies at 51 in motorcycle crash 7

Brent Hinds, former Mastodon singer-guitarist, dies at 51 in motorcycle crash

Top News

James Cameron on two decades of making ‘Avatar’ and the future he sees for movies

James Cameron on two decades of making ‘Avatar’ and the future he sees for movies

Katy Perry testifies that she’s seeking ‘justice’ at trial over $15 million mansion

Katy Perry testifies that she’s seeking ‘justice’ at trial over $15 million mansion

A look at Uganda, the east African nation where the US is set to deport Abrego Garcia

A look at Uganda, the east African nation where the US is set to deport Abrego Garcia

Israeli military says strikes on Gaza hospital targeted a Hamas camera, without providing evidence

Israeli military says strikes on Gaza hospital targeted a Hamas camera, without providing evidence

  • Home
  • About Us
  • Facebook
  • Twitter
  • Instagram
  • Youtube
  • tiktok
Editor: Nur M Tofader, Home Office: 250 Park Avenue, 7th Floor, New York, NY 10177 Tell: 718 893 0002 (Office), 7188441300, +1212 401 6266, e-mail: Info@millenniuamtv24.com, e-mail: Info@millenniuamnews24.com, Copyright © Millennium News 24/7 | DarkNews by AF themes.