Skip to content
May 17, 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
  • ELECTION 2024
  • 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
  • Advisement
  • Health News
  • 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

Continue Reading

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

Related Stories

Amazon launches its first internet satellites to compete against SpaceX’s Starlinks

Amazon launches its first internet satellites to compete against SpaceX’s Starlinks

Trump administration says it will exclude some electronics from reciprocal tariffs

Trump administration says it will exclude some electronics from reciprocal tariffs

Apple has few incentives to start making iPhones in US, despite Trump’s trade war with China

Apple has few incentives to start making iPhones in US, despite Trump’s trade war with China

Entertainment

Tom Cruise brings ‘Final Reckoning’ to Cannes, but won’t bid ‘Mission: Impossible’ adieu yet 1

Tom Cruise brings ‘Final Reckoning’ to Cannes, but won’t bid ‘Mission: Impossible’ adieu yet

‘SNL’ to close out its 50th season with Scarlett Johansson and Bad Bunny 2

‘SNL’ to close out its 50th season with Scarlett Johansson and Bad Bunny

Jen Psaki stepping up for MSNBC as Rachel Maddow returns to once-a-week schedule 3

Jen Psaki stepping up for MSNBC as Rachel Maddow returns to once-a-week schedule

Book publishers see surging interest in the US Constitution and print new editions 4

Book publishers see surging interest in the US Constitution and print new editions

What to know about Harvey Weinstein’s #MeToo retrial with jury selection set to get underway 5

What to know about Harvey Weinstein’s #MeToo retrial with jury selection set to get underway

Ahead of spaceflight, Katy Perry is reading Carl Sagan and channeling her ‘feminine divine’ 6

Ahead of spaceflight, Katy Perry is reading Carl Sagan and channeling her ‘feminine divine’

British police charge comedian Russell Brand with rape and sexual assault 7

British police charge comedian Russell Brand with rape and sexual assault

Top News

Israel expands attacks in Gaza and Yemen as Trump wraps up trip to region

Israel expands attacks in Gaza and Yemen as Trump wraps up trip to region

Trump administration officials say Secret Service is investigating Comey’s ’86 47′ social media post

Trump administration officials say Secret Service is investigating Comey’s ’86 47′ social media post

Trump’s Mideast trip splashes out on deals and diplomacy but is unusually quiet on human rights

Trump’s Mideast trip splashes out on deals and diplomacy but is unusually quiet on human rights

Tom Cruise brings ‘Final Reckoning’ to Cannes, but won’t bid ‘Mission: Impossible’ adieu yet

Tom Cruise brings ‘Final Reckoning’ to Cannes, but won’t bid ‘Mission: Impossible’ adieu yet

  • Home
  • About Us
  • Facebook
  • Twitter
  • Instagram
  • Youtube
  • tiktok
Editor Nur M Tofader, 544 Taylor Avenue Bronx New York USA 10473, Tell: 7186396600, 7186396800, 7188441300, Email: Info@millenniuamnews24.com, Copyright © Millennium News 24/7 | DarkNews by AF themes.