"The Rising Cost of Car Ownership in America"

Car ownership, a long-standing symbol of American lifestyle, has become increasingly unaffordable due to rising prices of new and used cars, car insurance, and repairs. Supply chain disruptions and chip shortages during the pandemic led to record-high prices, with new car prices rising by 30% and used car prices by 38% since 2020. As a result, the majority of Americans cannot afford to purchase a new car, with only 10% of new car listings priced below $30,000 and 28% of used car listings below $20,000. Factors contributing to the affordability crisis include manufacturing disruptions, consumer demand, and a shift in automakers' focus towards more expensive SUVs and trucks, leaving smaller, cheaper vehicles in decline.