Car Buying-Out of Reach

Vehicle ownership has long been a big part of the American dream. But it is getting harder for some buyers as automakers pare back cheaper models to chase well-heeled customers who can afford big, loaded pickups and SUVs. New vehicles now list for an average of nearly $50,000, up 30% in six years. That is leading more consumers to loans that spread the cost over as much as seven years. Meanwhile, the used market has its challenges. The number of vehicles listing for less than $30,000 has dropped sharply in the past five years. The challenge of buying a car is part of rising concerns about affordability throughout American life.