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Americans Can No Longer Afford Their Cars

For decades, car ownership has been a trademark of the American lifestyle, with vehicles becoming symbols of freedom, independence and even rebellion, as well as a necessity. But in 2024, the country’s legendary love story with the automobile appears to have reached a crucial point of potential no return, as cars have become unaffordable to millions.

Life has generally gotten more expensive in the aftermath of the pandemic, including the cost of cars, car insurance and car repairs.

Both new and used car prices rose to record highs during the pandemic, as the car industry was experiencing supply chain disruptions and chip shortages. Since 2020, new car prices have risen by 30 percent, according to data shared by AI car shopping app CoPilot with Newsweek. Within the same timeframe, used car prices have jumped by 38 percent.

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6 thoughts on “Americans Can No Longer Afford Their Cars”

  1. For those who remember, ‘Ole Boardwalk Elvis had the right idea. I still have fond memories of him riding his bike everywhere. ? ?.

    1. But people do drive without it. That’s why there are so many hit ‘n run accidents. And that’s why we have such high insurance bills, to cover the uninsured for accidents they cause.

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