Americans are paying more than ever for cars. Cheap models are disappearing [CNN]
S&P Global Inc. (SPGI)
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Source: CNN
Data on car-buying costs released Monday show how much the loss of cheaper models can hurt customers: New car buyers paid $50,326 on average in December, a record high, according to estimates from Kelley Blue Book, a Cox Automotive brand. Car buying site Edmunds also reported a record (though slightly lower) average price of $49,466. Both estimates mean many buyers are paying far more than $50,000 and will continue to do so moving forward. The high average price isn't just due to automakers' high sticker prices or buyers' demands for larger, more expensive models. It's partly driven up by fewer and fewer cheap options for new car buyers. The most recent casualty was the Nissan Versa, which first went on sale nearly 20 years ago with a starting price of about $12,550. Nissan ended production of the Versa in December. The lack of low-priced options could put owning a car out of reach for many people, another example of an affordability crisis that's squeezed Americans. And the
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