Former Ford CEO Mark Fields says that average Americans may need to make $100k of annual income to afford a brand-new vehicle in 2023. This information comes on the heels of skyrocketing car prices. Only one new vehicle is available for under $20,000 in the United States while over 34 different vehicles and trim levels are available for over $100,000. Electric vehicles are driving the cost of an average vehicle up since they are more expensive than vehicles with combustible engines. The average car payment is now over $700. The pricing of vehicles nearly mirrors the outrageous price increases found in the real estate market, not to mention the sky-high interest rates found in both vehicle loans and home loans.
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