New Cars Now Unaffordable for Most Americans Due to Soaring Prices and Stagnant Wages

Thanks to rising costs, the average price of a new car is now around $48,000.

To comfortably afford a $48,000 car, you'd need an annual income of at least $96,100.

Only 18% of Americans earn over $100,000 per year, meaning most can't afford new cars.

The average US salary is $59,428 - well below what's needed to afford average new car prices.

At $750 per month, many are overextending themselves financially to buy new vehicles.