Costly Cars

The average price paid for a new vehicle last year was $33,600, up from $32,500 in 2018, and the average new car payment is $566/month. Not surprisingly, new vehicle sales to buyers between 16 and 35 fell 4.5% last year, while it rose 1% for buyers over 56. Cars are more expensive because they are increasingly tech-laden, and because more automakers have stopped selling cheaper small sedans and hatchbacks.