Quote:
Originally Posted by Dennis
Compared to average income, still too much.
I have a feeling that vehicle price increases are going to level back off as interest rates for them are the highest in 30 years and triple what they were 10 years ago.
Zero down, zero percent is gone for a long long time.
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Is it though?
Average income in 1989, based on my quick and dirty research was 21k. YJ pricing was approximately 43% of that.
Average income in 2022 was 75k. JL 2 door pricing of 32k is 43% of that.
Vehicle prices aren't high because interest rates were low. Vehicle prices went to the moon when the OEMs couldn't supply the demand for them. As far as I've been able to tell, the demand side of things hasn't really changed much. My dad purchased a 2020 Ford Raptor in 2019 for 53k and sold it in 2020 or 2021 (can't recall exactly because COVID also ruined my sense of time recollection), back to the same dealership, for 70k, due to the demand and lack of supply.
I've seen several offerings of 0% financing on trucks, as recently as last week.