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In 2014 dollars that equates to $17,000.
The base price of a Jetta or Corolla sedan was just under $17K, in 2014. But a Jetta was not the cheapest sled on the US market.
A Honda Fit started at $15,650
A Toyota Yaris started at $14,370
A Nissan Versa Note started at $13,990
A Hyundai Accent started at $14,645
A Kia Rio started at $13,900
The Chevy Sonic sedan started at $14,170
A Chevy Spark started at $12,170
A Mitsubishi Mirage started at $12,995
You could get something new, with a warranty, for 14 large. Adjusting for inflation, that is $19,763.43 now. But you can't buy a new ride for under $20K now. So, the OEMs do what they always do to push more expensive products: "EZ credit", to put the Proles farther in debt. Used to be cars were financed for 3 years. Now, OEMs offer financing for 7-8 years, to push more expensive products on lower income people.
There was a piece on the NBC Evening News last week, that noted that some 28% of people with bad credit have their car repoed. I muttered "that's probably why they have bad credit, they buy stuff they can't pay for".
Steve
