From NYT, an interactive guest essay by Clifford Winston:
For generations, working- and middle-class Americans could find an inexpensive, reliable set of wheels to get around. In the 1970s oil crisis, such modest models came to be known as “econoboxes” and surged in popularity, particularly among a large and vibrant middle class.
That era is over.
The average transaction price for a new car now sits around $50,000. In December, it became just about impossible to find one for less than $20,000.
…
I’ve wondered about this question myself. Here’s part of Winston’s answer:
Source: Winston (2026).
