The 3 key elements:
- The number of new cars available for under $20,000 in the U.S. has plummeted, with the Mitsubishi Mirage being the only option, compared to twelve cars a year ago. This is mainly due to manufacturers focusing on more profitable crossovers in both gasoline and electric categories.
- The decline poses significant issues for various groups who depend on affordable vehicles, including parents, college students, and retirees. It also affects the used car market, making it harder for people with limited budgets and bad credit to find reliable transportation.
- Despite these challenges, opportunities exist in the market. Chinese automakers could fill the affordable car gap by adhering to U.S. standards, and U.S. electric bike companies can offer budget-friendly yet quality products to meet increasing demand for alternative transportation modes.
Source:
https://nationworldnews.com/the-decline-in-affordable-new-cars-in-the-us-poses-challenges-for-low-income-buyers/
