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Modest-income buyers being priced out of new-vehicle market

Natalia Ponce De Leon, owner of Custom Window Furnishings, sits on the back of her nine-year-old Toyota RAV4 after visiting with a client, Wednesday, April 13, 2022, in Delray Beach, Fla. Ponce De Leon traded her 2018 Toyota Tacoma for a more efficient car where she estimates will save her hundreds of dollars a month. She is also able to carry all the tools she needs for her business. (AP Photo/Marta Lavandier)
Posted at 2:22 PM, Apr 16, 2022
and last updated 2022-04-16 15:22:12-04

(AP) — Two years after the pandemic tore through the economy, America’s auto market looks something like this: Prices are drastically up. Supply is drastically down. And gasoline costs drastically more.

The result? A widening disparity between the richest buyers and everyone else.

The most affluent buyers keep plunking down big money for new vehicles, including the least fuel-efficient among them — trucks, SUVS, large sedans.

As for the rest of America, millions are feeling increasingly priced out of the new-vehicle market. They are competing instead for a shrunken supply of used autos, especially smaller, less expensive ones that consume less fuel. The jump in pump prices since Russia’s invasion of Ukraine has only intensified their urge to keep costs down.

They are people like Natalia Ponce De Leon of North Palm Beach, Florida. She had been leasing a Toyota Tacoma pickup she acquired as new four years ago and had been using for her custom drapery business. When it was time to replace it recently, she didn’t even consider a new vehicle.

The full article an be viewed HERE.

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