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New Cars Are Too Expensive for the Typical Family, Study Finds
AS prices for new vehicles continue to rise, the cost of an average new car may be a stretch for typical households. A new analysis from Bankrate.com found that a median-income household could not afford the average price of a new vehicle in any of the 50 largest cities in the country, though cars are more affordable in some cities than others. “The new reality is that cars are becoming more expensive,” said Steve Pounds, a personal finance analyst for Bankrate. “People are having to make tough decisions about financing.”