slowing becoming Cuba with a declining economy that’s worse than the phony government numbers portray ...
1. Starting in the early 1990s, cars (including Big Three cars that were notoriously bad before that) became more reliable.
2. Compared to your median income, new cars are disproportionately more expensive than they've ever been.
3. Related to #2 ... A big factor in the increasing prices is the regulatory mandate for all kinds of gadgets and equipment that most drivers would never buy if they were optional.
The third point is a big one. I'm actually in the market for two new vehicles (one a work truck), and I've made up my mind that I'll do the following: (A) I'll lease one car, since I don't have any faith in the long-term reliability of all these gadgets; and (B) I'll defer any action on the work truck, since I don't see a value in spending a lot of extra money for things in a vehicle that I don't need and don't want.
Bingo!
Though I agree with the economy part of your statement..
I had two 1999 Toyota Camry ...We sold both a few years ago, they had over 250,000 plus miles on them...ran like tops...
I had no reason at all to buy a used or new vehicle...(I haven't done that since 1988)
The wife totaled one and the other one I sold when it had 268,000 miles on it and needed a new condenser for the AC and a complete brake job...
About a $ 1,000 for both on a car that was quickly running out of time before major work was required...
I bought a used 2006 Frontier cash to replace it...Plan to drive it until the wheels fall off it...
Anybody with more money than brains buys a car today with one in the garage with less than 200,000 miles on it, since the life of a vehicle is far, far better than in the earlier American models where getting 100,000 miles on it was a miracle...