And why exactly is the purchase of a new midsize sedan at a four year term out of the price range of more Americans now than in 1964 ?
I suppose this would be a good time for you to demonstrate your credentials, or provide support for your assertion.
Because there are more bells and whistles on cars now. Midsize sedans have GPS tracking and seat warmers and rear window defoggers and air bags and anti-lock brakes and leather seats and padded dashboards and five speed automatic transmissions and get 28 mpg and go for 100,000 miles without a tune up and all the rest.
That stuff costs money. People love to look back with fond memories at old cars (or anything else for that matter,) but those old cars were pieces of crap (and unsafe!) compared to the cars we have on the road now. All in all, we're a lot better off now than before.
While it's true that some people can't afford all of this stuff, there are other options--Ford Focus, Chevy Cavalier, Honda Civic, take your pick. As far as midsize goes, Kia and Hyundai make nice midsize cars for a comparatively inexpensive price.