It's no secret that life is getting more expensive. Incomes are struggling to keep pace with rising prices, and the gap is widening. Few things illustrate this better than vehicle affordability, with more Americans finding themselves priced out of new cars altogether.

 

A recent study by the Center for Automotive Research puts a number on this growing divide. In 2024, the top 20% of highest-earning households accounted for 55% of all spending on new vehicles. That's a new record and represents a significant jump from the 42% measured in 2019.