75% Of Americans Can't Afford A New Car: Poll

A joint poll from ABC News, the Washington Post, and Ipsos illustrates what so many Americans are feeling: that the cost of essentials is too high. Cars are among those essentials for a majority of Americans, and a majority of those polled also agreed that new vehicles are "unaffordable." 74 percent of those polled stated they felt buying a new car wasn't in the cards. However, it's worth noting that opinions may have shifted somewhat: The poll was conducted prior to the February 20 U.S. Supreme Court ruling that struck down President Trump's tariffs on imported goods.

Americans considered new vehicles to be more unaffordable than many other essentials and luxuries covered in the poll, including healthcare (56%), going out to dinner (49%), groceries (45%), home energy/utilities (45%), rent or a mortgage (37%), a weeklong vacation (60%), and gasoline (28%). Age demographics also came into play. Younger Americans agreed new cars felt unaffordable, but older Americans did too, and in an overwhelming majority. 82% of those polled between the ages of 18 and 49 said new cars are unaffordable, while 67% of those over 50 said the same. Gender results in a divide, though: Women are more likely than men to say that a new car, a weeklong vacation, going out to dinner, groceries, and rent or a mortgage are unaffordable.

In part, the rising cost of cars themselves is to blame. In October, the average transaction price for a new vehicle eclipsed $50,000 for the first time. Tariffs have played a role in rising prices, too. American confidence in affording gasoline could shift, too, as a result of ongoing attacks in and outside of Iran. The bottom line, though, is that many Americans feel spread thin. Most aren't able to afford some essentials and basic luxuries like a vacation. Until the economy trends upwards, these sentiments aren't likely to change.