Why Americans are struggling with car loans?

In the United States, the automobile has long held a symbol of freedom, mobility, and economic success. However, in recent years, a troubling trend has emerged: an increasing number of Americans are struggling with car loans. What was once a pathway to achieving the American Dream has now become a financial burden for many. This article delves into the factors contributing to this crisis and explores why Americans are finding it challenging to manage their car loans. The Rising Cost of Automobiles One of the primary factors contributing to the struggle with car loans in America is the ever-increasing cost of automobiles. Over the past few decades, cars have become more advanced, safer, and loaded with features, but these advancements come at a steep price. According to data from the National Automobile Dealers Association (NADA), the average price of a new car in 2021 was over $40,000, a significant increase compared to previous years. Influence of Consumer Demand Consumer preferences have shifted towards larger vehicles, such as SUVs and trucks, which tend to be more expensive. https://adidaswilson.com/why-americans-are-struggling-with-car-loans/