Buyers fret as the average cost of a new car nears $50K

The average cost of a new car in the U.S. has reached nearly $50,000, up 30% in six years, driven by inflation, production shifts toward larger SUVs, and higher interest rates. Consumers face affordability challenges as monthly payments rise to $775, with fewer budget-friendly options available. Long-term loans are becoming more common but increase overall costs.