If you are in the market for an affordable car, you’re out of luck.

WhoWhatWhy - The average price of a new car today is more than $48,000. There is exactly one model-year 2024 car — the Mitsubishi Mirage, rumored soon to be discontinued — selling for under $20,000; five years ago, there were a dozen such cars to choose from.  On the high end, 32 new models retail above $100,000, nearly triple the number five years back, as the “luxury” share of the market hits nearly 1 in 5 of all vehicles sold. It is worth noting that this pricing trend is not substantially attributable to the impact of the very commendable growth of electric vehicle (EV) market share, which is still only 7.2 percent in the US.

Used cars are no refuge. Four years ago, half of that market went for under $20,000. Now just 1 in 8 used cars can be snagged so “cheaply.” Yes, you can get a high-mileage “beater” for $12K (it used to be $3K). But a low-mileage used car (like mine, a 2018 Mazda 3) is going to run you $25K. Why? Because that’s still a “bargain” compared to a new car. This is not your garden-variety inflation; something else is going on here. Very simply, compact and affordable cars are out, big-ass SUVs and pickups are in.