Slate Auto, a start-up, recently introduced an electric pickup truck priced at approximately $25,000. This announcement sparked significant interest on social media, with many praising the vehicle’s simple design and affordability. Featuring easy-to-repair components and nostalgic hand-crank windows, the truck stands out as a practical alternative to today’s high-end, costly vehicles.
The affordability of cars has become a growing concern. According to Cox Automotive, average monthly payments for new cars have risen to $739 in March from $537 in January 2019. The average cost of a new car is now $47,400, while electric vehicles typically cost around $59,200. High interest rates, averaging 9.4 percent for a 72-month loan, further strain budgets.
“Prices and interest rates are both high and stuck,” noted Mark Schirmer, director of industry insights for Cox Automotive. “If you haven’t been in the market since 2018, it’s got to be shocking what a car costs today.”
President Trump’s tariffs of 25 percent on imported cars and parts have also contributed to rising costs, making vehicles priced under $30,000 particularly vulnerable. Models like the Honda Civic and Toyota Corolla, which rely on imported parts, may see reduced availability.
— new from The New York Times