Even Some High-Income Americans Can’t Afford New Cars Anymore
Marc Levine was accustomed to leasing a new Mercedes-Benz sport utility vehicle every three years. He appreciated driving a new car and not having to worry about upkeep or warranty expirations. However, when he went to his dealer last year seeking to replace his 2018 GLE 350, he was met with a surprise. The monthly payment for a newer version of the same model had almost doubled, reaching nearly $1,200 compared to the previous $640.
“Are you kidding me?” Levine, a cardiologist residing with his family in South Florida, questioned his dealer. He then considered mass-market brands such as a Jeep Grand Cherokee and a Toyota Highlander; but the monthly payments for these vehicles had increased to the point where they were close to what he’d been spending on his previous Mercedes. Ultimately, he inquired, “Do you have any pre-owned options?”
