Many Americans have already noticed that several things are changing faster than anyone expected. However, some believe that one of the country’s biggest markets will start to plummet in a few years. According to some analysts from Michigan, the car market will take a hit around 2040, as several residents are not too keen on purchasing cars due to the high costs. This is particularly true, as everybody still have to deal with the high gas prices.
The recent and not-so-shocking analysis comes from a report on CNBC, where analysts from Bain and Company mention how the car market could shrink considerably by 2040. While that year is still pretty far away, those who did the math believe that Americans won’t be interested or able to purchase cars as time goes on.
According to the analysis, the market could become too competitive and eventually lead to more potential drivers looking for other ways to travel. They also mention how some prefer services such as Lyft to get from one place to another, and how some vehicles have become extremely expensive to the point that people can’t afford them. On top of that, you can also throw in the current gas prices, and it all makes up for an unfortunate situation where not having a car might be the best idea.
Oddly enough, it seems many residents in Michigan weren’t surprised by this, as they believe this analysis tracks, especially since some believe that car dealerships and some brands are not making accessible vehicles anymore.
Michigan Drivers Believe Cars Are Way Too Expensive Now
After reading the analysis, several Michigan citizens agreed with it and mentioned it wasn’t a big surprise, as vehicles are too expensive now.
“Cars are just too damn expensive. Full stop. They’ve become the price of what a house should be. 5-7 year old cars are still selling for 30k.“
“Maybe US automakers should make cars that people can afford AND aren’t complete garbage. Why would I choose them over a Subaru or Toyota in the $30-40k price range?“
Others, however, believe it is the consumer’s fault, as some are still purchasing costly cars without thinking about how it will affect the economy.
“We have done this to ourselves by allowing the greedy to dictate the direction of our economy.“
As many put it, there needs to be a shift in the car market, as it has become unfriendly to consumers, forcing them to find more accessible options elsewhere.
