US New-Car Dream Fades as Buyers Vanish

U.S. new-car sales are expected to top out around 16 million this year—down from 17 million in 2020 and not likely to return to that level until 2030—while the number of new-car buyers has fallen by more than a million since 2020. Automakers are chasing profits with pricier vehicles, no fewer sedans left in production, and inflation pushing prices toward or beyond $50,000, making a first new car increasingly out of reach for many. Meanwhile, consumer sentiment is at a record low and spending leans toward the wealthy, signaling a broader shift in the economy beyond just car buying.