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Ex-Ford Ceo: You Need to Make $100,000 per Year to Buy a New Car in 2023😲😲

fmr ford ceo

Courtesy Cnbc

Mark Fields, Former Ford CEO, joined Cnbc’s ‘Closing Bell Overtime’ on September 1 and said something that seemed to fly over the hosts’ heads.

According to Mr. Fields, you need to make more that $100k USD a year to afford a new car.

The former CEO based his arguments on the following facts:

  • The average new car loan this year is $760 usd per month
  • New car prices are up about 30-35% year over year versus 2020.
  • Used cars prices are following a similar trend
  • The high demand for new cars is keeping prices high for the foreseeable future
  • The average age of older cars on the road is 12 years old

The last factiod on the list is bonkers. Since the average age of a used car in the US is 12 years old then imagine how ancient the oldest vehicles are.

See the full interview below.

Fmr. Ford CEO Fields: ‘You have to make over $100 thousand per year to afford a new car right now’