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That's pretty simplistic.

What's actually happening is that wages aren't keeping up with inflation. In the 1950s, 35% of the US workforce was represented by organized labor; today that figure is about 10%.
But...as much as I like to bitch about modern cars, I paid $6500 for a brand new Honda Civic GL in 1982. That's about $18,000 of today's dollars. Neither AC nor a radio were standard equipment and I didn't buy the car with either (and never installed a radio, in fact).
I think the Hyundai Venue starts at about $18K today. Has AC and infotainment, and an automatic transmission as standard equip. The Hyundai Accent, which the Venue is based on, is less money. I'm pretty sure the Nissan Versa lists for less than $18K as well.
The Chevy Spark is about $14K with a stick shift.
IIRC, housing isn't considered in the CPI calculation.
The problem, as I see it, isn't that people can't afford new cars, more like they're willing to accept a much greater financial burden in order to buy more car than they need.
BTW, item today at The Truth About Cars states that, according to CarGurus.com, used car prices increased by 30% over the last year.



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