Right now, there is only one new car available for a starting price of less than $20,000, the 2023 Mitsubishi Mirage. Given inflation and rising interest rates, it's getting harder and harder for Americans to be able to buy a new vehicle, according to a new report from the Wall Street Journal. The Wall Street Journal Financial Reporter Ben Foldy explains that buyers of both new and used vehicles are seeing higher prices, with the average monthly new car payment totaling about $750. With more people struggling to make that type of payment, Foldy tells Yahoo Finance Live, "what's interesting is that normally you see that struggling, those delinquencies and stuff, kind of tick up when you have problems in the job market, and obviously we don't have that yet." Foldy notes the issue could be worsened by the resumption of student loan payments in the fall. Watch the video above to find out what Foldy says about what this means for carmakers.
