JD Vance Surprises with Assertion that Owning a New Car Incurs a $50,000 Annual Expense for Every American

JD Vance, a Republican Senator, made headlines with his bold claim that owning a new car costs every American $50,000 a year. This statement, made during a rally in Byron Center, Michigan, quickly drew attention and sparked debate on social media.

While Vance’s claim may seem exaggerated, data from the U.S. Department of Transportation tells a different story. The average annual cost of owning and operating a car in 2023 was $12,182, significantly lower than Vance’s assertion. The average price of a new car, according to Statista, was $47,010 in 2023, not the annual cost of ownership as suggested by Vance.

Industry analysts attribute the rise in car prices to various factors, including the worldwide chip shortage and United Auto Workers’ strikes in 2023. However, prices have started to ease, with the average new car price dropping to $48,401 in July 2023. Improved inventory levels and higher loan rates have contributed to this decline.

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Vance’s remarks are likely aimed at resonating with Michigan voters, given the state’s significant ties to the automotive industry. Michigan is home to 96 of the top 100 auto suppliers in the country, making car prices a crucial concern for its residents.

In response to the backlash, Vance’s spokesperson emphasized the rising costs of living under Vice President Kamala Harris’s leadership, citing increased prices in various sectors. Vance has a history of making controversial statements, as seen in his previous ads criticizing Joe Biden’s immigration policies.

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