This ^^^^^^^^^
Cars cost more because they're packed with non essential, expensive crap. Like what you just mentioned. "Back in the day", a car was considered "loaded" if it had a radio, heater, and whitewall tires. Things like air conditioning, power windows, and cruise control were high priced extra cost options. They weren't even available on many standard models.
I gave some very specific examples from the 80's vs now. We could go back to the horse and buggy if you want, but that's going to be a bit of an unnecessary detour. How about working with the examples I provided?
Even automatic transmissions were not "standard". They were an extra cost option..... As was power steering and brakes. Even an FM radio cost additional.
Sure, if we go back far enough. Again, let's deal with the examples as I've given them instead of trying to build a strawman about "back in the day we walked in 20 feet of snow, uphill both ways, then came home, hand-cranked a tractor and liked it because that's the way things were. Then we threw a cow on our backs, took it into the kitchen, milked it on the table, and drank milk straight from the udder. Then we went and shovelled 14 tons of coal to heat the shack for the night."
Today's cars are packed full of this kind of expensive stuff that runs the price up. Today they have things that didn't even exist like lane departure and navigation.
And those things are optional today (lane departure and navigation). Again, I provided a couple of very specific examples, let's look at the RAM 2500 one, with crank windows, manual locks, manual seats, no navigation...etc. It's more than double the inflation-adjusted price for its mid-80's equivalent.
Housing is much the same. Most families in the 60's lived in houses that were 1,500 sq. ft. or smaller. Today people won't even look at a house like that. Unless they're retired. If they have a family they "need" 2,500 to 3,000 sq. ft.
I again, gave a very specific example of the house I grew up in that was purchased for ~$60K and is now worth 800K. My sister owns a bungalow similar to what you are describing, it's worth $550K and she paid $425K for it. So no, housing is not "much the same". Have you actually looked at the prices of houses in many markets lately, for the type of house you are describing?
So yeah, this stuff all costs more..... Because people are buying more. Far more than they need.
That sounds like condescending judgement rather than empirical data. While consumerism is definitely a problem, both housing and transportation have become significantly more expensive, and well beyond the inflationary effect.
We've become victims of our own creation. We have become a nation of "wants", far more than a nation of "needs". And we're paying the price for that by borrowing money we don't have, in large amounts to do it.
I think we can both agree that transportation and lodging are both "needs". Yes, Walmart, Amazon...etc all cater to consumerism (the "want") but that doesn't mean there isn't a separate and very valid discussion to be had about the examples I've provided on both housing and transport.
And the problem is that price has become more than many can actually afford. So, in order to compensate many people, (but not all), put themselves into a precarious financial position to do so.
Today you have to move the comma over another digit. And all you get is more crap.... Along with bigger and longer lasting payments. Not much else has changed. The people who actually bought that car for under $3K in 1973, we're all just as happy, if not happier, as the ones today who pay 10 times as much for a Camry.
I know because I've lived long enough to do both.
Adjusted for inflation, that 1973 Maverick is $17,135.00. Slightly more expensive than a brand new 2022 KIA RIO. And the KIA RIO has all sorts of mandated safety features, fuel injection, TPMS...etc. Again, it's not those things driving up the price of vehicles.
Consumer buying power has changed, particularly in regards to housing and transportation. Electricity is also going up, food prices have gone up. Life has become more expensive and all of this at a rate that wage growth has not matched.
That's a separate discussion from poor consumer decisions made regarding debt, financing things they don't need and buying the latest trinket every other week.
I'd appreciate it if we could have a productive discussion on those things, but if this is going to devolve into more whataboutisms, I'm going to cut my losses.
radio w 6speakers and 15" rims. Nothing is really any better today except touchscreens, 18-20" rims, complicated electronics and hefty price tag.
