Then, car buyers piled on options, such as high-tech touch screens, ambient lighting, 360-degree cameras and heated and cooled seats.
Car prices near a record highFor new cars, the average transaction price was $47,892 in May, near an all-time high, according to Edmunds.
Now, 10% of all vehicles sold cost more than $70,000, up from 3% five years ago.
Just 0.3% of new vehicles sold cost less than $20,000, compared with 8% five years ago, Edmunds found.
That's leaving more car shoppers priced out of the new car market, Ryan said.
Persons:
Ivan Drury, Edmunds, carmakers, Drury, Ryan
Locations:
Edmunds