The US auto industry is facing a sobering reality: one million prospective buyers have defected from the new-car market since the start of the decade, and they aren't expected to return soon.
General Motors, Ford Motor, Toyota, and other automakers are planning for sales of new cars to shrink or stagnate this year, as consumers are balking at prices that have risen to around $50,000 on average.
Americans were buying around 17 million cars and trucks a year before 2020, but industry analysts don't expect the market to return to that level until the end of the decade or later.
Executives at the world's biggest automakers say they recognize that a new car is out of reach for more Americans, but they're not promising significant relief soon.
Historically, stagnating sales led automakers to juice demand by rolling out deals and incentives that eroded their profit margins, but that's not the case this time.
Profits from more-expensive vehicles are helping offset the higher costs of doing business in the auto industry in the 2020s, but automakers face a balancing act between their need for more affordable options and their current business model.
