Heavy Lifting - thoughts and web finds by an economist
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Tuesday, November 11, 2008
In 1906, the average car cost around $3,000 and the per-capita income was around $360. In other words, the average car cost approximately 10 years of income for the average worker. Obviously, cars were luxury goods in 1906, reserved for the very wealthy.
Even as our current economic situation seems grim (perhaps more grim every day), it is interesting to see that the average car only costs about 1/2 of a year of work for the average worker. What's even more amazing is the kind of car we get today versus 100 years ago.
From Comerica Bank:
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