The Daily Valet. - 8/24/23, Thursday
✔️ The End of Affordability?
Thursday, August 24th Edition
By Cory Ohlendorf, Valet. Editor
The second car I ever bought was a pre-owned Mitsubishi Mirage and it served me very well.
Today’s Big Story
The End of Affordability?
There’s now Only One New Car on the market that rings in Under $20,000. Is that possible?
Cars are expensive. That's news to absolutely no one ... especially anyone paying the average $725 monthly auto loan payment. But cheap subcompact cars are now a critically endangered species. In the U.S., cars and trucks are getting bigger and so are their price tags. Just five years ago, a price-conscious auto shopper in America could choose from among a dozen new small cars selling for under $20,000. Now, there's just one: The Mitsubishi Mirage.This is according to the latest report from Kelley Blue Book. Other new cars have starting prices under $20,000, but the actual purchase price after taxes, common options and shipping surpasses the threshold, USA Today reports. Small vehicles including the Kia Rio, Nissan Versa and Hyundai Venue now all have an average purchase price over $20K. Last month, Americans paid on average $48,000 for a new vehicle—25% more than before the pandemic struck three years ago.Even more unfortunate, even if you are interested in buying a Mirage, you may soon be out of luck as well. The Associated Press cites reports that this car will soon cease production altogether. That's a more drastic step than, say, Honda nixing plans to sell the Fit in the U.S. as of 2020 while keeping the model going overseas — but it does seem in line with the “bigger is better” ethos automakers have embraced in the U.S.With inflation and the cost of gas these days, maybe smaller rides are ready for a resurgence. According to ABC News, the latest data suggests that Mitsubishi's decision to phase out the Mirage might be premature. Overall sales of small cars, after having dropped in seven of the past 10 years, are up 11.7% in the first half of the year. Analysts say some of that gain may reflect more interest from consumers concerned about higher gas prices, but most of it represents fleet sales to rental car companies.But near extinction of cars under $20K also comes as higher insurance rates are causing more drivers—particularly those in their 20s and 30s—to fall behind on their car payments, a recent New York Federal Reserve study found. That's scary. A cheap car sounds a whole lot better (and more driveable) than a repossessed car, right?
FYI:
The American auto industry sold nearly 2.86 million cars in 2022.
Key Moments From the GOP Primary Debate
The Candidates are Essentially jockeying for second place
The proverbial elephant wasn't in the room. Former President Donald Trump made his mark on the first Republican presidential primary debate without even being there. But the sparring in Milwaukee on Wednesday night did give the other candidates a chance to talk policy, including abortion and climate change.After an hour of policy discussion, the first Republican primary debate of 2023 had turned chaotic when the Fox News moderators brought up Trump. Chris Christie, the former New Jersey governor, urged Republicans “to stop normalizing” the former president's conduct. His rival Vivek Ramaswamy responded that Trump was “the best president of the 21st century,” (even though he's technically running against Trump).The other candidates in the debate hall alternated between ripping President Joe Biden—Florida Gov. Ron DeSantis did that repeatedly—and savaging each other. They fought over personal traits and substance, from levels of experience, to abortion and American aid to Ukraine. For them, the debate was a chance to bare their claws in the battle for second place in pre-primary polling. According to NBC News, “most candidates seemed to bend over backward not to talk about Trump,” who is due to turn himself in to be booked in Atlanta later today on charges in the Georgia election case.
Meanwhile:
Trump taped a counterprogramming sit-down interview with commentator Tucker Carlson, and things got weird.
India Lands a Rover on the Moon
It’s a historic milestone, as the first country to land a spacecraft near the moon’s south pole
India successfully landed its first robotic mission on the Moon on Wednesday, making it the fourth nation in history to operate a spacecraft on the lunar surface. It's also the first mission ever to touch down near the Moon's South Pole, which is a major region of interest for future human exploration, since scientists believe the region may be home to water ice deposits.The Chandrayaan-3 mission could cement India's status as a global superpower in space. Previously, only the United States, China and the former Soviet Union have completed soft landings on the lunar surface. The landing comes four years after Chandrayaan-2's Vikram lander effectively crashed.According to Engadget, the lander will remain idle for hours to allow lunar dust to settle. Once the area is clear, the Pragyaan rover will deploy to take photos and collect scientific data. Combined, the lander and rover have five instruments meant to gauge the properties of the Moon's atmosphere, surface and tectonic activity. ISRO timed the landing for the start of a lunar day (about 28 Earth days) to maximize the amount of solar power available for Vikram and Pragyaan.
FYI:
A space junk removal mission just got put out of commission after getting struck by space junk.
The Dune Buggy Is Back, in a New Way
The Manx Resorter Is a Versatile Neighborhood EV Buggy
During their heyday—from the 1960s all the way through the early '80s—Manx dune buggies were part of American pop culture, seen in countless movies and TV shows, even cartoons and art. A 1967 Car and Driver cover story even proclaimed the all-terrain vehicle “all things to all men.” But then, they sort of fell out of favor.Fifty-five years later, the beloved dune buggy aspires to be all that and more as it gets reimagined for 2023. Around this time last year, the Manx 2.0 Electric was announced to bring all the adventurous, off-road fun of the original, just powered by a battery. But we now know more specifics and prices. The Manx 2.0 will start at $74,000 and boasts a 300-mile range.If that's a little expensive for essentially a big toy, Meyers Manx just unveiled another new electric buggy, the Resorter NEV. This one has all the nostalgic style, but has been designed for more on-road adventures and comes equipped with four seats and enough space for the whole family. And while they won't be ready to drive until sometime next year, buyers can reserve one with a $500 deposit, and the vehicle's base price is $49,000.
Meanwhile:
Some auto insurance companies have started refusing to cover drivers in California.
In Other News
The paramilitary group leader was on jet that went down northwest of Moscow.
Have you heard about ...
A Weekend Challenge
Bring some plants into your life and into your home
It’s somewhat of a bold claim: make space for nature in your life and it will make you a better man. But it's true for several reasons. Sure, they're not without their own set of rules and most require you to put in some effort, but anything worthwhile never comes easy, right?Michael O'Brien is an urban farmer and the founder of Hommes + Gardens. He not only offers traditional gardening services and landscape design but also a coaching program—think of him as a personal trainer to build your green thumb muscle. “Being a 'plant dad' can be challenging, but it comes with so many rewards and it's not as difficult as most people think,” he says.
Get Started:
Shopping
What We’re Buying
Rocks glasses
Whatever you're drinking, it's going to taste better in a nice glass. I'm not sure how the science works out, but I know this to be true. Heading into fall (otherwise known as “brown spirit season”), it's the perfect time to invest in some quality rocks glasses. Riedel has been crafting fine glassware for decades, and drinks experts agree that the hype around the brand is warranted. These glasses have a sophisticated ribbed design and a substantial feel in the hand, making them a real pleasure to drink from.
Get It:
Rocks glasses, $45 / $28 (for two) by Riedel
Morning Motto
Take things at your own pace.
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