New-Car Buyer Pool Is Shrinking — and the Industry's Cost Base Wasn't Built for It

Buyers earning under $100,000 fell from 50% of new-car purchases in 2020 to 37% in 2025, per CNBC. Ford nonetheless raised 2026 EBIT guidance to $10–11 billion on strong pricing, Reuters reported July 28. If the income floor keeps rising faster than median wages, the addressable market shrinks below what automakers' fixed-cost base was scaled to serve — making current pricing power look cyclical, not permanent.