With the prices of certain new vehicles still on the rise – even as average transaction pricing has declined over the past few months – we’ve seen both the Ford Bronco and Ford Bronco Sport get more expensive recently. However, the 2024 Ford Bronco Sport can at least partially attribute its higher MSRP to the fact that The Blue Oval eliminated the Base trim from the lineup (which is also true of the Bronco), as that model started out at $29,215 versus the new entry-level Big Bend, which costs $31,230, sans destination and delivery charges. Regardless, according to new data from iSeeCars, the Ford Bronco Sport is among the top new vehicles that are no longer affordable.
The Ford Bronco Sport was among six vehicles that was on iSeeCars’ affordable new car list back in October 2022, but in this year’s report, it has fallen out of the rankings. With an average price of $37,041, the Bronco Sport is 1.8 percent more expensive than last year, as well as 2.3 percent above iSeeCars’ affordability threshold, which is what led to this dramatic year-over-year change.
To come up with these rankings, iSeeCars analyzed new vehicle affordability over time using its Car Affordability Index, which compares median household income to an idealized income for financing a car. An index value of 100 suggests household income is equal to the idealized income for a car purchase, while values above 100 indicate that a vehicle is more affordable and values below 100 suggest that they are unaffordable. The good news is, this doesn’t apply to every model out there, at least.
“With the unprecedented rise in interest rates over the past year we didn’t expect vehicle affordability to improve for any segment,” said iSeeCars Executive Analyst Karl Brauer. “But used car prices have finally come off their highs and are starting to moderate after years of increasing. Electric vehicle prices have simply tumbled over the past year, improving affordability on both new and used models. This shift, plus the rise in median household income, has improved the situation for buyers and added 23 models to the used car affordability list compared to last October.”