I thought it was safety and environmental regulations, primarily. You have to have airbags, and now antilock brakes, and now rearview cameras, etc. If you were allowed to buy a new car built to the standard of the 1970s, it would be cheap.

I am also very suspect of the origins of some of these regulations as well. Modern airbags are wonderful, don't get me wrong, but it's not unreasonable to question, in the US at least, whether auto manufacturers and their lobbyists have been causing new rules to be invented that coincidentally both require fancy, expensive technology AND increase the difficulty/ cost of meeting the standards as a mean to prevent new competitors from starting up in auto manufacturing. Rear-view cameras, eye tracking, and drunk-driving detection all come to mind.

I've been keeping an eye on Slate lately. They _supposedly_ will be selling their trucks for sub $30k late 2026. Presumably they will meet every modern safety standard.