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Half Of Americans Are Priced Out Of The Car Market. Here's Why
[Daily Caller] Half of Americans have been priced out of the car market as real increases in income have been outpaced by the rising cost of car loan payments due to both a decrease in supply and rising interest rates driving up costs, according to experts.The average monthly payment as of the second quarter of 2023 for a loan on a new car was $729, up from $672 in 2022 and $582 in 2021, while the average loan payment for a used car in 2023 was $528 per month, compared to $519 in 2022 and $440 in 2021, according to Experian. In the same quarter, median monthly earnings for Americans were only $4,428, with financial experts recommending spending no more than 10% of one’s income on car loan payments, putting the recommended amount for an average American at $443 for a monthly payment, which is below the cost of the average loan payment for both new and used cars, resulting in many Americans not being able to afford a vehicle. Posted by: Besoeker 2023-09-17 |
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