The Struggle to Afford New Cars: A Reality for Majority of Americans
TL;DR Summary
More than 80 percent of Americans cannot afford new cars due to rising costs, including interest rates, dealer markups, and supply chain issues. According to a report, the average American should not spend more than 10 percent of their annual income on monthly car payments. However, buying an average-priced car would require an income of over $96,000 to comfortably afford the payments. Only 18 percent of individuals in America earn $100,000 or more, while the average salary is $59,428. Although 34.4 percent of U.S. households make over $100,000 annually, many people are still paying more than they can afford for their cars.
Topics:business#american-households#car-affordability#economy#financial-strain#income-disparity#rising-costs
- More Than 80 Percent Of Americans Can't Afford New Cars Jalopnik
- Used car prices soar 50% in Chattanooga, study says Chattanooga Times Free Press
- How the Costs of Car Ownership Add Up The New York Times
- Why only about 22 percent of Americans can afford a new car TheStreet
- Want To Own A New Car? Report Says You Must Make $100,000 Per Year MotorTrend
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