The Rising Costs of Car Ownership: A Financial Strain for Most Americans
The costs associated with owning a car have skyrocketed, creating a financial burden for many drivers. The average annual cost of new-car ownership has risen to $12,182, reflecting increased purchase prices, maintenance costs, and finance charges. With 92% of households having at least one car, and 22% having three or more, car expenses have become a significant portion of household budgets. The article highlights the experiences of five car owners who are struggling with the high costs, including lease payments, loan interest rates, insurance, gas, and maintenance. These expenses, combined with other financial obligations, are causing stress and even delinquency for some borrowers.
- How the Costs of Car Ownership Add Up The New York Times
- Used car prices soar 50% in Chattanooga, study says Chattanooga Times Free Press
- 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
- More Than 80 Percent Of Americans Can't Afford New Cars Jalopnik
- View Full Coverage on Google News
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