Let's break down some eye-opening figures for 2024. According to Fortune.com, the average price of a new car stands at $47,338.00. Pair that with the average new car payment of $738.00 or the slightly lower average new car lease payment of $606.00, as reported by LendingTree.com. Meanwhile, the average payment on a used vehicle comes in at $538.00.
These numbers hit hard because they underscore the financial strain many Americans face. To afford these payments, you'd ideally be earning around $60,000 annually, which incidentally is just about what the average American makes at $59,384 per year. And remember, that's before factoring in essentials like housing costs, student loans, insurance, utilities, and the ever-present expenses of raising a family.
It's a stark reality: auto loans trail only home mortgages as the largest category of debt in the country. On this episode of the Hemmings Hot Rod Podcast, Mike Musto and Ryan Douthit of Driving Sports TV dissect this phenomenon and try to uncover its roots.
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