Study Shows That US Households Are Finding It Difficult To Fit A New Car Into Budget

Looking to buy a new car, truck or crossover? You may find it more difficult to stretch the household budget than you expected, according to a new study that finds median-income families in only one major U.S. city actually can afford the typical new vehicle.

The typical new vehicle is now more expensive than ever, averaging $30,500 in 2012, according to TrueCar.com data, and heading up again as makers curb the incentives that helped make their products more affordable during the recession when they were desperate for sales.

According to the 2013 Car Affordability Study by Interest.com, only in Washington could the typical household swing the payments, the median income there running $86,680 a year. At the other extreme, Tampa, Fla., was at the bottom of the 25 large cities included in the study, with a median household income of $43,832.



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ParadoX - 2/28/2013 4:15:28 PM

+1 Boost

Wages have been flat or declining since the Reagan administration, yet prices have increased. This study isn't exactly groundbreaking.

PUGPROUD - 2/28/2013 6:49:40 PM

+2 Boost

Does this surprise anyone...NO! Families have to make choices and with tough times cars are not at top of list...fortunately cars last longer now than ever before. Too bad our government doesn't behave as responsibly as the average family. We would be in better shape and our children's future not as threathened financially.