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New Cars Increasingly Out of Reach for Many Americans

Posted By yihan On February 28, 2013 @ 12:03 pm In Money Watch | Comments Disabled

Paul A. Eisenstein
NBC News [1]
February 28, 2013

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.

The study looked at a variety of household expenses, such as food and housing, and when it comes to purchasing a new vehicle, it considered more than just the basic purchase price, down payment and monthly note, factoring in such essentials as taxes and insurance.

Full story here. [1]


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URLs in this post:

[1] NBC News : http://finance.yahoo.com/news/cars-increasingly-reach-many-americans-145957880.html

[2] Tonight Tens Of Thousands Of Formerly Middle Class Americans Will Be Sleeping In Their Cars: http://www.prisonplanet.com/outcasts-tonight-tens-of-thousands-of-formerly-middle-class-americans-will-be-sleeping-in-their-cars-in-tent-cities-or-on-the-streets.html

[3] STUDY: Electric Cars May Be Twice As Bad For Global Warming As Regular Cars: http://www.prisonplanet.com/study-electric-cars-may-be-twice-as-bad-for-global-warming-as-regular-cars.html

[4] Real federal deficit dwarfs official tally: http://www.prisonplanet.com/real-federal-deficit-dwarfs-official-tally.html

[5] Gore increasingly realizes that a shrinking number of Americans still believe in his climate scam: http://www.prisonplanet.com/gore-increasingly-realizes-that-a-shrinking-number-of-americans-still-believe-in-his-climate-scam.html

[6] Plundering the middle class – 35 percent of American households live on $35,000 or less each year. Bailouts a success for the wealthiest 5 percent of Americans: http://www.prisonplanet.com/plundering-the-middle-class-%e2%80%93-35-percent-of-american-households-live-on-35000-or-less-each-year-bailouts-a-success-for-the-wealthiest-5-percent-of-americans.html

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