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The average spend on a new car per year is not the same thing as what the 'average American' actually buys. Lots of people keep the same car for many years, or
by incone123 4y ago
The average spend on a new car per year is not the same thing as what the 'average American' actually buys. Lots of people keep the same car for many years, or buy used, or even don't have a car.
- arcticbull 4y agoUsed cars cost roughly what new cars cost still, interest rates are higher than ever - insurance, gas, maintenance, car payments, parking, tickets, tolls, registration, license, etc, etc, it adds up really fast. Since it's so diffuse people aren't as sensitive. Not to mention with a used car w/o warranty you're on the hook for the whole cost if something goes wrong. Of course there will be outliers, but owning a car is a massive money sinkhole and a disproportionate burden on the poor. The average car insurance payment alone is $136 (and significantly more for those with 'bad credit' - i.e. the poor). Gas is another $150-200 per month. That's almost $4000 per year right there. The average monthly transit pass in the US is $83. [1, 2] [1] https://www.statista.com/statistics/990891/us-average-monthly-passes-in-transit-mode-transport/ https://www.statista.com/statistics/990891/us-average-monthl... [2] https://www.nerdwallet.com/article/insurance/how-much-is-car-insurance https://www.nerdwallet.com/article/insurance/how-much-is-car...