No. of Recommendations: 1
This is what floors me:

The average price of a new car is now $31,000, up $3,000 in the past four years.

The average price of a new car.

Without a down payment, the 36-month car loan comes out to $861 a month - assuming a ZERO interest loan.

A 60-month is still $516 a month.

For someone who makes $50,000 a year, that's 12.4% of their GROSS pay per month, just to be able to pay off the car in FIVE YEARS.

For the car.

Now, of course, there are still options out there that are considerably less than $31,000 a year. However, more and more of the "family" cars are getting into that range ($30K) very quickly.

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.