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. GSF
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