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DRIVING DEBT: Car Loans Are Out of Control!

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Manage episode 416929937 series 2797620
Kandungan disediakan oleh Hemmings. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh Hemmings atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.

Let's break down some eye-opening figures for 2024. According to Fortune.com, the average price of a new car stands at $47,338.00. Pair that with the average new car payment of $738.00 or the slightly lower average new car lease payment of $606.00, as reported by LendingTree.com. Meanwhile, the average payment on a used vehicle comes in at $538.00.

These numbers hit hard because they underscore the financial strain many Americans face. To afford these payments, you'd ideally be earning around $60,000 annually, which incidentally is just about what the average American makes at $59,384 per year. And remember, that's before factoring in essentials like housing costs, student loans, insurance, utilities, and the ever-present expenses of raising a family.

It's a stark reality: auto loans trail only home mortgages as the largest category of debt in the country. On this episode of the Hemmings Hot Rod Podcast, Mike Musto and Ryan Douthit of Driving Sports TV dissect this phenomenon and try to uncover its roots.

  continue reading

115 episod

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iconKongsi
 
Manage episode 416929937 series 2797620
Kandungan disediakan oleh Hemmings. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh Hemmings atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.

Let's break down some eye-opening figures for 2024. According to Fortune.com, the average price of a new car stands at $47,338.00. Pair that with the average new car payment of $738.00 or the slightly lower average new car lease payment of $606.00, as reported by LendingTree.com. Meanwhile, the average payment on a used vehicle comes in at $538.00.

These numbers hit hard because they underscore the financial strain many Americans face. To afford these payments, you'd ideally be earning around $60,000 annually, which incidentally is just about what the average American makes at $59,384 per year. And remember, that's before factoring in essentials like housing costs, student loans, insurance, utilities, and the ever-present expenses of raising a family.

It's a stark reality: auto loans trail only home mortgages as the largest category of debt in the country. On this episode of the Hemmings Hot Rod Podcast, Mike Musto and Ryan Douthit of Driving Sports TV dissect this phenomenon and try to uncover its roots.

  continue reading

115 episod

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