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New Cars Are Now Only Reserved for the Rich, or Top 10% of Incomes - based on popular affordability rules of cars and the latest data.
According to the automotive group Cox, the average transaction price of a new vehicle in the U.S. last month was $47,244 dollars. And according to LendingTree, the average car payment for a new vehicle hit a RECORD HIGH $738 per month in Quarter 4 of 2023. These days, the ability to buy a new car affordably is now a privilege that seems to be reserved for those seemingly in the top 10%.
According to a popular car buying rule - the 20/4/10 rule - it suggests that you should not get a car loan exceeding 4 YEARS, thats the 4 in 20-4-10.
The 20 by the way, just means that you should always try to put 20% down on the car, and the 10 referred to the idea that your monthly transportation costs should NOT exceed 10% of your gross monthly income.
So how realistic is this rule for the average person earning the average wage? We answer that today.
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WHO AM I?
Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!
⏱️ Timestamps:
0:00 - Start Here
0:44 - How We Got Here
2:32 - Affordability Rule No. 1
5:33 - Salaries & New Car Prices
7:09 - Affordability Rule No. 2
9:29 - What Can You Do Today?
10:40 - Used Cars and Depreciation
11:18 - Luxury Maintenance
