Well, this is a nice, depressing way to start your week: according to a study from Interest.com (part of Bankrate.com), the average American can no longer afford to buy an average-priced new car
The average price for a new car in these United States is now $32,086. The study looked at the median household income in the 25 largest metropolitan areas, and used a formula that assumed a 20 percent down payment, a loan of four years or less, and the overall cost, including insurance, coming out to no more than 10 percent of the gross income of the household.
Using these metrics, only median-income people from the Washington, D.C. area can buy a new car (with a monthly payment of $641), and you just know they’re probably going to buy something boring.
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