The average cost of a new vehicle is too high for median-income households in each of the 50 largest U.S. cities, a study by Bankrate.com found.
Bankrate.com ranked the 50 largest U.S. cities based on how much a median-income household could pay for a new vehicle, and calculated the corresponding maximum monthly payment. Even in the relatively affluent city of San Jose, Calif., in the middle of Silicon Valley, the median income isn’t enough to afford the average new car -- if consumers follow traditional borrowing rules of thumb. “People are spending far too much money on their cars,” said Steve Pounds, personal finance analyst at Bankrate.com, in a statement. “There are many safe, affordable and stylish options on the market for people to choose from that won’t cut into more important budget items, such as college funds and retirement savings.” more ...
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