If you live in one of the top 50 U.S. cities, it’s unlikely you can afford to buy a new vehicle, according to a new research study.
Bankrate.com believes that a median-income household cannot afford the average priced new car or light truck in any of the 50 largest cities in the country. The average price of a new car or light truck in 2016 was $33,865, according to Kelley Blue Book.
“People are spending far too much money on their cars,” said Steve Pounds, personal finance analyst at Bankrate.com. “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…)