{"id":107525,"date":"2016-06-30T13:56:37","date_gmt":"2016-06-30T17:56:37","guid":{"rendered":"http:\/\/www.thedetroitbureau.com\/?p=107525"},"modified":"2016-06-30T13:56:37","modified_gmt":"2016-06-30T17:56:37","slug":"new-cars-becoming-unaffordable-study-claims","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2016\/06\/new-cars-becoming-unaffordable-study-claims\/","title":{"rendered":"New Cars Becoming Unaffordable, Study Claims"},"content":{"rendered":"
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A new study says that today's families cannot afford the vehicles designed specifically for them, such as the Chrysler Pacifica.<\/figcaption><\/figure>\n

If you live in one of the top 50 U.S. cities, it\u2019s unlikely you can afford to buy a new vehicle, according to a new research study.<\/p>\n

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.<\/p>\n

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In the Know!<\/figcaption><\/figure>\n

\u201cPeople are spending far too much money on their cars,\u201d said Steve Pounds, personal finance analyst at Bankrate.com. \u201cThere are many safe, affordable and stylish options on the market for people to choose from that won\u2019t cut into more important budget items; such as college funds and retirement savings.\u201d<\/p>\n

(Plug-based car sales set for rapid growth, new study says. <\/em><\/strong>Click Here<\/a><\/span><\/strong> for the story.)<\/em><\/strong><\/p>\n

The website uses its 20\/4\/10 rule: a down payment of at least 20%; financing lasting no longer than four years; and principal, interest and insurance cannot exceed 10% of a household\u2019s gross income. That said, some places must be leading the way in affordability, and here are the top five:<\/p>\n

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If you live in Detroit, according to Bankrate.com, this might be the vehicle that fits your budget.<\/figcaption><\/figure>\n