It's debt. 85% of new cars are financed. The average car payment in the US is now $716 with the average auto loan at 70 months.Wonder what it ends at. Does everyone still use the 35% rule if not financing? If so, that means you should have a minimum income of $163K to entertain a base version. Even going by household, which is combined income, that eliminates 94% of the US population. With cars getting ever more expensive, I have to wonder who is buying them all?
You can afford anything if you stretch your payments out 8 years
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