But as things stand, cars are still really expensive for many Americans. Just 10 percent of new car listings are currently priced below $30,000, according to CoPilot. Things are not much better in the used car market, where only 28 percent of listings are currently priced below $20,000.

According to an October report by Market Watch, Americans needed an annual income of at least $100,000 to afford a car, at least if they're following standard budgeting advice, which says you shouldn't spend more than 10 percent of your monthly income on car-related expenses.

That means that more than 60 percent of American households currently cannot afford to buy a new car, based on Census data. For individuals, the numbers are even worse, with 82 percent of people below the $100,000 line.

$100k to afford a car! Wtf.

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[–] footfaults@hexbear.net 29 points 2 years ago (2 children)

Will this lead to more transit investment

Now introducing the 120 month car loan

[–] SacredExcrement@hexbear.net 3 points 2 years ago

You joke but some places already offer 96 month notes

[–] Optimus_Subprime@hexbear.net 3 points 2 years ago* (last edited 2 years ago)

Now introducing the 120 month car loan

You jest but we aren't too far off from that. I'm on a 66 month car loan. For a fucking used car!

doomjak

EDIT: Edited because I had to look up my estimated payoff date. 66 months from when I bought it.