From hefty monthly car payments averaging $726 to insurance costs hovering around $167, and don’t forget about the money we shell out for gasoline – around $150 a month. It all adds up to a staggering total of $1,043 each month just to keep our wheels turning.
Now, here’s the kicker: despite these mounting expenses, many Americans are struggling to keep pace. Delinquency rates are soaring, and credit card defaults are hitting record highs.
So, how are we managing to afford the cost of driving? Well, for some, it’s becoming increasingly challenging. But as we navigate these financial challenges, let’s remember the freedom and joy that comes with hitting the open road.
How are Americans affording the cost of driving a car?
1. Average new car payments are $726/month
2. Average insurance costs are $167/month
3. Average spend for gasoline is $150/month
Total: $1,043/ month
Answer: They aren’t. Delinquency rates are skyrocketing.
— Wealthion (@wealthion) March 18, 2024
Probably nothin'! pic.twitter.com/kT2MRaUovf
— David Stockman (@DA_Stockman) March 16, 2024
Some reports are saying nearly 50% of young college graduates are without a job and still living at home.
What happens when a growing swath of the population no longer feels like the system is working for them?
Credit: @zerohedge pic.twitter.com/aIrgBwWMJs
— Wealthion (@wealthion) March 16, 2024
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