LendingTree Survey Finds 39% See Car Ownership as Unaffordable Luxury

1 articles · Updated · Jalopnik · May 26

39% of respondents in a LendingTree survey said owning a car is a luxury they cannot afford, underscoring how routine transportation costs are straining household budgets.
Average auto-loan payments now run $7,275 a year, or $606.25 a month, and nearly 20% of borrowers pay $1,000 or more monthly as seven-year loans become more common.
Insurance has climbed 37.5% since 2021 and maintenance costs are up 12%, adding to pressure from high vehicle prices and leaving some drivers cutting coverage despite legal and lender requirements.
$4.56-a-gallon gasoline has added another burden after the survey's April fieldwork, when 15% already cited gas as their hardest car expense to afford.
15% of income now goes to car-related costs for the average American with an auto loan, matching the Transportation Department's threshold for being transportation-cost burdened.

With affordable cars nearly extinct, is the American dream of vehicle ownership now reserved only for the wealthy?

Can tech fixes like AI repairs and EVs truly rescue Americans from these record-high car ownership costs?