Shopping for a new car can be daunting. Not just because of the lowest sticker price, but because of taxes, licenses, insurance and all those hidden fees. Many Americans simply can’t afford a new car these days. That especially rings true if you are located in certain cities across the U.S. The cost of new cars are just astronomical. So what cities are cars more difficult to afford?
Thanks to Bankrate.com we know that “The average price of a pre-owned car is about $19,200. This is simply too expensive for residents in eight of the 25 biggest metro areas. Many middle-class families once enjoyed the tradition of trading in their old cars for the current models, but that practice has taken a hit because of two trends: a 35 percent increase in the cost of a new car over the past 35 years combined with a meager 3 percent increase in household income over the same time period. The main point of this research is to illustrate how Americans are having to overextend themselves to pay for a new car at today’s prices.”
Thanks to this research, they have found there are five affordable and least affordable cities. So how does your city stack up on car affordability?
Most affordable cities for locals buying cars
1. Washington, D.C. (car price: $37,223 / monthly payment: $697)
2. San Francisco ($32,286 / $631)
3. Boston ($30,863 / $592)
4. Seattle ($26,771 / $532)
5. Minneapolis/St. Paul ($26,606 / $502)
Least affordable cities for locals buying cars
25. Miami/Fort Lauderdale/West Palm Beach ($13,577 / $256)
24. Detroit ($13,913 / $273)
23. Tampa ($14,189 / $268)
22. Orlando ($15,902 / $309)
21. San Antonio ($16,433 / $324)
While this might put some thought into your own car shopping, if you’re still looking for a car, even when it’s not all that affordable, you should check out these top 10 Urban cars to make the most out of your inner city commute.