Cars - For Car Enthusiasts

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Millennials And Gen Z Can’t Afford Their Auto Loans, And It’s Only Getting Worse (jalopnik.com)

submitted 1 year ago by [email protected] to c/[email protected]

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On average, AutoNews reports that 3.58 percent of 18 to 29-year-olds and 2.62 percent of 30- to 39-year-olds have been late on their auto loans by at least 90 days. For some context, just 2.13 percent of all borrowers are late. Keep in mind, these numbers are overall. In the first quarter of 2023, 4.55 percent of 18- to 29-year-olds were at least 90 days late. 3.66 percent of 30- to 39-year-olds were equally late. We haven’t seen numbers like these since The Great Recession.

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[–] [email protected] 2 points 1 year ago (1 children)

Those numbers seem fishy or out of context, at the least. We have something like 300 million vehicles on the road in the US so there's no way the average car owner is spending $1k a month on loans. I'm assuming that statistic is only for new car buyers which make up a tiny fraction of drivers.

[–] [email protected] 1 points 1 year ago

I didn't say it was just on loans, that's closer to $500-700.

On average, drivers are spending over $700 and $500 each month for new and used vehicles, respectively... https://www.bankrate.com/loans/auto-loans/average-monthly-car-payment/

When you then include insurance, gas, oil changes/tires/other maintenance, registration, and driver's licensing, this over $1k.