Onward with the series!
Within the USA it is very difficult, if not impossible, to navigate life without a car. Unless you live in a major city, there just isn’t public transportation. If there is public transportation it is very likely to be unreliable. So get ready for your car payment!
For this article we are going to use the average across 4 popular car brands and models in the USA. The pricing is purchase to own (not purchase to lease) on a new car. All pricing is direct from a dealership and does not include any discounts or incentives as these constantly change. Also, there is no downpayment included.
Ford – Edge SE at $39,960
Toyota – Highlander LE at $41,270
BMW – X3 30 at $49, 950
Hyundai – SE at $34,300
The average total is $41,370. With the average interest rate today at 16.67% with the average credit score, and with a loan for the average of 69 months, It brings your total monthly car payment to $936.
But that isn’t all! You still need car insurance. This is also something that varies greatly depending on your age, car, and driving history. The USA average is $179, so we will use that. Combining your car payment and car insurance now gives you a total monthly payment of $1,115.
Now we add that into our two Income examples that already have Groceries and Apartment Rent subtracted.
The Average USA Salary $-851 – $1,115 = $-1,966
The Average Software Engineer Salary $1,940 – $1,115 =$825
It isn’t looking good right now, is it? At this point, I hope the “America is so great!” and “Everyone in America is rich” mindset is crashing down with these facts. We aren’t even finished. Now we move onto Healthcare.
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