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

submitted 1 year ago by danhasnolife@lemmy.world to c/cars@lemmy.world

29 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments

[-] CmdrShepard@lemmy.one 2 points 1 year ago

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.

[-] RiderExMachina@lemmy.ml 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.

this post was submitted on 17 Jul 2023

26 points (96.4% liked)

Cars - For Car Enthusiasts

3969 readers

33 users here now

About Community

c/Cars is the largest automotive enthusiast community on Lemmy and the fediverse. We're your central hub for vehicle-related discussion, industry news, reviews, projects, DIY guides, advice, stories, and more.

Rules

Stay respectful to the community, hold civil discussions, even when others hold opinions that may differ from yours.

This is not an NSFW community, and any such content will not be tolerated.

Policy, not politics! Policy discussions revolve around the concept; political discussions revolve around the individual, party, association, etc. We only allow POLICY discussions and political discussions should go to c/politics.

Must be related to cars, anything that does not have connection to cars will be considered spam/irrelevant and is subject to removal.

founded 2 years ago

MODERATORS

BallShapedMan@lemmy.world

RightHandOfIkaros@lemmy.world