Cheap Cars
At a time when owning a car is not an option in most places in the United States has estimated the financial burden on our middle class as the result is amazing. Did you know that 64% of U.S. debt, the non-revolving credit, such as student and car loans is? The same statistics say the average car loan $ 30.400 or more. These investment buyers to pay only 9% of Finance, informed the other $ 27,664. With the average salary for just under U.S. $ 30,000 per year, you can see, this is a serious investment for owners of new cars to Americans.

Financing costs
In 2009, the Fed reports the average APR on car loans was 3.82% with a duration of only funding 60 months. The amount of monthly payments of $ 507.23 per month of work at these rates. In 60 months, you find $ 30,433.8 Total $ 2.736 in interest paid will be paid.

Insurance
In the second quarter of 2010, auto insurance average was 1812. This equates to $ 151 per month. Again, all costs, if required by the law of auto insurance. Combined with the auto loan payment to a maximum of 658.23 per month.

Gas
In 2009, the average American spent $ 2,208 on gas, or $ per 184 months. Added to the previous cost, we are on a total of $ 842.23 per month.

Total cost
It is the combination of expenditure over which we have spoken, outside of regular maintenance and unexpected repair would be the total annual cost for a new car, based on national averages by $ 10,106.76 per year. Multiply this figure by 5 years (60 months) and the total amount you pay to own a new car was $ 50,533.80.

How amazing is that we spend on average one third of our annual income comes from driving a new car?