this post was submitted on 05 Oct 2025
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Electric Vehicles
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The average new car in the US is $50,000. A lot of Americans are going into significant debt to finance them.
Yeah and for significantly longer terms. 36months loans used to be standard... but now people are doing 60 or even 72 months. Crazy af
I’ve seen 96 and 120 month loans
Indeed. US automotive debt is at a record of ~$1.66 trillion and serious automotive debt delinquencies are rising at alarming rates. The situation here is unsustainable.
Jesus. That's nearly $5000 for every single person in the US.
I don't think the average is very helpful here. If 4 cars are sold for $20k and one for $120k, these cars have an average price of $40k.
The median sales price would be more helpful, but sadly, I couldn't find it online. It is likely lover than the average price.
But still your point about debt is valid:
My last car was 3.5k and needed 1k in repairs to make it drivable. My first car was 5k and when totalled I recieved 4k and used that to buy the new car.
So in the past 7 years that 5.5k for a working vehicle. Obviously there have been minor repairs and maintenance, but not bad lol.
I dread the day I have to replace my current car