What is the average monthly car payment in the United States?

I’m trying to figure out a reasonable price to pay for a family car.

I’m looking for the average monthly payment for a lease and for a new car purchase.

I’m not looking for “gut feels” on what someone should spend. I’m looking for what the average American does spend.

Also if there is published information from financial planners on a rule of thumb (ie, 10% of monthly income) for prudent budgeting for car expense, it would be great if someone would point to it.

If the data is available, I’m interested in large cars / trucks in addition to the average payment for any size car.

Thanks in advance! Yahoo Answers is great!

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One Response to “What is the average monthly car payment in the United States?”

  1. georgefeldtgood said:

    The average consumer pays 11 percent of her monthly gross income on a car payment, according to estimates from autos Web site Edmunds.com

    PRUDENT RULE OF THUMB

    Your monthly car payment shouldn’t exceed 8% of your monthly gross income. Less if you have other debt.

    If this mean you can not by a good car at your income level. Buy a moped 🙂




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