Car affordability is measured through several different lenses: what consumer units spend, what vehicles cost to own and operate, and what borrowers pay to finance them. The figures below cover the United States and identify the relevant population, period and measurement type so purchase price, loan payment and annual transportation spending are not treated as interchangeable.
Key Car Affordability Statistics
These highlights summarize the most broadly useful measures:
- In 2024, U.S. consumer units averaged $13,318 in annual transportation spending.
- In 2024, U.S. consumer units averaged $104,207 in income before taxes.
- In 2024, U.S. consumer units averaged 1.9 vehicles.
- In 2024, vehicle purchases averaged $5,337 per U.S. consumer unit.
- From 2023 to 2024, transportation spending increased 1.1% among U.S. consumer units.
- In 2024, AAA estimated average new-vehicle ownership and operating costs at $12,297 per year at 15,000 miles in the United States.
- In 2024, AAA estimated the average new-vehicle cost at $0.8198 per mile at 15,000 miles.
- In 2024, AAA estimated annual depreciation for its selected new vehicles at $4,680.
- In Q4 2024, the average U.S. financed new-vehicle loan amount was $41,572.
- In Q4 2024, the average U.S. financed new-vehicle monthly payment was $742.
- In Q4 2024, the average U.S. financed new-vehicle interest rate was 6.35%.
- In Q4 2024, the average U.S. financed used-vehicle monthly payment was $525.
- In Q4 2024, the average U.S. financed used-vehicle interest rate was 11.62%.
- In the CFPB auto-finance data pilot, borrowers with credit scores of 720 or higher accounted for 53.00% of loans.
- In the CFPB auto-finance data pilot, borrowers with total income above $120,000 accounted for 24.33% of loans.
- In 2024, AAA estimated selected medium-sedan annual costs at $9,476 for hybrids at 15,000 miles.
- For model year 2023, the average new U.S. light-duty vehicle achieved 27.1 real-world mpg.
- In 2023, 13% of U.S. adults said they could not pay a $400 emergency expense by any means.
Contents
- Household income and transportation spending
- Vehicle purchase and ownership costs
- Auto-loan payments, rates and terms
- Borrower income and credit-score distribution
- Fuel, maintenance and insurance costs
- Fuel economy and electrified-vehicle tradeoffs
Car Affordability Statistics: Household Income and Transportation Spending
The Bureau of Labor Statistics provides a household-level affordability baseline through its consumer-unit measures. A consumer unit can be a household, financially independent person or family grouping, so these averages should not be read as median household income or as a direct budget rule.
According to Consumer expenditures in 2024, average income before taxes was $104,207 per U.S. consumer unit in 2024, while average annual expenditures were $78,535. Transportation spending averaged $13,318, and the average consumer unit had 1.9 vehicles.
| BLS measure | 2024 U.S. average | Definition or limitation |
|---|---|---|
| Income before taxes | $104,207 per consumer unit | Average, not median |
| Annual expenditures | $78,535 per consumer unit | Consumer Expenditure Survey average |
| Transportation spending | $13,318 per year | Includes purchases, fuel, other vehicle and public/other transportation |
| Vehicles | 1.9 per consumer unit | Average count, not ownership share |
Transportation spending increased 1.1% from 2023 to 2024. Within the category, vehicle purchases averaged $5,337 per consumer unit and fell 3.6% year over year, while other vehicle expenses averaged $4,206 and rose 9.4%.
Gasoline and other-fuel spending averaged $2,645 per consumer unit in 2024, down 1.8% from 2023. The BLS fuel category excludes electricity charging outside the reported category, and vehicle purchases are net outlays rather than sticker prices or financed amounts.
Car Affordability Data: Vehicle Purchase and Ownership Costs
Annual ownership cost captures expenses that a monthly payment can hide, including depreciation, financing, insurance, registration and operation. AAA’s Your Driving Costs 2024 is an estimate based on selected top-selling new models and stated assumptions, not a universal cost for every vehicle or household.
At 15,000 miles in 2024, AAA estimated the weighted-average new-vehicle cost at $12,297 per year, $33.69 per day and $0.8198 per mile. Its estimated operating cost was 25.03 cents per mile, with annual depreciation of $4,680, finance charges of $1,332, full-coverage insurance of $1,715, and license, registration and tax costs of $815.
| 2024 AAA scenario | Annual cost | Scope |
|---|---|---|
| 10,000 miles | $10,642 | Selected top-selling new models |
| 15,000 miles | $12,297 | Selected top-selling new models |
| 20,000 miles | $14,016 | Selected top-selling new models |
The mileage scenarios show why affordability depends on use, not only acquisition. AAA’s estimates change with mileage, depreciation and operating assumptions, and the insurance estimate assumes a driver under 65 with more than six years of experience and no accidents.
For selected medium sedans at 15,000 miles, AAA estimated annual totals of $12,527 for electric models, $10,557 for gas models and $9,476 for hybrids in 2024. For selected compact SUVs, the corresponding totals were $12,581 electric, $10,656 gas and $10,215 hybrid.
Auto-Loan Affordability Statistics: Payments, Rates and Terms
Experian’s Consumers Leasing EVs at a High Rate, Accounting for Nearly 1-in-5 of All New Leases reports portfolio averages from the U.S. automotive-finance market. These figures describe financed vehicles, not every purchase, and payment levels depend on down payment, term, interest rate and borrower risk.
| Q4 2024 measure | New vehicles | Used vehicles |
|---|---|---|
| Average loan amount | $41,572 | $26,468 |
| Average monthly payment | $742 | $525 |
| Average interest rate | 6.35% | 11.62% |
| Year-over-year loan change | +$1,088 | -$344 |
The average new-vehicle monthly payment fell $1 year over year in Q4 2024, even as the average loan amount increased $1,088. The new-vehicle interest rate declined from 7.16% to 6.35% year over year, while the average used-vehicle loan amount fell $344.
Vehicle age and leasing also shape the financing picture. More than 66% of financed vehicles were up to three model years old in Q4 2024, and more than 50% of new EV purchases were leases; EVs represented nearly 20% of all new-vehicle leases, compared with 2.11% in Q4 2020.
Borrower Income and Credit-Score Distribution in Car-Finance Data
The Consumer Financial Protection Bureau’s Negative Equity in Auto Lending describes an auto-finance data pilot. The pilot lender mix does not perfectly represent the full market, and income bands combine the incomes of borrowers associated with an account.
| CFPB pilot borrower category | Share of loans |
|---|---|
| Credit score 720 or higher | 53.00% |
| Credit score 660–719 | 18.49% |
| Credit score 620–659 | 10.96% |
| Credit score 580–619 | 8.03% |
| Credit score below 580 | 9.52% |
The pilot’s income distribution was also broad: borrowers with total income under $40,000 represented 13.19% of loans; $40,000–$59,999 represented 20.40%; $60,000–$79,999 represented 19.88%; $80,000–$119,999 represented 22.20%; and more than $120,000 represented 24.33%.
These are origination-score classifications and nominal-income bands, not affordability thresholds. They show the borrower mix in the pilot, while the higher used-vehicle interest rate reported by Experian illustrates why the same vehicle price can produce different financing burdens.
Fuel, Maintenance and Insurance Costs for Cars
Running costs can materially change the affordability comparison between powertrains. AAA’s selected-model estimates provide specific examples, but electricity prices, fuel prices, maintenance needs, insurance markets and driver profiles vary.
For selected medium sedans at 15,000 miles in 2024, AAA estimated annual fuel costs of $1,881 for gas models and $613.33 for electric models. Estimated maintenance costs were $1,634 for gas medium sedans and $1,138 for electric medium sedans.
For selected compact SUVs, full-coverage insurance was estimated at $1,945 per year for electric models and $1,723 for gas models. AAA’s insurance assumptions mean these figures should not be treated as quotes for a particular driver or location.
The BLS national consumer-unit figures complement, rather than replace, these selected-model estimates: gasoline and other-fuel spending averaged $2,645 in 2024, while other vehicle expenses averaged $4,206. The categories differ in scope, so they should not be added to AAA’s totals.
Fuel Economy and Electrified-Vehicle Cost Tradeoffs
Fuel economy affects recurring use costs, while electrified vehicles can shift the balance between fuel, maintenance, insurance and acquisition expenses. The EPA’s 2024 EPA Automotive Trends Report: Greenhouse Gas Emissions, Fuel Economy, and Technology since 1975 reports final model-year 2023 fleet measures for new U.S. light-duty vehicles.
The average model-year 2023 new vehicle achieved 27.1 mpg in real-world fuel economy, up 1.1 mpg from the prior model year. Average real-world tailpipe emissions were 319 grams of CO2 per mile, 18 grams per mile lower than in model year 2022.
| EPA fleet measure | Model year 2023 result | Change from prior model year |
|---|---|---|
| Real-world fuel economy | 27.1 mpg | +1.1 mpg |
| Real-world tailpipe emissions | 319 g CO2 per mile | -18 g per mile |
Affordability also includes the ability to absorb unexpected costs. The Federal Reserve’s Economic Well-Being of U.S. Households in 2023: Expenses found that 13% of U.S. adults said they could not pay a $400 emergency expense by any means in 2023.
That survey result is not a direct car-repair affordability rate: the hypothetical emergency expense was not limited to vehicle repairs. It is nevertheless a relevant liquidity measure when evaluating whether a household can manage maintenance, insurance deductibles or an unexpected breakdown alongside recurring transportation costs.