Auto loans account for 9.4% of American consumer debt
While mortgages take the lion’s share of American consumer debt at 70.2%, auto loans account for 9.4% — just below student loan debt at 10.1%.
How many people in the US have car payments?
In 2017, there were 108.66 million car loan accounts opened by Americans. According to statistics provided by NewYorkFed, these numbers are also steadily growing. Consequently, there were 103.69 million accounts in 2016, 97.14 million in 2015, 81 million in 2012, 80.9 million in 2010, and 74 million in 2013.
Does the average American have a car payment?
Key monthly car payment statistics
The average monthly car payment for new cars is $667. The average monthly car payment for used cars is $515. 38.22 percent of consumers financed new vehicles in the second quarter of 2022.
What percentage of Americans pay cash for cars?
This is double the amount of loan debt 10 years ago, and it’s only expected to increase in the future along with rising auto prices. While half of respondents financed, a significant portion of Americans (38%) purchased their most recent vehicle in cash.
What percentage of the US has car loan? – Related Questions
Do most Americans have car loans?
Around 35% of American adults were relying on an auto loan to pay for a car in 2019, according to a study by the Federal Reserve.
Number of car loan accounts in the US.
| Year |
Car loan accounts in millions |
| 2019 |
115.98 |
| 2018 |
113.35 |
| 2017 |
108.66 |
| 2016 |
103.69 |
What is the average car debt in America?
Average auto loan debt in the U.S. 2010-2021
In 2021, the average auto loan debt in the United States reached a value of nearly 21,000 U.S. dollars, increasing by almost 1,300 U.S. dollars since the past year. In 2020, the growth of car loans had a smaller increase.
How many people buy a car outright?
On average, over half (56 per cent) of cars were bought outright via cash or debit card, 10 per cent were bought on hire purchase, 11 per cent using personal contract purchase (PCP), 5 per cent loan from a bank, 5 per cent on lease and 3 per cent were given as a gift.
What percentage of people finance their cars?
More than 85% of new cars are financed.
What percentage of Americans carry credit card debt?
Average American credit card debt
| Year |
Credit card debt |
Credit card debt as a percentage of total debt |
| 2017 |
$764 billion |
6.0% |
| 2018 |
$815 billion |
6.2% |
| 2019 |
$848 billion |
6.2% |
| 2020 |
$893 billion |
6.2% |
What percentage of American households own a car?
Total number of registered vehicles per state
| State |
# of registered vehicles 2020 |
% change in registered vehicles |
| Alaska |
792,826 |
-2.7% |
| Arizona |
6,053,781 |
7.5% |
| Arkansas |
2,913,369 |
5.1% |
| California |
30,398,249 |
3.3% |
What percentage of Americans have no cars?
About 24% of American households own 3 or more cars or other light vehicles. This includes 3.4% that own more than 5 vehicles. 33.5% own 1 car, 33.1% own 2, while there are also close to 9% of households that don’t own even a single car.
What age group buys the most cars?
Car ownership by age
Who buys new cars and trucks in 2022? When it comes to car ownership by age, buyers that are ages 25 to 54 purchase most new vehicles. Who buys SUVs? SUV buyers tend to skew just a bit older.
How often do Americans buy cars?
So no, it doesn’t matter. Currently, the average American buys a new car about every six years.
What age do people stop buying cars?
On average we’ll buy almost four fewer new cars by the time each of us hits 76 years old, the age when Polk believes most people are done buying new vehicles. “The days when you bought a vehicle for 4 or 5 years are likely over,” said Anthony Pratt, Polk Director of Forecasting.
Who owns the most cars in the US?
1. Jay Leno. American comedian and talk show host Jay Leno has over 1600 vehicles in his collection, and they range from tiny micro cars and hot rods, through to a pre-1900 steam car, the latest hypercars from Europe, an American LaFrance fire engine, and even a Ferret Scout army vehicle!