Today, doxoINSIGHTS released two new reports, revealing that Americans as a whole spend $698 billion annually, on Auto Loans and Auto Insurance combined. A statistical analysis of actual household payments toward Auto Loans and Auto Insurance was used to size the market and amount spent per household across 30,000+ (90%) U.S. zip codes. The U.S. Auto Loans Market Size and Household Spending Report and the U.S. Auto Insurance Market Size and Household Spending Report found that U.S. Households with Auto Loan and Auto Insurance bills spend $598 per month, or $7176 per year – or $5435 when averaging across all U.S. households.* The report also breaks out the U.S. household spending market size; percentage of households that pay each bill; and average monthly and annual bill pay costs by state, largest metro areas and cities based on population.
These findings come as crude oil hits its highest price in three years, and as car prices are expected to be high and inventories to be limited through the rest of the year. As price comparison in the automotive market proves to be more important than ever, doxoINSIGHTS’ location-specific breakdowns can empower consumers by showing them how much, on average, they can expect to pay for an automobile in comparison to their neighbors.
“The U.S. Bill Pay economy is massive and complex. By leveraging our proprietary database of consumer household payments to create these U.S. Auto Loans and Auto Insurance Market Size and Household Spending Reports, we strive to make the cost of car ownership much more transparent and understandable for consumers, billers, and financial service providers alike,” said Jim Kreyenhagen, Vice President Marketing and Consumer Service, doxo. “doxoINSIGHTS reports, alongside doxo’s simple, secure, all-in-one bill pay service, comprise vital parts of our mission to empower consumers to make better decisions and gain greater control of their financial outcomes.”
Start with one of our category reports:
doxoINSIGHTS provides direct insight into household financial health and spending activity by leveraging consumer surveys and doxo’s unique aggregate bill pay data set, comprising actual bill payment activity to confirmed household service providers across the country. doxo data brings together the broadest available data set for analyzing actual household bill payment activity, pulling from over 5 million paying consumers across over 90% of U.S. zip codes. doxo’s payment network covers over 100,000 billers in 45 different service categories and enables payments using bank accounts, credit cards or debit cards. This uniquely broad statistical foundation powers doxoINSIGHTS reports – uncovering key trends for household financial health and bill payment behavior.