Cost of Car Ownership in the U.S.: Auto Insurance and Auto Loans Reports 2021
Today, doxoINSIGHTS released two new reports about the cost of car ownership in the United States. The reports reveal that Americans spend $698 billion annually on auto loans and auto insurance combined. They also use statistical analysis of actual household payments toward Auto Loans and Auto Insurance to size the markets for both industries.
The Auto Loans Report and the Auto Insurance Report found that households with these bills spend $598 per month on those payments. This amounts to $7,176 per year, or $5,435 when averaging across all U.S. households. The report also breaks out the size of these markets, both nationally and in specific cities. The reports also convey the percentage of households that pay each bill. They also contain rankings for average bill costs across all states, 25 major metros, and hundreds of cities.
2021 sees spiking costs of car ownership
Price comparison in the vehicle market is more important than ever. These reports’ findings come as crude oil hits its highest price in three years. Car prices are expected to be high through the rest of the year, too. doxoINSIGHTS’ location-specific breakdowns show consumers how much they can expect to pay for automobiles compared 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 Services, 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.”