Today, doxoINSIGHTS released two new doxoINSIGHTS reports, revealing that Americans as a whole spend $698 billion annually on Auto Loans and Auto Insurance combined. The Auto Loans report breaks down the $463 billion market for auto loans in the U.S. It also ranks all 50 states, the US’s 25 largest metro areas, and hundreds of towns and cities in terms of average monthly expenses.
These reports come an opportune time. Price comparison in the vehicle market is more important than ever. Crude oil has hit its highest price in three years. Car prices are expected to be high through the rest of the year, too. doxoINSIGHTS’ price rankings show consumers how much they can expect to pay for cars 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.
Auto Loans Market Size and Household Spending Snapshot
- Total Market Size: $463 billion spent per year
- Average Monthly/Annual Cost: $412 spent per month; $4944 spent per year
- Percent of Households: 73% of U.S. households pay Auto Loans
- Average Annual Cost per U.S. Household: $3,605 per year*
- Percent of Annual Income: Auto Loan bills amount to 8% of consumers’ income per year
Read the full report below. You can also refer to our Auto Insurance report for a supplementary look at how much U.S. residents pay in monthly car insurance bills as well.