U.S. Auto Loan Market Size and Household Spending Report 2023
Two new reports from doxo reveal that the cost of car ownership has increased 7% year over year to $6,184 per year. The reports also reveal that Americans as a whole spend $811 billion annually on Auto Loans and Auto Insurance combined.
Below are the details for the Auto Loan Market Size and Household Spending Report which breaks out the household spending market size; percentage of households that pay each bill; and average monthly and annual bill pay costs by state, as well as the 50 largest U.S. cities (based on the number of households), and those cities with 40k or more residents. Key findings include:
Auto Loans Market Size and Household Spending Snapshot
- Total Market Size: $544 billion spent per year
- Average Monthly/Annual Cost: $467 spent per month; $5,604 spent per year
- Percent of Households: 74% of U.S. households pay Auto Loans
- Average Annual Cost per U.S. Household: $4,147 per year1
- Percent of Annual Income: Auto Loan bills amount to 9% of consumers’ income per year
Read the full report below. You can also refer to our 2023 U.S. Auto Insurance Market Size and Household Spending Report for a supplementary look at how much U.S. residents pay in monthly car insurance bills as well.
1 Average Monthly Bill x % of Households with Bill x 12 months per year = Average Annual Cost per U.S. Household.
U.S. Auto Loan Market Size and
Household Spending
Read the full auto loan report. You can also refer to our 2023 U.S. Auto Insurance Market Size and Household Spending Report for a supplementary look at how much U.S. residents pay in monthly car insurance bills as well.
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