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Philadelphia Ranks in the Top 39% of Cities that Are Most Frugal with Cars

Photo by toine Garnier on Unsplash

Philadelphia Ranks in the Top 39% of Cities that Are Most Frugal with Cars

When it comes to debt, one of the most common forms is auto loan debt.  For the most part cars are a necessity when it comes to living.  Although places like L.A, New York and Miami or known to flaunt flashy cars, Philly tends to be on the more modest side of things.  According to a recent study by the personal-finance website WalletHub today released the first-quarter installment of its Auto Financing Report along with its in-depth analysis of 2018’s Cities that Overspend on Cars, Philadelphians are one of the most frugal spenders when it comes to buying cars.
Here’s how it breaks down for Philadelphians…

Auto-Loan Debt in Philadelphia (99th Percentile = Least Sustainable):

  • Median Auto-Loan Balance: $12,887
  • Median Income: $41,739
  • Debt-to-Income Ratio: 31% (39th Percentile)

So if you’re considering purchasing a new car with a loan WallethHub recommends prospective car buyers check their credit scores for free on WalletHub and take advantage of a Car Payment Calculator to determine an auto-loan payment and timeline they can afford.

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