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Better to Buy Used Cars in Most Major Cities
March 7, 2013
A new study by Interest.com has found those living in the largest metropolitan areas of the US such as San Francisco, Boston, and New York City - may not be able to afford a new car.
Detailed on Cars.com, the study concluded that out of the 25 largest metro areas in the US, only median-income households in Washington, DC can afford an average-priced new car, based on a 20% down payment, financing for no longer than four years, and principal, interest and insurance totaling no more than 10% of a household's gross income.
DC residents can afford a median monthly new car payment of $628 per month. After Washington, DC, are San Francisco, Boston, Baltimore and Minneapolis to round out the top five metro areas.
And the least likely area to afford a new car? Tampa, where residents are only able to afford an average monthly payment of $282. Regardless of what city you live in, I always recommend you use the free RydeShopper to get the biggest discounts on any new vehicle.
| Rank | City | Avg. Affordable Purchase Price | Avg. Affordable Monthly Payment |
|---|---|---|---|
| #1 | Washington, DC | $31,940 | $628 |
| #2 | San Francisco | $26,786 | $537 |
| #3 | Boston | $26,025 | $507 |
| #4 | Baltimore | $24,079 | $468 |
| #5 | Minneapolis | $24,042 | $470 |
| #6 | Seattle | $22,963 | $466 |
| #7 | Portland, OR | $21,985 | $397 |
| #8 | Denver | $21,835 | $432 |
| #9 | San Diego | $21,781 | $433 |
| #10 | New York City | $21,464 | $431 |
| #11 | Philadelphia | $21,069 | $419 |
| #12 | Chicago | $20,616 | $417 |
| #13 | Los Angeles | $20,385 | $410 |
| #14 | Sacramento | $19,965 | $397 |
| #15 | Dallas | $19,959 | $389 |
| #16 | Houston | $19,811 | $386 |
| #17 | Milwaukee | $19,297 | $373 |
| #18 | Atlanta | $19,122 | $376 |
| #19 | St. Louis | $18,550 | $371 |
| #20 | Pittsburgh | $17,298 | $340 |
| #21 | Phoenix | $17,243 | $348 |
| #22 | San Antonio | $17,137 | $334 |
| #23 | Detroit | $17,093 | $332 |
| #24 | Miami | $15,188 | $295 |
| #25 | Tampa | $14,516 | $282 |
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About The Author
Gregg Fidan is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate
the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.
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