#car-ownership

#car-ownership

Consumer prices rose 3.3% in March, the biggest yearly increase since May 2024, while new car prices were up 12.6% from a year ago, the Labor Department reported Friday.

Davine Greene, a nursing student, described her car as 'the bane of my existence' and called it 'probably the worst decision I've ever made, like, financially speaking.'

The typical new car today costs almost $49,000 - near a record high. Used cars are also flirting with all-time highs. That's because car prices skyrocketed during the pandemic and have hardly fallen since, making car ownership one of the biggest financial burdens Americans face.

The study demonstrated that while affluent areas exhibit high debt per borrower, lower-income regions, especially Black and Latino neighborhoods, bear even greater debt burdens and delinquency.

Having a car provides essential freedom and flexibility for university students, particularly for traveling between home and campus, despite facing specific financial challenges.