It may not surprise many to know that most people with median incomes can't afford to buy expensive luxury vehicles. Recent research conducted by Interest.com looked at the median income for those living in 25 major U.S. metropolises, including New York City, and found the affordable vehicle purchase price for city dwellers typically did not cross the $30,000 threshold. Washington, D.C., was the exception, with an average affordable price of $31,940. Those living in NYC can afford, on average, to spend $21,464 on a car. However, the average amount people spent on new cars in 2012 was closer to $31,000.<\/p>\n
"What this research indicates, more than anything, is that a lot of Americans are spending too much money on their cars," said Mike Sante, managing editor of Interest.com. "Car costs are one of the most controllable parts of a household's budget. "For example, if you live in New York City or San Francisco, you're probably going to have to pay a lot for housing, but you don't have to pay a lot for a car. You're better off driving something more affordable and saving or investing the difference."<\/p>\n