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Auto Affordability

Posted on: 08/11/2017

Kelley Blue Book reported the average new-vehicle price was $33,261 in May. For some buyers that’s a tough number to digest and certainly not something for them to consider.

On the other hand in one market, buyers are purchasing vehicles with prices well above the national average. This market is Washington, D.C.

In Washington the median income is nearly $100,000 so affordability, for the most part, isn’t a factor. That amount of income is about twice as much as other areas.

The five metro areas that are the lowest for affordability:
Location Purchase Price
Miami/Fort Lauderdale/West Palm Beach$13,577
Tampa Bay$14,189
San Antonio$16,433

The top five metro areas with the highest affordability:
Location Purchase Price
Washington, D.C.$37,223
San Francisco$32,286
Minneapolis/St. Paul$26,606

Thinking About Buying a Car?

Our Car Buying Service can help save you money on your vehicle purchase. Members have saved an average of $3,106 off MSRP on new vehicles.*

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* Between 7/1/16 and 9/30/16, the average estimated savings off MSRP presented by TrueCar Certified Dealers to users of TrueCar powered websites, based on users who configured virtual vehicles and who TrueCar identified as purchasing a new vehicle of the same make and model listed on the certificate from a Certified Dealer as of 10/31/2016, was $3,106. Your actual savings may vary based on multiple factors including the vehicle you select, region, dealer, and applicable vehicle specific manufacturer incentives which are subject to change. The Manufacturer's Suggested Retail Price ("MSRP") is determined by the manufacturer, and may not reflect the price at which vehicles are generally sold in the dealer's trade area as not all vehicles are sold at MSRP. Each dealer sets its own pricing. Your actual purchase price is negotiated between you and the dealer. TrueCar does not sell or lease motor vehicles.