Study: Most affordable U.S. cities to buy a new car

"There's no car that I can't afford." 

Some musician at some point has said those words, but for others, there are certain cities where affording a new car may be better.

According to a survey done by Bankrate, the consumer financial services company reviewed incomes and car costs in the 25 largest metro areas in the United States. During the month of May, they concluded that the average price for a new car sold was about $33,300.

The biggest finding was an average new vehicle was only truly affordable in Washington, D.C. (Only city in the positive percent margin).

The Capitol saw its affordable price around $37,000, an almost 12 percent margin between the affordable price and average price.

San Francisco was the second city seeing approximately $32,000, which was a negative 2.93 percent margin.

Rounding out the top 5:

No. 3 - Boston at nearly $31,000 with a negative 7.21 percent margin.

No. 4 - Seattle at nearly $27,000 with a negative 19.51 percent margin.

No. 5 - Minneapolis-St Paul at nearly $27,000 with about 20 percent negative margin.

Other California cities to make the list were (No. 8) San Diego at $23,000, (No. 15) Los Angeles at almost $20,000 and (No. 20) Riverside-San Bernardino at about $18,000.

Sacramento saw itself outside of the top 25.

Bankrate used insurance data from The Zebra, local sales tax information from TaxJar and population and household income data from the census.

© 2017 KXTV-TV


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