A new study has found that one in three Americans is working a second job to afford their car.
Big Bear Engine Company asked 1,000 American drivers about how the car market is affecting their budget.
The study has uncovered some shocking findings about how many Americans are struggling with car expenses.
Perhaps most surprising is the fact that one in three Americans are working a second job in order to afford their car – and this figure is higher with the younger generation.
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A new study finds that one in three Americans are working a second job to afford their car
This will come as no surprise to anyone who’s been to a dealership recently, but cars are getting increasingly expensive.
The average new car was $30,000 in 2012 – it’s now $47,000.
With 78 percent of Americans relying on a car for their commute, it’s very much a necessity.
Big Bear Engine Company’s survey of 1,000 Americans revealed the extent to which people are struggling to afford their vehicles.
Some of the answers given are shocking.
Only 25 percent would stop driving a damaged car until they afford repairs, which presents some safety issues.
86 percent said they wouldn’t be able to afford a new car within the next year, whilst 67 percent said they couldn’t afford one if prices rose by $500.
Just under half have found themselves cutting back on groceries or borrowing money in order to keep up with car costs.
It’s not just cash being eaten up by spiraling costs, but also time, as one in three have taken on a second job to stay afloat.
16 percent are taking on extra work to cover expenses for a car they already own, whilst 15 percent are doing so for a future purchase.
When Gen Z are looked at, it’s found that 55 percent of them are working a second job.
By way of comparison, this applies to only four percent of Baby Boomers (Born between 1946 and 1964), 23 percent of Gen Xers (1965 to 1980), and 43 percent of Millennials (1981 to 1996).
Cars are getting more and more expensive
As cars get pricier, it’s sending brand-new car purchases into a downwards trajectory.
And unfortunately, things aren’t set to get cheaper any time soon, with EVs looking to become $7,500 more expensive by October.
Even the trusty affordable used cars aren’t so reliable any more, with 76 percent fewer cars going for less than $20k.
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