Lexington Named In Top 20 Cities That Spend Least On Cars

Lexington MA

12 February, 2020

3:26 PM

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LEXINGTON, MA — When is comes to cars, Lexington residents aren't breaking the bank and they're keeping their debt down. Lexington was ranked among the top 20 cities in the country that spend the least on cars, according to a new report released by Wallet Hub, a personal-finance website. U.S. auto sales were down slightly in 2019 but auto manufacturers still sold over 17 million vehicles for the fifth consecutive year, according to Wallet Hub, and a popular time to buy cars is President's Day weekend. Wallet Hub found that interest rates for new cars are at one of their lowest points in three years, with the average new-car loan today charging 14 percent less interest than the average used-car loan. Lexington residents ranked in the first percentile for car loan debt with a median auto-loan debt of $13,223 on an income of $127,328. The debt to income ratio for Lexington residents is ten percent. Lexington and Hingham were the only Massachusetts cities to break into the top 20 group for cities who spend the least on cars. Bastrop, LA was listed as the top city that overspends on cars. To learn more about this data, visit Wallet Hub.