When you plan on buying a vehicle, you worry about the extra expenses that come with it. The up-front payment, insurance, and the debt this purchase will put you in are extreme. Having a car should make your life easier, but it is an endless debt trap for many.
The average car price has increased significantly in the last five years. In 2015, the average price of a car was 33,000 USD, whereas today that number has jumped to 37,000 USD. However, despite the increase in prices, the standard loan duration is also increased. Most of the car companies offer seven years to pay off your auto debt.
Today, there are a substantial number of outstanding auto debts, which sum up to several billions of dollars. You must be very cautious and considerate when purchasing an automobile. There are several tips to avoid such endless auto debts, which can be found in today’s infographic below.
Infographic by: carpaymentcalculator.net