How To Manage Your Car Ownership

To no one’s surprise, cars have become a huge part of American life, with the number of car owners increasing dramatically. As of 2021, the number of personal and commercial vehicles that were registered in the U.S was 278,063,737. That number increased by 3.6% between 2017 and 2021. The data shows that in that same year, 91.7% of households had access to at least one vehicle, while only 8.3% did not. 

Transport is Essential

Looking at these impressive numbers, we can see that car ownership is essential to most Americans. We rely on them to get us around to work, school, supermarkets, sports, and other activities. In fact, outside of large cities, it would be very difficult or near impossible to live without access to a vehicle.

Is Ownership Just As Essential?

Recently, there has been a lot of discussion about the future of transportation, and the need for car ownership. City dwellers foresee a future of driverless vehicles that could be used based upon a subscription model. No one will own a car, is the common refrain.

But what about in the suburbs, or more rural areas? Would such a model work? And more importantly, would Americans accept it? The country has long been sold on the notion that transportation is freedom, a mantra that could be tough to crack.

People often complain about the rapidly rising cost of vehicles–a new vehicle averages over but they’re bought into the model.  Because the end result is you are managing your own finances toward the purchase of something you personally own.

The Price of Ownership

Now I think we can all agree that cars are expensive–a new car average price topped $47,000 in 2022–and affording one is not always easy. So how do so many Americans pay for their cars? The answer is through loans. In fact, nearly two-thirds of adults in the US have an active car loan.

Most buyers go through a dealer to secure financing, even though they know it’s going to take longer, cost them more, and typically leave them with just one option.  Is this freedom?  We can resoundingly agree it isn’t.

Financing a car is more of a hostage situation, where the buyer pays the ransom simply to put an end to the pain and get out.

With BankHunter, you can eliminate the pain of financing your car.

With BankHunter get Fast, Fair & Free access to the best lender options. That’s consumer freedom at your fingertips.

Happy BankHunting!