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The average is not the median, and there’s about 20% of the population living below the poverty line that can’t qualify for a car loan. If you exclude the top 10% that can afford much higher loans, that average goes way down.
The average is not the median, and there’s about 20% of the population living below the poverty line that can’t qualify for a car loan. If you exclude the top 10% that can afford much higher loans, that average goes way down.
Median is 23k…
according to the 2022 US census the poverty rate is 11% not 20%, it hasn’t been above 20% since 1959.