Cars for less than $60k are on the rise in 2017, with new vehicles from Ford, Nissan, Honda and Chevrolet all hitting the market.
But a look at the latest data shows how much the average American family spends on cars can get out of hand if you’re not prepared to shell out.
In the U.S., an average family of four spends $1,053 per year on cars, according to a recent survey by the research firm Autotrader.
That number jumps to $2,938 when considering the number of people in the household.
That figure climbs to $3,079 for families of four if you count expenses such as fuel and maintenance.
But when you factor in the price of new cars, the average car owner has a total bill of $1.6 million in 2017.
That’s more than double the $600 million average in 2016.
That gap has widened with the number and price of cars on the market, but it’s still not nearly as high as a typical family.
The biggest drivers of the difference are the number, prices and quality of cars sold.
The average U.K. household has 5.5 cars per household.
The U.A.E. has 6.6 cars per family.
The Japanese have 5.7 cars per person.
The average American household has 12.7 new cars and 2.5 used cars, while the Japanese have 12.6 and 2 used cars.
The gap is most pronounced for new vehicles, which the average U.
“U.S. households spend nearly $300 per person on vehicles,” Autotruker said.
“For Japanese households, the cost per person is about $70 more than in the U.”
That’s especially true if you factor the $20,000 premium per year the Japanese pay on their new cars.
The $200 difference is even larger for used cars in Japan, where the average cost per vehicle is about 20% more than it is in the United States.
Automakers have tried to reduce the cost gap by offering a variety of incentives, including a rebate that covers a portion of the cost of a new car.
In Japan, the rebate is capped at $200 per vehicle.
That means the Japanese are able to offer a rebate to owners who want a new vehicle, but can’t afford a new one.
Autotracker said that in the last year, the Japanese government has reduced the rebate by a whopping 10%, bringing the cost to just over $500.
For the average Japanese household, that’s $1 million in savings.
“That means the average person in Japan now gets about $1 for every new car they buy,” Autotsrader said.
But while Japan’s rebate is one of the most generous in the world, it doesn’t necessarily save the average household much.
A typical U. S. household spends about $10,000 on car purchases, according the survey.