Household spending · Consumer Expenditure Survey · BLS CE 2024
Vehicle finance charges Spending
How much American households spend on vehicle finance charges - broken down by income, age, region, household size and tenure, from the BLS Consumer Expenditure Survey.
- Annual average (2024)
- $418
- Share of spending
- 0.5%
- Change vs 2023
- +15.8%
- Change vs 2020
- +62.0%
Spending Insight: Vehicle finance charges
American households spent an average of $418 on vehicle finance charges in 2024, representing 0.5% of total consumer expenditures. This marks a notable 15.8% increase from 2023 ($361), outpacing the roughly 3% general inflation in 2024 and suggesting growing consumer prioritization of this category.
Since 2020, vehicle finance charges spending has risen by 62% (from $258 to $418), outpacing the roughly 21% cumulative inflation over 2020–2024 (BLS CPI-U) - a real-terms increase in household burden.
Income is strongly associated with vehicle finance charges spending: the top income quintile spends $739/year versus $101 for the lowest quintile, a 7.3x gap. Regionally, the West spends the most ($473/year) while the Northeast spends the least ($336/year). Use the cross-cuts below, by income, region, age, household size, and housing tenure, to see which demographic factors drive this category hardest for your situation.
Spending Trend (2020–2024)
Vehicle finance charges spending per household, 2020–2024
National average annual spending
| Year | Annual Amount |
|---|---|
| 2024 | $418 |
| 2023 | $361 |
| 2022 | $295 |
| 2021 | $272 |
| 2020 | $258 |
How we calculate this: % of Total is this category's published spend divided by that year's total household spend. YoY Change is the percentage difference between a year's amount and the prior year's amount. Both are computed from the raw BLS figures, not re-estimated.
By Income Level (2024)
How vehicle finance charges spending varies across income quintiles
| Income Group | Annual Amount |
|---|---|
| Lowest 20% | $101 |
| Second 20% | $239 |
| Middle 20% | $376 |
| Fourth 20% | $632 |
| Highest 20% | $739 |
By Region (2024)
Geographic variation in vehicle finance charges spending
By Age Group (2024)
How vehicle finance charges spending changes across the lifecycle
By Household Size (2024)
| Size | Annual |
|---|---|
| 1 Person | $166 |
| 2 People | $526 |
| 3 People | $388 |
| 4 People | $519 |
| 5 or More | $750 |
By Housing Tenure (2024)
| Tenure | Annual |
|---|---|
| Homeowner (with mortgage) | $491 |
| Homeowner (no mortgage) | $664 |
| Renter | $263 |
What to do with this data
The average U.S. household spends $418 a year on vehicle finance charges - here's how to put that in context.
- Compare your own spending against the national income quintiles. Budget calculator
- See how vehicle finance charges spending shifts across income levels, ages, and regions. By income
- Track this category in your private watchlist to revisit as the data updates. Save categories
Figures are national averages from the BLS Consumer Expenditure Survey; your own household may differ from these means.
Frequently Asked Questions
How much does the average household spend on vehicle finance charges? ▼
Is vehicle finance charges spending increasing? ▼
How does income affect vehicle finance charges spending? ▼
Which region spends the most on vehicle finance charges? ▼
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Does household size affect vehicle finance charges spending? ▼
Spending Guides (show related guides)
Related Spending Categories
Browse other major categories from the BLS Consumer Expenditure Survey.
Disclaimer: This information is provided for informational purposes only and does not constitute professional advice. Data is sourced from the BLS Consumer Expenditure Survey. Consult a qualified professional before making decisions based on this data.
Read our methodology - how this data is sourced, computed, and verified.
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