Vehicle finance charges Spending
How much American households spend on vehicle finance charges — 2024 data from the BLS Consumer Expenditure Survey
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 general inflation and suggesting growing consumer prioritization of this category.
Since 2020, vehicle finance charges spending has risen by 62% (from $258 to $418), substantially exceeding cumulative inflation over the same period — a real increase in household burden.
Income is the strongest predictor of 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)
| Year | Annual Amount |
|---|---|
| 2024 | $418 |
| 2023 | $361 |
| 2022 | $295 |
| 2021 | $272 |
| 2020 | $258 |
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 |
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? ▼
Which age group spends the most on vehicle finance charges? ▼
Does household size affect vehicle finance charges spending? ▼
Spending Guides
Related Spending Categories
Browse other major categories from the BLS Consumer Expenditure Survey.
Related Economic Data
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.
