A customer is shown a 2022 Toyota Prius at Longo Toyota in El Monte, CA on Wednesday, March 23, 2022.
Medianews Group | Orange County Register via Getty Images
People spend a lot of money on their cars and trucks. In fact, about 16% of the average American’s total budget goes to transportation, including vehicle costs and fuel. That makes it the second-biggest expenditure after housing but before incidentals like food, education, and saving for retirement.
The scale of the expense can make shopping for a vehicle stressful – especially for younger, first-time buyers who tend to have less-established credit histories and lower savings.
And today’s market makes it even worse.