Florida Ranks Among Top 10 States That Overspends on Cars!

Central Florida International Auto Show returns to Orlando Let’s roll! The latest car models, two test tracks, and everything automobile enthusiasts love will be part of the Central Florida International Auto Show this weekend.

By Martica Lopez

Only in Miami will you find someone living in an efficiency—but pulling up in an Audi. And according to WalletHub, we’re not alone.

Florida ranks #10 in the country for overspending on car loans. The average Floridian owes $20,123 on a car loan- and with an average income of $51,495, that eats up nearly 39% of our income.

Here’s the top 10 states where people are doing the most for the whip:

  1. Mississippi – 44.42%
  2. New Mexico – 43.23%
  3. Arkansas – 42.63%
  4. Louisiana – 41.61%
  5. Oklahoma – 41.28%
  6. Texas – 40.37%
  7. West Virginia – 40.20%
  8. Alabama – 39.77%
  9. Nevada – 39.00%
  10. Florida – 38.74%

Moral of the story? Just because you can finance it, doesn’t mean you can afford it.