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Saturday, February 13, 2021
Which Hawaii towns borrow too much to buy cars?
By Selected News Articles @ 8:23 PM :: 923 Views :: Hawaii Statistics

2021’s Cities that Overspend on Cars

Wallet Hub, Feb 3, 2021

Due to the COVID-19 pandemic, U.S. auto sales had a very unfortunate year in 2020, down around 15% from 2019. Luckily, early forecasts predict that the market will bounce back somewhat it 2021, with a growth of around 7% to 10% compared to 2020. Typically, we see an increase in auto purchases after tax season, especially on Presidents’ Day weekend, though with the pandemic still raging across the U.S., this period may be less profitable than usual.

Despite the lackluster auto market last year, consumer auto debt still increased. According to the Federal Reserve Bank of New York’s latest report on household indebtedness, auto-loan balances have grown over the past nine years, increasing by another $17 billion in Q3 2020.

But not every city is alike. In order to determine where Americans overspend on their set of wheels, WalletHub compared the median auto-loan balance of more than 2,500 U.S. cities….

read … Full Report

Percentile Rank* City Median Auto-Loan Debt Income Debt-to-Income Ratio
91 Waipahu, HI $17,240 $36,731 47%
89 Ewa Beach, HI $18,649 $40,636 46%
87 Kahului, HI $17,842 $39,691 45%
84 Kailua, HI $17,667 $40,911 43%
83 Waianae, HI $17,145 $40,202 43%
82 Wahiawa, HI $18,692 $44,030 42%
80 Lahaina, HI $17,532 $42,356 41%
56 Hilo, HI $15,750 $46,675 34%
53 Kihei, HI $15,576 $47,250 33%
50 Kapolei, HI $16,935 $52,969 32%
45 Wailuku, HI $15,700 $51,167 31%
42 Honolulu, HI $14,786 $49,162 30%
39 Mililani Town, HI $15,973 $54,588 29%
36 Kaneohe, HI $15,324 $54,348 28%
32 Pearl City, HI $14,492 $53,692 27%
30 Aiea, HI $14,409 $54,207 27%

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