DRIVING DEBT: Car Loans Are Out of Control!

05/07/24 • 28 min

Let's break down some eye-opening figures for 2024. According to Fortune.com, the average price of a new car stands at $47,338.00. Pair that with the average new car payment of $738.00 or the slightly lower average new car lease payment of $606.00, as reported by LendingTree.com. Meanwhile, the average payment on a used vehicle comes in at $538.00.

These numbers hit hard because they underscore the financial strain many Americans face. To afford these payments, you'd ideally be earning around $60,000 annually, which incidentally is just about what the average American makes at $59,384 per year. And remember, that's before factoring in essentials like housing costs, student loans, insurance, utilities, and the ever-present expenses of raising a family.

It's a stark reality: auto loans trail only home mortgages as the largest category of debt in the country. On this episode of the Hemmings Hot Rod Podcast, Mike Musto and Ryan Douthit of Driving Sports TV dissect this phenomenon and try to uncover its roots.

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The Story of Dan Stoner’s 1952 Henry J. on the Hemmings Hot Rod BBQ!

Dan Stoner, Hemmings Creative Director, is no stranger to project cars. From his Stoner-T with its blown HEMI, to a killer little T-bucket, a flat bottom drag boat, and of all things, an Edsel, some would say that Mr. Stoner is indeed, and automotive masochist. Case in point, a 1952 Henry J that once belonged to his dad, and that Dan has now taken under his wing for a restoration and rebirth if you will - but here’s the thing, the car hasn’t been on the road since 1967. Originally purchased by his father back in the late 1950s, it was used as a daily driver for some time. It then went to a family member, until after years of use the little Henry J was put out to pasture in the family barn until Dan rescued it and shipped it to California. On this episode of the Hemmings Hot Rod BBQ, Dan Stoner sits down with host Mike Musto to tell us what’s in store for the Henry J that’s been in his family for almost 70 years.

Next Episode

Mike Musto and Vinny Russo discuss the art of finding the Perfect Beater.

The ultimate beater car is one you don't fret over. It's the city street parker, the lot dweller, and the one that liberates you from the worries of daily driving. Whether it's a salt-scarred winter warrior, a pre-dinged deterrent to thieves, or a worn-out farmhand, the beater is a highly underrated motoring gem that many enthusiasts relish. On this episode of the Hemmings Hot Rod BBQ podcast host Mike Musto welcomes longtime friend, industry consultant, and one of his closest automotive confidants to discuss the art behind obtaining the perfect beater.