2022's Cities that Overspend on Cars

February 9, 2022

WALLETHUB - 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.

Buying a car isn't as straightforward as making everyday purchases. The former involves multiple steps and requires prior research, a reasonable budget and some negotiating skills. But buying isn't for everyone, either.

For guidance on the proper way to purchase or lease a car, we asked a panel of experts for their thoughts on the following key questions:

What are the most common mistakes people make when shopping for a car?
In what circumstances is leasing a smarter option than buying?
Generally, what percentage of take-home pay should go to car payments?
What are your predictions for car sales in 2022? Should we expect to see an increase prompted by a lack of confidence in public transport, or less commuting due to more people working from home?

Ask the Expert

Vickie Hampton Ph.D., CFP® – Retired Professor, Personal Financial Planning, School of Financial Planning – Texas Tech University

To read Hampton's responses, click here.

tags: Texas Tech in the News, college of human sciences

Texas Tech University

A new era of excellence is dawning at Texas Tech University as it stands on the cusp of being one of the nation's premier research institutions.

Research and enrollment numbers are at record levels, which cement Texas Tech's commitment to attracting and retaining quality students. In fall 2020, the university achieved a goal more than a decade in the making, reaching a total student population of more than 40,000. In 2018, the Carnegie Classification of Institutions of Higher Education again placed Texas Tech among its top doctoral universities in the nation in the “Very High Research Activity” category. Texas Tech is one of 94 public institutions nationally and 131 overall to achieve this prestigious recognition.

Quality students need top-notch faculty. Texas Tech is home to a diverse, highly revered pool of educators who excel in teaching, research and service. The university strives to foster an environment that celebrates student accomplishment above all else. Texas Tech is large enough to provide the best in facilities and academics but prides itself on being able to focus on each student individually.

The momentum for excellence at Texas Tech has never been greater.

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College of Human Sciences

The College of Human Sciences at Texas Tech University provides multidisciplinary education, research and service focused on individuals, families and their environments for the purpose of improving and enhancing the human condition.

The college offers degrees in:

The college also offers graduate programs leading to the Master of Science and Doctor of Philosophy degrees.

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School of Personal Financial Planning

The School of Personal Financial Planning in the College of Human Sciences educates students on the need to focus financial knowledge on families and the achievement of their goals.

Undergraduate and graduate degree programs in personal financial planning are registered by the CFP Board. Students graduating from a CFP Board-Registered Program are eligible to sit for the CFP® Certification Examination.

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Financial Planning Academy

Sponsored by Charles Schwab Foundation, the first-of-its-kind program features curriculum from college students, professors and independent financial advisers.

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