Talking about the price of cars usually generates the same feeling. Many believe that a new vehicle is increasingly beyond the reach of workers, especially when looking at figures that exceed $20,000 or even $50,000.

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However, the equation changes when these values ​​are compared to the incomes that exist in the United States.

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The relationship between salary and cost of vehicles remains one of the most favorable in the world. Although prices have increased in recent years, the time needed to raise the money for a new car is still considerably less than in most Latin American countries.

Salary makes the difference

One of the most important factors is that the American minimum wage is not the same in all states. Depending on the region, monthly income can vary significantly.

While in some states a worker can earn around $3,000 dollars a month, in others the figure is much less. This difference ends up directly influencing the ability to buy a vehicle.

For example, in Florida an employee earning approximately $2,688 per month would need about eight and a half months of income to purchase a Toyota Corolla valued at about $22,000. In Texas, where minimum wages are lower, the effort can exceed fifteen months.

SUVs and trucks require more effort

As the price of the vehicle increases, so does the time needed to pay for it. Very popular models like the Toyota RAV4, worth close to $28,000, can represent around nine months of salary in better-income markets.

Something similar happens with the Toyota Tacoma, whose price is around $31,000. In lower-wage states, the time needed to reach that figure can approach nineteen months of work.

Higher category vehicles raise the economic requirement even further. Models like the Toyota Tundra or the Toyota Crown, with prices above $40,000, can require between thirteen and fifteen months of income in the best-paying regions.

Cars are becoming more expensive

The other side of the coin is the constant increase in prices. Recent reports indicate that the average value of a new vehicle in the United States is close to $50,000, a figure that has grown significantly in recent years.

The rise of electric models, advanced technologies and the preference for more equipped vehicles have contributed to this trend.

Despite that increase, the United States continues to offer one of the best vehicle income-to-cost ratios. In many Latin American countries, buying a new car involves a much greater effort and can represent several years of salary.

For this reason, many Latin American immigrants emphasize that, although acquiring a car in the United States continues to be a challenge, the goal is much more achievable than in their countries of origin. The new vehicle is not exactly within everyone's reach, but for millions of workers it is still a possible goal with a few months of saving and planning.