{"id":38058,"date":"2025-07-03T06:00:00","date_gmt":"2025-07-03T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=38058"},"modified":"2025-07-16T10:16:30","modified_gmt":"2025-07-16T14:16:30","slug":"new-car-vs-down-payment","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/new-car-vs-down-payment\/","title":{"rendered":"Trade Your New Car Budget for a Down Payment in These Affordable U.S. Cities"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">If you can afford a new car, you might be closer to affording a home than you realize. According to the latest figures from <a href=\"https:\/\/www.coxautoinc.com\/market-insights\/may-2025-atp-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kelley Blue Book<\/a>, the average new car costs $48,799. In several cities, that\u2019s enough to cover the full cost of a down payment, or at least a large chunk of it.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yet despite the high cost, Americans continue to splurge on car purchases\u2014even if it means sacrificing other expenditures. An <a href=\"https:\/\/www.edmunds.com\/car-news\/edmunds-study-affordability-concerns-remain.html\" target=\"_blank\" rel=\"noreferrer noopener\">Edmunds survey<\/a> of car shoppers found that 29% planned to postpone a vacation to afford their next vehicle purchase, while 11% planned to put off a home purchase. A separate survey from <a href=\"https:\/\/business.yougov.com\/content\/51562-pre-owned-or-brand-new-americas-car-buying-preferences\" target=\"_blank\" rel=\"noreferrer noopener\">YouGov<\/a> found that 47% of Americans prefer buying a new car over a used one, with more than half of adults aged 18 to 44 sharing that preference.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For many Americans, spending thousands of dollars on a car is normal or even expected. But unlike a house, which appreciates in value over time, a car depreciates. So, before upgrading your next vehicle, consider this: could that same money bring you closer to your homeownership goals instead?&nbsp;<\/p>\n\n\n<p><iframe title=\"How a New Car Stacks Up Against Home Prices\" aria-label=\"Table\" id=\"datawrapper-chart-GWY0W\" src=\"https:\/\/datawrapper.dwcdn.net\/GWY0W\/3\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"895\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();\n<\/script><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Car Keys or Keys to the Front Door?&nbsp;<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">In 36 major U.S. cities, the cost of a new car covers 10% or more of the total purchase price of a single-family home. While that might not sound like a lot, it could take years off the length of your mortgage. With the average monthly mortgage payment at $2,091 (based on the current national median home price), a $48,799 budget covers nearly two years of payments.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In <a href=\"https:\/\/www.zoocasa.com\/buffalo-ny-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Buffalo<\/a>, <a href=\"https:\/\/www.zoocasa.com\/pittsburgh-pa-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Pittsburgh<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/cleveland-oh-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Cleveland<\/a>, the financial benefits of reallocating your new car budget are even greater. A whopping 20% of your home could be paid for with a budget of $48,799.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, the average car loan stretches over <a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/what-is-the-average-length-of-a-car-loan\/\" target=\"_blank\" rel=\"noreferrer noopener\">68 months<\/a> (or 5.6 years), making a new vehicle a long-term financial commitment. Add in gas, insurance, and surprise repairs, and it\u2019s easy to underestimate the real cost of owning a car. Unlike a home, your car won\u2019t gain value, but it will shape your budget for years to come.<\/p>\n\n\n<p><iframe title=\"Where a Car is Practically Equal to a Down Payment\" aria-label=\"Table\" id=\"datawrapper-chart-JWXxg\" src=\"https:\/\/datawrapper.dwcdn.net\/JWXxg\/5\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"945\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();\n<\/script><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, where exactly can you put your car budget to good use? In 13 cities we analyzed, mostly in the Midwest, a new car costs more than a 20% down payment on a single-family home.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In <a href=\"https:\/\/www.zoocasa.com\/akron-oh-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Akron, OH<\/a>, where a 20% down payment equals $38,860, you\u2019d still have more than $10,000 leftover to put towards your monthly mortgage payments. In <a href=\"https:\/\/www.zoocasa.com\/peoria-il-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Peoria, IL<\/a>, the $30,120 down payment leaves nearly $20,000 leftover for other expenses.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/tv-character-home-affordability\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Can Homer Simpson Buy a House in 2025? Here\u2019s How 100 Legendary TV Characters Would Do<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Of course, living without a car isn\u2019t realistic in every city or for every commute. But if you&#8217;re in a position to prioritize long-term financial growth over short-term luxuries, the payoff can be worth it. A used car, which averaged $25,470 in May, according to Kelley Blue Book, might not look as cool, but it could leave you with more savings to invest in equity-building opportunities like real estate.<\/p>\n\n\n<p><iframe title=\"Estimated Depreciation of Selected Cars\" aria-label=\"Grouped Bars\" id=\"datawrapper-chart-PPaNy\" src=\"https:\/\/datawrapper.dwcdn.net\/PPaNy\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"417\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();\n<\/script><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Your Car is Losing Money. A Home Might Make You Some.<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Americans keep their cars for an average of <a href=\"https:\/\/www.thezebra.com\/resources\/driving\/average-length-of-car-ownership\/\" target=\"_blank\" rel=\"noreferrer noopener\">eight years<\/a>. At the end of that period, their car will have depreciated by tens of thousands of dollars. For a mid-size car with an average price of $33,666, that results in a reduced value of just $5,339 after eight years.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, a single-family home can double in value over a ten-year period. In some growing cities, the price of a single-family home has even risen by over 100%, resulting in hundreds of thousands of dollars in gains.&nbsp;&nbsp;<\/p>\n\n\n<p><iframe title=\"Your Home Could Double in Value in 10 Years\" aria-label=\"Table\" id=\"datawrapper-chart-FrK3E\" src=\"https:\/\/datawrapper.dwcdn.net\/FrK3E\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"912\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();\n<\/script><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Among the cities we analyzed, <a href=\"https:\/\/www.zoocasa.com\/tampa-fl-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Tampa<\/a> takes the crown for home price appreciation. From 2015 to 2025, the median single-family home price skyrocketed by 156%. A Tampa homeowner who bought a property in 2015 for $156,000 would now have gained nearly $250,000 in home equity.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Homebuyers in <a href=\"https:\/\/www.zoocasa.com\/miami-fl-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Miami<\/a> and <a href=\"https:\/\/www.zoocasa.com\/orlando-fl-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Orlando<\/a> have also fared well, with prices rising by 139% in each. Outside of Florida, home prices in <a href=\"https:\/\/www.zoocasa.com\/atlanta-ga-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Atlanta<\/a>, <a href=\"https:\/\/www.zoocasa.com\/indianapolis-in-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Indianapolis<\/a>, <a href=\"https:\/\/www.zoocasa.com\/las-vegas-nv-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Las Vegas<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/phoenix-az-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Phoenix<\/a> have also seen impressive growth of over 125%.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/cheapest-homes-for-sale-in-florida\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>10 Cheapest Homes For Sale in Florida<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">While the initial upfront costs of buying a home may seem steep, it\u2019s essential to recognize that this investment is worthwhile. Over time, homeownership builds equity and often leads to substantial long-term gains. The longer you own your home, the greater your potential return.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That doesn\u2019t mean you have to give up your car to become a homeowner. But it might mean rethinking how today\u2019s purchases affect tomorrow\u2019s goals. Could a used car get the job done and free up room in your budget for a down payment? These are the kinds of tradeoffs that can shape your financial future and bring homeownership closer than you think.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking for homes that fit your budget? Start your <a href=\"https:\/\/www.zoocasa.com\/search\" target=\"_blank\" rel=\"noreferrer noopener\">search<\/a> with Zoocasa today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you can afford a new car, you might be closer to affording a home than you realize. According to the latest figures from Kelley Blue Book, the average new car costs $48,799. In several cities, that\u2019s enough to cover the full cost of a down payment, or at least a large chunk of it.&nbsp; [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":38059,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard"},"jnews_primary_category":[],"footnotes":""},"categories":[58,1190],"tags":[],"class_list":["post-38058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-united-states"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trade Your New Car Budget for a Down Payment in These Cities<\/title>\n<meta name=\"description\" content=\"If you can afford a new car, you might be closer to homeownership than you think. In 13 cities, the cost of a car exceeds a 20% down payment on a home.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/new-car-vs-down-payment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trade Your New Car Budget for a Down Payment in These Cities\" \/>\n<meta property=\"og:description\" content=\"If you can afford a new car, you might be closer to homeownership than you think. In 13 cities, the cost of a car exceeds a 20% down payment on a home.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/new-car-vs-down-payment\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-03T10:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-16T14:16:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2025\/07\/Blog-1200-x-630-px-22-min.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mackenzie Scibetta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2025\/07\/Blog-1200-x-630-px-22-min.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mackenzie Scibetta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/new-car-vs-down-payment\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/new-car-vs-down-payment\/\"},\"author\":{\"name\":\"Mackenzie Scibetta\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/f94c43a0733031723a673cfb21916c34\"},\"headline\":\"Trade Your New Car Budget for a Down Payment in These Affordable U.S. Cities\",\"datePublished\":\"2025-07-03T10:00:00+00:00\",\"dateModified\":\"2025-07-16T14:16:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/new-car-vs-down-payment\/\"},\"wordCount\":818,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Affordability\",\"United States\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/new-car-vs-down-payment\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/new-car-vs-down-payment\/\",\"name\":\"Trade Your New Car Budget for a Down Payment in These Cities\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2025-07-03T10:00:00+00:00\",\"dateModified\":\"2025-07-16T14:16:30+00:00\",\"description\":\"If you can afford a new car, you might be closer to homeownership than you think. 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