Cost of Car Ownership in the U.S. Increases 5% as the Average American Household Now Spends Over $600 a Month on Auto Loans and Insurance Combined

SEATTLE–(BUSINESS WIRE)–doxo, the innovative web and mobile bill pay service, today released two new doxoINSIGHTS reports for 2022, revealing that the cost of car ownership has increased 5% year over year to $5,722. The report also revealed that Americans as a whole spend $743 billion annually, on Auto Loans and Auto Insurance combined. A statistical analysis of actual household payments toward Auto Loans and Auto Insurance was used to size the market and amount spent per household across 97%

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