
How Much the Average Person Spends on a Car Payment Each Month in Maine
There are a lot of truths people must face if they're going to build a life in Maine. One of the most obvious truths is that if you're going to need a vehicle to get around because Maine is a big state and mass transit options outside of the largest cities really isn't an option.
Which is why the used car business in Maine remains stable and profitable. Many people would prefer to live without having the burden of a large monthly car payment.
Others operate with a different mindset. A new car offers added comfort and protection and is worth the monthly expense whether it's a lease or purchase.
The Average Maine Individual Spends Nearly $600 Per Month on a Car Payment
According to data put together by Experian, the average car payment in Maine for people who prefer to buy their vehicle is $594. The average car payment continues to climb steadily in Maine as the average went up by $36 from last year.
The good news? Mainers still pay less than the national average for car payments. Nationally, the average person is paying $655 per month for a car payment. Unbelievably, the average car payment in Texas in $777 per month, which leads the nation.
Maine Has One of The Lowest Lease Payment Averages in the Nation
While the average auto loan payment may seem a little too expensive, Maine carries the second-cheapest auto lease payment average in the nation. Mainers who lease vehicles pay an average of $532 per month. That's only $3 more than people in New Hampshire, who have the cheapest lease payments in the country.
It's significantly cheaper than the national average. Nationally, people spend an average of $635 per month on lease payments for vehicles.
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Gallery Credit: Dom DiFurio & Jacob Osborn
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