Check Out Which Chester County Communities Are Part of National Epidemic of Overspending on Cars

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There is an epidemic of overspending on cars nationwide, and while the residents of some Chester County communities are not a part of this disturbing trend, those in the borough of West Chester are at the forefront of the issue, according to a new analysis by WalletHub.

The personal finance website took a closer look at this growing national issue, and published an in-depth analysis of Cities that Overspend on Cars, along with its first-quarter installment of the Auto Financing Report.

WalletHub was liberal in its definition of a city. Of the five Chester County communities to make the report – West Chester, Coatesville, Downingtown, Phoenixville, and Malvern – only Coatesville is a city.

WalletHub’s analysis identified the cities with the most and least car-loan debt by dividing the average car-loan debt by residents’ income. It is based on TransUnion data from last October. The worst ranking is 99, which indicates the highest ratio of car-loan debt to income. Therefore, the smaller the figure, the better.

West Chester placed highest on the list at 94. It currently has an average of $16,249 in car-loan debt compared to an average income of $16,716. Coatesville is next at 70. Downingtown and Phoenixville fare significantly better at 28 and 20, respectively, while Malvern is near the bottom of the list with eight.

See the complete report from WalletHub by clicking here.

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Top photo credit: Walimai.photo Hungry /// Hambriento via photopin (license)

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