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Majority of drivers expect to always have to pay for a vehicle

Posted On Tue, January 24, 2012

Automotive leasing company LeaseTrader.com recently released a poll that showed a majority of Americans think they will be paying car payments for the rest of their lives.

More than 64 percent of car owners think they will have to pay for car payments for as long as they live, according to the survey. This is an increase from five years earlier, which was 48.6 percent. However, only one-fifth think paying off a vehicle is an investment, a significant drop from 2007's 45.3 percent.

"Because there are a lot of similarities between cars and cell phones today people also look at car payments with the same pay-as-you-go mentality," said Sergio Stiberman, chief executive officer and founder of LeaseTrader.com. "More people today realize having a car payment is just something they will always have."

Car payments can be expensive, so it may be a good idea to try and save money with lower auto insurance rates. By comparing auto insurance quotes, car owners may be able to find something that will save them money in the long run.

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