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The Tampa Bay area ranks last out of 25 major cities in a new car affordability study conducted by Interest.com, part of the personal finance advisor firm Bankrate Inc. Miami was close behind at No. 24.

 

Comparing median income here to car insurance costs, Interest.com determined that Tampa area residents can afford to spend up to $282 a month on a car. The average new car, however, costs about $600 per month after adding in costs like a down payment, financing and insurance.

 

Another way to look at it: Tampa Bay drivers, on average, could afford spending $14,516 on a vehicle, but the average price of a new car or light truck last year was $30,550, according to TrueCar. The study did not compare leasing costs.

 

For the full article, visit the Tampa Bay Times.