NEW YORK (TheStreet) -- The average cost of a new vehicle might cause a serious case of sticker shock for the vast majority of Americans.
Interest.com cited the cost of a new car at $32,086 this year and found it an unaffordable figure for buyers in 24 of 25 large metropolitan areas.
For example, residents of Tampa, Fla., can afford to spend only $14,209 on a new vehicle, leaving them a "purchase gap" of just under $18,000 they would need to finance to pay that $32,000 for a new car or truck.
Financing adds thousands of dollars to the cost of a new vehicle. According to BankingMyWay.com, the average auto loan interest rate stood at 3.27% last week.list shows that residents of only one major U.S. city -- Washington, D.C. -- can afford to pay $32,000 for a new vehicle. For San Francisco residents can afford, on average, $28,009 for a new car or truck with no money down (or a $563 maximum monthly car payment.) Topping the middle tier of the list, New York City residents can afford $21,907 for a new vehicle, for a maximum monthly payment of $441. San Diego residents are around the same, facing a maximum monthly payment of $442, while aside from Tampa it's Miami and Detroit residents who are least able to afford a new car outright. To fit a new car or truck purchase within your household budget, Interest.com advises using the "20/4/10" rule. That means a down payment of at least 20%; a financing period of no more than four years; and monthly payments not more than 10% of the buyer's household income.