Marina Del Rey Makes List of Cities Most Frugal on Cars

MARINA DEL REY, CA - When you look around town at all of the shiny new cars, you may think that people around you are up to their eyeballs in debt. Turns out that Marina del Rey residents are champs when it comes to managing their money. The city has just made the Top 20 List of Most Frugal on Cars, as determined by WalletHub.

Analysts reached that conclusion by dividing the average car-loan debt by residents’ income in each of 2,570 U.S. cities as of September 2015, based on TransUnion data. Marina del Rey is the 18th most frugal out of 2,570.

Associate Professor of Management & Marketing at Bucks County Community College, Greg Luce says that planning is themost important part of car buying, “The most common mistake people make when shopping for a car is not setting a specific budget before they start. Before looking for a new car, buyers need to set a specific budget for themselves and stick to it. Once they get into the dealership, they can easily be drawn into the allure of a car they simply cannot afford.”

Merina del Rey is in good company in the Golden State - six California cities made the Most Frugal List, while none made the “Overspend” List.

Cities Most Frugal on Cars

1. Scarsdale, NY
2. Bronxville, NY
3. Hoboken, NJ
4. Bloomfield Hills, MI
5. Cupertino, CA
6. Lexington, MA
7. Los Altos, CA
8. Winchester, MA
9. Chevy Chase, MD
10. McLean, VA
11. Saratoga, CA
12. Arlington, MA
13. Birmingham, MI
14. Foster City, CA
15. Mill Valley, CA
16. Ridgewood, NJ
17. Westfield, NJ
18. Marina del Rey, CA
19. Needham, MA
20. Potomac, MD

--Image via Shutterstock