Chevy Chase Car Owners Not Rolling in Debt: Study

CHEVY CHASE, MD — Chevy Chase car owners don’t pile up a lot of debt when they buy a car, perhaps not a surprise given the high median income in the enclave.

Chevy Chase ranks as the 9th best community in the country and tops in Maryland in a WalletHub study of 2016 Cities that Overspend on Cars. The personal finance site ranked 2,570 communities nationwide in the research study.

Potomac and Bethesda also ranked in the top 25 nationally.

Chevy Chase ranked as one of the most frugal cities in the study because it has a very low debt-to-income ratio at just 0.2, meaning that its residents’ debt levels are typically just 1/5 of their income. The city’s average income is one of the highest in the nation at $90,990 per year, the website says, which, of course, boost their buying power.

The car loan debt for Chevy Chase residents averages at $18,358, according to the study.

Potomac was tied for 18th on the frugal list, with an average car debt of $19,485; Bethesda tied for 22nd on the list with an average debt of $17,982.

All three cities ranked high having low debt-to-income ratios and residents here are quite frugal when it comes to car loans, said Diana Popa, communications manager for WalletHub.

Here are the top 10 on the list. Following each city is the car-loan debt, average income and debt-to-income ratio for cars. All of these cities are among the 99th percentile rank in the study.

1. Scarsdale, NY, $15,947, $106,389, 0.15
2. Bronxville, NY, $13,332, $81,136, 0.16
3. Hoboken, NJ, $11,931, $68,338, 0.17
4. Bloomfield Hills, MI, $15,355, $83,654, 0.18
5. (tied) Cupertino, CA,$17,938, $94,383, 0.19
6. (tied) Lexington, MA,$15,358, $80,033, 0.19
7. (tied) Los Altos, CA, $18,106, $97,094, 0.19
8. (tied) Winchester, MA, $13,450, $71,418, 0.19
9. Chevy Chase, MD, $18,358, $90,990, 0.2
10. (tied) McLean, VA,$19,947, $94,003, 0.21
11. (tied) Saratoga, CA, $20,993, $100,407,0.21

Click on the map below to the ranking of a city. To find out more, click here.

Source: Wallethub