For many in America, a car provides not only physical mobility but also economic mobility. Yet for years, studies have shown that the costs of buying, financing, and using a car can vary based on race or ethnicity.
A consumer’s race or ethnicity can impact:
- How much it costs to finance a car;
- How much a consumer is charged for the car itself;
- How much a consumer is charged for add-on products sold with the car;
- The ability of consumers to successfully negotiate for better terms;
- The rates paid to insure a car; and
- The likelihood that civil fines or penalties will lead to suspensions of a driver’s license.