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Only a small proportion of Mexicans have sufficient liquidity to buy a new car cash; Most of the new cars that are marketed in the country are paid for through automotive loans, but this alternative is also complex for a good part of the population.
The Aveo from Chevrolet It’s one of the cheapest cars on the market In terms of financed price but also insurance, auto parts and services, this has made it one of the best sellers in the national market. According to figures from the AMIA (Mexican Association of the Automotive Industry), the Aveo took 13% of the total subcompact cars sold during January-November 2021.
The Aveo 2022, sold online and in authorized agencies, has a suggested financed price of between 243,200 and 260,300 Mexican pesos, which may vary depending on the institution that grants the credit, interest rates, the buyer’s profile and the car model.
Assuming that the automotive credit has a fixed rate and the final price financed will be as low as possible as suggested by the website of Chevrolet, consumers would have to adjust their monthly income so that in a maximum of five years, they will have to pay for the vehicle.
Who can pay for this?
Well, workers who earn a minimum salary definitely not, at least not alone. During 2021 the minimum wage is 141.7 pesos a day for most of the country, except for the border area where there are differentiated wages. A worker with this level of labor income would have to allocate his full salary for 4.7 years to be able to have a new Aveo 2022, this means not spending a single peso on food, rent, household services or anything else.
For the merchants the situation is not exactly better; as most of them work in the informal sector, the working conditions and income from their work are even lower than the minimum salary on average. According to calculations made from the ENOE (National Occupation and Employment Survey) of the Inegi and figures from Data México, it would take 4.8 years for an establishment merchant to pay for that financed car, without spending on anything else.
For professionals and technicians it would be 3.1 years and for people who occupy managerial positions, officials or headquarters it would be 2.1 years.
This reflects a significant inequality gap, not only in income from work between different occupational groups, but also because it is obvious that a large part of the people who are in the lowest income deciles are not creditworthy and in many cases are not even banked.
Additionally, the Coneval Poverty Report and the National Survey of Household Income and Expenditure del Inegi showed that people who earn between one and two minimum monthly wages are the ones who spend the most on housing and food; These items cover about 60% of the total money generated by these families.
Thinking about health, education, culture or recreation is almost impossible for Mexicans who are in these income deciles. A car is totally out of reach.
ana.garcia@eleconomista.mx
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