Owning a vehicle is a major economic advantage and without it, hardships can certainly ensue. Most of our public transportation is not as flexible and can turn an average 30-minute commute into two hours.
Vehicle ownership for low income families costs them more.
According to reports from the Federal Reserve, those individuals making $30,000 or less can pay up to 59% more in vehicle finance interest than those making $90,000 and above. With longer commutes and the inability to reach higher levels of individual economic growth, this scenario sadly plays out all across the country.
Viable automotive program creating economic opportunity and affordable vehicle ownership.
Martin Schwartz, President of Vehicles for Change, stops by this special edition of Wrench Nation Car Talk Radio. His organization is empowering families experiencing financial hardships and helping them achieve economic and personal independence through car ownership and technical training. They have created a movement in Maryland awarding over 6200 vehicles to low-income and veterans. The vehicle programs, and their reentry assistance for those released from prison, have impacted over 22,000 individuals helping them move forward in their lives.
Martin reveals how these programs have lifted many out of poverty and created an opportunity for a new life.