Posted 12/2/2023, 1:00:07 PM
Record Share of Car Buyers Now Paying Over $1,000 Per Month Due to High Rates
- Record 17.5% of auto buyers now paying over $1,000 per month due to high interest rates and demand
- Average new car loan interest rate is 7.4%, used car rate is 11.2% - the highest since 2007
- 64.5% of buyers paying over $1,000 have long-term loans of 67-84 months
- Tips to reduce costs keep your paid-off car, buy used, rent your car out, sell an extra car, use public transit
- Unclear when auto purchase costs will decrease given perpetually high inflation and interest rates