HOUSTON — Car payments reached an all-time high, making a vehicle less affordable for the average person.
A recent report from Cox Automotive and Moody’s Analytics shows monthly car payments averaging $712. That’s amount is the highest on record.
Data from Edmunds shows that 12.7% of new car loans in June 2022 came with a payment of more than $1,000.
According to Kelley Blue Book, the average price for a new vehicle has topped out at more than $47,000. The greatest demand is for trucks and SUVs.
Even used car buying is a painful experience. KBB reports that the cost of used vehicles jumped 16.1% from a year ago.