The Rising Cost of Car Payments: Why Many Are Over $1000
TL;DR Summary
The average monthly payment for a new vehicle hit a record $730 in the first quarter, up from $656 in 2022, and 16.8 percent, or about 1 in 6 of them, are paying $1,000 or more a month. The cost of financing has gotten considerably higher because of the Federal Reserve's fight to beat back inflation. The average interest rate for a new vehicle was 7 percent in the first quarter, compared with 4.4 percent a year earlier. Here are five money-saving tips if you're in the market for a vehicle: shop around for financing, go for a shorter-term loan, look for financing deals, improve your credit score, and buy a cheaper car.
- Advice | Car payments are $1000 for a lot of consumers. Here's why. The Washington Post
- You're Right, It Is Very Expensive to Finance a Car These Days Car and Driver
- Auto loan rates keep rising, leading more drivers to fall behind on payments CBS News
- Car Payments Soaring Past $1000 For Many Road & Track
- Nearly 17 Percent of Monthly Car Payments Are Over $1,000: Report Jalopnik
Reading Insights
Total Reads
0
Unique Readers
0
Time Saved
4 min
vs 5 min read
Condensed
87%
879 → 113 words
Want the full story? Read the original article
Read on The Washington Post