The average car is getting less affordable for the average person, with typical monthly payments hitting all-time highs.
According to a report by Cox Automotive and Moody’s Analytics, the affordability of new vehicles continued to climb in May for the fourth month in a row, with monthly car payments averaging $712 per month.
“Unfortunately for the segment of the population that probably needs it the most, it’s getting more and more out of reach,” Ivan Drury, senior manager of insights at the car buying expert Edmunds, told NPR of the difficulty of buying a car.
Consumer Price Index data from May showed that over the previous 12 months, new car prices have gone up 12.6%, This and rising interest rates have made monthly payments higher than ever.
Used cars have increased even more with an increase of 16.1%.
Country Gone to HELL !!!!!
Crooked car business for years has Ruined Americans !!!!! Need 70’s Prices again !!!!
Roll BACK ALL prices !!!!!
In a hand basket
Only those with subsidized rent and food stamps can afford those kind of car payments. Working people who pay their own rent or mortgage and pay for all their own food and medical care, can’t afford that!
Have to Mortgage vehicles like Homes !!!!!! 30 year avg