A new report by Cox Automotive & Moody’s Analytics finds that the average monthly car payment is $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."