December 8, 2023

Car Auto Finance

Car Auto Finance FOR Everyone

How to afford your next vehicle when average payment is as much as a mortgage | Local News

(TNS) – Most Americans depend on cars to get around, but recent data shows purchasing a new vehicle may now be out of reach for average earners.

The average cost of a new car sold in May was $47,148, a $472 increase from the previous month, according to Kelley Blue Book. This coincided with the average monthly car payment surpassing $700, the highest on record, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index.

As an Amazon Associate I earn from qualifying purchases.