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Average car payments now above $700/month, highest price tag on record

Vehicles are becoming less affordable for the average person.

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.

    

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