Business & Economy · 3 views
Car payments just hit a record $787 a month—and 1 in 4 new-car buyers is now signing a 7-year loan
American drivers face a daunting market. The average monthly payment on a financed new car hit a record $787 in the third quarter, according to Edmunds , up from $777 in the second quarter and $756 a year earlier.
Summary
American drivers face a daunting market. The average monthly payment on a financed new car hit a record $787 in the third quarter, according to Edmunds , up from $777 in the second quarter and $756 a year earlier. Buyers are also borrowing more than ever. The average amount financed climbed to a record $44,664, while the average new vehicle sold for $50,562 in September, per Kelley Blue Book , just $52 shy of the all-time high.
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