The average price of a new car is currently on a constant uptrend. Even with this being the situation at hand, many people are accepting monthly car payments of over $1,000/mo. Data from Edmunds suggests that 12.7% of new car buyers took vehicle loans out with a monthly payment of well over $1,000. This is the highest level ever recorded by Edmund. In June of 2021, the percentage of payments over $1,000 was just 7.3%.

In May, the average price of a new car was nearly $47,148, according to KBB. The United States Bureau of Labor Statistics added to this figure with its findings of new-car prices rising 12.6% in just the past year.

There are plenty of indications of changes to car buying habits. In Q2 of 2022, the average APR on new financed vehicles tallied out to 5%. Q1 in 2020 was the last time consumers saw such a figure. 36.1% of new car shoppers are also choosing longer loan terms such as 73 months or 84. In June of 2021, this figure was just 32.8%.

The figures being financed on average also tallied a near-record high with $40,602. In Q1, this figure was $29,726. In Q2 of 2021, the figure was just $36,215.

Uniic Media

New Car Payments are rising to $1,000/mo.