The average monthly payment on a financed new car reached a record $787 in the third quarter, with one in four buyers now signing loans of 84 months or longer, according to Edmunds. Rising prices, elevated interest rates, and longer terms are pushing total interest costs to new …
Average New-Car Payment Hits Record $787 as 7-Year Loans Surge
The average monthly payment on a financed new car reached a record $787 in the third quarter, with one in four buyers now signing loans of 84 months or longer, according to Edmunds. Rising prices, elevated interest rates, and longer terms are pushing total interest costs to new highs, while the used-car market offers little relief.
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