I own 2 six year old Honda Civics and one eight year old Honda Insight for the four drivers in my household. My monthly payments are ZERO. They have been ZERO for the last four years. I expect them to be ZERO for at least 4 more years. I’d rather generate wealth than appear to be wealthy by driving a leased or financed BMW or Mercedes. But that’s just me.
Authored by Mick Shedlock via MishTalk,
The average size of a loan for a new car in the U.S. set a record in the first quarter as did the average payment.
Database firm Experian notes U.S. Monthly Auto Payments Reach Record High in First Quarter.
- New vehicle loans averaged $31,455
- The average monthly payment for a new vehicle hit at record $523/month
- Consumers are lengthening loan terms, with six years being the most common, to adjust to the higher costs and rising interest rates.
- Outstanding loan balances reached a record high of $1.108 trillion
- Loans for used vehicles reached $19,536, also a record
Continue reading “Average New Vehicle Auto Payment Hits Record High $523 Per Month”
