Average monthly car payments hit a record high in May as the cost of new vehicles soared, thanks in part to higher interest rates and a dwindling supply chain .
The average monthly car payment last month hit $712, roughly a 1.7% increase compared to the month before, according to data from Moody’s Analytics. Additionally, the average price of a new vehicle in May rose to more than $55,000, according to AutoNews .
The rate in pricing for new cars has vastly outpaced income growth in the country.
The average consumer now must spend about 41 weeks’ worth of a median income to buy a new vehicle. The increase represents a 19% increase from the same time last year.
According to Kelley Blue Book , some cars sell above their sticker price due to declining inventory. The auto resource says that luxury vehicles are being sold for $1,030 more than the sticker price. At the same time, nonluxury vehicles are now selling for about $1,071 above the sticker price.
TRENDING: BREAKING: Run on the Banks in China – Long Lines in Henan, Shanghai, and Dandong
However, some experts predict prices may begin to drop for the remainder of the year and indicate some brands, such as Mazda, Hyundai, and Buick, might be able to provide lower-than-expected prices.
“Although prices are up for May, it’s only 1%, and so that indicates … we may be headed toward a place where the prices will start to decrease,” Brian Moody, executive editor for Kelley Blue Book, told ABC. The used-car price surge has slowed a bit since its steep climb in 2021, but prices are still more than 22% higher than last year, according to the May 2022 Consumer Price Index Report . Record 10% monthly surge in used car prices accounted for a third of the […]
We Often Feel Like David Taking on Giants
Today’s Goliath is the Mainstream Media Industrial Complex that brainwashes the masses.
Our mission is very straightforward: To counter the false narratives and nefarious agendas destroying America today. It isn’t easy for obvious reasons; despite incredible growth over the last year we are still a very tiny fish in a huge media pond. But we’re fighting and we will continue to do so, Lord willing, for as long as we possibly can. The battle for America’s present and future is too important for us to back down to the giants that stand in our way.
We need help. I don’t want to say “desperately,” but the need is definitely great. If you have the means, please donate through our GivingFuel page, PayPal, or our Substack page. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!