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Just In…
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 rose to $47,418 during the same month, vastly outpacing income growth.
As a result, it would cost the average consumer 41.3 weeks’ worth of a median income to buy a new vehicle in the month of May — a 19% increase from the same time period last year.
The higher vehicle costs affected both luxury and nonluxury cars, with the former being sold roughly $1,030 more than the sticker price on average and the latter going for $1,071 above sticker price, according to Kelley Blue Book . 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.
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