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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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I hate being “that guy” who asks people to donate because I think our conservative news network is so crucial, but here I am…
When I left my cushy corporate job in 2017, I did so knowing that my family would have to make sacrifices. But I couldn’t continue to watch the nation slip into oblivion and was inspired by President Trump’s willingness to fight the good fight even at his own personal expense. What I didn’t realize then is that conservative media would be so heavily attacked, canceled, and defunded that the sacrifices would be extreme.
Many in this nation are struggling right now even though we weren’t struggling just a few years ago. I’m not alone. But I wake up every morning and operate the sites we’ve been able to build because there’s really no other choice. I refuse to be beholden to Big Tech like so many other conservative news outlets, which is why you won’t see Google ads here. With that said, it’s often challenging to pay the bills and it’s even harder to expand so we can get the America First message out to a wider audience.
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