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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.
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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 […]
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