The feeling of driving a new car off the lot is hard to beat. What comes next is not so nice: the first monthly payment.
That bill packs an extra punch these days. New car buyers with a monthly payment over $1,000 rose to an all-time high of 16.8% in February, auto information site Edmunds' data showed. That is up from 15.7% in last year's fourth quarter.
"It's unprecedented," said Ivan Drury, Edmunds' director of insights. "It's the acceleration that surprises the most: The combination of average transaction prices increasing greatly the last two years, and interest rate hikes. It's definitely hitting people hard." A monthly car payment of more than $1,000 is starting to show its painful effects. The percentage of auto loans transitioning into delinquency have been ticking up for the last three quarters, according to the Household Debt and Credit Report from the New York Fed.
Without extra cash on hand, the temptation is to stretch financing out further and further to minimize the monthly hit.
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