Average monthly car payments hit a record high in May while the cost of new vehicles continues to rise, according to industry insiders.
A person walks by a car dealership on June 10, 2022 in New York.
An unsold 2022 Cooper SE hardtop sits on display outside a Mini dealership, on May 24, 2022, in Highlands Ranch, Colo.A report from Moody's Analytics found that typical monthly car payments hit a record high of $712 in May. Kelley Blue Book data found that new vehicle prices averaged $47,148 in May, the second highest on record.
Vehicle affordability worsened again because of higher interest rates and increased car prices, according to a recent Cox AutomotiveThe report said "the estimated typical monthly payment increased 1.7% to $712," which is a new record high for monthly payments. It would cost 41.3 weeks of median income to buy a new vehicle, which is a jump of 19% from May of 2021, according to the report.
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