Monthly Car Payments Are Soaring

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Many are feeling the squeeze…

One of the areas where people have really been feeling the pinch in the past year or so is car payments. Unsurprisingly, the average car payment in the United States reached an all-time high of $712 in May, according to Moody’s Analytics. While some might just shrug at such a figure, for some households that’s a crippling amount to be shelling out month after month.

Watch our interview with a car detailer here.

Helping contribute to the rising monthly car payments is the fact that the average new car was $47,148 in May, according to Kelley Blue Book. It wasn’t that long ago the figure was just a little over $30,000. And as you likely already know, it’s not like household incomes have increased by an additional 50% suddenly. Worse, rising costs for fuel, utilities, groceries, and other essentials are making plenty of people feel like they’re in a financial vice, getting squeezed more and more to the point of breaking.