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ARTICLE · 29 AUGUST 2023

Car Prices Might Be Unsustainable For Buyers

Crowe
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For the average American, paying off a new car at current prices demands 42 weeks of income, according to data from Cox Automotive, up from around 33 before the pandemic.

CanadaTransport
Crowe MacKay LLP
Crowe MacKay LLP
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CAR PRICES MIGHT BE UNSUSTAINABLE FOR BUYERS

For the average American, paying off a new car at current prices demands 42 weeks of income, according to data from Cox Automotive, up from around 33 before the pandemic. Bargains have been hard to come by on the used-car lot as well, where the average vehicle listed for about $27,000—up more than 30% from prepandemic levels, according to Cox's data. Higher interest rates have made the situation more difficult for buyers. Today's average new car loan has a monthly payment north of $750, with an interest rate of 9.5%. For used cars, the average rate is above 13.7%, according to Cox.

Source: The Wall Street Journal

MISS A LOAN PAYMENT? YOUR CAR WILL SHUT DOWN

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