HTTP/1.1 200 OK Server: nginx Content-Type: text/html; charset=utf-8 X-Powered-By: Express AnonymousCache: true ETag: W/"56ddc-KwFD+XcWKKs3juDWE6otbLVnnTE" Expires: Fri, 08 Jun 2018 17:15:04 GMT Cache-Control: max-age=0, no-cache, no-store Pragma: no-cache Date: Fri, 08 Jun 2018 17:15:04 GMT Transfer-Encoding: chunked Connection: keep-alive Connection: Transfer-Encoding Set-Cookie: deviceId=ZWZhNzJiZmMtZGMwZi00Mm; Max-Age=31536000; Path=/; Expires=Sat, 08 Jun 2019 17:15:04 GMTAverage New Vehicle Auto Payment Hits Record High $523 Per Month - Mish Talk
- New vehicle loans averaged $31,455
- The average monthly payment for a new vehicle hit at record $523/month
- Consumers are lengthening loan terms, with six years being the most common, to adjust to the higher costs and rising interest rates.
- Outstanding loan balances reached a record high of $1.108 trillion
- Loans for used vehicles reached $19,536, also a record
That total does not factor in the down payment.
Interest = $37,656 - $31,455 = $6,201.
That's $1033.50 in interest annually.
At the end of six years, perhaps the car will fetch $5,000 in a trade-in, but everything depends on miles, damage, and of course advancements in self-driving.
Anyone trading the car in after three or four years will be hugely underwater.
“The dream of owning a new vehicle is becoming more elusive,” said Melinda Zabritski, senior director of automotive financial solutions at Experian....