Your Money Minute Thousand Dollar Car Payments Now Common 7/25/25
Jul 25, 2025
Explore the startling rise in car payments, with nearly 20% of auto loans now exceeding $1,000 a month. Discover how this trend is straining budgets and reshaping consumer choices. The discussion also delves into the skyrocketing average payments for new cars and the swelling prices of used vehicles, highlighting the financial challenges many are facing. Tune in for insights that could help navigate these money matters!
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High Auto Loan Payments
- Nearly 20% of auto loans in Q2 have monthly payments exceeding $1,000.
- The average car payment for new vehicles is $756, near record highs.
Rising Car Prices Impact Payments
- New car prices remain high with low dealer incentives, keeping payments elevated.
- Used car inflation is back, with average prices above $30,000 for the first time in two years.