Monthly car payments hit record high of $712 in May

Bunchy Carter

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Monthly car payments hit record high of $712 in May​

The average price of a new vehicle averaged $47,148 last month.
ByMichelle Stoddart
June 15, 2022, 12:17 PM



new-car-dealership-gty-jt-220615_1655316205750_hpMain_16x9_992.jpg


0:57
A person walks by a car dealership on June 10, 2022 in New York.

Spencer Platt/Getty Images

Average monthly car payments hit a record high in May while the cost of new vehicles continues to rise, according to industry insiders.
PHOTO: An unsold 2022 Cooper SE hardtop sits on display outside a Mini dealership, on May 24, 2022, in Highlands Ranch, Colo.

An unsold 2022 Cooper SE hardtop sits on display outside a Mini dealership, on May 24, 2022, in Highlands Ranch, Colo.
David Zalubowski/AP, FILE

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 Automotive & Moody's Analytics vehicle affordability index report. The 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.
https://abcnews.go.com/Business/control-buyers-paying-thousands-sticker-price-cars/story?id=82489039
Brian Moody, executive editor for Kelley Blue Book, told ABC News that a low supply of cars and high demand from buyers means consumers "are going to be paying more" than the MSRP. Data from Kelley Blue Book suggests non-luxury car buyers paid on average $1,030 more than the sticker price.
For luxury cars, where experts say there is a lot of demand, buyers are paying an average of $65,379 for a new vehicle, about $1,071 above sticker price, according to Kelley Blue Book data.
https://abcnews.go.com/Business/aut...et-restaurants-track-drives/story?id=84204026
But Moody said customers can still get good deals on less sought-after brands like Mazda, Hyundai and Buick.
PHOTO: A person walks by a car dealership on June 10, 2022 in New York.

A person walks by a car dealership on June 10, 2022 in New York.
Spencer Platt/Getty Images

And prices could even drop later this year, he noted.
"Although prices are up for May, it's only 1%, and so that indicates ... we may be headed toward a place where the prices will start to decrease," Moody said.
 

Alvin

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lol Mazda and Hyundai are high too, the palisade is in short supply and all those mazda suv's/crossovers are highly ranked as they begin to go into entry luxury space. I pay 475 on a 36 month lease for 2022 VW Taos, I couldn't shop around like I wanted because my car died on me and needed to buy something, also wasn't going to buy used as I'm overpaying for a used car.

EDIT changed to 36
 
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keon

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This is the 1st year I’ve been without a car note since 2011 :myman: ..and I’ve always said that once I decide to get one again that I’m not paying more than 500 a month for a note & im sticking to it, fukk that
 

Ezekiel 25:17

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With a $712 note, that means you buying a $45,000 car with maybe $3000 down.

This is only because of pure stupidity. People buying cars they can't afford. :yeshrug::manny:

They too good for 1 and 2 yr old Hondas. Go to any car website and do a search. I can go get a car right now and walk about with a $350 payment.
 
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Suzie

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With a $712 note, that means you buying a $45,000 car with maybe $3000 down.

This is only because of pure stupidity. People buying cars they can't afford. :yeshrug::manny:

They too good for 1 and 2 yr old Hondas. Go to any car website and do a search. I can go get a car right now and walk about with a $350 payment.
You ain’t getting no car these days with a $350 payment
 

malleymal

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That’s the reason my wife and I both bought Teslas. We went to look for a car after her lease ended in February, and dealerships were making up prices with no reasoning. She test drove Tesla’s SUV and just ordered it online. After I drive it a few times, I hopped online and ordered one also. No hassles or bullshyt markup. fukk them scheming ass dealers.

:troll:
 

Stuntone

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I dont know why broke people don't buy a 2011 Toyota Avalon and other great reliable used car under 10k.

My 2016 Maxima is paid off. I feel lucky. I do want to ride big, but I'll want. I have a 2004 Sienna too thats been great..

I'm from Louisiana where we say if the car isn't making u money, you shouldn't be paying so much.
 

Sterling Archer

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You ain’t getting no car these days with a $350 payment
Your monthly depends on your terms. You want a 350/mo payment then you’d have no problem getting it assuming your terms and down payment can support it. They will ask what you want your monthly to be then tell you what you have to do to get it.
 

OfTheCross

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Monthly car payments hit record high of $712 in May​

The average price of a new vehicle averaged $47,148 last month.
ByMichelle Stoddart
June 15, 2022, 12:17 PM



new-car-dealership-gty-jt-220615_1655316205750_hpMain_16x9_992.jpg


0:57
A person walks by a car dealership on June 10, 2022 in New York.

Spencer Platt/Getty Images

Average monthly car payments hit a record high in May while the cost of new vehicles continues to rise, according to industry insiders.
PHOTO: An unsold 2022 Cooper SE hardtop sits on display outside a Mini dealership, on May 24, 2022, in Highlands Ranch, Colo.

An unsold 2022 Cooper SE hardtop sits on display outside a Mini dealership, on May 24, 2022, in Highlands Ranch, Colo.
David Zalubowski/AP, FILE

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 Automotive & Moody's Analytics vehicle affordability index report. The 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.
'Out of control': Buyers paying thousands over sticker price for new cars
Brian Moody, executive editor for Kelley Blue Book, told ABC News that a low supply of cars and high demand from buyers means consumers "are going to be paying more" than the MSRP. Data from Kelley Blue Book suggests non-luxury car buyers paid on average $1,030 more than the sticker price.
For luxury cars, where experts say there is a lot of demand, buyers are paying an average of $65,379 for a new vehicle, about $1,071 above sticker price, according to Kelley Blue Book data.
Automakers take a new approach to selling cars: gourmet restaurants, track drives
But Moody said customers can still get good deals on less sought-after brands like Mazda, Hyundai and Buick.
PHOTO: A person walks by a car dealership on June 10, 2022 in New York.

A person walks by a car dealership on June 10, 2022 in New York.
Spencer Platt/Getty Images

And prices could even drop later this year, he noted.
"Although prices are up for May, it's only 1%, and so that indicates ... we may be headed toward a place where the prices will start to decrease," Moody said.
:unimpressed:

1% increase.

Also, the average car is actually a Truck. We all know trucks cost more.
 

1thouwow

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That’s the reason my wife and I both bought Teslas. We went to look for a car after her lease ended in February, and dealerships were making up prices with no reasoning. She test drove Tesla’s SUV and just ordered it online. After I drive it a few times, I hopped online and ordered one also. No hassles or bullshyt markup. fukk them scheming ass dealers.

:troll:
Brag about driving a Tesla brehs :mjlol:
 

OfTheCross

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With a $712 note, that means you buying a $45,000 car with maybe $3000 down.

This is only because of pure stupidity. People buying cars they can't afford. :yeshrug::manny:

They too good for 1 and 2 yr old Hondas. Go to any car website and do a search. I can go get a car right now and walk about with a $350 payment.
This is correct.

The article is specifically about the people that choose to buy New vehicles, tho
 

BlackBall

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lol Mazda and Hyundai are high too, the palisade is in short supply and all those mazda suv's/crossovers are highly ranked as they begin to go into entry luxury space. I pay 475 on a 72 month lease for 2022 VW Taos, I couldn't shop around like I wanted because my car died on me and needed to buy something, also wasn't going to buy used as I'm overpaying for a used car.
Got.99% on my vw
 
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