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Post Info TOPIC: Average new car payment hits $554 per month in the USA - and that don't include insurance!


CERTIFIED POST WHORE

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Average new car payment hits $554 per month in the USA - and that don't include insurance!


The average new car payment in the USA is now at $554 per month - up 5.6% year after year!

It should also be noted that the average duration of a new car loan in the USA is 69 months!

https://www.lendingtree.com/auto/debt-statistics/

So it would be reasonable to assume that with car insurance, registration and plate fee's along with fuel cost that number is probably closer to $800 per month!

Thats a lot of money to kick out for 69 months ($55,200), although 72 ($57,600) and 84 months ($67,200) financing options are popping up too! Thats seven and eight years respectively and it goes without saying that repair cost will become a factor four years into a car loan if the vehicle is driven the average 15k per year. Many ultra-low mile lease programs boast of car payments under $200 per month however that is usually for 10k miles or less per year!

It has always been about keeping people making them new car payments... most people when faced with a several thousand dollar repair bill will consider purchasing a new or used vehicle, although the reality is that fixing their old car would be much less expensive.

Still, nothing like a new car - until that 3rd or 4th car payment! LOL



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FAR BEYOND DRIVEN

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That is a lot of money to find IMO, especially in the winter months sitting idle...

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Yes Rastus, and them cost do not reflect other gotcha cost like late payment charges as delinquencies were at the Highest rates in 2017!

https://autotrend.activeboard.com/t65325964/more-than-7-million-americans-over-90-days-late-on-car-payme/



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A middle-aged loner on a crusade to champion the cause of the innocent, the helpless, the powerless - in a world of criminals who operate above the law.



FAR BEYOND DRIVEN

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Fuh dat.

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