Car Prices Continue to Hit Record Highs

Aug. 29, 2022

Consumers are paying more and borrowing larger loans for new and used vehicles alike. 

Aug. 29, 2022—The rise in car ownership costs have caused more consumers to go into debt. 

According to Reuters, the average new vehicle loan amount currently sits at $40,290. The average monthly payment for a new vehicle loan is $667, and a recent Experian report revealed that the average amount borrowed is up 13.2% overall. 

These jarring numbers are not just affecting new vehicles. For used vehicles, the average loan is $28,534. Average monthly payments are at $515. 

Reuters also reported that J.D. Power said that  the average price for a new car or truck reached $46,259 in August. This number sets a record. 

About the Author

Ratchet+Wrench Staff Reporters

The Ratchet+Wrench staff reporters have a combined two-plus decades of journalism and mechanical repair experience.

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