U.S. consumers are responding to surging prices for new cars and trucks by going deeper into debt, pushing the average new vehicle loan to a record-high $40,290 during the second quarter, credit monitoring company Experian said Thursday.
The average monthly payment for a new vehicle loan rose to $667 in the second quarter, up nearly 15% from a year earlier, Experian said in its latest report on the automotive finance market. The average amount borrowed rose 13.2%, Experian said. (CNN)
The price of new cars doesn’t seem to keep buyers away.
Buyers want a new car and are willing to go deeper in debt to get the vehicle they desire.
It is amazing that so many of us are willing to take on more debt while many of our other expenses are rising with inflation.
Owning a nice car is not only for transportation.
It’s also a “Love Affair!”
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