The pandemic shortages are over. Dealer lots are stocked. Customers can find the colors and options they want.
But prices have never been higher — and the auto loans bigger and longer than ever to make it pencil out.
The average sticker price for a new car or truck now sits above $50,000 — about 30 percent more than in 2019. Even with incentives and specials, the out-the-door price reached above $50,000 for the first time in September and stood at $49,191 in January — a record for the typically sluggish sales month, according to Cox Automotive.
That’s helped push the average monthly payment to buy a new vehicle to an all-time high of a little over $800, according to J.D. Power.
Some customers go further. About 1 in 5 new auto loans have monthly payments of at least $1,000, S&P Global said, projecting that share could double by year’s end. More
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