The average monthly payment for a new car is $733 dollars, according to Edmunds.  That’s a $55 dollar increase from the second quarter of 2022.

The data also indicates that more people are paying over $1,000 dollars in monthly payments for their new (and used) vehicles.

Note: According to consumer advocate Clark Howard: “Never finance a vehicle for more than 3.5 years or 42 months. If you can’t afford the payment on a 42-month loan, then you should buy a cheaper car!”

Source: Clark Howard.com                          https://clark.com/cars/average-car-payment/