New car fever? You’re not alone. Americans love cars. Especially new cars. According to a recent article by USA Today, Americans are borrowing money for automobiles at record rates and amounts.
“Despite rising interest rates, Americans are borrowing more than ever to buy new and used vehicles.”
Not only are more of us buying cars, but they are getting more expensive.
“In the fourth quarter [of last year], the average monthly payment for a new vehicle hit an all-time high of $515, while the average used auto loan payment hit a record of $371 per month.”
The article explains the reason we are spending more money in auto loans, and what trends can be expected for this year.
To read the full article, visit the USA Today site here.