As prices soar, even some used buyers are stuck with $1,000 car payments
The Washington Post••business
Key Points:
- A record number of car buyers, both new and used, are facing monthly payments of $1,000 or more, highlighting the growing affordability crisis in the auto market.
- Over 20% of new-car buyers now have monthly payments at or above $1,000, marking an all-time high according to data from Edmunds.
- The longstanding debate over new versus used cars is becoming irrelevant as both options increasingly represent expensive financial commitments for consumers.
- The data underscores the broader economic challenge Americans face in managing debt related to essential purchases like vehicles.
