American car buyers confront tough market

Amid rising car prices and financing costs, car buyers in the United States are facing a challenging market. The average monthly payment for a new car reached a record high of $787 in the third quarter, with the average loan amount increasing to $44,664, and the price of a new vehicle climbing to $50,562 in September. This surge is attributed to the impacts of the COVID-19 pandemic, which led to reduced car production and increased profit margins for manufacturers, resulting in car prices rising by more than 30% compared to six years ago. Buyers are also stretching their financing terms, with 25.5% of loans exceeding 84 months, even though interest rates remain at 7%. Despite these challenges, vehicle sales have not declined significantly. However, the used car market faces difficulties due to high prices and limited supply, along with continued consumer pressure from increasing financing costs.

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