23 Hrs
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الاقتصادية
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US car buyers face high payments
Reports indicate that the U.S. car market is experiencing a significant rise in financing costs. The average monthly payment for new car loans reached a record high of $787 in the third quarter, with the average financed amount increasing to $44,664. Meanwhile, the average price of a new vehicle approached $50,562 in September, despite interest rates rising to 7%. This situation is attributed to the fallout from the COVID-19 pandemic, which led to reduced car production and increased profit margins, making new cars roughly 30% more expensive compared to six years ago. Additionally, the length of financing terms has increased significantly, with 25.5% of loans extending to 84 months or more. Experts expect interest costs to continue rising, putting pressure on household budgets and resulting in ongoing vehicle price increases. This trend also contributes to a decline in the used car market, which has seen sharp price increases and greater difficulty in accessing affordable options.
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