Typical monthly payment for a new vehicle hits record $743
FOX Business Flash top headlines for September 15
Check out what’s clicking on FoxBusiness.com
Typical monthly payments for a new car are getting steeper, according to the latest data from Cox Automotive and Moody's Analytics.
The average new car payment hit a record high of $743 in August, the Cox Automotive/Moody's Analytics Vehicle Affordability Index released Thursday showed. That figure is up 1.4% from $733 in July.
BIDEN PROMOTES EXPENSIVE ELECTRIC VEHICLES AT AUTO SHOW AMID RECORD INFLATION
Kelly Blue Book reported earlier in the week that the average purchase price in the U.S. for a new vehicle rose for a fifth consecutive month, hitting a record-high of $48,301 in August. It climbed 10.8% from August 2021.