$650 to more than $700 is now average for monthly car payment:
Whatever the calculations say, the rise in payments is being driven by factors that anyone paying the slightest bit of attention to the news should be able to guess: supply-chain issues and inflation caused or made worse by the pandemic. These factors have helped push the average price of a new car up and up and up, which is of course connected to the high monthly payment. The latest available numbers are from May, when the average price of a new car hit $47,148, according to KBB.
Of course, if you're buying a car now, your financing offers might be higher than they would have been before last week. Or they might not, as Yahoo Finance points out, since car loans are"so reliant on the buyer's individual credit score and history" that any effects of the higher interest rate will not fall on each buyer in the same manner.
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