Average car payment hits record $712/month as new, used car prices continue to climb

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Average car payment hits record $712/month as new, used car prices continue to climb
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GOING BROKE: Average monthly new car payment hits all-time high

The average car is getting less affordable for the average person, with typical monthly payments hitting all-time highs.continued to climb in May for the fourth month in a row, with monthly car payments averaging $712 per month.

"Unfortunately for the segment of the population that probably needs it the most, it's getting more and more out of reach," Ivan Drury, senior manager of insights at the car buying expert Edmunds,

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