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Repelled by high car prices, Americans are holding on to their vehicles longer than ever

Por: ABC7 World May 16, 2023

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It's all pushed the national average monthly auto loan payment to $729 - prohibitively high for many. Experts say a family earning the median U.S. household income can no longer afford the average new car payment and still cover such necessities as housing, food and utilities.Used vehicle prices, on average, have surged even more since the pandemic hit - up 40%, to nearly $29,000. With an average loan rate having reached 11%, the typical... + full article



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