Average Monthly Car Payments Reach Record High Of $712 In May | Carscoops carscoops
, meanwhile, reports that the issue is only expected to get worse. With the Federal Reserve boosting interest rates by 0.75 percentage points, borrowing costs are expected to be even higher for numerous consumer loans, including those for cars.
Despite the challenges still facing supply lines due to Russia’s invasion of Ukraine, China’s COVID lockdowns, and, Brian Moody of Kelley Blue Book is at least optimistic about car prices. “Although prices are up for May, it’s only one percent, and so that indicates… we may be headed toward a place where the prices will start to decrease,” Moody toldWhile month-to-month prices have only increased one percent, new car prices are 12.6 percent higher than they were a year ago. Used car prices are even higher at 16.1 percent as compared to the previous year, according to the U.S. Bureau of Labor Statistics.
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