The popularity of long loans for new vehicle buyers has been on the rise for years – what’s new is that buyers of used cars are getting sucked in as well
We’ve reached the end of the road for turning the purchase of a car, SUV or truck into affordable monthly payments.
The popularity of long loans for new vehicle buyers has been on the rise for years. What’s new is that buyers of used cars are getting sucked in as well. Few parts of the economy were hit harder by the pandemic than the auto industry. Production of vehicles was slowed by supply-chain issues, which has led to big price hikes and people being told in some cases that the car they want won’t be available until next year. J.D. Power pegs the average new vehicle transaction price in July at close to $44,000, up from about $41,500 a year earlier.
What’s changed is that these long-term loans are producing such high payments. At a time of high inflation and rising rates on all kinds of debt, vehicle buyers are facing monthly financing costs similar to the average mortgage payment 20 years ago.
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