Average monthly car payments hit a record high in May as the cost of new vehicles soared, thanks in part to higher interest rates and a dwindling supply chain .
The average monthly car payment last month hit $712, roughly a 1.7% increase compared to the month before, according to data from Moody’s Analytics. Additionally, the average price of a new vehicle in May rose to more than $55,000, according to AutoNews .
The rate in pricing for new cars has vastly outpaced income growth in the country.The average consumer now must spend about 41 weeks’ worth of a median income […]
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