Car buyers beware: Interest rates, monthly payments at record highs, study shows

If you're looking for a good time to buy a car, then you may want to keep waiting. A new study suggests auto-part shortages are driving average car prices higher.

News 12 Staff

Oct 6, 2022, 12:32 AM

Updated 653 days ago

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If you're looking for a good time to buy a car, then you may want to keep waiting. A new study suggests auto-part shortages are driving average car prices higher.
Not only that, the average car loan interest rate hit 5.7% in the third quarter of 2022, the highest it's been since 2019.
The average monthly payment was more than $700, compared to $630 last year.
The average down payment has also climbed by about $1,000 from 2021.


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