By Keith Laing, USA TODAY USA TODAY Network via Reuters Connect
Car shoppers are paying more than ever for new models, and as a result Americans are spending more of their discretionary income on their vehicles.
According to a new study released by Integra Credit, Americans are spending $5,680 per year, plus $517 in interest, on auto loans. That amount equates to 12.4% of the average American's disposable income, according to the group.
National auto debt per capita has risen 92% since 2003, going from $2,960 in that year to $5,680 by the end of 2024, according to Integra.
The finding comes as the average price of a new car rose to $49,855 in July, according to Cox Automotive's Kelley Blue Book. The average July price for new cars was up 0.2% from June's average of $49,757, and it was also a 1.9% increase over July 2025's average, according to the group.
"To keep up with the rising costs, America has resorted to relying more and more on financing options," Integra said.
"Research shows that the average monthly payments for a new car are currently as high as $748 and overall loan amounts are reaching as high as $42,332 across a 69-month term for a new car," the group...
Source: https://www.sunherald.com/news/business/article317034162.html
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