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Monthly car payments hit record high of $712 in May

Uglytruth

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ABC News

Monthly car payments hit record high of $712 in May​

MICHELLE STODDART
Wed, June 15, 2022, 3:17 PM·1 min read


Average monthly car payments hit a record high in May while the cost of new vehicles continues to rise, according to industry insiders.
PHOTO: An unsold 2022 Cooper SE hardtop sits on display outside a Mini dealership, on May 24, 2022, in Highlands Ranch, Colo. (David Zalubowski/AP, FILE)

PHOTO: An unsold 2022 Cooper SE hardtop sits on display outside a Mini dealership, on May 24, 2022, in Highlands Ranch, Colo. (David Zalubowski/AP, FILE)
A report from Moody's Analytics found that typical monthly car payments hit a record high of $712 in May. Kelley Blue Book data found that new vehicle prices averaged $47,148 in May, the second highest on record.
Vehicle affordability worsened again because of higher interest rates and increased car prices, according to a recent Cox Automotive & Moody's Analytics vehicle affordability index report. The report said "the estimated typical monthly payment increased 1.7% to $712," which is a new record high for monthly payments.
It would cost 41.3 weeks of median income to buy a new vehicle, which is a jump of 19% from May of 2021, according to the report.
MORE: 'Out of control': Buyers paying thousands over sticker price for new cars
Brian Moody, executive editor for Kelley Blue Book, told ABC News that a low supply of cars and high demand from buyers means consumers "are going to be paying more" than the MSRP. Data from Kelley Blue Book suggests non-luxury car buyers paid on average $1,030 more than the sticker price.
For luxury cars, where experts say there is a lot of demand, buyers are paying an average of $65,379 for a new vehicle, about $1,071 above sticker price, according to Kelley Blue Book data.
MORE: Automakers take a new approach to selling cars: gourmet restaurants, track drives
But Moody said customers can still get good deals on less sought-after brands like Mazda, Hyundai and Buick.
PHOTO: A person walks by a car dealership on June 10, 2022 in New York. (Spencer Platt/Getty Images)

PHOTO: A person walks by a car dealership on June 10, 2022 in New York. (Spencer Platt/Getty Images)
And prices could even drop later this year, he noted.
"Although prices are up for May, it's only 1%, and so that indicates ... we may be headed toward a place where the prices will start to decrease," Moody said.
Monthly car payments hit record high of $712 in May originally appeared on abcnews.go.com
 

the_shootist

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I'd hate to be in a position that I needed to buy a new car....sheeesh!
 

viking

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Haven’t bought a new car in decades. A neighbor was just getting rid of a 2005 Malibu with 145,000 miles. Runs great, tires are in good shape, a few chips in paint and couple of dent (I think I can push them out mostly) and no rust (drove mostly in CA).

I don’t need another car, but he was willing to take $1000 for it. So I figured, what the heck, when my nephew turns 15, it will be his car.

I’m fairly handy working on cars, so I figured even if something crops up, I should be able to handle it, if not…sell it (disclose any problems to buyer, of course).
 

the_shootist

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Haven’t bought a new car in decades. A neighbor was just getting rid of a 2005 Malibu with 145,000 miles. Runs great, tires are in good shape, a few chips in paint and couple of dent (I think I can push them out mostly) and no rust (drove mostly in CA).

I don’t need another car, but he was willing to take $1000 for it. So I figured, what the heck, when my nephew turns 15, it will be his car.

I’m fairly handy working on cars, so I figured even if something crops up, I should be able to handle it, if not…sell it (disclose any problems to buyer, of course).
You might be able to get 10K for it now lol
 

Uglytruth

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Sorry in advance for the language, what fucking moron idiot would have a 700+ car payment unless they had to have it for a business use.
Someone that has to show the whrld how sucessful they are by driving a 70k+ vehicle or two. Remember she needs one also....... so make that ~$1400
 

specsaregood

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Someone that has to show the whrld how sucessful they are by driving a 70k+ vehicle or two. Remember she needs one also....... so make that ~$1400
That is one type, the other type are ones that want to rant about capitalism on line and complain about not having enough money to live.
 

the_shootist

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That is one type, the other type are ones that want to rant about capitalism on line and complain about not having enough money to live.
Someone that has to show the whrld how sucessful they are by driving a 70k+ vehicle or two. Remember she needs one also....... so make that ~$1400
Some day you'll be able to buy one of those huge pickups used for pennies on the dollar yet no one will buy them because they couldn't afford the fuel costs
 

Casey Jones

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I'd hate to be in a position that I needed to buy a new car....sheeesh!
You will be, sooner than you want.

This 20-percent-booze vetch they're selling for gasoline, WILL destroy the engines of older cars. That's BY DESIGN.

It won't do any engine any good, but the (supposedly) E85 models will probably fare better.

What Butt-Peg and Potatohead are doing, is "nudging" the Deplorables into those wonderful Electric Cars.

But in the process, they'll destroy the entire vehicle fleet in this nation. And it goes without saying, electric cars are not practical now and IMHO probably never will be, for most private-owner users.
 

DodgebyDave

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I haven't had a car payment (new or used) since 1992

Right now it's cheaper to do a frame off restoration on my truck than to buy a used truck 10 years old with 100k more miles

Giggle, I found a 2001 Ford Explorer Sport for 500 plus 300 to get it running, 6 months insurance and plates

Next up, 2010 Chevy Cobalt, purchased for 300, needed a computer $30 at the junk yard
 

Uglytruth

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tptb want neither transportation or fuel. They want control. It's about forcing people into city's to work on the plantation where they control everything.
 

Casey Jones

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tptb want neither transportation or fuel. They want control. It's about forcing people into city's to work on the plantation where they control everything.
Which means there will be no control.

There will be famine. AND, civil war.

Because it's absolutely impossible for decent, civilized people to live with those Rhodes Scholors in obamicized Organized "cities."
 

specsaregood

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Right now it's cheaper to do a frame off restoration on my truck than to buy a used truck 10 years old with 100k more miles
Giggle, I found a 2001 Ford Explorer Sport for 500 plus 300 to get it running, 6 months insurance and plates
Next up, 2010 Chevy Cobalt, purchased for 300, needed a computer $30 at the junk yard
Indeed, my lil bro purchased cheap, rebuilt/got running,, and resold 8 cars during the pandemic in CA. supported himself quite well and convinced his new wife to let him buy a little lift for their garage to keep it going.
 

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And in some instances used vehicles have been selling for as much and even more than new in some cases. I believe Irons found that a new Toyota truck was on par with the used prices.
 

Buck

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by 2030 in Washington state ICE vehicle sales are to be stopped
by 2035 across the globe...

i can only guess, they're going to begin to shut down fuel stations sometime along the way, create hazardous waste sites out of them to prevent them from re-opening, etc...

as far as re-registering the ICE you will currently have, at that time, might be a crap shoot in some states....


if that progress is going to be mitigated or stopped, it had better happen sooner rather than later
 

nickndfl

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I buy a new car every other year and pay cash. I drive 1k miles per week.
 

Buck

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will they have to 1099 you this next purchase?
 

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I buy a new car every other year and pay cash. I drive 1k miles per week.

Now we know who precipitated the recent floods, winter Vagina and increase in cardiovascular health issues.
 
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EO 11110

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not only 700 bucks a month - but i heard that the length of the loans are at an all time high. same speaker said that six, seven, eight year car loans are not uncommon
 

Casey Jones

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by 2030 in Washington state ICE vehicle sales are to be stopped
by 2035 across the globe...

i can only guess, they're going to begin to shut down fuel stations sometime along the way, create hazardous waste sites out of them to prevent them from re-opening, etc...

as far as re-registering the ICE you will currently have, at that time, might be a crap shoot in some states....


if that progress is going to be mitigated or stopped, it had better happen sooner rather than later
They are demented.

That can only be achieved by some sort of de-industrialization, and only at the hands of some form of totalitarian government.

And there's going to be a lot of food scarcity created as part of this.
 

dacrunch

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Gotta start issuing the woodburning fueled "gazogenes" used by civilians in Europe during WW2...
 

jrog100

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I don't think I've ever had a HOUSE payment that was over $700 and I always pay cash for my cars. WTF is wrong with people???
 

Mujahideen

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Sorry in advance for the language, what fucking moron idiot would have a 700+ car payment unless they had to have it for a business use.

Sometimes I watch these tv commercials that say $700 to lease and I wonder who the hell they are advertising to?
 

stAGgering

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You will be, sooner than you want.

This 20-percent-booze vetch they're selling for gasoline, WILL destroy the engines of older cars. That's BY DESIGN.

It won't do any engine any good, but the (supposedly) E85 models will probably fare better.

What Butt-Peg and Potatohead are doing, is "nudging" the Deplorables into those wonderful Electric Cars.

But in the process, they'll destroy the entire vehicle fleet in this nation. And it goes without saying, electric cars are not practical now and IMHO probably never will be, for most private-owner users.

When I was in Ecuador 2014, I learned that govt was promoting new cars for the masses.
This in a country which exports oil, to be returned refined, and gas prices were CHEAP.
Think it was China receiving and refining for percentage of received.
Their new car strategy, heavy tax on cars older than certain year.
Less than excise tax and registration in my state.
 

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my 1970 M35 six wheel drive cost me $6k. It had 35,750+ miles on it. Still has barely 36k miles on it


I love jumping in and just go for a ride...here is what it looked like without the front winch. I'm thinking on removing it - I have not ever used it since I purchased it ten years ago... It sat in Colorado for three+ years, until my buddy moved back to Idaho, so I had it transported to San Angelo.



Before winch was added.jpg

we've only purchased used cars for 25+ years and this is my fourth MV - I've also owned a couple of M1009 (Blazers) and an M1028a2 dually along with deuces (this is my second one), I started with a duece 20+ years ago.



HPIM1873.JPG






I flat loved that dually - should have NEVER sold it - live and learn
HPIM1877.JPG



HPIM1876.JPG



Two M1009 Blazers with two M101 trailers (one has a spare 6.2 diesel engine in it) and my M1028a2 dually

Loved those trucks...


I paid cash for all of them - only way to purchase MV's

cash talks, every one else walks
 
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Uglytruth

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All 24v systems also.
 

BeefJerky

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I don't think I've ever had a HOUSE payment that was over $700 and I always pay cash for my cars. WTF is wrong with people???
You got started way before then.
 

hammerhead

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How much of a social credit rating does $700 equal?
 

wallew

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All 24v systems also.
That are TWO 12 volt batteries. I used to be able to get the same ones that the military used to use from Interstate. They no longer make them. BUT there is another company that makes one that is near what the old ones were. But I have not seen them available recently.

Gonna have to go searching for those.

Oh and they CAN have a small solar panel that keeps the batteries topped off. Does not work when they are parked inside...

SO that's two things I'll have to find. New correct batteries and a replacement antenna.

Maintenance is key with all old vehicles.
 

Uglytruth

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How much of a social credit rating does $700 equal?
Very high. It shows them you are a willing debt sheeple and they will harvest all your work for themselves.
 
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