gh4nder on Nostr: The average interest rate on a NEW car loan just hit a record 7.2%. Meanwhile, the ...
The average interest rate on a NEW car loan just hit a record 7.2%.
Meanwhile, the average interest rate on a USED car loan is now 11.0%.
The average new car payment in the US is now $750 and the average new mortgage payment is $2,850.
This means that an American who wants a new car and house is paying $3,600/month or $43,200/year AFTER a 20% downpayment.
That is 62% of the median household income in the US.
Necessities have become luxuries.
Meanwhile, the average interest rate on a USED car loan is now 11.0%.
The average new car payment in the US is now $750 and the average new mortgage payment is $2,850.
This means that an American who wants a new car and house is paying $3,600/month or $43,200/year AFTER a 20% downpayment.
That is 62% of the median household income in the US.
Necessities have become luxuries.