The average new car payment is $551 per month, that is up ten percent compared to three years ago. Car buyers that bought or leased cars back in 2016 are getting some sticker shock and that is leading to some of them putting themselves into dangerous financial situations.
A report from USA Today, citing Kelly Blue Book, Edmunds, and The Public Interest Group, paints a picture of 2019 car buyers falling into a potentially dangerous “monthly payment” trap with increasing payments and transactions prices for new cars. The problem with the report, just like the myopic financial advice from professional millionaires, is that these experts are focusing on the wrong issue.
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