It’s not only soaring MSRPs for new vehicles that are making them inaccessible to many consumers as a new study has revealed that financing a new vehicle is also out of reach for many buyers across the United States.
Data compiled by Edmunds has revealed that the average monthly payment for a new vehicle in the U.S. hit $730 in the first quarter of 2023. This is an increase over the $717 of Q4 2022 and the $656 average monthly payment as of Q1 2022. Over an average loan term of just shy of 69 months, the average sum financed last quarter was $40,468, a rise from the $39,726 of twelve months ago.
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