Car payments keep rising, as 17.1 percent of new car buyers are paying more than $1,000 per month on their vehicle in the second quarter of 2023. While a minority of buyers are being savvy, the alarming majority may soon find themselves at a disadvantage.
The number of buyers with a car payment of more than $1,000 per month is the highest it has ever been, beating out last quarter’s record of 16.8 percent. In addition, the annual percentage rate (APR) of 7.1 percent is the highest since the fourth quarter of 2007.
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