It seemed like things were finally getting a little better in the first quarter of 2024, and vehicle prices were coming down. Unfortunately for car buyers, both average transaction prices and monthly payments were up in April.
Vehicle affordability took a hit in the fourth month of the year, and the average monthly payment across the industry increased by 1.8 percent to $762, according to data from Cox Automotive. As a result, it takes 37.7 weeks of median income to buy the average new vehicle, up from 37.1 in March.
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