The average price of a new car in America stands at $48,000 this year, but what matters to buyers isn’t the MSRP or transaction price of their new vehicle, it’s the amount of cash that leaves their bank every month to pay for it. And for a shocking one in six US drivers, that number has four figures.
New data from Edmunds reveals that 17.4 percent of buyers signed up for monthly car loan payments of at least $1,000 in Q3, which is almost a quarter of the take-home pay you’d get from the average American salary.
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