The price of new and used vehicles continues to rise and pull along US debt.
The average monthly payments for new cars are up 15% year-over-year to $667. The average auto loan size also increased 13.2% to keep pace. The loan length stayed flat at around 69 months.
Used car monthly payments jumped 17% to $515. A used car's average value climbed 18.7% to $28,534. Loans for used cars accounted for 61.8% of all auto loans compared to 2021's 58.5%.