Automotive

Average New Car Monthly Payments Reach All-Time Highs

Good news/bad news — Traditional lessees are looking to buy. Traditional buyers are considering bikes.
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Average New Car Monthly Payments Reach All-Time Highs

Relentlessly driven by supply shortages, the average monthly payment for new vehicles reached $648 in Q1 2022. Up from $575 a year earlier and $639 a quarter earlier. Of course, total prices saw a similar jump for similar reasons. 

Lease or buy? Luxury leasing dropped from 53% to 32%, with many previous lessees choosing to buy. Leasing prices have also increased, so people in the luxury segment are shifting to buying, increasing the average monthly cost beyond the actual price per vehicle.

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