Monthly Payments Hit New Record
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😓📈 The number of new car buyers paying more than $1000 monthly jumped to a record high in Q4 2022.
🔺🗓️ Monthly. Over 15% of buyers in Q4 are paying over $1000, a ~4.5% increase year-over-year.
😳💰 Total. The average price paid in December also set a record at $46,382. Accounting for a 2.5% increase from 2021, despite signs of the market cooling.
🏦😑 Interest. New car loan rates hit 6.5%, up from 4.1% last year. More interest rate hikes are expected as inflation persists.