More than 12% of new car payments top $1000 a month:
hit $47,148 in May, according to KBB. U.S. Bureau of Labor Statistics figures show that new-car prices have risen 12.6 percent in just the past year.
Also, the average total amount that new-car buyers are financing also hit near-record highs last quarter, climbing to $40,602, compared with the $39,726 average in the first quarter of this year and $36,215 in the second quarter of 2021. Edmunds said that the only other time when the average was over $40,000 was in the fourth quarter of 2021 and at that time, the average APR was 4.1 percent.
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