BUSINESSKXRM FOX21 COLORADO SPRINGS
America’s Car Affordability Crisis Is Getting Worse
America’s car affordability crisis is worsening due to record payments, longer loan terms, and negative equity, making new and used-car purchases increasingly burdensome. The cost of owning a new car now resembles a second housing payment, including depreciation and insurance expenses.
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Adjacent reporting
- New car payments reach all-time high as affordability challenges persist in US
- Buyers fret as the average cost of a new car nears $50K
- Car payments squeeze Americans as auto debt hits $1.68 trillion, report finds
- High prices keeping Americans from buying new cars
- The affordability crisis is getting worse in Ohio and the U.S., but it’s not new