The cost of new cars is climbing

The price of new vehicles in the United States is up 33 percent since 2020. As of November, the average monthly payment for a new car clocked in at $760. To ease the pain of getting someone into the driver’s seat of a luxury behemoth, auto lenders have devised new loan structures that move the schedule. Loans now run way past the standard 48 months and 60 months and into 72 months or more, which in the third quarter accounted for a third of all buyers. In fact, 1.61 percent of buyers somehow talked themselves into a car loan that lasts for 96 months, or eight years.

Ryan Felton, The Wall Street Journal