Friday, June 9, 2023
News The Average New Vehicle Monthly Payment is $712 in the US

The Average New Vehicle Monthly Payment is $712 in the US

The $712 amount is the highest on record and costs keep rising

  • New car prices have been rising consistently over the last year.

  • This amount excludes insurance, maintenance, fuel, and other expenses.

If you’re shopping for a new vehicle at the moment, you’ll probably have quickly noticed that cars are far more pricier and expensive than you remember. What’s more, deals and rebates are a rarity and, to top it all off, interest rates are sky-high too. All these factors have increased the average New vehicle monthly payment to a whopping $712 in the US.

Tesla Prices Have Skyrocketed

There are many factors at play including the pandemic. Although we’re all quite convinced it’s behind us, the financial side-effects will be with us much longer. Microchip and various part shortages have impacted the cost of building new vehicles, a cost that inevitably gets passed on to buyers.

As well, and relatedly, automakers are developing and building cars and SUVs that are more technology-packed than ever, and these technologies must be paid for. Factor in the weeding out of truly affordable compact cars in favour of SUVs and paying $700 per month for a loan starts to make sense.

NPR further reports that the average new vehicle price reached a budget-busting $47,148 in May. While increases should be limited over the coming summer, there are no signs that prices will drop any time soon.

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Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai


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