The average amount of a car loan in the United States has an updated record. Against the background of the rapid growth in the cost of cars, it reached $40,290 at the end of the second quarter, writes Reuters with reference to the credit monitoring company Experian. And cars continue to get more expensive, overtaking inflation. The reason for this is the ongoing problems with the supply of electronic components and various logistical snags.
The monthly payment on the loan paid for a new car in the second quarter of 2022 reached $667 — this is 15 percent more compared to April-June last year. The average loan size jumped by 13.2 percent. However, Americans spend no more on paying the entire amount than in 2021 — about 69 months.
The loan amount for a used car increased even more noticeably — by 18.7 percent to $28,534. The average monthly payment was $515, an increase of 17 percent.
The data show that an increasing number of US citizens have to make a choice in favor of a used car. The number of loans taken for the purchase of used cars increased from 58.5 percent to 61.8 percent. Crossovers and SUVs are still the most popular — they accounted for 60 percent of loans.
According to JD Power, in August-2022, the average cost of a new car in the United States reached a record high of $46,259. Despite the measures taken by the Federal Reserve System to curb price increases, cars are getting more expensive faster than inflation.
The cost of car ownership is also breaking records: in the United States, it reached $10,728 a year, adding 11 percent. The main reason was a sharp increase in fuel prices, but other factors also played a role.