1 in 5 New Car Buyers Take on $1,000 Monthly Payments

1 in 5 new car buyers take on $1,000 monthly payments

(NewsNation) — Once considered rare, $1,000 car payments are fast becoming the new normal. Last quarter, nearly one in five new car buyers who financed their purchases took on monthly payments of $1,000 or more — a record share, according to a new report from Edmunds. Car shoppers also borrowed more overall, financing an average of $42,388 for new vehicles last quarter, another all-time high and about $10,000 more than at the end of 2019. The re…

Record 1 in 5 Buyers of New Cars Committing to $1,000-Plus Monthly Payments: Edmunds - The Thinking Conservative

The share of new car buyers committing to make monthly payments of $1,000 or more hit an “all-time high” in the second quarter of 2025. The post Record 1 in 5 Buyers of New Cars Committing to $1,000-Plus Monthly Payments: Edmunds appeared first on The Thinking Conservative.

Record 1 in 5 Buyers of New Cars Committing to $1,000-Plus Monthly Payments: Edmunds

The share of new car buyers committing to make monthly payments of $1,000 or more hit an “all-time high” in the second quarter of 2025 as affordability challenges stretch budgets, automotive company Edmunds said in a July 1 statement. The 19.3 percent share in the second quarter is up from 17.7 percent in the previous quarter. It was 17.8 percent in 2024. Edmunds also reported a record increase in the average amount of new vehicles being finance…

Car buyers set a record with more than $1,000-a-month car payments in Q2

One in five car buyers in the second quarter agreed to a $1,000-a-month car loan payment and increasingly more are taking out seven-year-long loans.

Car Loans In July 2025: Lowest Interest Rates From Top Banks Compared

Many people consider owning a car as a significant financial milestone. To achieve this goal, people opt for using a loan instead of simply tapping into their savings. While some prefer car loans to...