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Car Prices Continue to Hit Record Highs

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Aug. 29, 2022—The rise in car ownership costs have caused more consumers to go into debt. 

According to Reuters, the average new vehicle loan amount currently sits at $40,290. The average monthly payment for a new vehicle loan is $667, and a recent Experian report revealed that the average amount borrowed is up 13.2% overall. 

These jarring numbers are not just affecting new vehicles. For used vehicles, the average loan is $28,534. Average monthly payments are at $515. 

Reuters also reported that J.D. Power said that  the average price for a new car or truck reached $46,259 in August. This number sets a record. 

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