With new and used cars still painfully expensive, it seems that Americans are holding on to their vehicles longer. The average age of a passenger vehicle on the road has just hit a record 12 1/2 years. And no wonder, now that the average monthly car payment for new vehicles hit $725 in the first quarter of 2023.
Suddenly, for many, taking on that kind of new debt feels a lot worse than driving a new car feels good.
