The monthly payments made by people who have purchased a new vehicle hit a record high in May, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index.
Though a 0.3 percent growth in median income supported vehicle affordability, all other factors moved against affordable pricing in May, a June 15 report detailing the index stated. The price paid for new vehicles rose by 1 percent while the average interest rates increased by eight basis points. “As a result of these moves, the estimated typical monthly payment increased 1.7 percent to $712, which was a new record high.”
