Car payments are accelerating towards record levels nationwide. Analysts at Edmunds revealed that the average percentage rate on a newly financed vehicle has ballooned to seven percent. NBC News’ Miguel Almaguer has more details.
» Subscribe to NBC News: http://nbcnews.to/SubscribeToNBC
» Watch more NBC video: http://bit.ly/MoreNBCNews
NBC News Digital is a collection of innovative and powerful news brands that deliver compelling, diverse and engaging news stories. NBC News Digital features NBCNews.com, MSNBC.com, TODAY.com, Nightly News, Meet the Press, Dateline, and the existing apps and digital extensions of these respective properties. We deliver the best in breaking news, live video coverage, original journalism and segments from your favorite NBC News Shows.
Connect with NBC News Online!
NBC News App: https://smart.link/5d0cd9df61b80
Breaking News Alerts: https://link.nbcnews.com/join/5cj/breaking-news-signup?cid=sm_npd_nn_yt_bn-clip_190621
Visit NBCNews.Com: http://nbcnews.to/ReadNBC
Find NBC News on Facebook: http://nbcnews.to/LikeNBC
Follow NBC News on Twitter: http://nbcnews.to/FollowNBC
Get more of NBC News delivered to your inbox: nbcnews.com/newsletters
#NBCNews #Car #Payment
Companies will keep raising prices as long as y’all keep paying.
We can either make that once we go broke or before
Ride The Bus….
– I have a 2022 honda civic sport and I only pay 366 a month.
If only public transportation was a viable option in the US. It isn’t.
I’ll stick to my LaCross 06
Sad
Wait until the Greater Recession hits and many of these cars become defaulted on their loans. That is when stealerships will become dealerships again.
Markups will be replaced by cash incentives to move inventory that can’t sell.
Buy an e-bike people.
You are not alone in Canada is crazy too! Used and new vehicles with high interest rates. 😑🇨🇦
What the story didn’t mention was REPO’S ARE WAY UP!
Always buy your vehicles used. It could be a Toyota Corolla from the 1990s or even a Ford Taurus from 2016. Either way, you are paying less, even if the vehicle is newer.
Mine is $737 which is ridiculous but I need my car.
Welcome to Obamas I mean Bidens America
Geez, I thought my 4.1% rate was high. Good luck people.
$692.00 at 5%. Hoping this 4 runner will be my son’s first car in 10 years 😂
buy used. Its just a car. gets you from point A to point B.
Just imagine how much higher the payments will be when everyone is forced to buy electric cars.
*LOL imagine going to the stealership for a car and getting Shekelberged. Still driving my 08 Buick Lacrosse and 07 Acura TL-S. These cars will outlive me*
Supply is not tight
I’ll bet that most people buying a new car in today’s market, don’t need a new car.
With the way prices of everything is sky high, I can’t help but think there is going to be a major revolt soon. Rent/mortgage is too high, food costs are unsustainable, inflation is a joke. Yet corporations make record profits.
We did it Joe!
06 civic 250k running strong
People agreeing to pay that much for a car every month is a little ridiculous.
I like not having a car payment, or even better, not having any DEBT!
This happens when the leader is 😴 at the wheel…
Gotta 01 honda accord SRS that I’m building up. Car payment? There’s nothing like seeing something you invest in from the ground up.
So glad I bought a brand new car in 2020 when prices and interest rates were still low, the market has gotten so insane that my car is worth as much now as when I bought it, even with 40k miles on it. I’m not opposed to eventually buying a new car but I wont do it until it makes financial sense, which I doubt will be anytime soon.
Same here, December 2020
Those cars can sit right there.
I drive my vehicles till the wheels come off. Last one lasted 18 years and180K miles. Just paid off my current (bought used) vehicle, an 06 jeep with low miles, I plan on having it for about 10 more years. Every month you don’t have a car payment is a month your vehicle pays YOU a car payment worth of saved cash you can put in the bank, or invest.
Boring …
And everyone with a Toyota will gloat about how they don’t need to buy a vehicle now
Forget owning a car
Thing is with buying a used car is that you’ll need maintenance on it way sooner than you would a new one.
My car payment is 279.00 and I pay 135.00 for full coverage. I can’t complain. I would like to upsize the vehicle for my growing family but I do not want to be car poor. We will manage until we find a great deal.
Most people are not Impressed by the car you drive…because anyone can take out a loan they can’t afford.
GREEDFLATION.
I’m buying a g wagon so
2007 Toyota sequoia
Buying a used car is worse. Your paying new prices for used.
I haven’t had a car note in years and I love it . Car prices are ridiculously high. I’m not buying a house I want a car
To many people making to much money means to many people willing to pay to much money.
Good.. to many jackasses in mustangs or skat packs..
The bank told my friend 7% on a new Hellcat and he has an 800 + credit score. He just paid cash.
BS. Car makers are using the pandemic as an excuse still to keep gouging the public. Listen to me, people: NO ONE buy a car unless and until your current ride stops running. And I mean, no one. Let these dealers know we’re on to them and we’re not going to be paying then a visit until their prices come down to something reasonable. That goes for new and used inventory. No way I should be paying $18,000 dollars for a 10 years-old minivan or $75,000 for a 1 year-old pickup truck.
Last year got a 2021 acura rdx
sh-awd aspec With 7,000 miles for $45,000 Apr 4.0% I thought that was high and was gonna pass on it. Glad I didn’t with the way prices are now…
My current car I bought for 500 dollars. The shop said it had a blown engine but it just had a broken valve spring and a bent valve. Cost me 349 in parts. Been driving it for 3 years now. 2011 Genesis Sedan 4.6. I’ll never buy a new car unless it like my Cobra which is worth now more than I paid for it 6 years ago
Paid off my 2015 rav4 during the pandemic and then used its crazy value as collateral to get a loan with a killer interest rate with a teachers credit Union. Used the loan to do some upgrades on the house that I should also see a return on. Pay off your cars kids, it’s worth it.
Pay cash 💰! I payed cash for my Z06 LS7 😜
My president said the economy is doing well 😂
Thank you Joey B. Keep funding Ukraine 🤢
They can there junk cars all stick too cash payed lol good cash payed for my car . Pay for cars what a joke people shouldn’t have too pay for anything not even rent
DONT BUY CARS PEOPLE !!!!
Im glad I bought my car in 2022, got 3% interest
My 1978 chevy Silverado truck is still going strong. Seats were out, had them recovered, paint faded ,had it repainted, headliner fail, had new one installed, etc. You get the idea. Keep up your vehicle and you will not have to replace. I bought it from a friend in 1989 for $3,500 . 😂
Haven’t had a car payment since 2012.. Still driving my 04 Acura TL with 282k miles and still drives like new, looks great also..
I honestly feel like sometimes people really make life harder for themselves even with inflation. Inflation is hard but being financially irresponsible will triple your problems.
2018 kia optima paid off
2021 mustang gt 25% paid off but it’s worth the $760 bby 💪
Luckily I bought my Honda civic in 2017
Car insurance companies are raising rates as fast as they can.
This is what happens when you have a mail-in President !
The “experts” keep saying that rates will soon stabilize. Meanwhile the rates keep climbing.
If you don’t have to don’t buy a new car. If you have a good car just keep up the maintenance and hang on to it.
Closer and closer to a 3rd world country..
bought my 05 chevy impala 3 yrs ago. 136k on the dash. this beast bout 2 las me another 7-10 yrs. woohoo.😂😂
Jokes on us though. Even going used is outrageous today. Just wait, its all going to come crumbling down. Banks have begun failing before we hit major auto repos. Thanks 08 but with autos. Car prices are going to crash, hard.
I get grief for not wanting to get rid of my 2016 Rogue with 125,000 miles! We have put like $2,000 into it this year, however a new car would likely run like $2,000 for 3 months! I am killing myself to pay off our minivan (2015 Sienna) so we can make head way!
If we hit a recession in the next year or so like they initially predicted, we will probably be seeing a lot of defaults and repos. People are overextending themselves and not being smart.
Thanks democrats!
You should never buy a new car until you own a house first.
They can claim any excuse they want. The real reason is the car companies making these outrageous expensive cars and dealerships jacking up prices
Do u miss Trump yet 😢
I still have my 2000 celica gts 6 speed. Do all the work. Which is just simple maint.
It’s only a matter of time before people that couldn’t afford those over priced vehicles, are going to have to chose between food or car. New car is nice and all, but it don’t take long for those payments to get heavy.
GO BIDEN !!!!!!!
So Bidenomics is screwing the American people basically !!
If everything you need is within 4 miles. Ride a bike, i ride a bike 8 miles a day.
Don’t mind me with my $360 rav4 payment
And insurance. Fuggin crazy.
American dream slipping away more and more. Everything’s just too expensive. Greed is killing this country
You’ll own nothing and be happy. That’s what it’s about.
When you have a dictator democrat in office … Not the time to buy homes or cars.
They want you on the bus poor and broke beggar food box donation line.
I pay around $980 a month 😢
Greed driving these prices up 🔥
People driving mortgages in Chicago.
Cars are just out of control expensive even your base model Honda Civic or Kia Sorento you’re going to pay for five or six hundred dollars for payments. I say let the market cooldown if your car’s not a clunker and it’s not breaking down and you can fix enough of the major problems with it to keep it on the road driver for the rest of this year and save some money down the road when inflation calmes down.
Which sucks because in America you need a car since the infrastructure is so primitive
Thats tough
Everybody wants the red key whilst making 18 an hour
This won’t happen to you if you can buy cars you can actually afford 🤷🏻♀️
92 mustang still running strong
Keep ur cars
This is why people are driving old cars.
1000k is crazy.
But I feel like used OR new, the prices are around the same. Which to me make no sense to get a used when you should just start fresh and get a new. If that even make sense. I saw a used Toyota at a dealership for 28k and the very same one but a 2023 version was 25k. The math just don’t be mathing 😩
Joe gotta go!
We are ALL so F’d when the music stops on these car loans. People are getting 10 grand upside down on Honda and Toyota. The next crash is going to be the last and humanity will fall.
If you think vehicle prices are high now, wait until people see all the electric vehicle prices that Joe Biden wants everyone to buy that won’t save the planet
The fact that many new purchases are full-size pickups loaded with leather seats and premium features tells you right there that people buy more than they need. The guy whole actually needs and uses his work truck everyday wants it to be as simple and durable as possible. Less to break
They can keep it