All you need now is another bill. The dollar isn’t going as far as it once did, and now your car breaks down! Can you afford a new one? According to these new reports, the answer is most likely… NO!
My friend recently fixed his car, and when I say recently, like (at the time of this writing) he had finished it 30 minutes ago. I’m not a car guy, but it was something with his car's axle, and it took him 3 days to fix it in our work’s parking lot.
During that time frame that he was car-less, I drove him back and forth from Yakima to his home in Harrah (a lot of driving), and it really made me appreciate my car and the fact that it’s paid off. Between YouTube and his unyielding spirit, he got his car going, because, as it is with a lot of people, affording a new car is not an option.
According to data from Edmunds, new car payments are at an all-time high, with the average payment reaching $772, with many spending over $1,000 per month on their 4 wheeled-ride. When it comes to financing, it’s increased over 50% in the past decade, to around $43,000.
When I called around to several of the fine dealerships throughout Yakima, there were too many variables when it came to an average payment.
READ MORE: Why More & More Drivers Have Expired Tabs!
Make and Model of the car, mileage, insurance factors, credit score, vehicle options (like heated seats, sunroofs, remote start, etc.). The actual loan amount will also affect the monthly payment as well as the interest rate you’re agreeing to, plus down payment, and if you have a trade-in.
One thing is for sure: no one wants the “$1,000 A Month” car payment to become the norm. Some tips from CarEdge are to simply ask questions (the right questions), shop around, be fully aware of what you’re agreeing to when purchasing a car (new or used), and don’t just go by the monthly cost; look long-term.
 

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