More Than 1 In 5 New Car Buyers Now Have Payments Over $1,000 A Month

According to Edmunds data, a growing number of Americans are taking on monthly car payments above $1,000 due to rising vehicle prices and high interest rates.

That’s one of the biggest reasons people are holding onto older cars longer, buying used instead of new, and delaying upgrades entirely.

For many buyers now, the monthly payment matters more than the actual price of the car.