The third-quarter average monthly payment on a new vehicle was a record $736, up from $733 in the second quarter, according to Edmunds. 'What really is driving these prices is less inventory than before,' said Jessica Caldwell, Edmunds' head of insights. Interest rates are higher, pushing up costs for drivers. Yet, pent-up demand has kept cars moving off lots, experts say, meaning dealers don't have much reason to offer discounts.
'Consumers are not getting necessarily the massive discounts they once were,' said Jessica Caldwell, Edmunds' head of insights. The APR on loans for new vehicles rose to 7.4% and for used vehicles, to 11.2%, both levels last seen during the Great Recession. Rising rates contributed to higher costs. The third-quarter average monthly payment on a new vehicle was a record $736, up from $733 in the second quarter, according to Edmunds. For used cars, the average monthly payment slightly lowered to $567 from $569
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