More Americans Than Ever Have Monthly Auto Payments Over $1,000

  • Payments are unlikely to subside in the near future since minutes from the most recent Federal Open Market Committee meeting show that central bankers are prepared to take a “restrictive policy stance” on rising price levels for “some time.”
  • Supply chain pressures that continue to grapple the economy following the lockdown-induced recession have worsened surging vehicle prices. Average costs increased some 43 percent between February 2020 and September 2022, according to data from JPMorgan Research, which forecasted prices for used vehicles will adjust by falling as much as 20 percent this year.
  • Demand for automobiles still outpaces supply despite the advent of elevated interest rates, according to data from J.D. Power and LMC Automotive, which indicated that sales for new vehicles increased 9.6 percent between the fourth quarter of 2021 and the fourth quarter of 2022.
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