CNBC headline: Luxury car buyers shell out more than ever with ‘car payments that look more like mortgage payments’
PUBLISHED TUE, JUL 5 202211:48 AM EDTUPDATED 3 HOURS AGO
The share of new car buyers with a monthly payment of more than $1,000 jumped to a record high, according to Edmunds.
With elevated prices and limited inventory due to supply chain challenges, the car market isn’t expected to improve anytime soon.
For the first time, just over 12% of consumers who financed a new car in June committed to a monthly payment of $1,000 or more — the highest level on record — compared with 7.3% one year ago, Edmunds found.
“Although there appears to be a steady stream of affluent consumers willing to commit to car payments that look more like mortgage payments, for most consumers the new car market is growing increasingly out of reach,” Caldwell said.