Consumer borrowing for cars at record high

[McFurd]

Consumer Affairs - 3/7/2017 - Mark Huffman - Economists who say there isn't much inflation in the U.S. economy probably haven't shopped for a car lately. The average transaction cost on a new car is now north of $35,000 and used car prices keep going up as well. The latest State of the Automotive Finance Market report from Experian shows the amounts consumers are financing on new and used car purchases has hit a record high. As a result, buyers are extending the loan payback times to reduce monthly payments. In the last quarter of last year, the average loan amount for a new vehicle rose to a record high of $30,621. For used vehicles, the average amount financed was $19,329, up from $18,850 in the same period of 2015. Read more @ https://www.consumeraffairs.com/news/co ... 30717.html