The average interest rate on a NEW car loan just hit a record 7.2%.
Meanwhile, the average interest rate on a USED car loan is now 11.0%.
The average new car payment in the US is now $750 and the average new mortgage payment is $2,850.
This means that an American who wants a new car and house is paying $3,600/month or $43,200/year AFTER a 20% downpayment.
That is 62% of the median household income in the US.
Necessities have become luxuries.
Humanity is hope
npub1x4…fwwz6
2023-07-31 17:40:09
Author Public Key
npub1x4l0c9dq523ejxfsqvqa9xcaksl9x7l3nduyd2ckgehjpzw9g34qyfwwz6Published at
2023-07-31 17:40:09Event JSON
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"pubkey": "357efc15a0a2a39919300301d29b1db43e537bf19b7846ab16466f2089c5446a",
"created_at": 1690825209,
"kind": 1,
"tags": [],
"content": "The average interest rate on a NEW car loan just hit a record 7.2%.\n\nMeanwhile, the average interest rate on a USED car loan is now 11.0%.\n\nThe average new car payment in the US is now $750 and the average new mortgage payment is $2,850.\n\nThis means that an American who wants a new car and house is paying $3,600/month or $43,200/year AFTER a 20% downpayment.\n\nThat is 62% of the median household income in the US.\n\nNecessities have become luxuries.",
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}