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Are Record-High Car Payments Really an Automotive Crisis?
Are automakers or consumers at fault? Recent headlines have focused on one alarming statistic: average new vehicle payments have climbed to record highs, now approaching $770–$780 per month, with a growing percentage of buyers taking on payments exceeding $1,000. The conclusion many articles draw is simple: the automotive industry has become unaffordable, and consumers are trapped in a dangerous cycle of debt. While there is certainly truth behind the affordability concerns,
Michael Timmons
Jul 74 min read
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