The automotive affordability crisis is deepening as average monthly car payments reached a record $777 in the second quarter, with nearly a quarter of US car buyers taking out loans of seven years or more.
The average amount financed on a new car also reached an all-time high of $44,156 in the period, according to data released Wednesday by automotive shopping site Edmunds.com. At the same time, stretched buyers have less money to put down on a new car, as the average down payment fell 10% from a year ago to $5,815, Edmunds said.