Need some data to explain why new cars are increasingly out of reach for Americans? Consider this: the average monthly payment for a new car loan in the US is about $770 – that’s more than my house payment 35 years ago in suburban Detroit. That’s based on a $43,925 loan amount at 6.39% interest, for a loan term of nearly six years. Step back and ask yourself a tough question: You might want this luxury SUV over here, but how much car do you really need?
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