American car owners are experiencing sticker shock as prices of new cars and subsequent loan payments are skyrocketing in the era of Biden.
Per AutoNews, the average monthly car loan payment has now risen to $712 a month, the highest it has ever hit. It is a 1.7% increase over last month. And the price of a new car has risen to more than $55,000.
These skyrocketing numbers have now way, way outpaced income growth.
The average car buyer must spend about 41 weeks’ worth of a median income to buy a new car. The increase represents a 19% increase over this time last year.
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Used cars are also soaring because inventory is so low.
Record 10% monthly surge in used car prices accounted for a third of the core CPI increase of 0.9%. Fed will discount this as stimmy funded pic.twitter.com/2LsxQPWWxz
— zerohedge (@zerohedge) May 12, 2021
Joe Biden’s self-destructing economy continues to hurt Americans.
Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston, or Truth Social @WarnerToddHuston
Cross-posted with iPatriot
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