Report: New Car Payments Hit Record High

New car monthly payments hit a record high last month according to a new report from Kelley Blue Book.

The average new car buyer signed up for a monthly payment of $762 last month, the report said, driven by high prices and interest rates.

The report also found that the average new car sold for $48,681 in November, which is also an all-time high. Additionally, the Federal Reserve just enacted its sixth raise of interest rates this year, pushing auto loan rates to a 2-decade high.

Click here to read the full report from Kelley Blue Book.