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.

A.J. Hecht

A.J. Hecht is the managing editor of THE SHOP and host of the In Gear with THE SHOP podcast. Have an idea, a tip, or a question you’d like to see answered? Contact A.J. at

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