President Joe Biden's Economy Is So Bad Car Payments Are The Highest They Have Ever Been In American History

January 11. 2024

The U.S. economy hit a number of record lows in a bad way under President Joe Biden. Mortgages and rents are at their highest. Gas hit its highest prices under Biden. A record number of senior citizens began living in homeless shelter's due to Biden's record high inflation making everything in America unaffordable for most. Now comes word that the "average month car loan payment" hit a record high under Biden.

It was reported, "According to Edmunds' figures, buyers put an average of $7,074 down on a new vehicle in Q4 2023, surpassing the mark of $6,907 from Q3 2023 and $6,780 from Q4 2022. That up-front benchmark didn't prevent setting a record for the average monthly payment for a new vehicle reaching $739 in Q4, $3 more than the previous record set in Q3, $22 more than Q4 2022."

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Average monthly car loan payment hits a record $739 in Q4 2023

Jan 8th 2024 at 12:37PM - The financial aspects of getting into a new vehicle are getting better thanks to growing dealer inventories, more incentives, and better interest rates. Even so, unwelcome records are still being set. Edmunds looked at loan figures for 2023, the headline conclusion being "lower interest rates secured on more manageable term lengths for new vehicles in Q4." The flip side is record amounts for down payments and monthly payments. According to Edmunds' figures, buyers put an average of $7,074 down on a new vehicle in Q4 2023, surpassing the mark of $6,907 from Q3 2023 and $6,780 from Q4 2022.

That up-front benchmark didn't prevent setting a record for the average monthly payment for a new vehicle reaching $739 in Q4, $3 more than the previous record set in Q3, $22 more than Q4 2022. Higher up the pay scale, the share of buyers paying more than $1,000 per month hit 17.9% in Q4, up 0.4% over Q3 2023 and up 1.4% compared to Q4 2022. Edmunds said an influx of luxury buyers in Q4 nudged the percentage, so this stat might not be as dispiriting as it appears.

Used car buyers are still getting worked on the ropes. Down payments for secondhand goods also set a record, although Edmunds didn't provide a figure. The average interest rate for used cars was 11.6% in Q4, 0.4% over Q3 and 1.6% over the year prior...

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