Record Share Of Car Buyers Paying $1,000+ Monthly Due To Highest Interest Rates Since '08 | Carscoops

The average new car monthly payment hit a record high of $730 in Q1 2023 versus $717 of Q4 2022 and $656 Q1 2022 car auto cars

also notes that the average down payment for a new vehicle climbed to a record high of $6,959 in Q1 2023 compared with the $6,083 in Q1 2022.“Since inventory levels are improving, interest rates are now topping the list of the greatest obstacles that automakers will be facing in 2023 to move metal,” Edmunds’ executive director of insights Jessica Caldwell noted.

“But with major challenges come great opportunities: Since interest rates are at the forefront of consumers’ minds, any automaker or dealer that can advertise incentives related specifically to interest rates will likely get more attention. This could be a powerful marketing tool that would enable sellers to tap into the significant pent-up demand that has been building over the past few years and convert that demand into actual sales.

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