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According to data from Edmunds, the share of consumers who pay $1,000 monthly payments for new vehicles is above 17% for the fourth straight quarter. As inflation makes its way across almost every consumer category, it can be daunting to figure out just how much it actually costs to purchase a new vehicle. Edmunds Consumer Insights Analyst Joseph Yoon joins Wealth! to break down the best tips for American consumers looking to buy a new vehicle. Yoon puts the increased costs of buying a new car into perspective: "Think the first place they need to think about is the overall cost of the vehicle. Not only have the vehicles gotten way more expensive in the last five years almost to the tune of nearly $10,000, so has the interest rates. We talked about in the last segment about how interest rates for homes are over 7%. Same goes for new car loans as well which means that when you're taking out a loan for maybe $40,000 for a new car, that's almost $10,000 in interest alone. So when you take those things into consideration, it means that you have to pay so much more than you might have the last time around when you were going car shopping. So you have to be flexible." For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Nicholas Jacobino