Typical monthly payments for a new car are getting steeper, according to the latest data from Cox Automotive and Moody's Analytics.
Kelly Blue Book reported earlier in the week that the average purchase price in the U.S. for a new vehicle rose for a fifth consecutive month, hitting a record-high of $48,301 in August. It climbed 10.8% from August 2021.
Increased interest rates have contributed to the average new vehicle being less affordable, the Cox Automotive/Moody's Analytics report said.
The prices of new vehicles have continued to climb, both month-over-month and year-over-year, according to the latest consumer price index data put out Tuesday by the U.S. Department of Labor.
From a year ago in August, the average cost of new vehicles went up 10.1%, with the prices of new cars and new trucks rising 10.9% and 9.8%, respectively. The prices of new vehicles increased 0.6% from July, according to the unadjusted data.
FILE - Brand new Volkswagen cars are displayed at a Volkswagen dealership on Feb. 23, 2018, in Richmond, California. (Photo by Justin Sullivan/Getty Images)
Meanwhile, the prices of used cars and trucks are about 7.8% higher than they were in the same month of 2021. On a monthly basis, they actually dropped 0.4%, however.