Why Are Car Payments So High?

In this video, Ronnie Haskins takes you through the current state of car payments in the auto industry and provides practical advice on navigating it effectively.

He explains that the average interest rate for a $35,000 car has increased from 4.5% to 7.2% in just a year, adding about $50 more monthly to car payments. Over the life of a 60-month loan, you could end up paying around $3,000 more in interest alone.

But that's not all. The availability of new cars is still low compared to pre-pandemic levels, making it even harder to find a new car when you need one.

So, what can you do to combat these challenges? In this informative video, Ronnie shares three key tips:
1️⃣ Maintain Your Car: Regular preventative maintenance can extend the lifetime of your vehicle. Find a local mechanic to help you keep your car in top shape.
2️⃣ Start Saving: If you're currently without a car payment, set aside monthly money equal to the average new car payment ($729). This will help you build up a down payment and get you used to making higher car payments.
3️⃣ Refinance Your Car: If you already have a car and are struggling with high payments, consider refinancing your vehicle through a credit union. This can potentially lower your monthly payments and provide some much-needed relief.
Remember, we're all navigating this new normal together. By staying informed and taking proactive steps, you can prepare for whatever comes next.

If you live in Colorado, give Hunner Mancil a call to check your options - 719-627-5726

00:00 Introduction
00:40 The Interest Rate Problem
01:30 Interest Dilemma
02:17 Vehicle Availability
03:04 Solution #1 - Maintenance
03:26 Solution #2 - Save Money
04:33 Solution #3 - Refinance

[the_everydayexplorer]

what middle class family has $700 a month to put into a savings to "Build muscle memory" for a car payment. When the market looks like this.... Better know how to find a good car and better go used. The cost effective way to have a vehicle these days.... I do all the work on my car myself. its lasted me 2 years so far with a purchase price of 3500 and upkeep & repairs totalling $600. If you need a car now. Dont listen to this guy. He's a salesman.

[the_everydayexplorer]

Not to mention how poorly vehicles are manufactured these days. Nothing Wrong with a USED OLD car. Maybe it hurts your ego.