Monthly Car Payments Cross Record $700
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Excerpts:
Cars have long had their own special place in America.
The wide open roads, the wind in your hair, the feeling of freedom when you drive. Cars have been celebrated in movies and eternalized in songs for evoking all that.
And right now, that feeling of freedom comes with a pretty hefty price tag. The average monthly car payment crossed $700 a month earlier this year, the highest on record, according to Cox Automotive/Moody's Analytics.
"I joke with people that every new car purchase is a luxury car purchase, I don't care what you're buying," says Ivan Drury, senior manager of insights at the car buying expert Edmunds.
However, cars aren't just a symbol of freedom.
In fact, they play an essential role in the economy. People rely on cars to get to work - 3 out of 4 Americans commute to work by car. Then there's school drop-offs, doctors appointments, grocery shopping and more.
And yet, for more and more Americans owning a car is becoming unaffordable.
"Unfortunately for the segment of the population that probably needs it the most, it's getting more and more out of reach," Drury notes.
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