What’s The Average Car Payment In Minnesota? It’s Higher Than You Think
What's your car payment? Or are you lucky enough not to have one? The price of cars has been increasing as more technology is being integrated into them. Also, the pandemic and supply chain disruptions have driven prices of used vehicles to record highs in recent years.
New car sales also are seeing increases, especially with the federal interest rate being hiked up to 5.25. This was done by the government to curb out-of-control inflation. The higher the interest rate means the more money you'll be paying out monthly for your vehicle. The statistics come from Simply Insurance.
National Average For New Car Payments In US
In the United States, the average car payment for a new vehicle is $575 a month. The average loan amount on a new vehicle is $34,635.
National Average For Used Cars
In the US, the average monthly payment for a used car was $3,93 per month. The average loan for a used car is $21,500.
Minnesota New & Used Car Payment Amounts
Statistics show that Minnesotans pay on average $530 a month for a new car. For a used car the average payment is $322.
Wisconsin New & Used Car Payment Amounts
Wisconsin's numbers are pretty similar. A new car payment averages $523 a month and a used car payment is an average of $327 per month.
What's the average loan length in the United States?
Loan terms are getting longer as well. A new vehicle loan average is 69 months. That's almost 6 years. Used vehicles have an average loan length of 35 months.
Lease payments are on the rise as well.
For people who like to lease their vehicles, they've seen increases in the cost in the last few years. New cars leased fell to 27% of the new cars on the road in 2020.