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Truck purchases are driving up the average cost of car payments. Some buyers pay over $1,000 a month (www.nbcnews.com)

submitted 1 year ago by deconstruct@lemmy.world to c/personalfinance@lemmy.ml

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More than 1 in 4 car shoppers in Texas and Wyoming have committed to paying more than $1,000 a month, and experts say it is due to the high volume of large truck purchases in those states, according to a report by auto site Edmunds.

More than 1 in 5 shoppers in seven other states — Colorado, Kansas, Louisiana, Montana, Nebraska, North Dakota and Utah — are also forking over more than $1,000 for their vehicles each month.

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[–] autotldr@lemmings.world 7 points 1 year ago

This is the best summary I could come up with:

Car shoppers are paying more than ever to finance new vehicles — and pickup trucks are driving up the average cost in at least two states.

More than 1 in 5 shoppers in seven other states — Colorado, Kansas, Louisiana, Montana, Nebraska, North Dakota and Utah — are also forking over more than $1,000 for their vehicles each month, Edmunds found.

Large trucks are the third-largest vehicle sales segment in the U.S., after compact and midsize SUVs, and account for the “heaviest finger on the scale” when it comes to the average car payment, said Joseph Yoons, a consumer insight analyst for Edmunds.

Trucks have evolved from utilitarian vehicles to highly aspirational ones that consumers are willing to spend a lot of money on — and automakers are noticing, added Waatti.

“It does not seem strange to me that a quarter of the population in Texas have some serious cash, [saying] ‘I couldn’t get one of these fancy trucks before, I can get them now,’” said Tom McParland, contributing writer for automotive website Jalopnik and operator of vehicle-buying service Automatch Consulting.

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