Sticker shock in the US car market is hitting new extremes, with some Americans now looking at higher monthly auto payments than what they typically pay in rent.
A record share of new car shoppers are being saddled with monthly payments topping $1,000, according to June data from Edmunds. That’s higher than the average cost of rent in 24 US metro areas on the Zumper National Rent Report. Meanwhile, the average monthly car payment reached $712 in May, according to Cox Automotive. That’s higher than rent for one-bedroom apartments in cities like Wichita, Kansas, and Akron, Ohio.