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Friday, August 12, 2022

Cars are more costly than ever. Now monthly payments rival mortgages

Cars are more costly than ever. Now monthly payments rival mortgages

Rising interest rates are bad enough, but they’ve combined with a 13% hike in new vehicle prices to leave some shoppers staring down car payments that rival the monthly mortgage on a $300,000 home.

For those eyeing a new Tesla, it isn’t just the sticker prices that are electrifying. It’s also mini-shocks that come with every monthly payment.

Whether it’s high-end electric, luxury cars or swanky SUVs and pickups, rising interest rates are combining with record average prices to saddle buyers with payments that can rival what they pay to put a roof over their heads.

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