Americans Hit With “Second” Mortgage
This is unbelievable.
Just when you thought this world couldn’t get any crazier this happens.
It is now being reported by Axios that car payments cost $1000 or more are becoming increasingly common as the cost for new vehicles continue to surge across America. Many American’s are referring to these $1000+ as a second home mortgage because how expensive they are.
An astounding 12.7% of vehicles buyers in June agreed to purchase vehicles with a monthly payment cost of over at least $1,000 making it the most Americans have ever paid!
Furthermore, 36.1% of borrowers chose loans ranging from 73–84 months compared to June 2021 when the percentage was 32.8%.
Currently, the average cost for a new vehicle sits at more than $47,000. Costs of new vehicles have risen because of a number of supply chain disruptions that President Biden’s administration has been unable to fix.
