Americans Hit With “Second” Mortgage

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.