Monthly payments on loans given out in June to buy a new car averaged an all-time high of $686, according to car-shopping site Edmunds, whose data go back to 2005. That is up 4% from January and 13% above a year ago, the Wall Street Journal reported. A growing share of people are paying much more. A record 12.7% of new-car buyers who signed up for a loan in June have a monthly payment of at least $1,000, according to Edmunds. That share is up from roughly 7% a year earlier, 5% in June 2019 and 2% in June 2010. Average monthly payments on used cars are near a record, according to Edmunds, whose data on used cars go back to 2008. In June, they averaged $554, up 12% from a year ago. (Subscription required.)
