LOUISVILLE, Ky. (WDRB) -- Are you thinking of buying a new car in the near future? High prices and new tariffs mean you could be paying more every month.
Many buyers are finding themselves priced out of the market. The average price on a new vehicle has reached $48,000, which is 20% more than five years ago.
The average monthly payment is now up to over $600 a month, resulting in more dealers pushing longer loans. The average loan is up to 6-7 years.
The bigger problem with long loans is that your car will need a new set of tires, averaging $800 a month, when you are still paying for it every month.
Instead of longer loans, consider buying a less luxurious or cheaper new car, or try leasing or paying a lower monthly rate.
More area business stories:Â
- Park DuValle Community Health Centers expanding with new immediate care center in west Louisville
- Justin Thomas Foundation donates $1.6 million to Boys & Girls Club of Kentuckiana
- Sheehan Landing welcomes residents, providing apartments for Louisville's homeless
- Fourth Street Live! restaurant in Louisville plans to relocate after recent closure
