Buying a new car has become significantly more expensive, with the average price rising from $38,162 in 2020 to $47,462 today. Due to high costs, more buyers are turning to extended financing, with nearly 20% of new car loans now lasting seven years. This trend increases the risk of being upside down on the loan, as cars depreciate quickly. With average monthly payments at $741 and interest rates around 7.1%, a $41,000 loan could end up costing over $56,000 by the time it’s paid off.
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