New Car Buyers Can Now Afford Lower Monthly Payments, But at What Cost? According to data from Experian, a significant number of car buyers are finally able to secure monthly payments below $500 for their new vehicles. However, a closer look at the statistics reveals that these affordable deals come with some significant strings attached. In fact, nearly one in five new car purchases now falls within this price range, but they often require buyers to put down substantial down payments, opt for less expensive vehicles, and possess excellent credit scores. This raises questions about who these deals are truly benefiting and whether the sacrifices required to secure them are worth it for the average consumer.
Monthly payments below $500 happen on a fifth of deals, but typically require large down payments, less expensive vehicles and high credit scores, Experian data shows.
