FOXNEWS America Reports June 4, 2024 17:06:00
Over inflation. some americans are still struggling to pay for necessities, and now it's getting harder to afford a car. lydia joins us to break this down. what's behind the increased cost here? >> a big factor, interest rates. they are adding thousands of dollars, the average interest rate on a loan for a new car hit 7.2% last month, according to edmunds. the average transaction price for a new car is now more than $48,000, according to kelly blue book. the average down payment, nearly 6800. that leaves about 41,500 to be financed at 7.2%. after 72 months, total interest paid would be higher ...