Record Car Prices Are Pushing American Drivers Deeper Into Debt

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The average new-car transaction price in the United States reached a record $51,109 in October, while auto-loan rates remain near their highest levels since the mid-2000s. The combined costs are making vehicle ownership less affordable for working-class households, even before insurance, fuel, and maintenance expenses.

The average price of a new vehicle in the US has climbed to a record $51,109, according to a new Cox Automotive report citing Kelley Blue Book data. Combined with new-car loan rates near their highest levels since the mid-2000s, record sticker prices are putting vehicle ownership increasingly out of reach for many working-class folks, even before insurance, fuel and maintenance costs are factored in. Cox said average new-car transaction prices rose 2.1% year over year in October to a record $51,109, a slower increase than the rate of overall consumer…