In 2023, new car leases were the type of vehicle financing with the highest average monthly payment. Monthly car loan payments in the United States tend to increase each year, with the monthly payment for new car loans reaching 725 U.S. dollars in the third quarter of 2023. The average monthly payment for used car loans in the U.S. amounted to 533 U.S. dollars in the third quarter of 2023.
Average monthly payment for new and used vehicle financing in the United States from 2020 to 2023, by type
(in U.S. dollars)
Characteristic
2020
2021
2022
2023
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Experian. (December 1, 2023). Average monthly payment for new and used vehicle financing in the United States from 2020 to 2023, by type (in U.S. dollars) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/453332/monthly-payment-for-used-new-car-financing-usa/
Experian. "Average monthly payment for new and used vehicle financing in the United States from 2020 to 2023, by type (in U.S. dollars)." Chart. December 1, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/453332/monthly-payment-for-used-new-car-financing-usa/
Experian. (2023). Average monthly payment for new and used vehicle financing in the United States from 2020 to 2023, by type (in U.S. dollars). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/453332/monthly-payment-for-used-new-car-financing-usa/
Experian. "Average Monthly Payment for New and Used Vehicle Financing in The United States from 2020 to 2023, by Type (in U.S. Dollars)." Statista, Statista Inc., 1 Dec 2023, https://www.statista.com/statistics/453332/monthly-payment-for-used-new-car-financing-usa/
Experian, Average monthly payment for new and used vehicle financing in the United States from 2020 to 2023, by type (in U.S. dollars) Statista, https://www.statista.com/statistics/453332/monthly-payment-for-used-new-car-financing-usa/ (last visited July 22, 2024)
Average monthly payment for new and used vehicle financing in the United States from 2020 to 2023, by type (in U.S. dollars) [Graph], Experian, December 1, 2023. [Online]. Available: https://www.statista.com/statistics/453332/monthly-payment-for-used-new-car-financing-usa/