Credit rating agency Experian says the average monthly payment for a new vehicle hit a record high of $545, up $30 from a year earlier. Why such a high monthly payment? Vehicle prices are climbing in part because consumers are increasingly preferring crossovers and SUVs, which tend to carry higher prices than sedans. And not let your total monthly vehicle expense, including principal, interest and insurance, exceed 10% of your gross income. The used car listings come from AutoTrader.com, and new car prices have been pulled from new-car dealer websites.

Source: Forbes March 01, 2019 18:56 UTC