Monthly car payments have crossed a record $700. What that means
The average cost of a new car is also at the highest on record, topping $47,000 a pop. At this rate, an essential household purchase is starting to feel like a luxury in America.
Cars have long had their own special place in America.
The wide open roads, the wind in your hair, the feeling of freedom when you drive. Cars have been celebrated in movies and eternalized in songs for evoking all that.
And right now, that feeling of freedom comes with a pretty hefty price tag. The average monthly car payment crossed $700 a month earlier this year, the highest on record, according to Cox Automotive/Moody's Analytics.
"I joke with people that
