Cars are more expensive than ever, according to the CFA report, "Driven to Default: The Economy-Wide Risks of Rising Auto Loan Delinquencies." The average vehicle sells for nearly $50,000 and almost 20% of new car buyers are paying $1,000 or more a month, the report said. Nearly 1 in 5 new car buyers in the first quarter of 2025 have a loan that is seven years long. Used car prices had also risen 6.3% year over year in June 2025, CFA said.

CFA sent the report to members of Congress on Sept. 10, calling for an end to "exploitative practices," including interest-rate kickbacks, where dealers and lenders "conspire to secretly inflate interest rates and share the profits gleaned from the consumer's overpayment."

Americans owe more than $1.66 trillion in auto debt and a crisis is happening "just as our nation’s federal watchdogs – the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) – have taken significant steps back from oversight and enforcement of predatory practices in the auto market," the report said.

More here:
https://www.usatoday.com/story/money/2025/09/10/auto-loan-delinquencies-debt-report/85998815007/

I've never owned a brand-new car in my life. Not only that, but I just can't part with the amount of money they want for a new one. Particularly, when they lose so much in value by merely driving them off the lot. A $1000 or more a month car payment for 6 or 7 years isn't something I'd care for either. And the insurance on that much car....not for me. I'd like to have owned a brand-new car. But for me, it's just not prudent. I've got a feeling it wasn't that prudent for a large number of Americans either. I think too many people place too much importance on their means of transportation. Reliability is of course important. You can get that without buying brand new.