How to afford your next vehicle when the average payment is equivalent to a mortgage | Featured story

(TNS) – Most Americans depend on cars to get around, but recent data shows that buying a new vehicle may now be out of reach for average earners.

The average cost of a new car sold in May was $47,148, an increase of $472 from the previous month, according to Kelley Blue Book. This coincided with the average monthly car payment exceeding $700, the highest on record, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index.

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