More Than 1 in 4 Americans Who Financed an EV Purchase in Q3 Committed to a $1,000+ Monthly Payment, According to Edmunds
SANTA MONICA, Calif., Oct. 5, 2022 /PRNewswire/ -- A growing share of Americans are committing to monthly new car payments topping $1,000 as interest rates and prices continue to rise, according to the car shopping experts at Edmunds. As reported in Edmunds' Q3 finance trends release, 14.3% of consumers who financed a new vehicle purchase in Q3 2022 committed to a monthly payment of $1,000 or more — the highest level that Edmunds has on record — compared to 12.2% in Q2 2022 and 8.3% in Q3 2021.
- Edmunds analysts took a closer look at the share of monthly payments over $1,000 for financed new vehicle purchases in Q3 by state, make, model and powertrain.
- Their findings reveal that:
More than 1 in 4 consumers who financed an EV committed to a monthly payment over $1,000. - The Ford F-150 made up 5.6% of all new vehicle loans made in Q3 with a $1,000+ monthly payment.
- The full list of states ranked by share of $1,000+ monthly payments can be found in an infographic on Edmunds .