Average monthly car payment now more than $700 in United States – FOX13 News Memphis

MEMPHIS, Tenn. — Mike Neal can’t afford to buy a new car, so he said he has to share with his wife until he finds a reasonable price in Memphis.

“I have been shopping for a while, but the prices are way up there,” said Neal, whose transmission went out this summer.

The average monthly car payment was a record high of $712 in June, according to Cox Automotive Research.

“It’s unacceptable to me,” Neal said. “I can’t do that.”

With record-high inflation, the owner of J.R.’s Auto Sales in Memphis said her prices have increased between 40 and 45%.

“We’re having a tremendous time finding inventory and inventory that’s affordable for our customers,” said Lisa Brock, who has owned the used car dealership with her husband since 1988.

She said the cars at her Midtown dealership come from auctions, which get inventory from new car dealers.

A shortage of new cars ultimately affects the supply and prices of her used cars.

“You just wake up every morning and you think, ‘We’re going to get through this,’” Brock said. “It’ll get better. It’ll get better for our customers.”

Neal worries he won’t be able to afford a car anytime soon.

“I don’t believe it’s isolated,” Neal said. “I’m certain there are other folks in the same spot.”

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