"Davine Greene, a nursing student, described her car as 'the bane of my existence' and called it 'probably the worst decision I've ever made, like, financially speaking.'"
"The average interest rate on a 60-month new-car loan from banks was 7.22 percent in November, contributing to higher monthly payments for borrowers."
"Total costs of owning a vehicle have risen more than 40 percent since January 2020, factoring in insurance, gas, repairs, and maintenance."
Davine Greene, a nursing student, has faced overwhelming car ownership costs, including an $830 monthly payment and $280 for insurance, driving her debt over $80,000. She filed for bankruptcy after nearly three years of timely payments on her Kia K5 GT. Rising vehicle prices, interest rates, and maintenance costs have made car ownership increasingly unaffordable. The average monthly new-car payment has surged to $774, with over 20% of borrowers paying more than $1,000 monthly. Total vehicle ownership costs have increased by over 40% since January 2020.
Read at www.nytimes.com
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