The typical new car today costs almost $49,000 - near a record high. Used cars are also flirting with all-time highs. That's because car prices skyrocketed during the pandemic and have hardly fallen since, making car ownership one of the biggest financial burdens Americans face.
The study demonstrated that while affluent areas exhibit high debt per borrower, lower-income regions, especially Black and Latino neighborhoods, bear even greater debt burdens and delinquency.