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American car owners are experiencing sticker shock as prices of new cars and subsequent loan payments are skyrocketing in the era of Biden.

Per AutoNews, the average monthly car loan payment has now risen to $712 a month, the highest it has ever hit. It is a 1.7% increase over last month. And the price of a new car has risen to more than $55,000.

These skyrocketing numbers have now way, way outpaced income growth.

The average car buyer must spend about 41 weeks’ worth of a median income to buy a new car. The increase represents a 19% increase over this time last year.

Used cars are also soaring because inventory is so low.

Joe Biden’s self-destructing economy continues to hurt Americans.

Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston, or Truth Social @WarnerToddHuston

Warner Todd Huston

Warner Todd Huston has been writing editorials and news since 2001 but started his writing career penning articles about U.S. history back in the early 1990s. Huston has appeared on Fox News, Fox Business Network, CNN, and several local Chicago News programs to discuss the issues of the day. Additionally, he is a regular guest on radio programs from coast to coast. Huston has also been a Breitbart News contributor since 2009. Warner works out of the Chicago area, a place he calls a "target rich environment" for political news.

 

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