Why Car Payments Are So High Right Now

Car payments have skyrocketed in recent years - a result of high interest rates and high prices. Pandemic era shortages are partly to blame. But larger structural factors are, too. For years customers have been clamoring for fancier cars, and automakers have raked in the profits. In the short term, rising incentives and falling prices may provide some relief. But insiders wonder what the car market will look like over the next decade.

Chapters:
00:00 - 01:14 Title card - Why car payments are so high right now
01:23 Chapter 1 - Rising car payments
02:04 Chapter 2 - Why so high?
05:35 Chapter 3 - Good news

Producer: Robert Ferris
Editor: Darren Geeter
Animation: Jason Reginato
Senior Managing Producer: Tala Hadavi
Additional footage: Getty Images, Hyundai, Toyota, GM, Ford

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Why Car Payments Are So High Right Now