U.S. New Car Payments Hit Record $777 as Florida Prices Jump to $46,888
Updated
Updated · FOX 13 Tampa · Jul 23
U.S. New Car Payments Hit Record $777 as Florida Prices Jump to $46,888
3 articles · Updated · FOX 13 Tampa · Jul 23
Summary
$777 is now the average monthly payment for a new financed car nationwide, according to Edmunds, marking a record high for buyers.
Edmunds said the average new-vehicle transaction price rose to about $48,000 in 2026 from nearly $38,000 in 2019; in Florida, it climbed to $46,888 from $34,593.
84-month loans are increasingly tied to those purchases, Edmunds said, stretching payments across seven years as buyers absorb higher sticker prices.
Used vehicles have not offered much relief either, with prices up 25% to 30%, while maintenance, gasoline and insurance costs add to the ownership burden.
Edmunds said automakers cannot quickly cut costs because production planning takes years, and advised buyers to keep existing cars longer or negotiate financing terms aggressively.