Part 9/14:
The increasing costs of vehicles, coupled with the high interest rates—averaging over 7% for new vehicles and up to 20% for subprime borrowers—have made car ownership substantially more expensive. Monthly payments now soar beyond $750 for new vehicles and over $525 for used ones. For families with multiple children, this means dollars that could be used for housing or education are instead funneling into depreciating assets that many are unable to afford or maintain.