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Rising Car Loan Payments Strain Family Budgets in El Paso

KVIA••CNN Newsource
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Many El Paso residents are feeling the financial strain from skyrocketing car loan payments, with over 20% of borrowers now paying more than $1,000 monthly. The average payment for a used car has reached $538, while new car payments have surged to $769, reflecting a 35% increase since 2019. This trend is exacerbated by high living costs and inflation, forcing families to rely on credit cards for everyday expenses. Experts predict that car prices, averaging around $50,000, will remain high due to rising production costs and tariffs, making it essential for car owners to manage their payments carefully.

Key Details: • Over 20% of borrowers are paying over $1,000 monthly for car loans. • Average payment for a used car is $538, while new car payments average $769. • Car prices are averaging around $50,000, likely to remain elevated. • Borrowers are encouraged to stay current on payments and maximize vehicle use after loans are paid off.

el-paso budgeting inflation credit-cards car-loans

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