Consumers Drowning in Car Debt: 24% Owe More Than Their Cars!

5 days ago
6

Nearly a quarter of Americans are now underwater on their car loans, with used vehicle values plummeting as the market normalizes. Negative equity, where you owe more than your car's worth, has spiked to 24.2%, with an average of $6,400. Buyers from the pandemic era are facing harsh trade-in realities, compounded by new incentives on cars and falling resale prices. For many, holding onto their vehicle longer is the best option as they wait for payments to catch up with value.

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