Owning a car means much more than the purchase price. Obviously there’s gas, registration and insurance, which went up. According to Insurify, auto insurance rates jumped 15% in 2024.
And of course, President Trump’s tariffs could make car prices soar, plus higher interest rates will increase monthly payments. As of June 2025, the average new car loan interest rate is 6.73% and for used cars it’s a whopping 11.9% — all depending on your credit score, per Experian’s State of the Automotive Finance Market report.
