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Typical monthly payment for a new vehicle hits record $743

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FILE - New cars are parked in the lot at the Serramonte Ford dealership in Colma, Calif. on Dec. 14, 2018. (Photo By Paul Chinn/The San Francisco Chronicle via Getty Images) Typical monthly payments for a new car are getting steeper, according to the latest data from Cox Automotive and Moody's Analytics.The average new car payment hit a record high of $743 in August, the Cox Automotive/Moody's Analytics Vehicle Affordability Index released Thursday showed.

That figure is up 1.4% from $733 in July.Kelly Blue Book reported earlier in the week that the average purchase price in the U.S.

for a new vehicle rose for a fifth consecutive month, hitting a record-high of $48,301 in August. It climbed 10.8% from August 2021.According to the Cox Automotive/Moody's Analytics data, a median of 42.6 weeks of income was necessary to purchase a new car in August, compared to 37.7 weeks at the same time last year.

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