Why Car Payments Are So High Right Now

Car payments have skyrocketed in recent years - a result of high interest rates and high prices. Pandemic era shortages are partly to blame. But larger structural factors are, too. For years customers have been clamoring for fancier cars, and automakers have raked in the profits. In the short term, rising incentives and falling prices may provide some relief. But insiders wonder what the car market will look like over the next decade. Chapters: 00:00 - 01:14 Title card - Why car payments are so high right now 01:23 Chapter 1 - Rising car payments 02:04 Chapter 2 - Why so high? 05:35 Chapter 3 - Good news Producer: Robert Ferris Editor: Darren Geeter Animation: Jason Reginato Senior Managing Producer: Tala Hadavi Additional footage: Getty Images, Hyundai, Toyota, GM, Ford » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to be a successful, confident communicator? Take CNBC’s new online course Become an Effective Communicator: Master Public Speaking. We’ll teach you how to speak clearly and confidently, calm your nerves, what to say and not say, and body language techniques to make a great first impression. Sign up today and use code EARLYBIRD for an introductory discount of 30% off through July 10, 2024: https://cnb.cx/4aryNgM Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC on Threads: https://cnb.cx/threads Follow CNBC News on X: https://cnb.cx/FollowCNBC Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC #CNBC Why Car Payments Are So High Right Now