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The average payment climbed to $717 in the fourth quarter of 2022, which is 50% higher than in 2010, according to Edmunds.
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Report shows car loan amounts, down payments rising along with interest rates.
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Toyota sold 2.332 million vehicles in the U.S. in 2021, compared to 2.218 million vehicles for General Motors.
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Edmunds predicts 15.2 million new cars sales in 2022, a 1.2% increase from its 2021 vehicle sales estimate.
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GM reported sales of 688,236 vehicles in the second quarter, up 39.7% from 2019. But Edmunds and Cox Automotive had forecasted GM sales would rise 40% to 43%.
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vAuto reports vehicle inventories dropped to 2.24 million vehicles in April, representing a 44-day supply.
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According to Edmunds, car shoppers got to take advantage of generous incentives offered by automakers, but analysts caution that these deals will dry up during the summer.
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Experts say consumers upside down on their car loans could take advantage of generous automaker incentives during the coronavirus pandemic to get a better interest rate and save thousands of dollars.
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Analysts say April will be the worst auto sales month in at least 30 years due to the coronavirus pandemic.
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