The average monthly car payment for a new vehicle in Oregon is now $716, according to new data from car research site Edmunds.
For a used car, the average monthly payment in the state is $494.
Zoom in: The higher monthly payments are being driven by several factors.
The two biggest are high sticker prices — with many popular models now thousands of dollars more than they were a few years ago — and higher interest rates, Axios reported.
It doesn't stop there, though. Insurance premiums and repair costs are up 55% since the pandemic, according to the National Automobile Dealers Association.
The big picture: Add up gas prices, insurance, repairs and the sticker prices of cars and the cost of owning one is up 47% since 2020, according to Navy Federal Credit Union. That's faster than both inflation and wages have risen.
The bottom line: Surveys show American car buyers still view having a car as non-negotiable, with 71% of people saying they would sacrifice other budget items to maintain access to a car.
