Average new-car payment in Washington hits $772

Even if you put aside rising gas prices, car ownership in Washington has gotten a lot more expensive in recent years.

Driving the news: The average monthly car payment for a new vehicle in Washington is now $772, according to new data from car research site Edmunds.

• For a used car, the average monthly payment in the state is $541.

Higher interest rates are one factor driving higher monthly payments, Axios' Joann Muller reported.

• Higher sticker prices are another contributor, with many popular car models now costing thousands of dollars more than they did a few years ago.
• Insurance premiums and repair costs are also up, per the National Automobile Dealers Association.

Overall, car ownership costs have risen 47% since 2020 — outpacing inflation and wage growth, according to Navy Federal Credit Union.