Florida vehicle market prices: Monthly payments reach record high
Report: Car affordability crisis getting worse
The average nationwide price for a new, financed car is $777 per month, according to data from car-buying platform Edmunds. FOX 13's Kylie Jones reports.
TAMPA, Fla. - The average nationwide price for a new, financed car is $777 per month, according to data from car-buying platform Edmunds.
Florida vehicle market prices
What we know:
Car buyers across the country and in Florida are paying substantially more for vehicles than they did in 2019.
Data from Edmunds shows the national average transaction price for a new vehicle has climbed from nearly $38,000 in 2019 to about $48,000 in 2026. In Florida, experts with Edmunds say the average transaction price jumped from over $34,593 in 2019 to $46,888 in 2026.
"Biggest we've ever had on record, and the worst part is a lot of these loans. They're coupled together with 84-month term lengths," Ivan Drury, the director of insights with Edmunds, said. "So, we're talking seven years."
Future car pricing trends
What we don't know:
Because manufacturing automobiles requires years of planning, experts say cutting production costs is not a quick fix.
Automobile expenses by numbers
By the numbers:
Experts say used vehicle prices have also increased between 25% and 30%.
In addition to car prices, drivers have to consider additional costs like maintenance, rising gas prices and car insurance rates.
"Very interesting thing about Florida, very young trade-ins on new cars, right" Drury said. "And you guys actually way over index on, like, just five-year-old cars being traded in for new ones."
Auto industry expert advice
What they're saying:
"If you can keep it, hold it, drive it," Drury said. "If you can't, research it to death. Find out every single thing about that car. Test drive it as long as you can."
Experts also encourage buyers to negotiate the down payment, trade-in value, loan length and annual percentage rate, in addition to the car's overall price.
The Source: The information in this story was gathered from interviews with drivers and Edmunds Director of Insights Ivan Drury, as well as data from the Edmunds.