Nathan Bomey USA TODAY Published 6:01 AM EST Mar 1, 2019 In the Netflix era, many Americans are managing their finances based on their monthly subscription payments, often with little regard to the total they’ll pay in the long run. That paradigm benefits the automotive industry and the lenders that finance car loans, as auto sales remain near record levels. The average price of vehicles hit an all-time high of more than $36,000 in 2018, according to Kelley Blue Book — and with interest rates rising, car shoppers are now borrowing more than ever and extending their loans to record lengths. New-car buyers agreed to pay an average of $551 per month for 69 months in January, according to car-buying advice site Edmunds. That’s nearly 10 percent more per month than three years earlier. It’s a clear-cut sign of how Americans feel confident in a strong economy. But is it sustainable? Car debt has risen 75 percent since the Great Recession in 2009, reaching an all-time high of $1.2 trillion, according to the U.S. Public Interest Research Group. “Easy credit and longer repayment terms have coaxed many consumers into buying more car than they can really afford,” said Ed Mierzwinski, U.S…. Read full this story
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