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Average new car payment reaches all-time high as affordability issues persist

The average new car payment rose to an all-time high in the first quarter as American households continued to face affordability challenges in the economy.A new report by LendingTree citing data from Experian for the first quarter of 2026 found that the average monthly payment for a new vehicle rose 2.9% from a year ago to a record of $770.Lease payments on new vehicles rose at a faster rate, rising 3.2% over the last year to $619 on average in the first quarter.Used car payments saw a smaller increase over the last year, rising 1.5% to an average monthly payment of $531.Among borrowers with v...