Average prices of new vehicles on the rise nationwide

According to Edmunds.com, the average price of a new vehicle is on the rise due to numerous shortages with auto parts.

(CNN)— According to Edmunds.com, the average price of a new vehicle is on the rise due to numerous shortages with auto parts.

The average car loan interest rate reached 5.7% in the third quarter of last year which is the highest its been since 2019.

The average amount financed to purchase a new car also reached record highs of over $41,000.

The average monthly payment was also up over $700 compared to $630 in the same quarter last year.

The average down payment was also $1,000 less as well.