Repossessions have swelled, more drivers are trading in vehicles that are worth less than they owe and lenders such as carmax and ally financial have warned investors about auto loan performance Car costs, including loans and insurance, have soared in an economy where consumers are showing mounting signs of stress. The reality is that, increasingly, americans cannot afford their cars anymore
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The average price of a new car in the us has surged by 35pc since 2019 and surpassed $50,000 this year.
Americans are missing their car payments at the highest rate in decades, according to fitch ratings data
