NewsABC Action News (WFTS) — ConsumerOctober 28, 2026Hillsborough County
Car buyers stretch loans past seven years to handle record $787 monthly payments
Photo: ABC Action News (WFTS) — Consumer
One in four car buyers is taking out loans lasting 84 months or longer as the average new vehicle price hit $50,562 in September, pushing the average monthly payment to a record $787. Automotive experts warn that while longer loan terms reduce monthly payments, they increase total interest costs and create negative equity risks.
Read the full story at ABC Action News (WFTS) — ConsumerWhy It Matters
Car buyers face higher borrowing costs with credit union rates reaching 7% to 8%, while promotional manufacturer financing and year-end inventory discounts can make new vehicles more affordable than used ones.
Key Facts
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Who's Mentioned
PersonRay Shefska“Warned against long loan terms and advised buyers to know their budget.”OrganizationCarEdge“Automotive guidance organization co-founded by Ray Shefska.”PersonJohn Matarese“Consumer news host associated with 'John Matarese Money'.”OrganizationEdmunds“Reported that one in four buyers takes out loans lasting 84 months or longer.”OrganizationJeff Wyler Hyundai“Dealership where Travis Wheeler serves as general manager.”other2025 Hyundai Elantra“Vehicle model considered by first-time buyer Allyra Spoerl.”PersonTravis Wheeler“Discussed credit union interest rates, promotional financing, and pre-owned inve”OrganizationScripps Media, Inc.“Owner of the registered trademark 'Don't Waste Your Money'.”PersonAllyra Spoerl“Shooting for a 2025 Hyundai Elantra after weighing new and used options.”OrganizationKelley Blue Book“Provided data showing the average new vehicle sold for $50,562 in September.”