NewsABC Action News (WFTS) — MoneyOctober 28, 2026Hillsborough County
Car buyers face record prices and 84-month loans as experts share strategies to save
Photo: ABC Action News (WFTS) — Money
One in four car buyers is now taking out loans lasting 84 months or longer as the average new vehicle price reached $50,562 in September and average monthly payments hit $787. Automotive experts recommend getting pre-approved for financing before visiting a dealership and comparing promotional new car rates against elevated used car prices.
Read the full story at ABC Action News (WFTS) — MoneyWhy It Matters
Car buyers facing high vehicle prices and 7% to 8% interest rates risk thousands in extra interest and when stretching loan terms to seven years or more.
Key Facts
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Who's Mentioned
PersonRay Shefska“Warns against long-term auto loans and advises buyers to focus on needs over wan”OrganizationCarEdge“Co-founded by Ray Shefska.”PersonJohn Matarese“Host of John Matarese Money.”OrganizationEdmunds“Reported that one in four car buyers takes out loans lasting 84 months or longer”OrganizationHyundai“Offers promotional financing models including 0% for 60 months.”OrganizationJeff Wyler Hyundai“Managed by Travis Wheeler, offering promotional rates.”OrganizationHyundai Elantra“Considered by first-time car buyer Allyra Spoerl.”PersonTravis Wheeler“Provides industry insights on credit union interest rates, promotional financing”OrganizationScripps Media, Inc.“Owner of the registered trademark 'Don't Waste Your Money'.”PersonAllyra Spoerl“Shopping for a 2025 Hyundai Elantra and weighing new versus used vehicle options”OrganizationKelley Blue Book“Provided data showing the average new vehicle sold for $50,562 in September.”