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As auto prices climb, they are outpricing many consumers' budgets. New car sales in the U.S. fell in 2019, and most analyses predict a slight slip of sales in 2020, according to the New York Times. The average monthly payment for vehicles is also near an all-time high – $554 for new vehicles and $391 for used vehicles – according to Experian. Thanks to these higher prices, auto delinquency rates surged to record highs in 2019, according to data from the Federal Reserve Bank of New York.
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