Drivers Are Ditching Their Cars — ‘Give Car Back’ Searches Spike Amid Soaring Ownership Costs
Monthly payments for new cars have risen by 28% over the past three years, with new car prices averaging $46,229 in June.
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A whole lot of drivers want to get rid of their cars, apparently.
Google searches for “give car back” have reached record highs, a trend first spotted by podcast host, CarDealershipGuy, who then posted the revelation , and showcased that searches are nearly double compared to almost 10 years ago.
Wow — thought this was fake (it’s not)
— CarDealershipGuy (@GuyDealership)
“give car back” searches at all-time high. try it yourself.
The discovery that people are looking to ditch their vehicles isn’t exactly a shock considering the soaring costs associated with auto ownership.
The average monthly payment for a new car has increased by 28% over the past three years, according to data from online auto resource Edmunds, per . The increase in car payments aligns with the rise in new car prices — which hit $46,229 in June, a 31% hike from three years ago, per the outlet.
An uptick in sticker prices also means more drivers took on auto loans, and now, auto loan debt currently stands at $1.58 trillion, according to the , an all-time high.
All of this has left many Americans in a bind.
“I’m paying a ton of money right now for a car that I don’t really need, and I’ve been struggling and struggling to sell it,” Sean Miller, who took out an auto loan in 2019, told . “If I were to sell it today, it would probably be at a $10,000 to $15,000 loss. This is something that right now is preventing me from being able to save up in order to start a family.”
Rising car loan rates have coincided with increasing interest rates, reaching levels not seen since 2008, subsequently leading to the surge of borrowing money, .
On the bright side, the Fed decided on Wednesday to within a range of 5.25% to 5.50%, offering temporary relief from escalating interest rates.
A whole lot of drivers want to get rid of their cars, apparently.
Google searches for “give car back” have reached record highs, a trend first spotted by podcast host, CarDealershipGuy, who then posted the revelation , and showcased that searches are nearly double compared to almost 10 years ago.
Wow — thought this was fake (it’s not)
— CarDealershipGuy (@GuyDealership)
“give car back” searches at all-time high. try it yourself.
The discovery that people are looking to ditch their vehicles isn’t exactly a shock considering the soaring costs associated with auto ownership.
