Record Car Prices Are Pushing American Drivers Deeper Into Debt

The average price of a new vehicle in the US has climbed to a record $51,109, according to a new Cox Automotive report citing Kelley Blue Book data. Combined with new-car loan rates near their highest levels since the mid-2000s, record sticker prices are putting vehicle ownership increasingly out of reach for many working-class folks, even before insurance, fuel and maintenance costs are factored in. Cox said average new-car transaction prices rose 2.1% year over year in October to a record $51,109, a slower increase than the rate of overall consumer…