"Monthly payments have been climbing, high interest rates have become the norm, and the average transaction price for new vehicles has continued to soar, with buyers taking longer-term loans to pay for them. With the $7,500 federal tax credit for electric vehicles now gone, battery-powered cars aren't easing the pressure on the broader market either. Car-sharing platform Turo thinks it has a solution for this growing affordability problem."
"According to car research firm Edmunds, the number of buyers taking on monthly payments over $1,000 is hovering near record highs, making up nearly one-fifth of all new vehicle purchases. More than one in five car loans now stretch seven years or longer, with the average loan amount climbing to nearly $43,000 in the third quarter of 2025. Turo said its long-term rentals will make driving more flexible for customers and provide steady revenue streams for owners renting their vehicles out."
Owning a car in the U.S. has become more expensive as monthly payments climb, interest rates remain high, and average transaction prices for new vehicles soar. The $7,500 federal tax credit for electric vehicles has ended, reducing EV affordability. Nearly one-fifth of new-vehicle buyers now face monthly payments over $1,000, more than one in five car loans extend seven years or longer, and the average loan amount reached nearly $43,000 in Q3 2025. Turo introduced long-term rentals up to a year, allowing monthly or multi-month rentals with no down payments, depreciation concerns, or maintenance obligations. Renters pay upfront including rental cost, Turo Standard insurance, and taxes, and owners can earn steady revenue.
Read at insideevs.com
Unable to calculate read time
Collection
[
|
...
]