The average auto loan balance held by consumers in the United States increased 5.2% to $23,792 in 2023, according to Experian data. As in 2022, this increase was broadly based, impacting all U.S.

Car insurance rates rose more than 25% in February 2024, according to data from Bankrate. Premiums for full coverage auto insurance averaged $2,543, a 26% increase from the same time in 2023.

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While the majority of drivers still finance their vehicle with a loan, a share of drivers in the U.S. choose to lease. Leasing can have a few advantages over buying, such as more manageable payments ...