Car prices in the new and used market have risen considerably over the last 3  years. New car prices have risen 17.2% in just the last two years with the average  new car price going from $36,824 in 2019 to $49,000 in 2022. This increase in cost  has caused the average new car payment to increase by 11.8% to $644 a month in  2022. The used car industry has seen similar price increases resulting in the  average used car price going from $19,863 in 2019 to $29,000 in 2022. This was  an increase of almost 20% in monthly payments for used car owners who are  averaging car payments of $490 a month.