New-vehicle affordability worsened in September 2025, with the average purchase requiring 37.4 weeks of median income (vs 36.8 weeks in August), reaching its lowest level since December 2024.

• The average new-vehicle price rose 2.1% MoM to a record $50,080, offsetting the impact of higher incentives and income growth.

• The average monthly payment increased 1.9% MoM (and +1.2% YoY) to $766, the highest in 15 months.

• The average auto loan rate edged down 1 bps MoM to 9.63%, remaining 89 bps lower YoY, providing limited relief on financing costs.

• Median income grew 3.4% YoY, supporting affordability but insufficient to counter price gains.

• Affordability improved 2% YoY, as higher incomes and lower rates outweighed last year’s lower prices and incentives.

• Despite record incentive spending, affordability deteriorated MoM, as rising vehicle prices continued to outweigh consumer gains.