Buying a new car is getting more expensive, with monthly payments, loan amounts and interest costs reaching record highs in the third quarter of 2026, according to a new report from Edmunds.

The average monthly payment for a financed new vehicle climbed to $787 from $777 in the second quarter and $756 during the same period last year, according to Edmunds' analysis released Oct. 1.

The average amount financed for a new vehicle also reached a record $44,664, up from $44,156 in the second quarter and $42,744 in the third quarter of 2025. As vehicle costs rise, more buyers are extending their repayment periods to make monthly payments more manageable.