The number of people paying more money and paying it for longer periods is rising, and that's not healthy for their budgets or for the economy, according to some experts.
The price of new vehicles has been going up, the number of smaller, cheaper ones has been going down, and cars are getting more complicated.
But Lone Star College Professor of Economics Dr. Hank Lewis says these are just some of the factors causing consumers to pay a lot for their transportation.
One of the more complicated aspects of newer vehicles are the electronics that help keep them safely moving, such as specialized computer chips.
"And because those chips are at a premium, auto manufacturers domestically have been focusing on producing the larger vehicles, the luxury vehicles," while some of the smaller and cheaper ones have been discontinued.
And according to a new survey from Experian, this is helping drive up the monthly payments for some consumers to new heights, with a surprising number paying more than $1,000 as their monthly car payment.
"So they're financing a very large amount of money, and the fact that we have to go six years to pay $1,000 a month is alarming," Lewis says.
And some people are paying more than $1,000 and/or are paying off in 60, 72, 84 or even 96 months as payoffs grow in length, usually caused by consumers deciding on the vehicles they want based on how much per month they'll be paying.
But overall, this is not healthy for the US economy, Professor Lewis says.
"More disposable income gets allocated towards paying banks and less gets allocated for essential goods and services."