The year 2020 was a notable one for an entire list of previously unfathomable reasons. Among them, it marks the first time in history that the average price of a new vehicle in the U.S exceeded $40,000. That’s right, the average price.

So, for every sub-$20,000 Nissan Versa sold, a $60,000-plus Silverado went out the door for that average to work out. This is an oversimplification, of course, but you get the idea. Financing incentives were still available for those with good credit, and the average borrowed amount was $35,373 with cash down payment of $4,734 and an average loan term of 70 months at 4.6 percent APR, resulting in a $581 monthly payment.

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