The newest auto-finance data from Edmunds reinforced why the car-shopping site is part of a conversation about vehicle affordability during Used Car Week, which begins on Nov. 16 in San Diego.

Among the six records highlighted in the latest analysis Edmunds released on Thursday about activity in the third quarter, 6.5% of used-vehicle buyers who needed financing took on monthly payments of $1,000 or more. That’s up from 6.3% in Q2 and 6.1% in Q3 of last year.

The other records came in connection with new vehicles as buyers not only committed to record-high monthly payments, they took on record amounts financed at delivery and stretched terms to historic lengths.

Here’s the rundown from Edmunds:

—The average amount financed for a new vehicle climbed to a record $44,664 in Q3, compared with $44,156 in Q2 and $42,744 in Q3 of last year.

— More than one in four new-car buyers are now financing their vehicles for 84 months or longer. Loans with terms of 84 months or more accounted for a record 25.5% of financed new-vehicle purchases in Q3, up from 23.9% in Q2 and 21.8% in Q3 of last year.

—New-vehicle monthly payments reached another record high. The average monthly payment on financed new-vehicle purchases rose to $787 in Q3, up from $777 in Q2 and $756 in Q3 of last year.

—Like among used-car deliveries, new-car shoppers are taking on $1,000-plus monthly payments at higher rates than ever. The share of new-car buyers committing to monthly payments of $1,000 or more reached a record 21.2% of financed purchases in Q3, up from 20.3% in Q2 and 19.1% in Q3 of last year.

—Together, these trends are pushing borrowing costs to new all-time highs. The average total interest paid over the life of a financed new-vehicle purchase climbed to a record $9,938 in Q3 2026, up from $9,811 in Q2 and $9,442 a year ago.

Edmunds calculated the increase came even as the average APR for new-vehicle purchases held steady at 7.0% in Q3 compared to 7.0% in Q2 and 7.0% a year ago, underscoring the impact of buyers financing larger amounts over longer periods.

“What we’re seeing in the data is a remarkable display of consumer resilience against a very stretched financing landscape,” Edmunds’ head of insights Jessica Caldwell said in a news release. “Even as monthly payments hit record highs, loan terms stretch to historic lengths, and four-figure monthly payments become more common, buyer demand for new vehicles hasn’t dropped off.

“Instead of sitting on the sidelines, consumers are adapting: They’re allocating more of their household budgets to their vehicles, stretching out their loan terms, and becoming more proactive about shopping around for financing to find ways to make the numbers work,” Caldwell continued.

Edmunds analysts noted that this stretching is particularly apparent among buyers taking on the highest monthly payments.

Among new-car buyers with monthly payments of $1,000 or more in Q3, 69% selected loan terms of 72 months or longer.

“For some shoppers, a longer loan term may be the only way to get the vehicle they need, but it’s important to understand the trade-off,” said Ivan Drury, who is Edmunds’ director of insights. “Stretching out a loan shouldn’t be a way to talk yourself into a vehicle that doesn’t make sense for your budget when you look at the total cost.

“When buyers are already financing nearly $45,000 and taking on another nearly $10,000 in interest, it’s critical to think beyond whether the monthly payment works today and consider what you’re committing to over the full life of the loan,” Drury added.

The affordability pressures reflected in Edmunds’ Q3 auto finance data also come amid newly announced changes to federal fuel economy requirements.

“Any potential relief is welcome in an affordability environment like this, but changes to fuel economy requirements don’t necessarily translate into lower prices on dealer lots,” Caldwell said. “Automakers continue to navigate significant cost pressures, and there’s still a substantial gap between where vehicle prices are today and what many households can comfortably afford.”

Affordability will be the focus of a panel discussion at Used Car Week that includes another of Edmunds’ experts.

Auto Remarketing and Cherokee Media Group will host the session with Joseph Yoon of Edmunds, T.J. Cox of TransUnion, Will Holleman of Equifax, Scott Fountaine of Black Book and Mike Thomas of Resolvion.

It’s all part of Used Car Week, presented by Autotrader, DRN|MVTRAC|SCM, Allied Solutions and SmartAuction. The complete agenda and your path to register is available at www.usedcarweek.biz.