Investors should “take profits” on their auto-loan backed bonds “given lofty prices for used cars, a glut of supply and the quick pace of car depreciation

This Map Shows the Average Monthly Auto Loan Payment in Every U.S. State

A new analysis of vehicle costs finds that Americans are taking on longer loan terms and paying more for their vehicles on average than they have in the past.

To determine the monthly average loan costs across the U.S. in 2019, price comparison site Autowise plugged in the average new and used vehicle price, credit score by state, loan term and down payment into Carmax’s auto loan calculator.

The average cost for a new car is based on figures from Kelley Blue Book, Edmunds and J.D. Power, which came to $34,047. For used vehicles, the consensus average price is $20,200. Autowise used credit information from Experian, 72 months as the average 2019 car loan term and an average down payment of 11.7%.

Here are the estimated average monthly loan payments for new and used cars in every U.S. state, based on Autowise’s calculations:

Source: Autowise

Louisiana ($596), Nevada ($587) and Georgia ($573) ranked near the top for most expensive monthly payments for new cars, while New Hampshire ($487) and Oregon ($491) had some of the lowest, based on Autowise’s calculations. Louisiana also tops the list for used car payments, averaging $393 per month, while buyers in Montana are paying the least at $289.

Autowise notes that while payments vary widely across the country, data from the Federal Reserve shows that they have been increasing across the board over the past few years. In 2018, the average new-car monthly payment hit an all-time high of $531.