Answer: $523

Questions:

• When do you expect to buy your first car?
• Will you buy new or used? Explain your answer. 
• What are other costs that you can expect to pay for a car beyond the car payment? 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from CNBC):

In the first quarter of this year, the average monthly loan payment for a new vehicle climbed $15 compared with last year, hitting an all-time high of $523, according to Experian. The credit analysis company's review of new and open auto loans for the first three months of this year found buyers of new cars, trucks and SUVs borrowed an average of $31,453 — also a record high.

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Find out more about the cost of car ownership from this PBS 2 Cents video: How Cars Can Keep You Poor

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.