How Much are You Going to Spend on a New Car? $30,000!

Need to buy a car? Expect to spend about $30,000. That's what credit reporting agency Experian said is the amount of the average car loan this year.

The average monthly payment for a new car is just under $500; $364 for a used vehicle.

Experts recommend you go to your bank first for pre-approval before looking for a new or used car. That way you'll have that "deal in your back pocket," just in case you and the dealer can't come to terms.

Source: ABC News Radio