In April, interest rates on new vehicle loans remained at elevated levels not seen since before the 2009 recession. According to the analysts at Edmunds, the annual percentage rate (APR) on new financed vehicles averaged 5.6 percent in April, marking the third straight month rates soared above five percent. This compares to an average APR of 5 percent in April 2017 and 4.2 percent in April 2013.

Edmunds experts say that consumer wallets are being squeezed in other areas as well. The average monthly payment on new vehicles averaged $535 in April compared to $509 in 2017 and $463 in 2013. The average amount financed increased to $31,318 in April compared to $30,315 last year and $26,679 in April of 2013. Down payments also increased, reaching $3,911 in April, compared to $3,770 in 2017 and $3,494 in 2013.

"With more potential Fed rate hikes ahead, we don't expect to see these higher vehicle ownership costs retracting unless automakers are willing to dig much deeper into their pockets," said Jessica Caldwell, executive director of industry analysis for Edmunds. "Considering the fact that rates were in this territory ten years ago, this isn't an extraordinary phenomenon, but it is going to take a readjustment in the minds of consumers. Car shoppers should brace themselves because this is likely a new normal."