A new report from Bloomberg Intelligence declares it’s getting to the point that only the rich can afford new cars.

Edmunds says that in last year’s fourth quarter, nearly one in five new vehicle buyers took on loans with monthly payments of $1,000 dollars or more, which is a record high.

Loan terms have grown longer, being stretched to nearly 69 months.

All of this indicates that affordability is still the biggest challenge for the auto industry.