Yikes...*mind-blowing* numbers from a report issued by the Consumer Federation of America: -20% of new car buyers owe at least $1,000 a month on their auto loans. -Collectively U.S. consumers owe more than $1.66 trillion in auto loan debt. -1 in 5 consumers commit to a 7-year new car loan.
Sounds about right, when your domestic automakers abandon affordable segments to increase their lowest offering MSRPs considerably, and collude to lobby both sides to keep competition out with tariffs, it's very bad for consumers. It's going to snowball with GM cutting EV prod and raising prices 🤷🏽♂️
This is pretty obvious just looking around, too many people in new expensive vehicles relative to average incomes.
Lordy
bsky.app/profile/pogt...
Does it have any data on loans with negative equity added in from prior vehicle loans?
Makes me love my 11 year old ride even more.
Right?! Love not having a car payment.
That's crazy. Both my kids just bought cars. One a 2016 Scion iM with 62K miles for about $11K with a 3 or 4 year loan at less than $200/mo. The other a 2005 Toyota RAV4 with 97K for $7500, again a less than $200 payment. They're old, but lots of life left and ought to easily outlast the payments.
IKR? I think the last "new" car we bought was about 20-25 years ago.