20% of american buyers are spending over $1000 a month on car loans. 22.4% of new loans were 84 months or longer. It means someone who buys a car today will be paying it off until July of 2032
20% of american buyers are spending over $1000 a month on car loans. 22.4% of new loans were 84 months or longer. It means someone who buys a car today will be paying it off until July of 2032
The share of new-vehicle buyers who are spending over $1,000 is at 19.3%.
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It seems really normalised in America to get a brand new car on a loan as soon as your existing one has run out. I’ve bought every car I’ve owned with cash and I’ve never struggled.
I'm well over 200k on a car I bought in 2016 with 100k. Currently replacing the compressor because it decided to shit the bed during a heat wave. There's no point in buying a new car, people just want new cars.
I also have always bought used. I've struggled, but not because of my car. I'm just broke.