American Debt: Auto Loan Balances Hit Record $1.6 Trillion in Q3 2023
American Debt: Auto Loan Balances Hit Record $1.6 Trillion in Q3 2023
Consumer auto loan debt has continued to rise, a result of increased demand, less supply, and higher prices.
If you people could stop buying new vehicles every five years as a status symbol it would be great. I don't think I should have to pay for your bailout.
Don't worry, it's peanuts compared to the FEDs cheap loans they've been doing to banks who'd go under.
Increasing cost with shrinking wages and no savings produce over reliant on debt. The things that wealthy like for the people. There is always more than simple answers
Right so maybe stop buying a new car every five years. I make in the six figures and do does my wife. We have a Honda Civic from 2008. Meanwhile I know multiple people making a marginal amount over minimum wage driving a pickup truck that never hauls anything except their fat ass.
Enough with the fucking status symbols and stop blaming the rich for your penis compensation device.
We rely on those people to create a robust used market for everyone who can't afford new cars
Add me to the list. My 20 year old rust bucket was costing me more and more money to maintain every year, so now I'm $30k in debt 😂
[awkward yay]
Don't forget the subscription fees to use the heater.
Yeah because 28% APR 72 month loans are totally a good idea for the consumer.
Record profits
Record debt
Record interest rates
So highhhhhh
Bought my last car in 2007 because I like not having a car payment more than I like built-in bluetooth (or whatever other fancy data harvesters they've built in these days).
Similar here, bought car in 2011 and will drive it till it dies. I'm happy with an 3.5mm port.
But for those that do feel like Bluetooth etc are must have features. You can buy head units, with touch screens and Android auto and Apple CarPlay for only a few hundred dollars, and often support connecting rear cameras etc.