Is a new car really worth $45,000 + gas + insurance? Not for me, but enough people are willing to go broke for a car that the price stays there.
A recent article I’ve read says 66% of new car loans are 72 months or more. That is how they can “afford” them..
People are foolish for buying brand new cars. I only buy old used cars and pay as close to cash as possible. To get reliable cars in that circumstance I only buy old used Hondas or Toyotas and screw everything else. Last car I bought was 6 years ago and only paid north of $13K which is the most I have spent on any car in 35 years.
Most people “wear” their cars as a fashion statement. Years ago the secretary where I worked was lamenting that her loan was 25% “but the car is so cute.”
The only reason I bought a “new” 1996 Camry is my last 25 year old suv broke a camshaft on I5 outside Portland. I want to get a truck for work but good lord, new trucks are darn near $60,000.