When I listen to the callers to Dave Ramsey it is stunning that is not wealthy or comfortable folks who spent ridiculous sums on new vehicles—it is blue collar workers who take out insane loans they cannot afford to buy “the truck of their dreams”.
Then they call Dave Ramsey after a year of being broke trying to survive while making the thousand a month vehicle payments.
I took a stroll around a couple of different dealerships while getting oil changes when there weren't a lot of cars on the lots. A $30K list price car often had a $5K market adjustment. So instead of being $6K underwater when the customer drove it off the lot, they were $11K underwater. Double that for a $60K truck..