It's not going to happen, ever, for foolish people getting seven year loans, in fact anything over five years. Why? After four years or so (depending on use) repairs and maintenance get more expensive. That on top of a loan? It's a recipe for disaster.
LOL. Cases routinely go 7+ years without repairs.
Second or third hand is the ticket. They are out there if you watch what you are doing.
I bought a 75 chev pickup one time for 150 bucks. Granted, it wasnt the best, but the thing got me around for 3 years. Hauled my fuel to my equipment and parts and me back and forth to the jobs sites.
Seven year loan for a car that will last 12 ain’t that outrageous. It’s a different world now. Keep in mind most new cars have a 10 year warranty too, so if repair costs go up after 4 (not as likely as it used to be as models hardly change anymore and the 4 year old car can usually use parts for this year’s model) you ain’t paying it, the company does. The modern level of vehicle durability has changed all the math.
If you can get a 0 or 0.9% loan, why would you pay cash? I can get 3-4% on a diversified dividend portfolio or save 3.5% by paying off my mortgage faster. Also, most new cars will not have major issues until long after 4 years are up - more like 10 these days - unless you drive 20-25k mi/year (7k for me).