Mr Puggsly said:
I don't think that's the case. Anecdotally, virtually everyone I know buys used. The debt would likely be much higher if many/most weren't. The article has graphs, show under $4500 debt per capita. A used car that's only a few years old and in great condition could easily be around $10K-20K. Depending on style, etc. In comparison buying the latest Galaxy or iPhone is a fraction of the cost and more of a trend. Even poor people seem to have iPhones. |
What I've said applies to used vehicles as well. Ya ever met someone who buys something just because they want something to seem new to them?