|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?