With interest rates being so ridiculously low, it should come as no surprise that more people take up loans.
How old is your car? | |||
I have no car | 5 | 33.33% | |
0-5 years | 2 | 13.33% | |
5-10 years | 2 | 13.33% | |
10-15 years | 4 | 26.67% | |
over 15 years | 2 | 13.33% | |
Total: | 15 |
With interest rates being so ridiculously low, it should come as no surprise that more people take up loans.
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?
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