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Forums - General Discussion - American car buyers are borrowing like never before—and missing plenty of payments, too (1.2T$ debt now)

 

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
Aeolus451 said:
We're constantly being bombarded with vehicle commercials and there's some social trends that pressure ya into buying a new car every tear or so. It's not surprising that some will buy an overpriced truck to appear more masculine. It's not so different from the iphone craze.

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.



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With interest rates being so ridiculously low, it should come as no surprise that more people take up loans.



Mr Puggsly said:
Aeolus451 said:
We're constantly being bombarded with vehicle commercials and there's some social trends that pressure ya into buying a new car every tear or so. It's not surprising that some will buy an overpriced truck to appear more masculine. It's not so different from the iphone craze.

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?