Auto loan payments are becoming the new mortgage. The percentage of US consumers paying at least $1,000 a month for their cars accounted for almost 16% of consumers who financed a new car in Q4, up from 10.5% a year earlier. #CoSoFinance Source is http://Edmunds.com, but the story is on Bloomberg. https://www.bloomberg.com/news/articles/2023-01-05/car-owners-strain-as-more-loan-payments-soar-to-1-000-a-month
@RealSeanBrodrick I can’t imagine! I much prefer not having a car payment.
@AverageCitizen Me, too! The best car is one you don't have a loan on.
@RealSeanBrodrick I was so glad my 19yo son made the right choice. We gave him almost a year notice when he graduated high school that he should save up (he is doing a paid apprenticeship) and after a year he had the option to buy our 3rd vehicle (that we got for him to drive) or buy something else. He bought the reliable SUV from us (at a good discount!) with cash. We used the $ to buy another reliable car for our next new driver! 😁