Fuck Cars
A place to discuss problems of car centric infrastructure or how it hurts us all. Let's explore the bad world of Cars!
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Not reported in the article but related is the lengthening loan terms. Edmunds is currently reporting 69.1 months for the average loan term. That means even more people are reaching for 72 month loans instead of the typical 60 month term.
Cars are so expensive that it's no longer possible for the average American to pay off their car in 5 years.
Part of this is economics as we're seeing unfold everywhere. But the 6 or 7-year loan term thing has been creeping towards normalcy for a long time now.
The end-game is rent-seeking behavior: squeeze people until they're always paying you. It's luxury cars that are trash after 7 years for spendy types (sooner if they discontinue remote enabled features), and forever paying a loan/lease for the rest of us.
Meanwhile, the used "dumb"-car market is looking mighty tasty right now.