Car debt is piling up as more Americans owe thousands more than vehicles are worth
Chris Martin knew he needed a bigger car as the birth of his fourth child approached, but he and his wife were already $14,000 underwater on their two vehicles.
So the couple proposed an unusual two-for-one deal with an Atlanta-area auto dealer in 2020: trading in both of their vehicles so they could afford a three-row Ford Explorer. Their total loan after factoring in negative equity, a service contract, fees and other costs ballooned to $66,000 on the $49,000 Explorer.
Despite a lot of progress on the debt, he feels uneasy. “I don’t want to be paying interest on cars that I don’t even have anymore,” said Martin, a 36-year-old data engineer.
The build-up in negative equity — or the amount that debt exceeds a vehicle’s value — is rattling consumers and raising alarms within the industry. Though it’s not unusual for drivers to carry negative equity, some dealers say more people are arriving at their lots up to $10,000 underwater, or “upside down,” on their trade-ins. They’re buying at still-sky-high prices and rolling debt from one car to another and even onto a third. Loans are commonly stretching to seven years.
https://www.msn.com/en-us/autos/news/car-debt-is-piling-up-as-more-americans-owe-thousands-more-than-vehicles-are-worth/ar-AA18f9WQ
Not surprised given the price of cars these days. Unless you live in an area with good public transportation you need a vehicle.
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My 05 Civic still purrrrrs like a kitten. 
Grandson is a hypermiler, so he has tweaked it. 😉
Same hear, near 275k! And a stick sibce my auto died at 240k.
I learned on a stick, so I'm ok with it, but I miss my auto.
'D love to send it out for a complete oem rebuild.
What region do you live in? I'd be interested in buying yours if you choose to upgrade, if feasible.
Honda has "cost optimized" (cheaped out!) a lot of things in their newer engines, causing engine failure. But that's not applicable to electric ones.
I hope go never have to buy a different car. Tbh, I would not want a new car of any brand from what Il've seen of them.
Can you imagine not being able to check oil or tranny fluid level? Etc., etc., etc.
Pls let me know about your hybrid. I'm in red hellhole TN.
The 7th gens are much safer than the 6th gens, & definitely safer than the newer ones.
Pls let me know if you change your mind & take a cfowbar to his ass. 
My grandson has an 04 & k-swapped the engine. Holy hell is that ever powerful! That car needs wings. Still gets low 40s/mpg!
Tell your son to check out hypermiler you tube. Interesting stuff!
Must also change all fluids at appropriate intervals.
Brake fluid attracts & holds water, so even though I only drive about once a week (never in salt!) & it's kept in garage, my brake fluid needs changing to prevent acid from water & degredation of components!
4 kids is not an automatic qualifier to need a huge Explorer. Not only have they now foundered their way into underwater car payments, but higher gas costs, more expensive tires and possibly higher vehicle excise and registration taxes depending on what the cars they traded in were (can't find that info in the article) and how Georgia taxes vehicle registration and renewals.
Some people have forgotten, or never learned, how to make due with what they have. 
... and certain that's just what bright newly minted young professionals did. It was a four year "zero interest" loan. Of course I would have gotten a better deal on the car if I'd paid cash, so the interest wasn't really zero.
When our first kid was born it was a complicated delivery and our crappy health insurance paid only about 60% of it so it was a struggle for a while to pay both the car loan and the medical bills. I put the car payments first. We needed a car. Sixteen years later same kid learned how to drive in that car.
I won't ever buy a new car again. I'm a pretty good mechanic so old cars don't scare me.
My favorite car cost less than a $1,000, took about $500 in parts to make it reliable, and had about 250,000 miles on it when a distracted driver drove up across the sidewalk and totaled it while it was parked in my driveway.
I currently drive an old truck my kid gave me.
I'm not a fan of car culture. I think we ought to be rebuilding our cities, turning them into very attractive places where car ownership is unnecessary.
As the world population of humans exceeds eight billion it's clear this planet cannot support an automobile for every adult. It's not just the cars themselves, it's also the infrastructure that's required to support them, so it doesn't really matter if the cars are gas or electric.
Generally, the people with the smallest environmental footprints live in cities and don't own cars.
Except for the "spend it how you want" part.
The planet's struggling to support the humans trashing it now... cutting the trees, polluting the rivers, oceans, killing the wildlife and fish, contaminating our environment.
