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In reply to the discussion: A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy [View all]GatoGordo
(2,412 posts)When it went up to 60 months, I was gobsmacked. 5 years... to pay off a car?
It was only recently that a friend of my daughter told me she took out an 8 year car loan. 8 YEARS! So that they could buy a full size, 3/4 ton pickup with all the bells and whistles that they "needed". Needed?
I guess I can't understand the logic. If you can't afford a new vehicle, purchase a used one. It may not be what you "want" but it certainly can get the job done. The way that vehicles depreciate, it doesn't make sense. I haven't purchased a new vehicle in over 20 years, but plenty of 3 year old ones that have depreciated in cost quite significantly while still being reliable. And I haven't had a car loan in over 25 years.
I guess I don't know why vehicles are so expensive now, either. Labor costs... especially since many of these companies are outsourcing manufacturing to third world countries?
It doesn't make sense.