> For many Americans, rising interest rates and high car prices have pushed their monthly payments above $1,000.
This is insane. I have never bought a new vehicle and thought having payments like this was the exception, not the norm.
This is insane. I have never bought a new vehicle and thought having payments like this was the exception, not the norm.
I live in a post-Soviet country where minimum wage is something like €600/mo, yet the amount of luxury cars I see on the road is honestly staggering. I have no doubt these are on lease, but the payments and insurance must be thousands per month.
The funny thing is the tagline for Porsche here is "standout from the crowds while others dissapear". Sometimes it feels like I'm being a rebel by not having a Porsche, BMW, Audi, Mercedes or Range Rover.
(I drive a 18 year old MPV I bought for €3k earlier this year. It works amazingly well at getting me from point A to point B)
My suspicion is that this trend is driven by long loan terms, high interest rates, and loans being larger than the cost of the vehicle.