Their point is that when they try and trade in their 3 year old truck which they got a low interest rate for a new one, not only is their truck worth bugger-all to trade in but their next interest rate will probably be doubled or more.

Hence they'll stick with their current one so one less sale.

The same is true for many auto and home loans in the US. The point, I think, is that you have much less purchasing power now that rates have gone up than before.

Trucks are fantastic vehicles if you can afford them, but a 7% rate on a new $80k truck is beyond most people right now.