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Americans Are Falling Behind on Their Car Payments
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this post was submitted on 20 Nov 2023
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Well, yeah, when people are spending $30K-$80K on a car, they're likely gonna miss payments eventually. The car market, including used cars, has been over-inflated for years.
We had a 2003 Honda Element that we bought in 2008 for $8000. It had less than 50,000 miles on it. We saw that same exact model in a car lot this year, with over 150,000 miles and they were selling it for $10,000. Over 15 years later and over 100,000 miles more on it and it's selling for more. There is a serious problem with the car market right now.
The price of cars was relatively flat from about 1998 until covid, actually. In 2019 cars were a bargain compared to the 80s and 90s.