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...many people simply had no choice and bought an overpriced car.
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BS... there is always a choice. If one buys above what they can afford, it's not the fault of the car market.
Too many people say, "I need a new car," when actually what they need is a different car. "New" is overrated and some people are unwilling to buy used because it will cause a hit on their self esteem.
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Basically, they owe banks more on these cars than they are worth.
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Doesn't this happen quite often when one is making payments on a car... especially one that was purchased new?
Does a flashing light and buzzer go off on the dash the day the numbers change? So it's time to panic?
No, if you're making payments on time, you keep making them and you keep driving it until it's paid for. Then you keep driving it and sock away the amount of the payment until you can afford to make a move into a different car.
What is wrong with people?
