Americans are getting in trouble with car loans . . . predictable, after a couple years of ultra-low rates, auto loans stretching out to 7 years, and shortages of both new and recent-model used cars.
https://www.bloomberg.com/news/articles/2023-03-01/car-debt-is-piling-up-as-more-americans-owe-thousands-more-than-vehicles-worth
Here's what puzzles me: "Today, about two out of 13 people are making monthly car payments of $1,000 or more. For many, there’s no choice: They have few or no public transportation options and need a car to get to work, bring children to school and buy groceries."
Wait, there's "no choice" but to buy a new or new-ish car for payments of $1,000/mo? Ten seconds on the online used car listing site of your choice turns up dozens of 2000s vintage cars for <$5,000. Is it so unbearable to drive a $4,995 2005 Toyota Corolla with 150K miles?