Quote:
Originally Posted by Derek Sutton
And it is going to get worse. You see it is not necessarily the "young people" doing this, many are in the 35- 50 age range, you know the ones with kids who should be teaching finance, debt and money management to their teenage kids.
The numbers from 2017 were nationally the average person has $5500 inequity in their vehicle, by 2019 the estimate, though unconfirmed is $8000....
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The problem is the vehicles have just been too successfully ingrained as a status symbol, combined with almost anyone being able to get approved. Also, there's a lot of justifying when it comes to leasing/financing new vs used that is true for people who can afford it, but mostly used by people who can't afford it to tell themselves "this is just the smart way to go".