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A comment on Why almost everyone was wrong about Tesla’s cash flow situation. Parent comment
2. A lot of new cars are purchased with auto loans (44% of Americans are paying an auto loan)
3. The average new car loan amount is going up by a lot (reocrd high of $31,000 now)
4. A lot of people are defaulting (5.8% are > 60 days late, higher than the financial crisis years)
PDF warning https://static.ed.edmunds-media.com/unversioned/img/industry...
Consumers Skip More High-Rate Auto Payments Than During Crisis
https://www.bloomberg.com/news/articles/2018-05-14/consumers...
So to answer your question seriously, people take out auto loans and lease expensive cars because they like buying expensive things, even if they can't really afford it.
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2. A lot of new cars are purchased with auto loans (44% of Americans are paying an auto loan)
3. The average new car loan amount is going up by a lot (reocrd high of $31,000 now)
4. A lot of people are defaulting (5.8% are > 60 days late, higher than the financial crisis years)
PDF warning https://static.ed.edmunds-media.com/unversioned/img/industry...
Consumers Skip More High-Rate Auto Payments Than During Crisis
https://www.bloomberg.com/news/articles/2018-05-14/consumers...
So to answer your question seriously, people take out auto loans and lease expensive cars because they like buying expensive things, even if they can't really afford it.