Quote:
Originally Posted by GixY2K
I used to have the same impression of people's spending habits with vehicles. Then I realized, and also mentioned w/sources by the post above, that most people just seem to drive less expensive USED cars that look very decent and expensive, but they are not. Most, if not all, people that I know owned pre-owned cars.
And to add to the eqauation, I believe that the average car loan is now around 6yrs. They offer 7 and 8 too, if I'm not mistaken. So for those folks that would typically be out of range of a car due to monthly payments, now they can get their dream car; and I bet that most of those loans never see final payment. Consumer eats the depreciation, learns a lesson, and goes for the $20K used Hyundai next time.
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Thus is my first new BMW and out of all the BMW cars I owned, I could not justify spending 80k on a car until now. The funny thing is the money I spent on these cars used, I could of owned a new one but financially it didn't make sense until now.