Baby YOU can drive MY Car...................from Rico

Cars. Americans used to love owning cars. They still do, actually.

- Except, today their cars own them and what's to love about that?

 

This smells very much like the "housing bubble" it does.

- Positively reeks of it, in fact.

 

Of course, after buying a house the second largest purchase a consumer makes is a vehicle.

- Saddle-up for this buckaroos!

 

US auto sales are at a record 10-yr high. Record credit, Record loan terms. Record stupid.

- Avg new car loan terms are 67 months - a record.

- Avg used car loan terms are 62 months - a record.

- Loans with 74-84 month terms are 30% of all financed new vehicles - a record.

- Avg amount financed for new vehicles is $28,711 - a record.

- Avg monthly payment new vehicles +$497 - a record.

 

Coming next. Interest-only car loans?

- Pay your "vig" or "go long" bicycles, happy consumer. Welcome to wealth destruction.

 

Oh, for consumers: A vehicle loan of 84 months = 7 years.

- Do you know how fast cars depreciate, and how much faster they wear out?