Luke, Your comment about sticker prices creeping up.Who can afford it? Not as many people as you see driving them that is for sure, but many Americans only see the monthly payment. Crazy long car loans have allowed the overall sticker price to creep up.
And even the ones that are "bought," I'm guessing a majority of those buyers never pay them off- they will trade in on another one long before they pay off their 7 year loan. Basically, they will have a car payment in perpetuity, always rolling what's left on one into the next one. For practical purposes it may as well be a lease.Because of the price alot of trucks/ cars on the road today are leased not bought.
Can you show me? I Googled a bit and found nothing that was even 10 years. I'm with Chris, in 10 years you would owe WAY more than the car was worth. + Can you imagine needing full coverage on a 25 year old car just to cover the bank note? If you still owed 10K and the car was worth 3K that wouldn't work either.Hard to believe but it is what it is. Same with a guy spending 160k on a ski boat. pretty deep roots in the auto and marine world.