JUST IN: US auto loans have exploded to $1.68 TRILLION.
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JUST IN: US auto loans have exploded to $1.68 TRILLION. For the first time in history, car debt is bigger than credit card debt.
It now matches the total amount of U.S. student loans.
People are taking 7-10 year car loans just to afford a monthly payment.
The average American now pays $735/month just to own a car. That’s $88,200 over 10 years. On something that LOSES value every single day.
Meanwhile....
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JUST IN: US auto loans have exploded to $1.68 TRILLION. For the first time in history, car debt is bigger than credit card debt.
It now matches the total amount of U.S. student loans.
People are taking 7-10 year car loans just to afford a monthly payment.
The average American now pays $735/month just to own a car. That’s $88,200 over 10 years. On something that LOSES value every single day.
Meanwhile....
Car prices are up 35%+ since 2020 and repossession rates hit a 30-year high last year.
Let that sink in.
The "American Dream" is being sold back to you on high-interest debt.
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Car prices are up 35%+ since 2020 and repossession rates hit a 30-year high last year.
Let that sink in.
The "American Dream" is being sold back to you on high-interest debt.
@FluentInFinance And here I thought my €250 payment for 60 months was a lot.
$88k?? For a car??
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JUST IN: US auto loans have exploded to $1.68 TRILLION. For the first time in history, car debt is bigger than credit card debt.
It now matches the total amount of U.S. student loans.
People are taking 7-10 year car loans just to afford a monthly payment.
The average American now pays $735/month just to own a car. That’s $88,200 over 10 years. On something that LOSES value every single day.
Meanwhile....
@FluentInFinance Most of the time if your Uber or Lyft driver has a fancy vehicle, they are doing that job specifically to pay for the vehicle.
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JUST IN: US auto loans have exploded to $1.68 TRILLION. For the first time in history, car debt is bigger than credit card debt.
It now matches the total amount of U.S. student loans.
People are taking 7-10 year car loans just to afford a monthly payment.
The average American now pays $735/month just to own a car. That’s $88,200 over 10 years. On something that LOSES value every single day.
Meanwhile....
And Trump's tariffs will make cars in the US even more expensive.
Trump's call for European Union car tariffs could mean higher prices on these brands
President Donald Trump plans to raise tariffs on cars imported from the EU to 25%, which could increase vehicle prices and what U.S. drivers pay.
USA TODAY (eu.usatoday.com)
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@FluentInFinance And here I thought my €250 payment for 60 months was a lot.
$88k?? For a car??
@collectifission @FluentInFinance
Including interest I guess.
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@collectifission @FluentInFinance
Including interest I guess.
@helioselene @FluentInFinance Obviously, but still.
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@helioselene @FluentInFinance Obviously, but still.
@collectifission @helioselene @FluentInFinance
Maybe also counting gas and insurance? -
R relay@relay.infosec.exchange shared this topic
