I can understand that amount if it’s justified for a family vehicle or a work vehicle but I have a sense that a lot of these loans being defaulted on are for BMW/Mercedes basic sedans which don’t serve much of a practical purpose beyond the logo on the hood.
> For many Americans, rising interest rates and high car prices have pushed their monthly payments above $1,000.
This is insane. I have never bought a new vehicle and thought having payments like this was the exception, not the norm.
> For many Americans, rising interest rates and high car prices have pushed their monthly payments above $1,000.
This is insane. I have never bought a new vehicle and never imagined this was the normal.
Edit: Finished a partial comment
I can't say I'm surprised? The amount of new > $60,000 cars I see on the road seems to be a lot. I'm earning a decent wage and even to me that's excessive.
Interesting if this will propulse bike infra development
Lots of discussion over here a few days ago:
https://news.ycombinator.com/item?id=38000106