New article out on "auto debt", shows that appearance is more important than fiscal responsibility.
Vehicles are by far the absolute worst money you can spend. What else depreciates by at least 25% the moment that you buy it, costs you money to own, money to run, money to insure, money to maintain? I believe that most of these sales are actually leases that'll end up on the lot after the lease period is over.
After having spent thousands and thousands of dollars on these money-losing purchases, they'll all end up on the used car lots, with the original purchaser having absolutely no "asset" (regardless of its hugely devalued price) to their name.
People can't get past the "no money down", or "no interest" deals that are out there.
Thus the leasing cycle begins again.
It's all about appearances. The debt-poor strive to appear cash-rich.
The best vehicle deals out there are from low-km trade-ins, where someone else has already bore the brunt of the huge drop in value once it was driven off the lot.