The Best Way To Hold A Burger...
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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?
From Theo Spark at 10:45