> The people who buy new obviously tend to be well-off, and are often older.
One might think this to be the case, but the breakdown of new car buyers shows about the same % of buyers make <50k as those who make >100k (roughly 1/3rd in each cohort, but varies based on vehicle type). Sadly, many of those buyers will take out out a 72-84mo loan that they probably can't afford in order to pay for that new car.
We priced out pickup trucks recently for shits and giggles (because we live in rural america and really have a decently often use for one).
They're so expensive. And the dealer pushes the 84+ month loan to bring the payment down. Like, I get that it's a $450/month payment, and that's supposed to sound reasonable (it isn't reasonable, at 3/4 the cost of our mortgage). But it's for 8 years! There's no way this truck is going to last that long. Who does this? Why?
> There's no way this truck is going to last that long.
I agree with everything you said up til this point. Unless you crash into a brick wall, a modern pickup will last at least 20 years. Look on Craigslist or FB marketplace for 2005ish F-250s - they’re still fetching 5 figures...
Heck, I won’t even look at a truck less than 8 years old until my next stock option boat comes in...
One might think this to be the case, but the breakdown of new car buyers shows about the same % of buyers make <50k as those who make >100k (roughly 1/3rd in each cohort, but varies based on vehicle type). Sadly, many of those buyers will take out out a 72-84mo loan that they probably can't afford in order to pay for that new car.