In the last four year the average new car price has risen $4,000 to $31,000, while the average monthly car payment has dropped slightly in the same period. This is partially due to lower interest rates, but it's largely due to increasingly long loans. Some people are even taking out 97 month car loans. Yeah, over eight years to pay off a car.
If you ask us, anybody who needs eight years to pay off a car should have bought a cheaper car. That's what classic VW Beetles were invented for, right? The '30s equivalent of broke-ass bloggers and fast food fry-cooks.
[via Wall Street Journal]