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People are in a lot of debt.
That is really the only explanation here.
a LOT.
I cant imagine purchasing a car that comes with a note equivalent to a small home AND that you wont be "right side up" on Loan to Value until year 4 or 5 of a 6 or 7 year loan.
I keep thinking "well im 53, so im gettin all 'boomerish' regarding finances " and im sure thats partly the case. But then when i was mid 30s, i was still earning very very well and never once crossed my mind to dump even $60,000 on an SUV that my wife was going to drive into the ground within 7 years shuttling kids to school, trips, practices etc etc.
Our first "nice" SUV was 2006-Chevy Tahoe- Banner Chevrolet LT2 package - $36,000. out the door. That equivalent level today is mid $60s. Half the car now is computer/chips/sensors and cameras-
I cant imagine having a young family and saddled with a monthly car note like that. And as those kids get older, my goodness, they are expensive.
Just had one make cheer team and i had no idea there was a COST to CHEER for HS. I have to pay the SCHOOL in order for her to be on cheer squad. Oh and if they go on to competition/nationals, add another $2500 lolol. im like wait,wut?!
it is insane how much is passed on these days