Here’s the latest reader question, along with my reply!
Eric writes: Got this from the dealer this morning. What a mess. Who’s going to be taking on 84 months of car payments right now? Unless you’re a government worker there’s zero job security I at least the next year if not longer as the world resets.
My reply: Indeed. I think there are also going to be some “exciting” offers on used cars – as millions of people default on their new car loans. Which will be among the first things they default on, a car payment taking a back seat to the mortgage and food on the table.
There will be fleets of repo’d cars six months from now. They will be available for a third to half or less what’s still owed on them, pennies on the dollar being of more value than nothing on the dollar.
The new car business will shortly be out of business, too.
And why? Because it’s apparently better to kill everyone’s life than it is to accept a risk to some people’s lives.
It makes my teeth ache.
. . .
Got a question about cars, Libertarian politics – or anything else? Click on the “ask Eric” link and send ’em in!
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