zlacker

Seems like an obvious case of selection bias. Used car loans are going to be a lot higher than average prices people actually pay for cars, because people who take out loans to buy cars are buying more expensive cars than people who don't.

>>slondr+(OP)
Also, the average is always going to be higher than the median. These things tend to follow a lognormal distribution.

>>slondr+(OP)
About half of all Americans can't cover a $1,000 emergency.

https://www.nerdwallet.com/article/banking/data-2023-savings...

(Used) car prices continue to climb.

https://www.usatoday.com/story/money/cars/2023/05/15/new-use...

Subprime auto loans continue to be fairly popular, Investopedia is claiming about 40% of used car loans are subprime.

https://www.investopedia.com/terms/s/subprime_auto_loans.asp https://www.consumerreports.org/car-financing/many-americans...

So, no, rich people aren't driving these ballooning loans they're going to the working poor. The excruciatingly poor don't own cars. Defaults were ticking up leading into the pandemic, people are simply living beyond their means at this point. Cars are expensive and have been getting more and more expensive.