It's the same in Canada - every year for the past three years have set Automobile Sales Records. With just a couple of weeks left, there is talk that the total sales of new vehicles this year will break through the 2million mark. Last year it was 1.8 million. The year before that 1.7 million etc . . BUT, as you note many of these new vehicles have been bought with ridiculous terms, that if there is a significant down-turn in the economy, or interest rates spike, many of these car owners are going to be screwed.
These perpetual leases are not for me. I buy usually for cash, 2 - 3 year old, highly reliable vehicles, that are very efficient on fuel, that I know will last me 10 years. I have a good friend who works IN the automobile business, and he's told me my approach is the smart approach. This is the way that over a 10 year period of time, you spend the LEAST amount of money on a car.
Steve Fleck @stevefleck | Blog
These perpetual leases are not for me. I buy usually for cash, 2 - 3 year old, highly reliable vehicles, that are very efficient on fuel, that I know will last me 10 years. I have a good friend who works IN the automobile business, and he's told me my approach is the smart approach. This is the way that over a 10 year period of time, you spend the LEAST amount of money on a car.
Steve Fleck @stevefleck | Blog