Posted by: coastcontact | July 28, 2020

Americans are more Cautious Then You Thought

2000 Chevrolet Montecarlo

According to CNBC, a cable finance news channel, 25% of cars in the U.S. are at least sixteen years old as vehicle age hits record high.

On average, 1 in 4 cars and trucks you pass are at least 16 years old, according to new analysis of what Americans are driving. With the economy struggling due to Covid-19, prompting companies to lay off millions of Americans, the age of vehicles in the U.S. is likely to rise. It may even climb at a faster rate, according to IHS Markit the highly respected survey company that provided the data.

As someone who believes in driving a car until it is ready for the junk yard I was delighted to learn that I am not alone.

Of course we all want a new car.  We might even shop for a new car.  Then we hear what the monthly payment will be and that stops us from proceeding with the purchase.

It is the same thing when it comes to the purchase of any high priced item.  The picture on the old TV is still good so unless the new television has some new features we can’t live without, we turn to our family members and say “What we have does the job.  Let’s wait until black Friday and we’ll make it a family Christmas gift.”

Despite all of these efforts to keep our expenses under control and avoid using our credit card, the Average US Credit Card Debt is at $15,983.

Sadly many of us have been laid off as a result of the virus epidemic and are now using our credit card(s) to buy our everyday needs.

Is personal bankruptcies going to grow?  Putting food on the table is a priority.

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