I read an article that in the last quarter of 2016 the average car payment was $508 and the average term was 68 months. That is staggering to me.
Doesn't surprise me in the least.
Now for my bitter, penny pinching, old guy sounding rant...
Imagine if that $500 a month went into a health saving account. Damn, I just solved the health care crisis.
I hear from friends and coworkers all the time about how they barely get by. They all drive new-ish cars, live in new-ish homes in cute little subdivisions. But they can't afford to go to the doc when they're sick as hell, or they're getting collections calls on a $1000 medical bill. Most of them are in Florida right now with their kids on spring break.
A $500 car payment, a $200 cell phone bill, another $200 for cable/internet, a $1000 mortgage, at a minimum, annual vacations to Disney, etc but I can't afford decent healthcare or to save for retirement, it should all be free.
Entitlement isn't unique to lower income brackets.