Episode 323: Losing the Dollar
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The Millionaire Next Door
The average monthly payment right now on a new car is $730. Average for a used is $556. Back in 2004, 1% of auto loans lasted 6 to 7 years. Now it's 30%. You're bumping up against the life of the car at that point. People are going to end up paying a year or two on a car loan for a car that died and that they're not driving anymore.
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