Earlier quoted context omitted.
Since 14% of renters are behind on rent and evictions begin June 30, aren’t vehicle repossessions going to kick in July / August? Presumably, due in part to eviction protection, they have been able to divert all or a portion of their rent payments to keeping up with bad car loans for commute vehicles that often will not be needed. These folks need them for housing unfortunately. If repossessed cars start showing up t…
It’s hard to predict, even if only a couple of months ahead. As the economy picks up a lot of people who had rent relief may have some sort of income, perhaps enough to push them positively over the line. Not all of the renters on relief, obviously, but perhaps enough to chop the number of actual car repossessions significantly. Separately, I suspect that quite a few of the ppl who had rent relief had cars that, let’…
Perhaps.
Vehicles have been pushed in every medium as status symbols. Creative financing options and cheaper insurance have allowed those affected by this to continue to participate. It isn’t just new cars but expensive restoration and customization of old ones.
I think this is beginning to fall away, in part because young people do not rely on physical presence to gain and maintain social standing among their peers as much as they used to.
So a better phone camera matters more than nicer rims. Selfies in front of a fancy car get less likes than swimming next to a sea tortoise.
That said I think groups that have been economically disadvantaged over long periods of time process and integrate culture shifts like this more slowly.