I saw a video discussing a recent spike in auto reposessions. People have been borrowing for cars and motorized toys more and more. Now the bubble prosperity is bursting, and those monthly payments are no longer so affordable. The US is riddled with consumer debt, but easy credit in addition to money supply inflation has been creating an illusion of prosperity for years. The response to the 2007/2008 collapse was to double down on the policies that made it possible, and now we have had too many cracks in the facade of fiscal stability as interest rates were forced higher by economic reality. The experts say everything is under control and we are headed for a solf landing. I have my doubts about technocrat confidence though.
There have been some interesting reports on car debts and the practices used to trap people into a car they can't afford, wait for them to default, then sell it again to the next sucker. Rinse and repeat.
It is insane that we allow it to happen. Bitcoin was released as a response to these events and perhaps next time, people will actually support it.
The incentives and mandates from the US federal government for hybrids and especially electric vehicles is also apparent on the secondhand market. These cars depreciate at least as fast as gas cars, and often faster. The electric trucks can't do real truck stuff because the range takes such a hit when loaded up or towing a trailer. But our all-knowing political class just continues setting arbitrary mandates without any regard for what people want or need. And the debt bubble grows with each new car as people chase the new things they are told they need.