Why Paying Off Your Car Is No Longer a Priority for US Drivers?
These days, owning your car outright just doesn’t hit the same. A decade or two ago, folks took pride in that last payment, like tossing off the chains. But now? Most drivers barely blink at the idea of keeping a car loan around for six, even seven years. Some don’t ever plan to pay it off. It’s not laziness. It’s logic. Life’s expensive. Wages haven’t exactly kept pace with what dealerships are asking. And with gas, insurance, and rent all climbing, locking down a low monthly payment feels like a win. People aren’t racing to get rid of their car note anymore. They’re just trying to stay mobile without going broke. Talk to a few Gen Z or millennial drivers and you’ll hear it straight: “It’s just another bill.” That old-school goal of owning the car outright? For a lot of Americans, it’s been replaced by a new priority — staying flexible. The Influence of Auto Loan Rates and Loan Terms Back in the day, most folks took out a 48-month loan, maybe 60 if they really needed to stretch it....
