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SW MN | This may be partially true, but even if I buy a used whatever, it costs more than a used whatever 20 years ago and I am not making that much more money to purchase said used item.
For example, my Dad bought a new truck in 2007 for $28M, I bought it from him 6 years later for $20M (dealer trade in value) and in 2022 I sold it for $24M. That same truck new in 2013 was about $42k, and it was about $65k in 2022. I mean how much more frugally do people need to be when a "new" to them truck is $24M and it is 15 years old, and to keep the payment reasonable for them (I asked them because they told me they were financing) it was set up to be paid over 60 months and the payment was about $400/M. Truck will probably last, but it will be 20 years old at the end of that loan.
Based on that graph of median income, a $400/M payment 15% of gross income. And you aren't getting much for $400/M anymore.
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Dept Clock?
