“We’ve gone from a credit-dependent economy to becoming almost prisoners of credit,” says David Robertson, executive director of the Assn. of Finance and Insurance Professionals.
As a kid, he remembers his father shopping for a vehicle by looking for one that was reasonably priced, writing a check for almost the full amount and then driving that car “until it completely broke down or caught fire.”
But we’ve seen a major shift in how many average income earners buy cars today, says Robertson, a former dealership finance and insurance manager.
They are not paying much mind to price. Instead, they are fixing on monthly payments.
“They say, ‘If I can get this baby – with all the latest features – I’m going to own it,’” says Robertson.
More after the jump:
Full 2006 LA Auto Show photos (click the link below)
2006 LA Auto Show Photo Gallery
AutoSpies.com Photo Galleries
Read Article