Re: Gas/Oil - demand

Posted by Matt from CT on April 12, 2005 at 12:43:58 from (66.181.93.136):

In Reply to: Gas/Oil - demand posted by Hayman on April 12, 2005 at 07:09:58:

I wonder...

I wasn't old enough during the last gas crisis to know much about car buying habits then. I do remember the lines and license plate ending in an even number go on tuesdays and such...

I do know cars cost a lot more today.

I think they cost a lot more relative to income, too. (If nothing else, there's the story I read that a farmer used to figure he could buy a new pickup by selling a single steer...)

I also know I now see such abominations as six and seven year car loans. Ok, so most people don't drive like me...but if you have to spread out payments over seven years, can you even afford a sudden repair bill when the car gets that old?

Where I'm going is...how many of these people who bought gas-guzzling status symbols are now stuck in a loan they're upside down on?

I'm thinking (semi-elders help me out here) you had more flexibility in the 70s to buy a new, more efficient car if you wanted to.

Today, many more people are going to be stuck with a vehicle they can't get away from. And of course that has less demand, so they'll take an even bigger hit if they do sell or trade it...

Follow Ups:

• Re: Gas/Oil - demand dhermesc 13:44:39 04/12/05 (0)

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