Retzlaff zlaff said it best.
New cars are on 6m back order, so people have time to refinance their homes to release the equity - equivalent of 2% car loans. I can only hope they choose to pay back at a rate to clear loans in the 3-5yr they would otherwise be.
Car Loan finance (Credit Cards, etc) appear ridiculously easy to get.
My 19 year old watches a lot of these peanuts on social media , guys with fishing shows , surfing , rock fishing , four wheel driving , camping ....... you name it , some peanut is out there filming himself living some amazing lifestyle whilst flogging it to the masses .In Geelong I go to the boat launching pads generally Limeburners and Clifton springs.
The amount of 40 yo boys with 65,000 fwd,s and 70,000 dollar boats is amazing. Then there wife rolls into carport with the ubiquitous 50,000 BMW never driver on dirt 4wd is gobsmacking.
Nephew of mine actually tried to justify it, to no avail.
The price will have to be paid, and only a financial reset will do it.
Despite mine and the missus best efforts to teach our kids the value of hard work and a steady income, I can’t help but think these kids look at these “ influencers “ and think that’s normal. Time will tell .