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It’ll be something that explodes when interest rates blow up on more and more peoples mortgages in the next few years.
Defaults on PCP / lease will become commonplace. If that takes the bottom out of the used car market, it’ll make new cars even less affordable as GFVs will take a dive too.
Our car payment is only 6.8% of monthly net income which still seems a little high.
Soul
People are mad, remember. Average spend on a car on finance is 19% of take home income. So it’s perfectly normal to spend £1000 a month on a car if you’re earning £80k. Mad, but normal.