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The Crash of the Car Market: An Unfolding Reality

The current state of the car market is one of turmoil, as evidenced by the increasing number of repossessions and surging debt among consumers. In recent auctions, there has been a disturbing trend of new vehicles—everything from luxury sports cars like Hellcats and BMW 7 Series to electric vehicles and SUVs—being sold off due to owners' inability to meet their payments. This moment in the automotive market brings to light the consequences of financial decisions made during the pandemic, when many indulged in extravagant purchases driven by a rush of available cash.

The Pandemic Spending Spike