nodepositnoreturn wrote:
...I truly do not know who can buy a $85,000 truck and pay it off in 3/4/5/6 years .....
Funny thing. 30 years ago my dad told me a new car costs a years' salary. Always has, always will. I thought he was nuts at the time.
Several times in recent years the cost of vehicles has come up and I've searched the internet to compare median household income and vehicle prices. It's true, a car costs 1 year salary.
Bob's example he said he paid $8K and change for a new truck in 1978. If you search for 'Median Household Income in 1978' you see an amount of about $10,500. If you search for median household income in 2018 it's about $62,000. Funny, but a pretty well equipped truck costs about $60K.
Dad said that was Henry Ford's model: for his employees to be able to work in the factory and buy one of his vehicles within a year's time. you can search income and vehicle prices all the way back to the 20's and the two are pretty much in lock step.
Now, don't get me wrong because I go nuts at the idea of spending $60K on a vehicle and probably won't ever do that. I'm just pointing out the long held trend.
KJ
