[mikewave]

Correct. The availability of cheap credit + higher than normal resale values for vehicles of late has led to a situation where people are overextending themselves and buying vehicles that cost 80% or more of their yearly income in order to "keep up with the Joneses". I know some people in this situation, and their ability to afford $600/mo payments (plus insurance, plus gas, plus maintenance) is leading them to actually do less: fewer outings, fewer trips, less expenditure elsewhere, perhaps no summer camp for the kids, etc.

America badly needs a return to the much lighter S-10 and Ranger of the past, with a 4-banger and a small back seat. These behemoths with V8s are not necessary for most people, and neither is the level of temporary luxury they convey. Let's face it: after a couple years your shiny new truck is just as noteworthy as every other truck on the road, which is to say, most people don't care about it / aren't impressed by it anyway.