Americans are now carrying a record $1.68 trillion in auto loan debt, surpassing credit card balances and nearing the total amount of federal student loan debt. This surge is attributed to years of escalating car prices, which have outpaced general inflation, and the increasing inclusion of high-tech features in vehicles. The burden disproportionately affects lower-income households, who often extend loan terms, significantly increasing the overall cost of car ownership. AI
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RANK_REASON This article discusses economic trends and consumer debt, with only a tangential mention of technology in cars.
