The 7 year loans could just mean people are choosing to buy more expensive cars, or have less money left over after other costs. I believe average selling price

The 7 year loans could just mean people are choosing to buy more expensive cars, or have less money left over after other costs. I believe average selling prices are tracking inflation, but mandated safety and efficiency drives costs up. (I'm not saying this is a bad thing -- it just IS). I agree with you on the "almost necessary" expenses. While nobody "needs" a $1000 smartphone, of course, it's hardly reasonable to not expect someone to complain about the cost of living unless they're adjusting their rabbit ears and using a tin cup and string. In particular, for many lower-income people, their (say) $400 smartphone might be their primary computing device In other words, it's complicated!