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People just look at the monthly payment. Never think about what an 84 month loan means, what it costs to repair, the insurance. So absurd

A large part of the USA, for a myriad of reasons, lives paycheck to paycheck.

That doesn't explain why, after paying off the car, they immediately trade it in for a new one.

I kind of doubt that everyone does this. How many, relatively speaking, do? You seem to be sure this is a very frequent occurrence.