Fortunately, car longevity is up at record levels with the average of cars on the road at least 12 years old. Most last to 20 years or more. 80% of all cars sold in the last 20 years are still in use.
Hence enormously wasteful programs like “Cash for clunkers”, to destroy existing, mostly serviceable, vehicle stock.
They finally have to stop buying now, pay later. or declare bankruptcy which many people do each year.
The problem is, if the debt merrygoround stopped, so would 70% of the Shinyland economy.
Steve