'Underwater' car trade-ins are at a 4-year high: What that means when buying a new vehicle

[Johnny2X2X]

1. I just don't understand how people can afford new cars

I am doing fairly well, household income that puts us in the top 10% easily, I just don't understand paying $several hundred a month for a new car. After my mortgage, 401K, insurance, utilities, and other expenses, there's just not enough money left over for a $600 car payment, much less 2 $600 car payments like a lot of families have.

I buy used, low miles. I keep my car as long as it's practical. I haven't had a car payment in years. I get how nice new cars are, but my budget just doesn't allow me to waste that much money when I can save and pay cash for lightly used.