The Hot New Car Is Your Old Car

For one thing, one must consider the extent of privilege we have been afforded during this "reincarnation" of sorts of the Great Depression that began eighty years. Unlike in our present recession, the availability to own one's car was limited amongst the middle class; a renowned photograph from the era shows a former Wall Street stock who, having lost all of his life savings in the market, he was forced to sell his car off on the street. Fortunately, the nature of the automobile market has progressed as such in the past century that at least most Americans in some form own cars - whether by lease or by ownership of new or (more often) old, used cars. While the decline of new car sales signal a concurrent decline in the former strength of the automobile, the trend towards maintaining older cars in some ways ought to be celebrated. rather than "craving the latest mechanical 'bling'" and taking advantage of "easy credit" and cheap leases to spend beyond their means on luxury cars, Americans are becoming increasingly more practical in saving money and managing their transportation needs without the excess of services (and more importantly, monthly interest) that follows leasing out new cars.

At the same time, however, while the practical frugality of keeping older used vehicles in relatively good condition and functioning should certainly be commended, there are grave consequences to the development of such short-term financial solutions. Inevitably, the only way in which the auto industry, like other industries, will be revived is through the economic principle of high demand and low supply, such that most Americans will be motivated to return to leasing out cars on three or four year plans, which will in turn generate the revenue necessary for companies like Ford and GM to return to their former prestige. At the same time, the recession persists long enough that, for most Americans, holding onto older vehicles becomes feasibly the ONLY option for them, this establishes a dangerous trend away from periodic purchases of new cars, integral to the growth of car companies. 

Furthermore, we endanger our own public health, as older vehicles diminish in safety quality over time, are more prone to engine malfunction, are more delicate (and thus require more frequent oil changes), and lastly are more economically UNfriendly than newer cars, which (variably) tend to have better fuel economy, and are more likely to be "hybrid"ed in some manner than older cars which are more likely to run solely on gasoline. Over time, it is easy to see the trend return to new cars as Americans restore fiscal confidence and return to their incessant desire for buying new and having the latest gadgets, but until then, economic prudence may be the best option.