Car buying has never been more complicated — or more expensive. The average new car price has climbed to nearly $49,000, compared to just under $34,000 a decade ago, according to Kelley Blue Book . That kind of sticker shock leaves many buyers asking: “How can I possibly afford this?”

Dealers are quick to provide an answer: the 84-month car loan .

For years, the buyer will owe more than the vehicle is worth. If they try to sell or trade in the car, they’ll need to pay the bank just to get out of the loan.

It sounds simple at first, but it’s a trap. Spread across seven years, the monthly payments shrink to a number that feels manageable to most people. A $50,000 vehicle suddenly seems affordable when the cost is sliced into smaller installments, but is this really a smart solution, o

See Full Page