Also I'd be willing to bet that if interest rates dropped, car purchasing would skyrocket even at current prices.
Car loans would be ticking time bomb on the U.S. economy. All it takes are waves of layoffs and therefore droves of unemployed people saddled with car loans.
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In the absence of perfect competition and perfect information, one cannot infer from the absence of sales that there is no demand for item X.
Also I'd be willing to bet that if interest rates dropped, car purchasing would skyrocket even at current prices.