– By Jeff McMahon
. . . . You don’t have to be Milton Friedman to figure out that car ownership is economically foolish.
- “I want you, on purpose, to spend $33,000 on an asset, okay?
- And I want you, on purpose, the minute you buy it, to lose 11.5 percent.
- And on purpose to make that asset sit idle 95 percent of the time,”
. . . . said Gary Silberg, the Americas head of the automotive division of the financial services firm KPMG. “You don’t have to have a PhD in economics to figure out that it’s maybe not a great idea to buy a car.
“The average price of a car in America is $33,000, the average loss is 11.5 percent, and the average idle time is over 95 percent.”
But Americans love their cars, right?
“Okay, so why do people buy cars?” Silberg asked