7 year car loans - when did this become the new norm?

[TerryMason]

I haven't looked at car loans in some time, and had assumed that they were all still 3 years... well it turns out that is way off base. It looks like loans from 5 to 7 years are the new normal. This seems like a terrible idea to me - to finance such a poor investment (cars generally are a pretty bad investment) over so long.

Six-year loans are now typical, and terms stretching as long as 96 months — eight years — are available at some lenders.
Experian Automotive, which tracks consumer buying data, says the average length of a new-car loan was a record 66 months in the second quarter, the most recent period for which data is available. About 41 percent of loans were for five to six years and about a quarter were for six to seven years. Fewer than 1 percent of loans were for longer than 84 months, said Melinda Zabritski, senior director of automotive finance for Experian.

Long-term car loans gaining in popularity - SFGate

 

[JPNinPA]

This is a difficult thing but pay yourself like payment after you pay one off. You learn to live without that income and feel less stressed when buying something new.
My 2cents . I never took a loan for more than 3 yrs. mostly 2 yrs. on new vehicle.

 

[southtj]

Most people just shop by payment. They tell themselves they can afford $xxx a month and so the dealer gives them a 6 or 7 year loan sometimes without them knowing it. They just bury that detail in the contracts. I've known people that assumed they were financing it for 5 but ended up being 7. I remember being shocked the first time I saw 6 year loans on cars. I thought that was a bad idea but now 7. Crazy.