You are correct. But most people are not fortunate to have 500k. I bet if you have 500k, you are not living paycheck to paycheck. Consumer debt is a bad thing if you don't have an emergency fund, savings, and other investments.
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I just used $500k as an example. Equally valid if you want to get a used car for $10k. if you don't have close to that in savings, then you probably can't afford it, loan or no... (caveat, a car in western society is in many ways a necessity... I acknowledge that).
Some one should bring back lay-away.
That's funny. Bring back layaway! That will be a good title for a song. Lol