I reckon you'd want to be on at least 150k salary to justify a 50k car loan! I think it's ridiculous how much money people spend on cars when they're not even on a high income! It's their choice I suppose but I just think what else they could be doing with that money! You can get perfectly decent cars for a lot less than 50k!
I know now someone who upgrades every few years.... It's a massive waste of money, they end up paying several thousand more than if they just keep the perfectly decent car they already had. My sister does this yet she is on a very modest salary. Oh well, like I said, their choice!
I don't have a car loan, I own my car but it's older and needs replacing soon so I'll be getting a car loan within the next 6 months or so.... Not looking forward to it due to how fast new cars depreciate, but I'll look after it and keep it a long time and will spend moderately.
ETA Just reading through the thread, and am confused at this idea that buying a new car every few years ensures mechanical safety and peace of mind.... People do realise they make cars to last longer than 3 years right?? If you look after it, it will continue to be very reliable for a long time! I recently looked at second hand cars around 3 years old, so still fairly new but second-hand. They varied a lot due to how well the previous owner cared for them. Some had clearly been thrashed, others were still as new.