this post was submitted on 12 Sep 2025
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Never before have Belgians borrowed so much for the purchase of a new car (www.tijd.be)
submitted 5 days ago by iii@mander.xyz to c/Belgium@europe.pub
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Summary:

  • Belgians are borrowing more than ever for new cars, with the average consumer loan reaching €23,750, an increase of €8,250 (over 53%) in the past decade, outpacing the average car price increase of 36% during the same period.
  • Similar trends are observed in the used car market, where the average loan for a second-hand vehicle has risen to €17,550, reflecting a 61% increase over the last ten years.
  • The rise in loan amounts suggests that car affordability is under pressure, as consumers may be forced to borrow more to cover the increasing costs of vehicles, which are influenced by rising raw material prices and stricter safety and environmental regulations.
  • The shift towards more expensive electric vehicles and stricter EU regulations is contributing significantly to the rising costs of driving, making it increasingly expensive for consumers to purchase and maintain vehicles.
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[–] AbsolutelyNotAVelociraptor@sh.itjust.works 4 points 5 days ago (1 children)

Not just Belgium. Italy is doing the same. People borrowing insane amounts to buy a car that they don't need. There are cheaper alternatives, but most people don't want to be seen as cheapstakes because they have a cheap car

[–] iii@mander.xyz 1 points 5 days ago* (last edited 5 days ago) (1 children)

Even the small second hand cars people are borrowing almost 20kEUR for. I can't wrap my head around that.

Will the banks eventually own everything, with people perpetually rolling one loan into the others? The debt slave lifestyle for the "freedom" of a small electric car.

[–] AbsolutelyNotAVelociraptor@sh.itjust.works 2 points 5 days ago (1 children)

Here there's a new trend that basically means you never own the car. You take it in a sort of leasing. You pay a small monthly rate of maybe 200-300€ during 3 years. After that time, you must decide if you pay the rest of the car in a single payment (meaning amounts of +30k) or give the car back and take a new one in the same formula. In practice, you are just subscribed to a long term service.

There is a huge catch tho: if you crash the car and you don't have an insurance that cover your own damages in case of guilty accident, you still have to pay the car completely.

[–] iii@mander.xyz 1 points 5 days ago (1 children)

Sounds like all the downsides and risks are with the person, all the financial benefits are with the leasing company 😟

[–] AbsolutelyNotAVelociraptor@sh.itjust.works 2 points 5 days ago

You can always choose, but many people don't want to buy (and own) a cheap car like a dacia when, with this formula, they can drive a bmw, or vw, or an audi.

[–] iii@mander.xyz 1 points 5 days ago* (last edited 5 days ago)

Seems like the choice many have to make today is to live without car, or live the american perpetually endebted life. And many people are chosing the latter.

In my opinion, it's a sad and relatively recent evolution.