The math seems off here to me, but...
Short answer: people are okay with massive levels of debt...
Long answer: It's easy to understand why almost 85% of new cars are financed: the average price of a a new car is ~$46,000 with an average note of ~70 months. Car payments have become so ubiquitous that having a payment is the norm. Americans have ~$1,200,000,000,000 (that's trillion!) in auto loans and every year for decades the auto industry has set new collective debt records. And that's not even the worst part - the past 10 years specifically has seen massive debt level rises: +59% since 2011.
With essentially predatory lending at nearly every turn, coupled with capitalism-turned-corporatism, it should come as no surprise that American Life has a massive love affair with debt. The majority of my friends who have new cars have all financed them. Not only are they financed, they all
expect to have a car payment, and not for the duration of this car - but for the rest of their working life, they expect to be be making one, and maybe two, car payments each month.
I wish I got a dollar for everytime a friend or Jeeping buddy has found out my income and were not only shocked, but appalled that I don't have a car that I finance! I almost bought a new Power Wagon when COVID first hit and was only considering financing b/c they were giving 0% interest for 84 months - a crazy way to "inflation proof" a purchase as a consumer. At the end of the day, I put that money into investments and made considerable gains. The way the used market is right now, I probably would have broke even with the Power Wagon but I just wasn't comfortable taking out a note of that size, even with zero interest.
Guessing you missed the sticker on one of the new Jeep Wagoneer Series III then? They've got one Mike saw with a sticker of 111,000. No Jeep ever made is worth that.
Especially with cockeyed emblems...
https://jalopnik.com/look-at-this-hilariously-crooked-jeep-wagoneer-badge-1848254340