Late to the party, here.
10 year loans...makes sense to me on something that appreciates in value.
Up here in the great white north, an average car is 2/3 of the way to the crusher at 10 years old. Towards the end of the loan, the psychological factor of making premium "new car" payments with high interest on what's becoming a "beater" would bother me.
With the loan spread out over such a long term, I'd imagine principal payments almost never catch up to the value of the vehicle for any given point in time. Life can change a lot in 10 years. That seems like a liability to me.
Just not sure what the advantage to such a loan is. Why carry that risk, pay 6-7% interest just to MAYBE make 6-7% on the capital you've retained, assuming the discipline was there to invest the "savings" in a retirement account or the like (most people don't)?
Just buy the car outright and move on.
No problem with taking advantage of "cheap money" while it's available. We've been pampered the last 10 years, with investment gains well outpacing interest rates. Take a 3% loan to make 10%+ elsewhere? Hell yeah.
But, those days are ending. Both terms and rates climbing, investment returns slowing down, taking on extended car loans seems like a losing proposition.