BUYING A NEW CAR: A Financial Mistake? (New vs Used vs Leased)

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Buying a new car might be a huge mistake that could cost you a lot of money!
I'll run the latest numbers to show you how the average new car buyer loses thousands in depreciation and interest, as well as showing how a reliable used car (or a certified used car) might be a better option.
I'll also go over the few exceptions where buying a new car could make more sense than buying used (such as electric vehicles and those who want the latest safety active features).
This video will answer these questions:
Should I buy a new car?
Should I finance a new car?
Should I lease a car?
Should I buy a used car?
Should I buy new vs used vs leased?
Should I buy a certified used car?
Buying used vs new car?
Buying new car vs leasing new car?
Is Dave Ramsey right about cars?
How much will my car depreciate?
What is depreciation?
Should I save up for retirement instead?
How much interest will I have to pay for an auto loan?
How much money will a new car cost me?
Legal Disclaimer:
I'm not a certified financial advisor. Please consult one before investing!
Don't burn your money...Subscribe for more Retro Cars Forever tips and reviews!
Follow Brad Hansen on Instragram:
/ bradhansenmedia

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Опубликовано:

12 май 2020

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Комментарии : 29

@Athena007 4 года назад

0:35 - He has the power to restore the balance... of car buying!

@Stinger430 3 года назад

Great advice. I never did get the point of leasing. Certified pre-owned is definitely the way to go for most average Joes (me).

@RetroCarsForever 3 года назад

Thanks man! I get WHY people love to lease, new car every few years! But from a financial perspective yeah it's one of the worst options.

@JoshHelmuth 4 года назад

Good stuff, Brad! Glad to see you're still kicking ass.

@RetroCarsForever 4 года назад

Thanks dude, same to you. Just subscribed to your channel...Great idea for a channel, and might come in handy!

@joshrothchild8855 3 года назад

Excellent well rounded video! Worth watching till the end!

@RetroCarsForever 3 года назад

Thanks so much!

@marcusesteves3120 4 года назад

Glad my post about DR on FB sparked you to make this video!

@RetroCarsForever 4 года назад

Thank you dude! Hope you liked it.

@htFro 3 года назад

This video was phenomenal Thankyou

@RetroCarsForever 3 года назад

Thanks, you’re very welcome

@ostriskakan 2 года назад

yea i never bought a new car, only old "shitty" ones, spending some on spares for them instead and almost never lost anything at all

@carlsondrol 4 года назад

great video! Particularly appreciate the financial advice :)

@RetroCarsForever 4 года назад

Thanks Carl!

@armandosanchez8901 Год назад

What about a cab driver who is going to drive the car for 12 plus years?

@RetroCarsForever Год назад

Great question. If someone is going to buy a car and literally drive it until it’s dead, buying new might make more sense as they will ultimately get to keep it longer and avoid the hassle of buying another one sooner. However that’s an edge case, as I mention in the video most people only keep new cars a handful of year.

@darthleia2536 3 года назад

I want to buy a new mustang gt and I saw some of the used ones and the price is not much lower than the brand new :(

@RetroCarsForever 3 года назад

In some cases if you’re buying very lightly used, it might make more sense to get the new car. You might get better financing. But ultimately you might want to go a bit older to get an even better deal.

@darthleia2536 3 года назад

@@RetroCarsForever that's true , I am saving to get a big down for a lower interest rate

@ericrosen6626 3 года назад

If you lose 20% on the first day and 68% after 6 years, then days 2 through 2190 average -$8.33 per day (starting with a $38k car). The day2 onward depreciation comes out to -0.0419% per day... carry that forward another six years, and those only cost you $3.33 per day. And the next six years after that, just $2.44 per day :)

@RetroCarsForever 3 года назад

Wow, never thought to break it down like that. But that's STUNNING to think about!