Am thinking of selling my old Leaf to finance a deposit for a property, a wise move is to sell the Leaf and rent an EV via someone like Onto and then after I have a mortgage then go for a government interest free EV loan or salary sacrifice scheme else my mortgage limit would be lower as it would take into account my car loan/lease.
We financed our car by setting aside enough money to buy it outright. We figured that since interest rates on cars are not the lowest, we'd rather not have a loan on a car.
I just discovered you through the fully charged show, and happened to hear about your "gopher issues." As a Northern Californian, I commiserate. The simplest, cheapest, and least harmful method of gopher control I have found is to buy castor bean oil and make an emulsion with water and a little soap, then spray it on my garden soil every couple of months. They just cannot abide it for some reason, and it is harmless to living beings and plants. I just mix up batches in the blender, then use a hose end sprayer to spray the garden soil and about 3 meters beyond the garden. It lasts 1 to 3 months depending on rainfall. Castor bean oil is the active ingredient in most gopher repellent tablets, but it is just so much more effective when sprayed garden wide. I find it magical how they just leave the area and stop eating "my" vegetables. I keep telling them to plant their own gardens, but they just flip me off and make rude comments about opposable thumbs and water taps.
Thank you for another great video! I sold my old cruising sailboat and in June, I bought a Bolt EUV Premier for $36,000 cash. I commute 90 miles a day for work, and charge at home. I”m loving the 75% savings on fuel. Cash is king when making a car deal!
Thanks for giving your point of view. In less than two years’ time, our EV subscription will come to an end. There’s no way we’re going back to an ICE car, so we’ve started putting some thought into how to finance our next EV. A smallish used car with a towing hook would be nice, but they’re difficult to come by. A loan for any kind of car is a scary thought to me.
I just helped my Tyrannosaurus EX through the process of buying a 2022 Chevy Bolt EV. Since she was shifting from a gas guzzling 2007 Nissan Pathfinder, her payments are the same as the cost of gasoline she was purchasing. The total price after incentives was in the 28k region, and with 6k down, the payments are around 400 a month. Just no tow hook, but I am starting to wonder.....
In my entire life I never bought a car where I didn't have the cash to pay for it. I only financed one car because the interest rate by Nissan was 0% and my bank paid me 3.8% on my money....
I’ve never had a credit card, I don’t have any loans and I’ve put every spare penny I’ve earned into my mortgage which I’ve just paid off 15 years early. I’ll keep and look after my 150-200 average mpg used 2013 Vauxhall Ampera/(Chevy Volt) until I can afford to buy a Tesla M3 for cash, by which time they will have LMFP batteries, longer ranges, plus GIGA-Berlin and GIGA-Texas will be in full swing so they will be cheaper. I’ve absolutely no idea what my credit score is, probably very low, definitely lower that all the people where I live driving around in new ICE Porsches, Range Rovers and Aston Martins. Well-being and finances first, then do the best you can you reduce your carbon footprint and pollution, Rome wasn’t built in a day and life is for living.
We anticipate absolutely no problem with dealer markup. We went to the Tesla site, checked couple of boxes and the price was guaranteed. No problem. We pick up the car next week! It is just that easy.
I received a great deal from the auto manufacturer finance division when I purchased my new hybrid almost six years ago. There's no early payment penalty. But it pays to shop around. And I definitely recommend gap insurance. It's also important to consider other costs, like insurance (you will need full collision coverage in the U.S. if you finance the vehicle.) And the cost of installing a home charger if you can do so. That's far more convenient than relying on public charging stations. And don't forget state and federal incentives for both EV's and charging equipment. When I bought my 2012 LEAF, it qualified for the $7500 federal income tax credit AND a $6000 state income tax credit. The 240 volt charging equipment also came with credits. Now that was sweet!
As an experienced EV driver, how about a series of "Classes" to teach people how to check charging station statuses, how to plan a trip, trouble shooting apps, and well other things that you know. I know you have probably gone over must of this here and there, but a dedicated series would be nice. Or maybe a whole series of "shorts", the new algorithm might like that.
My suggestion is to put your estimated monthly payment into a dedicated savings account while you are waiting for the car. (If your current car payment is less, save the difference or more if you can.) It gets you used to living on that level of income, and saves for the down payment at the same time.
My credit union got me an interest rate of 2.99% all pre-approved. I had a decent sized down payment saved up but since the interest rate was so low I just financed the whole thing then used the down payment to pay off higher interest....stuff. I wonder if that Australian bank (that's about to cut off financing for ICE vehicle purchases) gives great rates for EVs?
Thanks for your suggestion of contemplating the reason for your purchase. Often times buying a car can be a less than rational decision with emotions of "needing to get this now" when as you stated, finances, job, etc may not be in best of shape to handle this new very expensive purchase.
I am so happy that we do not have a credit score over here. I'd hate to live in a country where you have to get into debt in order to get into more debt.
you don't have to get into debt to get a good credit score. Mine was excellent and all I did was paying the mortgage and CC back on time. When we moved there I naturally had no score and 3 years later it was already good. In Germany it's Schufa which is similar but it takes a lot longer to have a good standing there.
I purchased a used 2015 Nissan Leaf some years ago and took out a loan. I found it helpful to pay more each month than what was on the bill. I am now driving a 100% paid for EV that is still operating flawlessly. Great 👍 videos!
Great video, I also advocate regularly checking credit scores from all 3 major credit bureaus in the US. My husband and I now have a combined 25 credit cards - all paid off every month via automatic payment. We got these over a 10 year period. Our total credit limit is nearly 3x our annual income. Our credit utilization ranges between 2%-4%, far less than the 30% you’re supposed to stay under. Almost finished paying off our car loan, the second through our credit union.
You guys got a great deal on your Lightning with prices for 2023 up and away. Do you advise people to buy the initial roll out of an EV? I waited 2 years to buy a M3 because the initial quality was so bad and I wasn’t sure if they’d go bankrupt. What about Fisker? Would you be first to buy one?
I've lately become curious as to why, if it's true (as most EV proponents claim) that an EV's cost of ownership is already lower than an equivalent ICE car's, EV financing isn't offered at a lower monthly rate than financing for an ICE car?
After this Video and your weekly sponsor EVA I think about if there was something similar to a credit union here in Germany... 🤔 sounds a bit like a cooperative bank (Genossenschaftsbank) to me but they are full banks and offer many other stuff... I have no idea if there is anything you can get a loan or so that's not a bank... even the financing departments of the European Automakers are registered banks... 🤔
Tobias, The closet thing I would assume for German customers would be something like _Volksbanken und Raiffeisenbanken_ based on my research (at least, my very basic research). The concept being of course that a private bank is effectively more interested in keeping money for its owners and shareholders, but with a co-op or credit union, every member benefits when the institution does well.
@@transportevolved These are still pretty different to the credit unions. CUs are a lot better that's why I still have a CU account despite having moved back to Germany.
@@transportevolvedyes that's the point the v+r banks or are co-ops and so we're members of the bank we have our house mortgage from and the bank that helped us finance our photovoltaic system 👍 both banks don't have the typical Volksbank or Raiffeisenbank name but are based on the same system and at least for something like a house financing they prefer members with quite a bit lower interest rate. and with a federal incentive for buying or building a house we got part of the money for less than 1% (in 2019 - fixed for 10 years) 😁
I only believe in credit to increase income or for a fast return of profit. An electric car can definitely bring one to an income. I never want more than 1 credit card.
People who buy a car on credit are totally insane, if you can't save up money for a car.... YOU CAN'T AFFORD IT! Only for a house it makes sense to borrow money and that is because a house does not depreciate like a car, or any other appliance for that matter. And this IS solid financial advice.
Of course you can. If you can afford the monthly cost of whichever financing you chose, you can de facto afford it. Is purchasing a car a good financial decision? No, regardless of how you pay for it.
Buddy, there is nothing wrong with credit if you enter into the agreement knowing what is going on, knowing your options, and being able to afford to the payments. Most people woudln't be able to buy a new car without it. There aren't that many people who can afford a $40,000+ car without a loan. It's great to advise saving - and you should always have savings (3-to-6 months of savings are recommended as we noted in the video), but unless you're either extremely wealthy or very lucky, getting a new (or used) EV usually involves a loan of some sort -Nikki.
@@transportevolved There is absolutely something wrong with credit, that is how people get in financial problems. You don't have to be wealthy or very lucky just smart. Spent on a car what you can afford, start with a clunker and if you saved some money you trade it in and buy a bit nicer car. Soon enough you know exactly what kind of car you can afford. If you have some financial set backs you might not be able to save money but at least you are not stuck with monthly payments. If you buy a cars on credit you will get stuck in a vicious circle for the rest of your life, not only have you been in debt your entire life, you also paid a car worth of interest on top of that. And worst of all you have exposed yourself to potential financial problems during your entire life.
@@buddy1155 Your blanket statement isn't solid because the math is different for everyone. Buying a clunker means my monthly budget has a new line item of repairing it to keep it going which might be half of what a car payment would be. Or I could get a loan on a new(er) car I can afford the payments on, has a warranty so years of not paying to repair it, and it will last me another 10+ years after I'm done paying for it. The key is keeping cars so long that you have essentially sucked all the value out of it, up to the point of needing a lot of repairs on it. Money has an opportunity cost too. You could scrimp and save for years the 30 grand for a car but that money might be better used invested for the kids college fund, set aside for a new roof, etc.
Another option is to buy an EV with a total cost less than ONE car payment. I just bought an old Miles ZX 40 for $425 at auction. Yes, it's not exactly a Model X Plaid, but being my first EV, It'll do!
@@transportevolved yes I did watch the video. Was so impressed this fact, felt it was worth mentioning one more time. But then this has been a deciding factor for me for many years. I tend to drive vehicles until their no longer worth fixing. Oh and about dealership finance deals… Don’t. The dealership stands to make a pretty commission on getting you to finance through them. Most dealership’s make more money on getting to sign with their finance department than they do on selling you the car. OK, I’m done now, good video, very informative.
Instead of "hacking" the credit system, avoid it, e.g., buy NOTHING on credit, unless it's a house. A car? SAVE. If you can't afford it, you shouldn't buy it. How do you know? How long will it take to save up the purchase price? How do you know if you haven't established that? Establish it. That's called financial planning. A few tips (from one who's made all the mistakes, I'm 80): 1. Don't use a "stealership" for anything (service) EVER. 2. Try to buy used, directly from the owner. But, wait, there are many pitfalls here, so do a lot of research, YT is good, so are books, personal advice from someone who always buys direct. 3. Buying direct from the factory is easiest. Recently, I learned the Volt is a good used buy (surprise). Probably because of the well-deserved bad publicity. Stay away from the Leaf. If you like your used EV, that should motivate you to save for a new one. Lucky for you, the world consensus is correct, Tesla wins hands down. No need to research. Or, if you don't "need" a new car, buy a house/PV/PowerWall. That setup should last a lifetime, protect you from utility price hikes, blackouts.
