I Owe More On My Car Than It's Worth 

Ain't that the truth!!!!!

Scotty Kilmer would have a field day with this!

I was thinking the same thing honestly.

Haha great one ! Toyotas particularly the 4runner have awesome resale value.

What you trying to say

Bingo

He just didn't impress the public with a 4 runner and figured that having a nice looking car would get him far! 😂

Just think of it as 8k to learn something essential.

Next time buy a 7.3 Diesel you would have made $8k

Porque estas muy bendeho?

Wit did you keep the truck ?

I'm about to drop 10k 😩 to get out of mine. Lesson learned

Send me the dust address where I can get the 10k from.

Toyota is a great car and has pretty good resale value, yet I keep seeing examples of people having negative equity. I bought a slightly used low milage Avalon and went into it with positive equity of around $3,000 and reasonable intrest rate of about 5% somehow I am now in the red according to KBB. My wife and I are scratching our heads trying to figure this one out. We have been crunching #'s over and over, going to have our accountant or prepaid legal review the contract to see just what it was we missed. I used to sell cars for a living and this just has me baffled. I love Toyota products but not enough to drudge on blindly throwing money out the window. Going to be selling it off fast before it becomes a bigger issue. Going to have to bite the bullet and come up with cash to get out of this loan or another option I have considered isthis, I am diligently looking for an older diesel truck, the deal of a lifetime sort of thing 7.3 liter low mileage to try and absorb the negative equity. Diesel truck particularly have stopped depreciating as fast and in a few instances started appreciating. Just look for an older 2003 Ford Excursion and you will see some cost as much now as when they were new. I have been actively searching for one about 2 years and I looked at one a few days ago that was only on the lot 2 days then over the holiday while the dealer was closed. I went early Friday morning after Thanksgiving and it sold while I was looking at it. The guy got preapproved and drove in from out of state to buy it. It was beat up, interior torn up body damage, broken mirrors and I noticed running straight water in coolant reservoir........didn't matter it was snatched up in a hurry anyways and I presume at about $6k over loan value since that was sticker price and the guy didn't appear to negotiate at all.

jean lenor lol

David S honestly, idk what your car needs are but I’m getting out of that loan and buying an older Toyota or Lexus. I love cars, but I’m realistic about what I can afford 90s-00s luxury cars, that’s just me tho, good luck brotha

@@davids7476 That's the problem with people in America today. It is a very sad problem. When they go to the dealers, they seem to have lost their mind. If I try to sell them my car for 8k and the car is valued at 12k, they will still try to offer me 6k. They will walk if I decline the offer. The same person will go to the dealer and pay 14k for the same car. This is unbelievable but I know it's the attitude of people these days.

Gotta keep impressing his neighbors, his co-workers, people at gas stations, people at stoplights....you know, people that don't give a F what kind of car he has.

I never spent more than 8K on a ride.

My uncle put it best: Modern life is about studying things you don't need to know, to get a job you don't really want, to earn money you don't really need, to buy things you don't really want, to impress people you don't really care about.

That’s the national average for income and car debt.

@@rexcatston8412 Sounds like your uncle was rationalizing never accomplishing anything career-wise.

Agree 1000% percent. U could put a engine in a a car every few years and still be cheaper than $30k. Also pick a proven and common car model is key.

Rolling over negative equity into another payment. Ugh. And buying a Jeep that turned out to be a lemon should surprise no one. Buy cars after they've depreciated in cash. And then repair them as needed/warranted.

I'm an everyday millionaire and drive a 20 year old camry.....

I get seeing how you would never want to pay more than 5k for a car because to you it’s a just a means of getting from a to b. I’m a car guy and love cars. I have no problem spending 30k on a v8 mustang. It fast and sounds amazing. Worth every penny to me and I always have a smile on my face when I’m driving it. I work to get things I want and things that make me happy. A fast and fun vehicle is one of those things. Life’s too short to be cheap for most of it. Just don’t go into debt. Work for it and pay it in full. No problem with that imo.

@@miriambertram2448 good for you. That's my goal now and near future. Thanks for sharing. I drive around a paid full car, Toyota too.

I work at a car dealership...KBB won't write you a cheque for you car.

I always recommend NADA for a better value of the vehicle as its more accurate

Josh A Berg that’s only half good. Buy em used and buy em without debt.

Arvind Talukdar agreed! At least 5 yrs old

You and I are smart men, Josh. All depreciating assets, especially cars, should be bought in cash. It's the only way to guarantee the car is worth more than you owe on it.

bhs so true. I can’t get over how much debt all my friends are just to impress people that don’t even care about them. Makes me sad

@@TheExcellentInvestor Same here bro. And then they blame everyone else for their issues....zero accountability.

Well said sir! Its a trap you get a loan for.

LOL a 4 Runner is more impressive than a Jeep even if it's older!

Amen!

He can save $2,000 or sell $2,000 worth of household items to pay for a new car in the time it takes him to get a personal loan approved and his existing car sold. If the solution to every problem is another or a bigger loan then you will always remain in debt.

@TechYK I buy cars for that same reason. But I still think depreciation matters because you never know what kind of inconvenience will happen in the future (I.e. emergency, job loss) where you need to sell the car.

@@handleyobusiness Sure, but that is why I never buy a car I can't pay for right away. I never think of a car as something that can make me money.

@TechYK Only way cars ever make money is if you’re leasing one for business, otherwise they’re very bad to invest in. Cash is always king.

@@handleyobusiness Yup I agree, which is why I see the "depreciation" argument as something dumb, because you are not buying the car with the intention to sell it

They certainly are!

I had a 98 Jeep Wrangler sport back in 98 and it ran good lol but I only had it about a year. And no I never had car loans..still don't. I came into some money and bought it cash. But I hear they are junk and that I got lucky. I have a 2005 Tahoe and let me tell ya..best vehicle ever! Spark plugs haven't even needed to be changed yet! I had one little leak and the dash cluster or whatever is messed up but other than that..smooth sailing! And it wasn't till 10 years after I got it that it got a leak. What more can you ask for? Oh and it was a demo..paid 35 k for it..probably could have talked them down some I dunno..but that's what I paid..cash.

@@exceldetail i guess but still dbl up pmts may be a better route

Just like with anything, you want someone a lot of experience that knows all of the tips and tricks. A young, fresh agent isn't going to have the experience.

Andy McKenna I noticed that too... I’m from canada

'Merica

It depends on what part of America one is from is what determines how it's pronounced.

I'm American...and I have never pronounced the "H". I say VEE--ehcul..., as does everyone I know. It is true that "some" people say VEE--HICKLE, pronouncing a hard H in the middle, I've always thought that to be incorrect, and it just sounds wrong. So no...not ALL Americans by any stretch...just in some regions.

HaydenKink no, he traded in the 4runner for a jeep that he then traded it in for another jeep. The first jeep was a lemon, so he traded it in for a newer jeep.

@@akui88 He should have just had the dealership unwind the deal or took advantage of the lemon buyback law

@@HaydenKink or maybe he should have just kept the 4runner and not got a jeep, the 4runner was paid off and working fine.

J.R. Wavy you have to pay the difference to whoever you're buying from. Say you are trading your 10k car for 5k, you need to pay 5k out of your pocket to that dealership. They will pay off your loan for that 10k and now your lown amount would be 5k but technically you're paying 10k. Its just a technique to lower your loan amount by downgrading your vehicle. So its one and same thing, its only us who are paying nobody else, moreover moving from one loan to another come with some fees & ding to your credit score. Its always sensible to pay of 5k on the present 10k car instead of trading it in. I might be wrong but I'm in same scenario and thought about doing this many times but after considering all the pros/cons i have figured out that payoff the current car with all you have is always a better idea

You mean the rule of 50% of income?

@@exceldetail which doesnt make sense with his other rules is my point. He has a rule that your car value shouldnt be worth more than half your annual income. SO, someone making 40k a year can own a 20k car and not be a millionaire. You can buy a new car for 20k

@@exceldetail Yeah that is a pretty stupid car to buy at that income. You should have bought a hoopty or a bike at that income lol. I make close to 70k and drive a 2,500 dollar car that I paid cash for and maintain myself.

Just Expect Evey Problem

"Hey Dave, I didn't do something stupid." Dave: hits mute button...

Why?

Top G resale too high for what you get. Quality is subpar. Going used buy a Toyota and never regret it.

Let's be real, the show needs money to operate 😶😶😐

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jean lenor Duh. Obviously a channel can choose if they want ads played or not. I blatantly said that the channel doesn’t control which ads are played, not whether they can or can’t have ads.