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"Let's Do The Math!" - The Rising Cost of Cars: Are They Keeping You Broke?

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In this SOSCAST Clip, we delve into the escalating expenses associated with car ownership in today's economy. From skyrocketing prices of new and used vehicles to increasing monthly payments, insurance, gas, and maintenance costs, Adam Sosnick challenges conventional wisdom around car ownership. Drawing from personal experience of living without a car for over a decade, they explore the financial benefits and lifestyle considerations of opting for alternatives like ridesharing.
The SOSCAST hosted by Adam Sosnick is a pop culture financial podcast that breaks down Lifestyle, Relationships, and Money.
Subscribe for weekly videos: bit.ly/3ge8Kyp
Follow Adam on social media:
Instagram: / sostalksmoney
Facebook: / sostalksmoney
Ask Adam any Question on app.minnect.co...
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Adam “Sos” Sosnick is a professional networker, financial expert, and podcast host at Valuetainment Media. Sos is a “millionaire minimalist” who values experiences, and relationships and pays it forward.
Sos has lived a true rags-to-riches story. Combined with wealth, a strong network, and a desire to help people Sos started creating innovative content on social media breaking down money in a language everyone can understand. This led to partnering up with Patrick Bet-David, CEO and founder of Valuetainment, a business contact he has known for over 10 years. Now Sos hosts SOSCAST where “Finance meets Romance’' and co-hosts PBD Podcast, a top-rated business podcast. Sos is a major advocate for pursuing success, fulfilling your purpose, and ultimately increasing your status. Invest in yourself, help the people around you, and #SaveThatMoney!

Опубликовано:

26 авг 2024

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Комментарии : 79

@jimmyjay689 Месяц назад

Paid off my 2017 Honda CRV...b4 that I owned my 2008 Honda Accord for 9 yrs....keep ur car, and u win😊

@Summer_haiku Месяц назад

Had my Honda since 2013! Gang gannng. All I pay is insurance, about 100 a month

@ninerknight5351 Месяц назад

Nice! I’ve had my 2002 Wrangler since 2006. Old car gang!

@jimmyjay689 Месяц назад

$40 on Uber rides per day(being generous)... 5 days a week.... Thats $800 a month...u can see how easily it starts to pile up...and u dont even get the convenience of owning a car and ur never gonna own one...car payments eventually end...and thats just a single dude...imagine a family man

@themrgjonez Месяц назад

No you’re wrong - when you Uber you only leave if it’s important. When you have a car you have access to spend more money. I got rid of my car in Dec 2023. I lived in California at that time. Best decision of my life

@lyingdogfacedponysoldier5746 Месяц назад

@@themrgjonezhow did you get to work etc?

@itypar Месяц назад

And even if you live close and Uber was $20 one way to work it's still more than your car payment. 🤦🏻‍♂️

@RumpleGold Месяц назад

THANKYOU FOR FINALLY CONFRONTING THIS ISSUE

@RumpleGold Месяц назад

Not just insurance , gas , headlights , etc , the government expects you to pay to renew your liscense plate tags every 4 yrs . It’s getting stupid ! Sales tax interest combined on the car loan payments , it’s an endless money pitt and now cars only last 7 yrs .

@tiomoidofangle102 Месяц назад

Every four years? In Texas and Indiana, it's every year.

@RumpleGold Месяц назад

@@tiomoidofangle102 I’m from Iowa

@barryduncanjr.6006 Месяц назад

@@tiomoidofangle102 Sure is... it's ridiculous.

@dyates6380 Месяц назад

Every FOUR years? Your license every four years, but your registration is annual.

@ryangardner7709 Месяц назад

OK, but what’s an Uber cost to get back-and-forth to your work every week versus a paid off car gas and insurance?

@caseyabramson4904 Месяц назад

I used to drive for Uber and trust me they add up really fast and they are not as convenient especially if you live in the Midwest

@mattwalmer6162 Месяц назад

Sos never says what his Uber budget is a month. Ubers ain't cheap.

@jimmyjay689 Месяц назад

Car insurance is getting ridiculous tho

@thedorkknight3683 Месяц назад

If 1700 is the average monthly cost of a car. That’s roughly 57$ a day to own a car. The average Uber trip cost 25.37. That means just to go to work and back is almost 50$ a day. An that doesn’t include trips to the grocery store. Visiting friends. Getting a haircut. Running errands. A car still saves you money

@mattwalmer6162 Месяц назад

Or you buy a 90 Camry like me and drop your costs to like $5 a day. My Camry has been hit 3 times now. I keep rebuilding it and cashing insurance checks. The car has paid ME over 10k 😂

@thedorkknight3683 Месяц назад

@@mattwalmer6162 that could work too. I was just going off the averages. If you live in a major city than yes his theory makes sense. However for most it’s way more affordable to own then Uber everywhere

@budgetlifemillionairesby405 Месяц назад

That math ain't mathin' that's for two cars, one new and used

@davidmoore5004 Месяц назад

Bought my car with cash

@TXSTIGG Месяц назад

I have a bit of an issue using the average new / used car payment figures for this argument. No denying those numbers are crazy, but the average buyer is buying more car than they need / often can afford. $25-$30k will get you a new or slightly used car that will run steady for the next 7-10 years. Do that and it’s way, way cheaper than taking an Uber everywhere.

@bigbraz Месяц назад

Paid of my 2014 Honda Accord and then started saving and looking at new cars (Acura MDX) just to see what I could afford. Estimated Monthly Payment for the MDX, $1100. 😮 That dream died right there. Were gonna die this Accord into the ground.

@tiffanynadeau489 Месяц назад

Can you do a monthly breakdown comparison of your Uber cost vs average monthly car costs so we can see the savings?

@carlos64030 Месяц назад

It's fine not wanting to have a car and relying on someone else for transportation because you apparently don't like cars, but to push this narrative that you HAVE to make a huge car payment every month in order to have a car is simply ludicrous. IIIIIIIIIIIIIIIIIIIIIIIIIIIII am a car person and have been ever since I was an infant. I LOVE cars! I own 3 cars, but I also haven't had a car payment in like 5 years. I do agree 100% that these vehicle prices are absofreakinlutely INSANE and I refuse to purchase a vehicle that will have me making super high monthly payments that millions of people are making.

@danielj3010 Месяц назад

Get em SOS ❤

@jimmyjay689 Месяц назад

Prices are actually going down, because inventory is piling up...depends on Brand however

@heisenberg437 Месяц назад

Which brands prices are going down?

@ObiJuanTX Месяц назад

I had a tenant that was making $140,000 a year as a software engineer and he bought a 2024 Hellcat SRT. His monthly car payment was $1,000 a month and his auto insurance was $450 a month. In total it was $115,000 his car

@Joe-ku1ko Месяц назад

That's wild. If he gets laid off, he is toast.

@robertcomfort2186 Месяц назад

A tenant? Sheesh

@ObiJuanTX Месяц назад

@@robertcomfort2186 The tenant put down $30,000 on the 2024 Hellcat SRT in order to get a $1,000 monthly payment for 84 months! I told him, he could have purchased 2 homes in DFW Texas with $15,000 down payments and rented out both houses to families for $2,500 a month each and he could have made $5,000 a month in rental income for life

@matthewjohnson1643 Месяц назад

I keep my vehicles for a long time. The car I have now I have had for 14 years. The last one was 11. I think when you constantly are charging cars isn’t good for you.

@user-wp5qo6qg7q Месяц назад

I haven’t had a car in quite some time.

@Aggie4life77 Месяц назад

Nothing wrong with owning a car! The key is getting one that fits your budget!

@9latinumStudioz Месяц назад

Nat is a delicious sidekick 😋💫

@charliebrown6590 Месяц назад

My 2022 highlander hybrid will be paid off next year….cant wait

@joeyparra3937 Месяц назад

Its funny how the whole PBD crew gives you shit for not having a car including PBD himself lol, I fully agree and back you up on your no car journey brother 👌🏽💰

@Yweile Месяц назад

shii is crazy i been ubering past two month after totalling my car. A deer ran into my shiii. but firewall tht shii save alot of bills plus my savor one capital one card get me 10% off each ride

@roolyfe Месяц назад

You can’t live in Texas 🤠 without a car 🚗! I have a 2000 Toyota Solara with 215K miles

@lyingdogfacedponysoldier5746 Месяц назад

I bought my current car with 50K miles for $11,500 in 2020. You don’t need to buy a new car

@ry228 Месяц назад

Maths is wrong. You have a new car and used car price added. Cars are also tax deductible, along with maintenance and fuel. How much do you spend a month on Uber Adam ?

@YouArentHereYet Месяц назад

The real question is, how much does it cost to Uber around for a year.

@thomasj1026 Месяц назад

A lot 😂

@Rdelrio19 Месяц назад

Cap I bought a new car in 2020 paid 27k n my monthly payment was 499 with bad credit. Don’t know what kind of car he is talking about 39k.

@ObiJuanTX Месяц назад

My 2021 Toyota Corolla LE payment is $485 a month. My tenant pays off my car payment and a portion of my mortgage with their rent money. No car payment for free so I have more money to invest in more real estate

@BryceGarling Месяц назад

Free? You are still not getting $485 a month which is exactly like losing it.

@wevibin375 Месяц назад

Dont get a car that's more than 20k, if you're not in the position to spend guap without stressing. Try to do 17k or less if you can find a low mileage gem. One day i was like ayooo what im i doing? and just paid it off it's actually amazing. It was only 36 months deal i asked for but i said nah. Took a yr easy

@PatGigtainment Месяц назад

And the vast majority of people don't drive enough to warrant that $1000 payment.

@dorianlawson6094 Месяц назад

Adam I wasn’t aware of your game

@BUTTA170 Месяц назад

Unless you live in the city and work from home, not having a car doesnt make sense. $20 Uber to and from work, $866mo, and this doesn’t include gym or grocery store. You’re probably spending more.

@thomasj1026 Месяц назад

And that's if you are single without kids. Double that if you have a bf/gf. If you have kids triple that after the double. It's not good advice for the average person

@rickagulia3767 Месяц назад

Marketing is everything with car market. Most women won't date you without a car.

@JBakk007 Месяц назад

Most people will benefit way more by having a car than taking uber everywhere. If you live in a city or something then sure it can be more convenient and less expensive.

@NeygarzruinedAmerica Месяц назад

In nyc/nj all these brokies drive nice cars but cant afford to pay rent

@mrsvoyage Месяц назад

Some people have two véhicule

@MojoVice Месяц назад

"YOU WILL OWN NOTHING AND LIKE IT," that's why

@franko8572 Месяц назад

Not only will you like it, you will be happy.

@-S-777 Месяц назад

The tech evolution should make cars cheaper ;-)

@NeygarzruinedAmerica Месяц назад

I have a mercedes i lease becsuse i can afford it no problem. I also have 5 year civic my monthy payment was only $300 a month. In the 5 years i was paying it off car hasnt broken down on me not even a dead battery.

@tharpeaddy Месяц назад

I’m 28yrs old Male Never had a car note I’m car free as of now People HATE cyclists But I can’t afford a car lol I’ve had so many people run into my cars I sick and tired of replacing them only to just spend more money so people can plow into them So now when I get hate for riding a bike at least it’s saving me money and enjoy it… Where cops give you tickets you need gasoline insurance tires maintenance oil changes Cars are stupid expensive

@dyates6380 Месяц назад

It's a choice. I've never been without a car (except when I was nineteen and my car - an older one - died on me and I had to take a bus for about three months before I bought my first one). I buy new and keep them for a LONG time and keep them in excellent condition, and due to very low mileage on them, I always get an excellent trade. I find it's not expensive at all to own and operate a car. Again, it's all about choices. Buy something you can afford, be sensible, be a good driver and don't get in accidents and get speeding tickets, save your money when it's paid off and frankly, it's CHEAP. Is it expensive for a lot of people? Yes, of course, but it's called compromising and cutting back on other things. Life is full of choices and compromises. Want to take Uber, take it. Want to cycle around, go for it. Choices.

@thomasj1026 Месяц назад

How many kids you got?

@mrsvoyage Месяц назад

Small car arent popular im the usa and more more compagni dont build small car anymore

@thejohnnycway2b Месяц назад

Bro spends $100 a day to Uber from miami to fort lauderdale and says it's cheaper than owning a car 🤡

@thomasj1026 Месяц назад

😂 bro sounds like Uber is sponsoring this video. Uber is not cheaper than owning a car if you work and have a family. That's for a single person who doesn't do anything. Just because ppl have money don't mean they need to give advice.

@ZROSTARS 18 дней назад

You are going to spend more time waiting for ride & walking and put your life in someone's hands while they drive

@andreideac3962 Месяц назад

Drive a bitter,end of story! It's not rocket science!

@itypar Месяц назад

This is BS. Uber to work one way is $63 and my car payment is $520. Just going to work for one month is more than the car payment. 🙄

@alchemyyusuf4046 Месяц назад

To some people the math works out. For example, If a 30 min Uber ride costs $60, and 30 mins of your time is worth around $100. Then it's better to pay for Uber and use that time to work, while in an Uber.

@thomasj1026 Месяц назад

@@alchemyyusuf4046 lol thats terrible math 😂 if he can do that work in an Uber while losing 60 percent of his income on that trip. He could stay home and keep 100 percent of that money because apparently his money is made from anywhere. But for the average person who clocks in at a job site.....this doesn't apply