Definitely some people struggling but you are fear mongering to a point i think. I’m not seeing this struggle as much as you are saying at least not where I am. For me personally since Covid it the best economic point in my 30+ year career. Give it up already 😂
I am 70 years old and have owned six vehicles in my entire life. The only way to come out ahead on this rapidly depreciating asset is to pay cash for the vehicle, take care of it and drive it for more than ten years. I drove my last vehicle, a Jeep Wrangler, for thirteen years and it had 323,000 miles on it.
This 77y.o. guy has no credit card debt, no loans, no car, and no debt of any kind. Pay cash for everything and, if you don't have the $$ in the bank to pay for something, DON'T buy it. Simple. The other day I got a credit card offer in the mail from one of America's huge financial at 'only' 30% annual interest. I'm old, not stupid.
@@floriderllc6862 Yep, I pay mine off every month. I figure I make about $200/ year off reward points. And it's always there in case of emergencies, such as car/house repairs.
@@geocam2, I too have no debt and live frugal (wisely). I have everything I need as well as what I want. Most people think they need something but only want it. So often I hear people say, “I live and enjoy life”. Fools I tell you! You don’t have to have everything NOW, to be happy. I sleep well knowing I owe no one. I always kept my cars at last 12-15 years. My 2012 Corolla looks like brand new, because I take care of it. Only our government can print more money to finance it’s wants. The rest of us must live within our means.
My 2001 Ford Ranger 4x4 was finally laid to rest after owning it for 21 years and 396,000+ miles. Alot of great memories and helping ppl. This old Marine Corps veteran can barely afford rent, let alone buying one of those over priced vehicles they try to pawn off on us consumers. I now have a 2004 Ford F150 that is just fine for me. Great video and content! Thanks so much for your effort and putting this video together. Semper Fi!
At the Mercedes dealer I work for, our GM was selling G63 for $150k over MSRP . So sticker price was $150k plus markup $150k - now our sales department is dying and the are losing millions a month they tell us in meetings. It’s because you screwed those customers and they are never coming back
Nor, to be fair, should they come back. Screw your customers and expect to lose them. I’ve never understood why people would allow themselves to be taken advantage of buying new cars when they’d never tolerate it in any other purchase.
did they ever think that doing this would lose a customer forever? I think not. I think they thought if someone was dumb enough to buy with a mark up, they'll do it again! that's not the case. many people are considering economy cars, even those that make 100k per year.
They would have to fork out $150k to finance another $150k. The bank would never give them a loan for that. They could have found something for $150k and paid for it.
@porkyrabbit It's ugly. This country is in desperate need of new leadership and a complete overhaul top to bottom. The rich are getting richer and the poor are getting poorer.
Student loans didn't evaporate. Lenders got paid. Schools got paid. And innocent taxpayers got stuck with the bill. Another capitalize the profits and socialize the losses.
I was going to buy a Ford Maverick when I finished paying off my car. But it increased in price from $22,000 to close to $30,000 in the few years. I guess a good thing for me. I am just keeping my old car and save myself all those monthly payments and higher insurance. Thank you Ford.
Twenty or Thirty years ago, I had a lot of friends who would buy a vehicle, not be happy with it, and turned it in to buy another. Even back then, I could hardly believe it.
@@DIVISIONINCISION True, but even then, I assumed, it was expensive to do this. But, now, even more so. I've found that making the right decision the first time, is always less expensive, regardless of the economy.
I kind of did that about 15-20 years ago when I was young and dumb. I was single (divorced now, lol) and I've had several different cars as I was really into the car scene and the whole fast and furious state of mind 😂.... obviously I have matured and own my 300cc Honda scooter and my Honda Accord will be paid off next year.
Tech guy here too - 40+ years and very current/modern experience... I have applied to 500 positions in the last 5 months, got 4 interviews, 2 just last week. Tech is DEAD.... Indians have done the dirty on us (well the US managers have done that to be more accurate)... but its been coming for 25 years, however, accelerating now... game over for US programmers/IT tech specialists... Gotta leave the US now, have a small place, paid for, in Brasil - wife is Brasileira-wanted to stay here, but can't afford to... bye bye South Florida... US is absolutlely 'effed...
@@tourdelance3698 Doubt it. That's why you're in this pickle. He and his party pass laws that pay companies to offshore jobs. What did Republicans do for you in the last two years? Amazing how people vote against their own interests.
@@tourdelance3698 🤣1/2 of S&P 500 companies are now either running by Indian CEO's or having Indian at high ranking positions in the companies. Donald Trump can't do shit 🤡
Very bad politics and games played by big tech companies are allowing IDC folks taking over. IDC for those not familiar is Indian Developing Center. They don't care about American because most of their leadership teams have been Indian men and females.
2005 Dodge Ram, I bought it 2 years old in 2007 for cash. Still driving it , 247,000 miles . If you keep up basic maintenance and fix bigger problems ( Rebuilt Rear end , front end) instead of trading it in you ultimately save on a car payment and car insurance. You need to get past keeping up with the joneses, I did many years ago.
Similar story. My 2007 Escalade, 84k miles on it it today because it's only an occasional use vehicle. Insurance is cheaper since it's not new and listed as pleasure use, and I only put gas in it when I plan to use it. I've had vehicles like this for the last 20 years and I've swapped out rear-ends, transfer cases, front differentials, and plenty of other items. A $200 diff or transfer case from the salvage yard always got me up and running again with the exception of one time I got a bad one. Not everyone can do the work themselves, but if you can there's great value in these older vehicles and a lot of donor vehicle parts out there. Ebay is a great place to find those parts and will allow you to search locally, where you can pick up larger parts. And my last alternator was from a salvage Escalade out west, cost me $35 shipped.
True. Car was considered totaled after it was stolen and stripped so got a 2013 back in 2017. Paid off in 2022 still going strong and hasn’t hit 100k miles yet.
I bought a 2015 traverse 10 years ago. It was a rental with 13k miles on it. I replaced the transmission 4 years ago. It has 150k on it today and will need a new timing chain soon. Instead of paying 4800 plus labor for the TC replacement I’m going to spend 9500 plus labor for a whole engine replacement. Other than that the vehicle has done well with 3 oil changes a year and scheduled fluid flushings.
Bought a nice used car, put about half down, and have a car payment under $300. Buying a new car with little or no money down keeps the majority of people on the financial hamster wheel..
It worked fine for us... Instead of paying all cash, we chose to put 50% down and got 2.49% interest rate 4 years ago on our only car. We are not upside down. Whatever we still owe is lower than the car's value and we don't care about depreciation. Not planning on selling the car.
It was a good decision. I bought a 2015 VW Passat TDI in 2017, marked down due to the dieselgate lawsuit for $25000@ 0% interest. You will never get a new diesel car at that price again, mainly because VW doesn't sell diesels in the American market now. Stop overgeneralizing.
@@IrisP989 This is the attitude you have to have with all debt related purchases. You get one chance to choose right. Then live with it. When it's paid off then you can choose again. Definitely don't trade the car in at a stealership when the street value is worth probably more.
It depends. If you can afford it, and I mean actually afford it and you plan to keep the vehicle for an extended period of time, like 7-10 years then it might be a good decision. If you buy it new to trade ever few years then that's extremely foolish.
People didn't realize the natural consequence of work from home: if you can work 100% remotely, there is no reason why they can't replace you with someone from another country who would be happy to work for 1/5 the pay or less.
Not in Mental Health where speaking English with a Master's or Doctorate in Psychology and a clinical license is required, young Isaac. Good luck with that.
@@markm391I don't call customer service ever. I figure out how to fix it myself. I called a legitimate foreign customer service years ago for a computer problem and got hacked.
Not really the same. You could have a car worth $20K and owe $12K. You're in debt, but have $8K of equity if you needed to sell or trade it in. If you have a car worth $12K and owe $20K, you're in debt and have negative equity. If you need to sell, you're screwed. If you trade it in, the negative equity is rolled into your new purchase so you owe $8K more on the new car than it's worth as soon as you sign the contract.
Came to say they aren't the same but the other guy beat me to it. So l'll just an explanation in laymens terms: debt is debt an actual quantifiable thing, equity is the relationship between value of debt and the value of an asset (expressed in %, ration or the difference).
@@safeandeffectivelol this is correct. Whether it's a house or an automobile any long term loan has risk baked into it because of the potential of the thing you purchased depreciating too quickly. Luxury EVs are the most likely to end up with negative equity, losing over 60% of their value in a mere 5 years. Odds are the people who get loans on those vehicles are underwater even after the first year of ownership.
I want a car i drive. Not a car that spies on me and is over depending on computers. Not to mention they are made with too much plastic, and way overpriced.
My wife worked as an election volunteer in NY State. We sold our primary residence and moved from NY State to FL and registered to vote in FL. We also still owned income property in NY State. To be removed from the voter role in NY State, a form must be voluntarily submitted to the elections office. NY State does not use voter photo ID verification. When voting, you tell them your name and address. They open to a page in the registry and verify your signature. You are not allowed to present ID to vote, just verify address and signature. If we used one of our rental property addresses with our NY State voting records, we could realistically vote in both NY and FL. There is no cross reference between states to purge duplicate registrations. Unlike driver’s licenses which mostly cannot be held in multiple states, there is no national effort to protect voter registration and voting. This allows violation of one person one vote, allows non-citizens to use false identification to register and vote, and ultimately impacts the nation through census and apportionment statistics.
I have a 1997 Honda Civic, less than 69,000 miles, I bought new right after I retired. Looks and runs like a new car, constantly getting offers from people who want to buy it but it suits me fine as a little old lady. I doubt I put 50 miles a month on it, just sits in the garage most of the time. A great little car.
Exactly the same for our two cars. Bought them with cash and so far at 71 still do all of the maintenance and repairs myself except for new tires. Don't want a new car as most are rolling pieces of junk.
Franco1803 you are smart. Vehicles lose money as soon as it's driven off the sales lot. Insurance on a new vehicle is terribly inflated too. Kudos to being financially responsible. 😊 God Bless you with financial peace.
Everything was better quality. Just looking around the produce section of my grocery stores reflects that. Now I think fruits and vegetables take longer to arrive and sit longer without being purchased as the quality is way down. The price is higher than ever though.
Denny's is not cheap anymore last time I went for 2 people this is breakfast. We paid $35 no tip included. We use to pay under $20 for breakfast I understand inflation. I would rather wait for Lunch or dinner to pay this amount.
At home breakfast = 2 fried eggs, three strips of bacon, 2 slices of toast and a tall glass of milk = $1.75 and it comes hot, done right and without a tip or a wait.
@@mikejohn0088 This is what I do now as well. It use to be cheap to eat breakfast like at Denny's why I would eat there, but do not anymore. Those day are long gone.
If a person needs to buy off the kids menu then they should not go to a restaurant . A dozen eggs ,a loaf of bread is still cheaper than the kids menu.
@@Shadow_Banned_Conservative Close to $15 in some areas. I spent $12 on a Grand Slam breakfast four years ago just before the pandemic. Remember those "$1.99 are you outta your mind?!" commercials way back in the day? Denny's is truly outta their minds lol
Those California people still have their Florida drivers license and their company has them as remote in Florida. They're doing this to avoid California state income tax.
🌴🌴🌴 I still drive my 2003 KIA Sorento and I love it. It only has 60,K Miles on it and I make sure to take care of it. I will drive this suv 🚙 until it completely dies. I’m financially well off and don’t show it with a new vehicle every 3 years or so. It’s a sad state of affairs with what’s going on in this country. I feel for all the Mom and Pop stores and restaurants 😢. I know for a fact that everything started to fall with Covid. And I can’t believe that some people are still opening new restaurants, they must live in a cave 😢. Thank you Mike (and LISI) for reporting from California for the last several months. Blessings,Carlos ✝️🙏❤️😊🇺🇸
@@DIVISIONINCISION Thank you for the reply. I’ve owned 7 KIA’s and have never had a problem with any of them. My other favorite is Toyota which I’ve had around 10 of them also with no problems. I do understand that Everyone has their preference and respect that. Blessings
Well done, during the economic booms everyone is buying big new vehicles and you think that you look a bit poor on your old beater... but come the recession you're glad you don't have all that additional stress.
My car in Colombia is 32 years old!!! It's the last of the well built Mercedes (everything since is junk) and will last until I can no longer drive. I am 77.
I've owned 3 cars in my life. All used, all luxury cars. Typically 6-8 model years behind current model year. Can't say I've been disappointed. The BIG thing with luxury cars is knowing how to fix them yourself. I don't want some new junkbox without half the features my current car has. Take care of it and it'll last a long time.
A 4 wheeler in my area 25,000$. A pickup truck 60,000$! In 2009 bought my 4 wheeler for 5000$ and my truck for 20,000$. Out of control. Someones paying this. Simple supply and demand. sTOP buying this cra’p folks your killing us!!
The GOVERNMENT is killing us! People can't print or digitize currency, government does that. The criminal gov has created 10s of TRILLIONS of dollars out of thin air. This devalues the currency in proportion to what they created. When you create 10 trillion dollars, the "money" in your pocket goes down in value to compensate. Products don't go up in price, the currency goes DOWN in value.
I'm in the trades , got a 21% pay increase over a year , bought a new Toyota Truck 6 months ago . Got more work that I could ever do and prices are sky high . Life is good . To bad for the college educated office types and big tech workers getting laid off. but I have little sympathy for them because they have ALWAYS looked down and didn't have sympathy for me or the working men they never cared for , or when our pay was crap and the Trades in general . Now , its great to be us and I will enjoy it
I have an office, two degrees and two licenses. I make more than you also. My field is in higher demand than trades and we don't have enough clinicians to fill all the jobs.
My straight A grandson asked me about medicine or plumbing. He could do both. I advised plumbing. two years education instead of 12 years therefore much less debt, less government interference and insurance liability, much the same smells. He is now in his first year. So very proud of him.
@@DIVISIONINCISIONI bet he paid a hell of a lot less in university tuition than you did. Maybe people aren’t as fortunate as you having your mommy pay for your college tuition. Good for him for being someone who actually builds in the US, rather than being part of the Corporate Ponzi scheme that’s rips people off like you.
@@DIVISIONINCISIONit’s crazy that 4 years I had a loan at that 0% and now the same model cost more and higher apr. it doesn’t make any sense. Either lower the prices down or people just need to stop buying.
@@DIVISIONINCISION (groan) your special circumstances is not the forest he is describing. Sure if it is zero percent financing go for it and actually save/invest the difference.
One of the keys to prosperity is delaying gratification. American's have been (over) spending for a very long time now. Hold on tight .... the bill is coming due.
@@SomeUserNameBlahBlah Lenders are enablers but they're not responsible unless they hold you hostage to take a loan. My best friend blames lenders for his losing his home, TWICE. He claims it's their fault for lending him money, not his fault for borrowing that money.
They roll everything into a new loan, usually at a premium interest rate because the buyer's credit is less than stellar. Most people never look beyond their monthly payments.
@@mchristr yeah I get what happens, I don't understand how are they getting approved for the extra amount plus the new car, unless they are downsizing or some predatory lending is happening, but even then it's all inevitable.
It's not like when started out. You had to have so many years at same employer, the right down payment, references, length of credit. Even then they would still straight up deny you credit if they choose to. Now they don't give AF
Todays cars & Trucks are made so cheaply but auto companies want you to pay a high MSRP cars now cost $60,000+ trucks are near $100,00+ is is a house payment that loses value the moment you leave the dealership.
Nothing ticks me off more is student loan forbearance. I hope their credit gets dinged. I would not hire somebody if I know they have student loans forgiven.
The whole EV market is volatile. You don't get value back from an EV. It's come down to this: If you buy a new EV you are either wealthy or stupid. There is no in-between.
Auto loans start upside down and just keep on gettin’ upside-downer. From the second you sign the papers, you can’t get out without a huge loss. And auto loans are insidious, like a rotting tree from the inside.
There is a break even point, but with inflated prices and higher interest rates it takes much longer. I think the general rule used to be 3 years into a 5 year auto loan you'd break even if you traded it in. There's no good investment in a vehicle though, it's a depreciating asset and one that will eventually be worth zero.
Took out 26k once to finance my "dream-car". I had a 40 percent downpayment saved up in advanced. Made me belive paying it back would be a piece of cake. Wrong! . But I was in luck. After paying through the nose for 2 years, I was able to pay out the rest of the debt on that car by refinancing my house at a significant better rate. Gave me small setback on my plans of paying down my house in less than 15 years, but still a better deal than what I signed when I bought the car. Never again!
Trading in a negative equity auto for a new car . Frankly, this is a special kind of stupid . Cars, especially new cars, earn no money and devalue soon as they are driven off the lot ! If one buys new , keep it, pay it off, do all the PMs, and keep it at least 10 years. Pro Tip wanna build wealth, stay out of debt ! Many financial planners advice to not purchase a new car unless one can purchase in cash & ones net worth is seven figures. The reason is that this takes to much away of ones wealth building tool If one is worth seven figures it is a small percentage of ones wealth and it's easily affordable.
I agree, I have a 2015 Honda Odyssey that I bought new, I only have 31,000 miles on it, and I am going to keep it until I die, or it gets wreaked, I am currently 82 YO.
Having years between car loans will be the difference for a lot of people. Can get rid of student loan debt, credit card debt, mortgages, whatever. Maybe get dental work done or a surgery you've been wanting for awhile. Keeping the old ride is definitely the way to go and don't give it to a stealership either when you want to get rid of it.
Student loan so called forgiveness is Illegal and Immoral ....Force them student loan debtors " smarter , better college educated " types to Pay their WHOLE LOAN off !!!! Free rides is NOT for the college educated
Hey, I knowingly took out my student loans to get a nurse practitioner degree. And I am HAPPILY paying back my loan MYSELF in FULL just like I promised. It was a small business loan on my brain lol.
I went to Denny's a couple of years ago for breakfast before an early flight. It was about 3:30 AM and there were about six customers in the restaurant. It took a little over an hour to get our food. Our waitress was spastic, I don't know if she was on drugs or not. She was running around like the proverbial chicken that had just lost its head, and she spilled a tray of food. I never went back. I hope they do close.
Michael, I’ve never owned a new car. Every car I purchased was paid in full. I don’t own on any credit card I have no debt and I’m saving my money for a rainy day. There’s always a rainy day.
@@ottawapop Dumber?... Depends... We took out a loan on our car only at 2.49%. Put 50% down. A year later took the other 50% and used it as part of our down payment on our second house. My husband is not worried and not interested in paying off the car all at once now or faster. The car didn't stop our net worth from growing..
@@IrisP989 It made sense then to take out an auto loan and not pay it off early. My last vehicle I financed over 5 years because it was 3%. That's practically free money so I invested more in my retirement instead of paying off the loan early. You did it right.
If you need a loan then get a cheaper car. Financing a middle class lifestyle you can’t afford is the equivalent of those cheque cashing payday loan places for poor stupid people. Design to separate you from your money.
@@Shadow_Banned_Conservative Thank you. I also second you investing more in your retirement than rushing to pay off your loan faster. It is all about math and math makes sense.
I bought a premium package Altima SR (2023) 2 years ago . The MSRP was 33k. I got it OTD for 25k and no money down. Fast forward to today, my car got flooded, and the insurance deemed it a total loss and gave me $24,400, and I only owed $18,500. You have to cut good deals.
Helps to get hired on and to get into a higher ranking position. Not needed but it looks good during interviews. My dad is a retired fire chief and always looked for that during interviews.
*Michael Bordenaro, you are doing an amazing job* . There's so much going on at one given time, it's hard to keep up with economy , etcc. I hear enough crap going on daily , and a lot of DISTRACTIONS , from people knowing the truth. No loans here. I just feel with this economy wished everyone was debt free . Your basis monthly bills is more than enough. Spend Less, Save more !!
@@grimaffiliations3671What planet are you on? Most people can’t afford a home. Frankly, they can’t really afford a car. Many living on debt or debt forbearance. America’s overall standard of living looks more like 1930 right now.
If you sell your home in the USA for $800,000.00, you can buy eight homes in Japan without needing to live there or become a citizen. I worked with someone originally from the states who lived and worked in Japan. He married there and last year he quit the job after 12 years and started a micro brewery with his wife and friends and is happy.
I haven't read any comments about how people who need a car are trapped in this dilemma..... for instance, I read a lot of comments about how people wish to hang on to their car and they would never buy a new car in this economy etc. and for example I own three cars that are paid in full and I'm a mechanic so I keep them going for as little out of pocket costs as possible. I just think that in this discussion there should be some acknowledgment that some people need a car in this economy, especially due to circumstances beyond their control....for instance, if somebody has their vehicle stolen and gets into a major accident where the vehicles totaled or the cost to repair the vehicle far out weighs the cost of the vehicle itself, these people have to turn to the used car market or new car market which have inflated prices..... My advice is get yourself in a position where you are always able to pay cash for anything that you need, and it's also worth investing some time to learn how to properly maintain your own vehicle and Don't drive the vehicle in an abusive manner. so that it lasts a long time
Sound advice throughout your comment. I shake my head every commute at the masses that absolutely abuse their vehicles with hard acceleration, braking and steering not to mention destroy their fuel economy. Have zero clue they're not getting there any faster, at least not enough to justify the wear and tear on their vehicle.
In 2012, I traded in my 2006 Honda Odyssey with a blown transmission, and they gave me $7000 and then I gave them $13,000 cash for a 2012 Honda Odyssey. That 2012 car is coming up on 163,000 miles and dealer recently offered me $6000 for it.
They offer me 8K for my 2008 Honda Odyssey which is soon to be 200K miles, but I still hang on because the mechanic said the new model is very cheaply made…
@@ppiriou poorly made with a bunch of fluff electronics, that's most modern cars today. Get rid of the EPA, eliminate all the driver assist BS, reverse camera BS, and suddenly cars would be affordable again.
As long as CC gave the consumer unlimited funds restaurants and retail met the consumer demand. Now people are faced with crushing debt for cars and houses they couldn’t afford in the first place. It’s a hard financial lesson but 2008 jerked me into the reality if I ever intended to retire I had to live below my means and save some of my salary. Going years with only CCs to meet emergencies had me under high interest (because my credit was so poor due late payments) so underwater it took 10 years to crawl out, which I did and retired at 67. The mental stress just isn’t worth driving a new car and having 4 bedrooms.
There is nobody in the offices, no shops open, nobody out shopping, nobody out eating in restaurants, crazy inflation & bullshit job numbers…Venezuela has a booming stock market as well…if you think things are booming you need another booster 🤦♂️
It's not just about the money. It's getting out of the house, enjoying your surroundings, mingling with other people, not having to make it yourself. If it was all about the money, no one would ever leave the house. If you can't afford a breakfast out. Then you have bigger problems.
I voted for today for the first time here in CT, even though its a Dem state I still voted for Trump/Vance. It took whats happening to our country to get me off the sidelines and involved. There were a lot of other first time voters at the registrars office also.
Unfortunately the only difference is instead of putting the US further in debt by funding illegals and the Ukraine under the current admin those two will just send it to Israel instead. For every 100 things politicians promise they follow through on 1 or 2 of the most insignificant things possible while our country falls down around us.
I bought a used car with 12,000 miles on it with a 2% rate during the pandemic and paid it off years early. Sometimes timing is everything. It will come again. Just not now.
When the C8 Corvette first hit the market, dealers were adding huge markup...and getting it. Now, some dealers have multiple examples on the lot and are offering five and ten thousand dollar discounts. How things have changed.
still getting around in the cockroach, a 19 year old civic gas saver,.still running like the day I drove her off the showroom floor for 15,000. 300,000 plus miles 500 a year insurance. life is good👍🙂
@@CalvinMorris-cf8jk What is his plan? Drill baby drill? Biden has drilled more this year than Trump ever did. The reason gas was cheap under Trump was because COVID kept people off the roads, and nobody bought gas. Is he planning another COVID? He sure didn't plan for the first one.
@@CalvinMorris-cf8jk yeah I want the emission standard BS abolished, alongside the MPG crapola. It's way past time to force the State of California into reality, the rest of the nation will no longer be held hostage by their insanity.
Even at 2 or 3% interest it's free money since the rate of inflation has been much higher than that. But some people are just against borrowing period. In a debt based system if you are not taking advantage of cheap loans you're just taking money off your table.
I was fortunate my trade-in was inflated. Ended up getting a pre-pandemic like payment. The dealer made out too. They sold the trade-in for more than the MSRP back in 2019!
Any car you buy unless you pay cash is underwater until you reach a certain point in that car loan. And even when you pay cash, you’re still underwater because you will never sell that car for what you paid for it.
@@Maynardd it's not underwater for most buyers after a year or two of payments. But sure if you try to sell it right after driving it off the lot you are going to be underwater on the loan. Also you can't just say you're underwater because you cannot sell the car for what you paid for it...most people who buy cars are using them to drive not sit in a garage unused. And in the USA mass transit is awful so it's not really optional in many parts of the country, so that car is providing quite a bit of value.
Had a neighbor who would buy herself a new Cadillac every two years and when she lost her job in 2022 she was so far behind on everything she lost her house in four months and her precious Cadillac in three.. It was kind of sad watching her world collapse around her..
My wife works in total loss department for an insurance company and it’s amazing how uneducated people are about car loans. Most do not have gap coverage and when their cars are totaled they owe over 10k more than the car is worth. They take out their ignorance on the adjusters that have to snap them into the reality of their bad decisions. Please get gap coverage on your car if you are not putting a big enough down payment that keeps the car from being up side down from the start of your loan.
You're wrong..the economy is great 👍... it's so good that just this morning I stopped at a Big lots that just posted a huge banner out front that they are going out of business and having a liquidation sale..I got a couple sheet sets cheap...see I told you everything was great 👍..😂
I bought a 2007 Carolla in 2012. Paid it off in 2015. In for about another 3500k once when it drove over something in the dark. Other than that, 2 battery changes, oil & tire changes + gasoline. The car itself if you factor in that repair? Less than 300$ a year 🤷♂️
I got super lucky and bought one two months before lockdown. Still runs great and I'm grateful I haven't had the need to look for a new car in that time.
My 16 year old truck works just fine. Sure I have to fix things, but so long as it’s cheaper to fix than to buy I am happy to stick with what I already own, completely paid off for over 10 years, low taxes, low insurance and it’s all I need
LOL at buying new cars. I don't need one. Still driving an '08 Suburban I paid cash for ten years ago. Except for houses, if you can't pay cash for it, you can't afford it.
@@1bluejacket1 They just made better cars back then, I drove a '94 Suburban for a long time til I finally got the '08. It had no troubles either, but my friend really needed a fresher ride. so I gave it to her. Wouldn't buy much of anything made in the last ten years. I'd rather just keep dropping engines in them.
Yes. I have no empathy for people who over paid for their cars. It's a self inflicted problem. Absolutely no one else to point at to blame for their situation.
@@Rhaspun don’t understand what was the demand for cars. I understand short supply but mostly everyone was stuck home. Also those greedy dealers should all go bankrupt. There many dealer’s around still trying to get people. Yet people continue feeding into the bullshit. Prices will never come down.
agreed, but it was also a desire to pay up for cars which were either virtue-signaled to sheep or mob-piled by young internet wives who saw it in the neighbor's insta-story. definitely time to pay the piper
$30 for 2 breakfast bargain? I prefer a full English breakfast with 2 eggs, bacon, sausage, baked beans, stewed tomato, mushroom, toast, juice plus coffee or tea. $10 for two. Thailand.
Yeah becoming an expat is something I have been looking into. I have a business partner who basically lives there half the year and loves it. Initially I was thinking Mexico but they seem to have went off the deep end lately so now I'm looking at Romania, Thailand, and Vietnam.
@@Ziegfried82 Time to visit each place for at least a month. Pick two destinations in each country. Get to know a few neighborhood merchants. Check the friendliness level. Me: seaview 750sqf apt / pool $400 including WiFi, electric, water. No car needed.
I think many dealerships and car lots actually include the negative equity in the new car loan, So you buy a new car for 80K and trade in a used car with -10K in value, Now you have a car note for 90K. Amazing
I would not doubt that many people have signed these types of deals completely unaware how hard they are being fleeced. The willingness of people to be plain lazy and not do their homework before heading to a dealership is astounding.
I wonder how many people in the hurricane path that were way underwater financially on a vehicle intentionally left their vehicle in a spot where they were hoping it would flood.
One car salesman once told me he was making 10K for each Lexus he sold… A lot of the new “car value” goes up in smoke in fees and commissions before the car even leaves the dealership!
