Should I Sell My New Car or Just Pay It Off?

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Should I Sell My New Car or Just Pay It Off?
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Опубликовано:

12 сен 2024

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Комментарии : 216

@joeplem5329 3 года назад

It's not that people don't think that way about cars, 90% of them just don't care as long as it elevates their social status.

@labornurse 3 года назад

Yes. But actually only teenagers and single men should worry about getting clout. And I am being facetious when I say that. Reliability trumps prestige in my world.

@Xspeedspec 6 месяцев назад

@@labornurseman hater…you feminist communist

@smileychess 2 месяца назад

@@labornurse - I'm a single man who drives a car that dries up all them ladies.

@JustinCase780 3 года назад

This was worth tuning into just to hear Dave say "veehickle" Love that accent and the Papa Dave!!

@vanessagentner 3 года назад

I grew up in Northern Ohio and I say it the same way lol my boyfriend from Buffalo thinks it’s so funny I say veehicle because it sounds like combining two words

@JustinCase780 3 года назад

@@vanessagentner I love driving through there and hearing that accent. For someone also from NY it's a breath if fresh air.

@vanessagentner 3 года назад

@@JustinCase780 It’s funny how people sound different from different areas. To me it just sounds normal. Only certain words or phrases he says makes him sound like he’s from NY. It always make me laugh because it sounds like he’s talking like a guy in the mafia

@JustinCase780 3 года назад

@@vanessagentner Especially when he drops those f-bombs during a Bills fourth quarter. Seriously, some of the best of folks are from up there! Cheers.

@vanessagentner 3 года назад

@@JustinCase780 I love it!

@karimbennett5651 3 года назад

I bought a Honda Civic for $800, put $300 into it for repairs, and drove it trouble free for two years. It can be done.

@TomTheEGamer575 3 года назад

Honda Hyundai Kia Toyota all great cars 🤙🏾🤙🏾🤙🏾🤙🏾

@mathisnotforthefaintofheart 3 года назад

But you have to admit, there is a great deal of luck associated with an $800 car. And I can imagine that a nurse working nightshifts wants to have a little more reliable transportation than taking chances on a $1000 vehicle, right?

@Jessica-tj6ug 3 года назад

I paid my car off 25 months early, thanks to Dave!! The baby steps work...keep going guys!!

@deanalbertson7203 3 года назад

A reliable car is valuable because it gets you to work on time everyday.

@ian-hm6cx 3 года назад

a 2004 camry with 150k miles on it does just that and will continue to until the next ice age

@deanalbertson7203 3 года назад

@@ian-hm6cx Really? Will you personally guarantee that a 204 Camry will get me to work every day, without a problem? Can you guarantee that a previous owner did not abuse the car in some way?

@AsadoMao 3 года назад

@@deanalbertson7203 no guarantee that a brand new Benz will get you to work on time every day no problem either

@deanalbertson7203 3 года назад

@@AsadoMao It's more likely that a new car will get you to work every day, than a junker that you don't really know the history of. Getting to work is what pays the bills.

@colinfiggins3372 3 года назад

I'd pick my +200k mile 20 year old subaru over any most new cars. Plus you actually earn the vehicle by doing the maintenance yourself, rather than just dumping cash into payments each month.

@dr.bradshaw 3 года назад

I always buy my cars around the 7k range. Do my research, keep them nice and they hardly drop in value from there.

@DreamHawkers 3 года назад

Same , good car under 150k miles typically around 140k with good reliability and low maintenance at least for a high mileage car and it basically doesn't depreciate anymore

@dexterm1285 3 года назад

That's an option....typically as of late do $13k range...we drive alot so gets a car with 80k miles so lots of life left. Keep till around low 200s.

@DreamHawkers 3 года назад

@@dexterm1285 yeah I agree there as well I just drive them from 130k to 300k

@savageaf6023 2 месяца назад

Decent and somewhat nice cars can be found if you look hard enough. Some mid 2000 Lexus’s and acuras go for under 10k and both got the Toyota and Honda reliability.

@aquapointbeshoy2736 3 года назад

“Beans and rice, rice and beans” brutal, but loving! Thanks uncle Dave!

@mgcolom 3 года назад

With that formula people could save even more. Imagine the money people spend in restaurants. Most of the times it’s almost a third to almost half of their income.

@turtleanton6539 12 дней назад

@@mgcolomyes😊

@frankish5314 3 года назад

Even worse.. They say "I got a raise I can afford to finance a fancier car".. Absolutely madness!

@aolvaar8792 3 года назад

I put 5K miles/year on my truck, that's 200K miles in 40 years Why would you buy a cheap POS and then drive it for 40-60 years?

@frankish5314 3 года назад

@@aolvaar8792 No but you can buy a cheap POS with cash then save up to pay for your next vehicle with cash. With the POS car hopefully it frees up other income to get out of debt or even invest it to make money for your future.

@aolvaar8792 3 года назад

@@frankish5314 That's REBUYing, buy the car you love and never buy another. Remember 5K miles /year. I don't invest, $50K in savings, $10K in checking and $100K/yr pension and spend, otherwise it builds up.

@frankish5314 3 года назад

@@aolvaar8792 The $100k/year in pension puts you in a very unusual and fortunate position. We have about $40k in pensions plus $3M in investments, plus a paid off house. We are in the process of buying our first new car.. For cash of course..:). Most people are not in our rarified financial position however. I.e don't have pensions and have to provide for their futures by saving/investing. In that case, buying a POS car makes a lot more sense.

@ogie5194 3 года назад

That was me, back in 2012.

@AH-up8zh 3 года назад

2019 Ford super duty lariat paid 65k brand new cash is worth 71k with 29k miles now... 🤔

@johndone8045 3 года назад

Sell it and buy another one later:)

@user-tb7rn1il3q 3 года назад

@@johndone8045 It will be worth 30k a couple years from now once the shortage is over. Sell now.

@machintelligence 3 года назад

Strange times we live in. But be aware that if you are using that truck for business, you will owe capital gains tax on the profit.

@larrybud 3 года назад

@@machintelligence It's not cap gains unless it's sold.

@machintelligence 3 года назад

@@larrybud True, you do not have realized capital gains unless you sell it.

@missaida44 3 года назад

Sometimes a used car winds up costing you more due to needed repairs

@larrybud 3 года назад

More than what, a new car? lol! Hardly.

@heismanhighlights5123 3 года назад

Sounds like your just trying to justify buying things you can’t afford

@johnSmith-uz8nl 3 года назад

No one said get a used FORD.

@depressedsauce2898 3 года назад

Especially sports cars

@bebop504 3 года назад

That's exactly what happened to me. I would have been better off with a small car payment than putting $400 into it for repairs every few months.

@AH-up8zh 3 года назад

Good luck selling and trying to re buy any used car right now... Keep it as you won't get ahead

@frankish5314 3 года назад

Actually we are buying a brand new car right now mainly because there are no decent used cars available.. AT least not for cheap.

@kjthomas4553 3 года назад

Never finance a car again

@olivia1064 Год назад

I was so dumb when I financed my car over two years ago. I've ended up paying just over 8,000 for a car that was valued at 4,999. I didn't even think about the interest, I only saw the nice new car. Safe to say I'm keeping the car once it's paid off! It's a little ford fiesta and I can't part with it, it holds so many memories with my son. Our first drive out when he was a newborn, so many adventures we've had together.

@michaeldwyer977 3 месяца назад

Well there are worse things in life that overpaying by 3000

@odnewdylee 3 года назад

Cars are the only time outside of homes where I hear him okay with a loan, the 2k or 3k extra on personal loan for another car. Love it and I don't know why but it shows how human he is.

@bigd9040 3 года назад

Cause your trading a higher debt for a lower debt.

@superblump87 3 года назад

That was just in this scenario where it reduces his debt.

@odnewdylee 3 года назад

I am aware that it is situational. The fact that it is situational is what makes his advice golden.

@odnewdylee 3 года назад

@@tetedur377 Great returns you're doing awesome. You'd be earning even more if you could invest that truck note money. I still currently hold a small amount of debt on an income property, I've played the cost/benefit game before. I just like the F U freedom of no debt at all. You're getting great returns though good job!

@mrgeorgeburdell 2 года назад

Dave is never okay with getting a car loan. He only agrees with putting up with them if you call him after the fact of getting one and say you can get it paid off in a very short period of time.

@plants4thewin 3 года назад

I like Christy...shes turning into one of my favorites. She will never be a Chris...but I like her!

@davidshaban8554 3 года назад

She’s better than Chris

@plants4thewin 3 года назад

@@davidshaban8554 nope

@bettysmith4527 3 года назад

Ok sir, if you take out "extra"money as a loan to pay off the difference you owe on the car you want to sell, that's not paying for another car with cash.

@schadlarry 3 года назад

As long as you can put away 15% or more does it really matter how you spend that money? Make a budget and stick to it. Some people like nice cars others like eating out all the time and both aren't very smart if wealth building is your only objective. This is all Dave preaches.

@cabayern9416 3 года назад

I don't purchase a car as an investment - it is my transportation. Buy new and keep for ten plus years. Maintain it excellently. Not buying someone else's abuse.

@davidjaramillo8513 3 года назад

I see your point. But there’s plenty of well maintained used cars out there. I bought my 2000 Lexus ES 300 from a nice man in a good neighborhood; had my mechanic check it out to be sure it was fine. Still have her after 10 years!

@blackworldtraveler3711 3 года назад

Never understood the investment part with a car. I certainly didn't depend on my car to fund my retirement.

@bradgingrich4505 2 года назад

Have bought two new cars in my life, first one was a 1976 Dodge Dart for $5700...POS...second one was a 2003 Ford Ranger for $18000 still own and drive it daily......I'm 64 with a 3.5 million dollar net worth....Have my third new on order...it's only 30k ...I'll pay cash for it.

@XCVi_MAC 3 года назад

I’ll honestly never buy a car out of the dealership again. It’s nice at first, but as soon as you start making those payments 🤣 most of my buddy’s all finance new vehicles for social status.

@RJRussoVids 3 года назад

I would not be shocked if Dave had a pile of old TVs in his yard. 😂

@xxxBradTxxx 3 года назад

Imagine the mercury leaching into the yard.

@mikeshaw4610 3 года назад

I agree even after the first million buying a new expensive car is still not smart. Most of the first million should be targeted for retirement and therefore not spendable.

@nmarkert01 3 года назад

Everyone I know looks at cars as the biggest depreciating asset you buy 🤷🏻‍♂️. And I was a car salesman. Customers even said it regularly quite often haha.

@johnyang1420 3 года назад

My 1991 Acura NSX that I bought in 2008 has doubled in value, but that is rare. I drive my investment and it keeps going up in value.

@dasheffield5596 3 года назад

Why don’t you ask the caller? What kind of a car the person have or purchased ?😳

@bettysmith4527 3 года назад

so he gets an. idea of how upside down they are!

@JamesSmith-cm7sg 3 года назад

Maybe it's just me but when I was reckless with money, buying an expensive car was always about ego. I wanted to be looked at like I was rich. That's why people will lease a Mercedes for 1k a month despite renting.

@Argedis 3 года назад

Keeping up with the Joneses

@dexterm1285 3 года назад

A large portion of people in BMWs and Mercedes....are living paycheck to paycheck looking the successful part but really they arent.

@LG123ABC 3 года назад

Buying cars to impress people they don't like with money they don't have.

@MillionaireMindsetClub 3 года назад

Car are the most expensive thing we buy that go down in value. Couldn't have said it better.

@alexfonseca2063 3 года назад

Isn’t it food?

@Lumpia_In_Texas 3 года назад

@@alexfonseca2063 definitely food. Especially restaurant food.

@alexfonseca2063 3 года назад

As t

@ImDahDude 3 года назад

Trucks do not lose that much value that quick. Idk what he’s talking about.

@j.m0ney133 3 года назад

Cars are the worst asset we own. Second most expensive asset besides a home and they go down in value like a rock.

@Lumpia_In_Texas 3 года назад

Mine went up 30% this year.

@j.m0ney133 3 года назад

@@Lumpia_In_Texas what kind of car?

@daltonbrasier5491 3 года назад

@@j.m0ney133 i dont think they are going to tell you lol

@markg999 3 года назад

@@Lumpia_In_Texas temporarily...these used prices will plummet likely next year

@5points7019 3 года назад

Unless its in the classic category...

@Xspeedspec 3 года назад

Chelsea is right! I like how she puts things

@thetruth5635 3 года назад

Never havr car payments thank God I never did, used cars are amazing and your net work flys up

@TheZeppelin14 3 года назад

Dave is wrong when he says everything with wheels and motors goes down because old muscle cars increase in value all the time, now with new cars he is right they do go down.

@LittleMopeHead 3 года назад

I wish I am where I am now 10 years ago. I'd get the first generation NSX when its value for a decent one was around $30-40k.

@Marco-ki2jr 8 месяцев назад

Huge risk though 😂 some cars and some watches do too. Very few people make investments out of those. Risk is too high and market too fickle.

@actZR900 8 месяцев назад

Those cars still depreciated though until they became classic. Its all a cycle.

@TheZeppelin14 8 месяцев назад

@@actZR900 There are 1000's of cars that are considered classic that do not increase in value.

@actZR900 8 месяцев назад

@TheZeppelin14 you said muscle cars, therefore i was talking about muscle cars... even a 67 mustang, 69 camaro and 70 charger all depreciated before they appreciated as desire increased. I was not referring to a 4 door catalina.

@bettysmith4527 3 года назад

I disagree about the car destroying wealth. If I don't have a reliable ride to get to work to make money, then that will destroy my wealth.

@MoonMoon-fx1op 3 года назад

A car is a great investment, but breaking the bank for it does destroy your wealth.

@Argedis 3 года назад

Normally, a 5yr old car can be bought for half the price of a new one. That car will still be reliable for many, many years. You can be the person that turns 30k into 15k or the person that takes advantage of the depreciation and buys it at 15k.

@adolpholiverbush5867 3 года назад

Would the car being a Tesla justify going above that 50% rule a bit? The vehicle doesn't devalue nearly as fast as normal cars and it saves you money every year you own it on fuel and maintenance costs.

@mxerb5912 3 года назад

They plummet in value. A 6 figure model s can be bought for 20k. Not to mention the tech is outdated by the second

@johnSmith-uz8nl 3 года назад

Yes and no. Yes, you can buy a Tesla and try to justify it BUT if you want to get RICH I consider it a bad idea. We are considering an electric SUV in a year or two but I personally can not justify it. It would be for my wife and she has a FREE charging station at work that she can use daily... but again, I just can not justify it. The SUV I am thinking of is the Kia 2022 EV6 and it will sell for about $60K... and I think MA offers a $2.5K tax rebate OR a 2023 or 2024 Subaru Outback Limited (cost will be around $36K). I can tell you everyone who owns a Tesla LOVES IT, but I can not justify it as of yet. You do know that Tesla is working on a $25K electric car?

@mistercarroll2474 3 года назад

My biggest income destroyer is rent and health care insurance.

@shola7987 3 года назад

hello!

@mistercarroll2474 3 года назад

@@shola7987 hello

@shola7987 3 года назад

@@mistercarroll2474 i meant hello as dam right! lol

@mistercarroll2474 3 года назад

@@shola7987 ok I agree 100%

@WolfManJammer 4 месяца назад

I have 14k left on a 2018 GMC Sierra and I’m wondering if I should just get rid of it, even at a potential loss, or finish paying it off and drive it as long as possible

@collinparsons3363 11 месяцев назад

Not having more than half your annual income tied up in cars is a good rule to follow. Saying to never buy a new car unless your net worth is over a million dollars is stupid. I'm all for keeping cars for 10+ years, as you lose money every time you trade cars. Now, 2-3 year old used cars are only a couple thousand less than a new one, if at all. It used to be that a 3 year old car was 40% less than a new one. If you're buying a car that you plan on keeping for a long time, just get a new one that doesn't cost more than half your annual income, and don't borrow excessive amounts of money at a high interest rate to do it.

@willsims5477 2 месяца назад

I will never finance another car. It’s a waste of money!

@chinngis83 9 месяцев назад

As a general rule, it's a bad idea to accrue debt on a depreciating asset.

@triple_gem_shining 3 года назад

I live near NC And it's so funny to hear the calls from there. LOL

@00Noontide 3 года назад

Sell the car, sell the wife, sell the fridge. Beans and rice, rice and beans baby!

@RickyandGandi 2 года назад

😂🤣😂

@jaimevillalobos6744 3 года назад

We live like no one else, so later we can live and collect things that go "budden budden" like no one else.

@RickyandGandi 2 года назад

Thank God for this chip shortage. The value of my car has gone up and I can get out of this car I have.

@jazmineramos8200 2 года назад

Yes ! I’m getting rid of my 2020 civic lol I’m over those pmts.

@MrCN173 9 месяцев назад

i'm not sure that you can go buy two year old car for 50% of the price. used cars are almost as expensive

@nio731 3 года назад

6:13 she NAILED it

@tonybarr5630 Год назад

"No one thinks about that." FALSE. A lot of people think about that. Most people don't, but just hate absolute statements that are not absolute by advisors.

@MichaelGonzalez213 3 года назад

Hey Dave 😁 love your video brother

@havuckofp 3 года назад

Trucks don't go down in value that fast Dave

@KishJohnson 2 года назад

Cars are the most expensive things we buy that depreciates in value. In minutes it drops to 50% and drastically affects your wealth.

@musicman1eanda 3 года назад

I don't understand why homes don't go down in value. A 30 year old home has endured 30 more years of problems and degradation that an identical new home does not have. Homes logically speaking should go down in value. I guess they don't because if they did, nobody would be able to get one, and so we artificially make the value go up?

@machintelligence 3 года назад

Homes are not just buildings. The lot that they sit upon generally does not depreciate. Buildings do require maintenance and after 30 years the roof probably has been replaced and the water heater several times. While some folks just live in houses, others remodel them on a regular basis. As a contractor I have remodeled the kitchen for one client twice -- once just after they bought the house and again 26 years later when they were getting ready to sell it. Aside from painting, the walls and doors (and possibly windows -- although some will have been upgraded for energy savings) require nothing more than occasional painting. It is generally not quite the same house after 30 years. If you want depreciation, look at mobile homes.

@AarTinOo 3 года назад

The land is what appreciates. The building depreciates.

@musicman1eanda 3 года назад

@@AarTinOo So some homes actually go down in value even if they're in good condition, if the area they're in gradually gets less popular? Correct?

@labornurse 3 года назад

@@musicman1eanda yes. Property values can decrease in certain areas of the country. Hence location, location.

@AarTinOo 3 года назад

@@musicman1eanda Over the long term real estate generally appreciates in value. If your home has a land component, then it should not lose value over the long term.

@ELmx479 3 года назад

Except a Raptor.

@dogan6070 3 года назад

He's already in the hole he goes out and buys another debt. Real smooth!.

@austinoleary713 2 года назад

Used cars have gone up in value now

@cabayern9416 3 года назад

No woman. I don't think of it going down in value. I use it for transportation and keep for many, many years. She appears to have no independent thoughts... Just piggybacks off Dave.

@Argedis 3 года назад

You missed the point. Normally, you can buy a 5yr old car for half the price of new and still drive it for many, many years. There is a temporary exception to this rule due to the chip shortage

@cabayern9416 3 года назад

@@Argedis tried that before and was a huge mistake. Now I buy a new, quality vehicle and keep for over 10 years!

@davidhealdjr.513 3 года назад

I paid $1500 for my truck, and have been offered $2500 for it.

@aquapointbeshoy2736 3 года назад

What type of truck is it?

@blackworldtraveler3711 3 года назад

Don't understand why that would even matter when you need transportation anyway.

@mateus8676 2 года назад

Thank the shortage lol

@queen.kristal8395 3 года назад

since he isn't married and do not think he has any kids he has more free range on what he wants to do with the car.

@6.2ls33 3 года назад

What are you going to do ? Take all that money to the grave or get what you want. its even more of a waste if you don't even like it.

@mateus8676 2 года назад

You are going to be broke for the rest of your life can already tell

@nataliaedge 3 года назад

I buy a new car and make my car payments with the money I save from not wasting on going out to eat and morning Starbucks drinks! Definitely a win situation!

@sharikagrant6379 Год назад

I’m working on this because I know I’m paying for a luxury vehicle and not my CH-R, going to Starbucks and eating out daily 😢.

@orlandow1723 3 года назад

Those dang Dodge Chargers….

@annmelendez1898 3 года назад

he forgot to the cost of insurance for those cars and etc.

@MurphyOCP-001 2 года назад

While we destroy our vehicles they allow us to go to work and make an income x

@appleztooranges 5 месяцев назад

Bought a $52,800 truck and make over 6 figures. It’s a Tacoma. No regrets 😂

@carloscastanyeda 2 года назад

My car went up in value. Bought it for 10000 sold it at 15000

@wilsono1050 3 года назад

PRIVATE SALE IS THE WAY TO GO. YOU GET ALOT MORE

@aolvaar8792 3 года назад

a two year old vehicle now half its value, what car? Depreciation means nothing, if you never sell. As I look at a 1972 Chevy pickup, that turns 50 next year. It's REBUYing, that's a problem. Dave's entire premise, is that you will replace the vehicle on a regular basis and that money can not be used for wealth building. buy a $10K car cash or a $100K cash AND never buy another car. Depreciation means nothing, if you never sell or buy.

@philipm5043 3 года назад

Truth is you may have to sell it at some point. Eventually, the repairs would cost you more than buying another used vehicle.

@mateus8676 2 года назад

You're going to drive one car forever? Ok buddy😂

@aolvaar8792 2 года назад

@@mateus8676 All my life, Why not?

@Amor_Fati_ 3 года назад

God is so Good. Jesus is King

@universalservicetechust3578 3 года назад

Is God good because Jesus is KinG or Jesus King because God is GOOD 😊

@5points7019 3 года назад

@@universalservicetechust3578God is good Period. Jesus is King Period.

@jazzmondjackson195 3 года назад

Amen 🙏🏾

@peterisgoogling9998 3 года назад

the biggest expenses for regular people in this country are medical bills...

@daltonbrasier5491 3 года назад

He is talking about assets.

@peterisgoogling9998 3 года назад

@@daltonbrasier5491 and I am talking about life

@daltonbrasier5491 3 года назад

@@peterisgoogling9998 Okay lol but thats still irrelevant to what dave is talking about.

@aolvaar8792 3 года назад

My former employer (I'm Retired) pays $1500/mo, I pay $500/mo = $2000/mo premium Cadillac level, almost concierge for lifetime family healthcare My wife went to the hospital $450K, Daughter broke her leg $127K $300 max out of pocket for any event Why is a medical bill so large? Because people do not want to spend $2000/mo for insurance or unwilling to take a cut in pay so the employer pays

@blackworldtraveler3711 3 года назад

Medical is my least expense. Don't think I spent more than $4k out of pocket in 30 years. Actually I don't have much expenses now. I'm remodeling next year but have three times the cash and planned for it. Even my trips to Alaska in RV, and flights to Hawaii,and Europe this year cost less than $500.

@MariahLove 3 года назад

I have to get rid of my car i can’t we just can’t continue to pay on it

@kjthomas4553 3 года назад

Same

@waterbottle3482 3 года назад

I’m selling mine tomorrow , this run on used vehicles enables me to sell it for more than I owe on it so as much as I like it , it’s gone . Don’t worry you won’t miss the payment .