Why You Shouldn't Buy a New Car
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- เผยแพร่เมื่อ 12 มิ.ย. 2024
- Don't Buy a Car Until You Watch THIS Video! Everything is still expensive right now, and cars are no different. Things are still unstable, both the used car market and the new car market. Car prices are still up since the pandemic started, and a lot of people spend way too much buying a new car. Most people also don’t account for other costs like car insurance, car maintenance, interest rates, or taxes and fees. This video details why right now might not be the best time to buy a car. If you have to buy a car right now, this video also shows how to buy one without it messing up your money. New vs. Used Cars: Which Should You Buy? Well, this video will give you some car buying tips and help you determine if you should buy a new car, buy car with credit card, or buy car cash.
Not How Much Car Can You Really Afford? (By Salary), But How Much Car You Can ACTUALLY Afford (By Salary), But How Do I Buy A Car Without Going Into Debt?, But How Much Car Can You ACTUALLY Afford? (According To A Car Dealer), But How Much Should I Spend On A Car?, But How To Make A Smart Car Purchase, But How Much Car Can I Afford (20/4/10 Rule), But How to Buy a Car the RIGHT Way! (20/3/8 Rule), But DON’T BUY A New Car YET! Wait 30-60 Days (Dealer Explains) or any other video like Graham Stephan, Andrei Jikh, Marko - WhiteBoard Finance, Car Edge, Mike’s Car Store, The Money Guy Show, Dave Ramsey, Ramsey Solutions, or The Ramsey Show Highlights would make. This is a video where Bradford Irons (aka Mortimer_Money_Coach) explains Why You Shouldn’t Buy a New Car. If you need one-on-one personal finance or business coaching, please hit this link to sign up for a free consultation: calendly.com/mortimer-consult...
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In May of '22 my car suffered catastrophic engine damage at 75 MPH. Murphys Law struck again as I had just paid it off a few months prior to this event. I knew I did not want to jump into a new set of payments so I made the decision to save up for a good used car. Luckily I was working from home at the time and only needed to borrow my mom's truck a handful of times. Fast forward ten months and I found a good used car that an elderly couple owned with less than 71,000 miles on it. 2002 Mercury Grand Marquis. Total grandpa car but the best part is the money I am saving. $65 a month in insurance and $42 annual fee for tags. It's a great feeling living beneath your means.
That's awesome. I wish more people knew it was possible. The car payments I'm seeing these days are just out of control. Props to you!!
Well you bought a "LEMON". You get what you get.
Great job! Thanks
Thank you very much. I enjoyed your content and shared it. You are very convincing and easy to watch.🤗
Thank you. I appreciate the comment! Thanks for watching!
Great information, accurate true information! Thank you!
Thanks for watching!
Great advice thanks.
Your welcome! Thanks for Watching!
Like your content!! Good, common sense approach to finances! New subscriber.
Glad you're enjoying the content. Thanks for watching!!
great points but i'd take it further, don't buy off a dealer, buy a salvage one, buy one off an auction, buy one off a towing company, buy one at a wrecking yard, they won't be doctored, detailed or do they hide problems but do it with a mechanic. Think out side the box
Keep grinding!! Love to see it!
Thanks!! Will do. And I see you're doing your thing too. I'll definitely have to check out your channel.
Ppppp@@Mortimer_Money_Coach
Clear video , like it .
Thanks for Watching!!
THANK YOU
Thanks for watching!!
Those are taking points and cliches about purchasing cars. Used cars are also more expensive than they've ever been. T used cars are way over price today. Also, most used cars under 10k will be high mileage and more than years old. Considering most people don't have 10k in cash sitting around, more like $600, according to some reports, so paying with cash is not an option. It's either using public transportation, a bicycle, or walking. That's what consumers are faced with today. Again, even 10k used cars are expensive if they are 10 years old with 200k miles.
Thanks for your comment.
Yeah, it's very tough right now. And if you are able to use public transportation, bicycle, walking, carpooling, etc then that's great. However, that's not always possible. While it's a lot harder to find a good used car today, it's very possible. Check out some of the sites in the video. Right now, you can find many vehicles beteen $5-15K under 100K miles. It's just takes a bit of work to weed through them. And it's also much better than paying $48K for a new car or getting a used car with a 12% interest rate. Lots of people are spending lots of money on cars, and I'm hoping to help people do it the right way. Saving up and paying for your car in cash is really the best way to do it.
@@Mortimer_Money_Coachyea you can find them. But have you checked the vehicle reports? No mention of oil changes or other general maintenance. Almost always has an accident involved. Buying a used car is much more complicated than what ppl make it seem to be in videos. Just a pet peeve of mine. Great video though, thanks for sharing your opinions and trying to steer ppl to better financial decisions. I understand it’s difficult when making generalized videos
Just a general disagreement with this video. I just wanna say, generally this advice is sound. But individually, your situation maybe different. See what works for you. Get what you can afford. Don’t add extra stress to your life. That can literally mean anything based on your personal financial situation
Thanks for Watching!
Show me an average five year old car that is now less then 40% of what you paid for if five years ago. Instead of saying everything is more expensive(it is). You can also simply say the dollar is no longer worth what it was.
Thanks for the comment. And thanks for watching!!
Got two used focus bought in '15 '16, they were 10yrs old when bought with around 50k miles each. Under 7k with some minor repairs each. The 2005 focus by the time I am done with it...5yrs more prob....will have run around 5-600 a yr for me. Running Liability insurance only at about 350/yr for the pair.
Bought my home 17yrs ago, was a foreclosed and got it at a nice price at 105k, paid it off fast, not a fan of debt. I do not carry insurance on it now and property taxes come out to 1900/yr. So my "Rent" is now 159/mth.
So far home repairs (Furnace/Air/New roof...few others) ran me about 17k, So house ran me 123k plus that tax "Rent"
Home repairs will prob come out to 1%/yr so currently 1,230/yr or 102.5/mth
My monthly budget to keep a house and two cars plus all there costs and utilities comes out to 880/mth, almost the same as my food bill for family of 4, with that closer to 1700/mth for a family of 4 to keep the lights on and save for the future.
I had 2015 civic. Zero down. $200/mo lease. Should have bought it. $11k residual. They sell for $12k today.
Yeah...leases are hardly ever a good deal. You should check out my other video on Leases: th-cam.com/video/raeW4BU2yIc/w-d-xo.html
i do think you underestimate trade in equity; i put over half down on my cars because of existing equity; if you drive a car 12 years it has near zero equity and you perpetuatally drive junk; my payments are very low to nil jist because I use equity; i buy 1 to 2 year old cars with half+ down; drive a couple to 3 years and repeat; and i buy cars on the top 10 resale list only; 4runners or trucks etc
Thanks for the comment! Putting half down is much better than most people out there.
Yeah, I don't think it's necessary to keep the car until the wheels fall off. My point is getting something inexpensive with reasonable miles should give you enough time to save up to upgrade after a few years. You don't need a loan at 7-21% interest to make use of trade in equity.
are all these new channels i get recommended just ai?
Not sure what you mean. This channel is def not AI generated, but thanks for watching!!
What about if I buy a Prius for 29k new?
Thanks for the question. I don't know ur situation, so I can't really say. However, in general, buying a new car almost never makes sense unless ur very wealthy, have the cash to pay for it, and can take the hit on the depreciation.
How much do u have to put down on the car?
@@Mortimer_Money_CoachDo I have to wait until a 2024 PRIUS XLE AWD has been on the lot for a much longer time?
Sold my new car and put $ at 5.5% bought a old 1988 Toyota pick up .
Good for you for selling the new car. Surprised you could get a loan on a 1988 truck at 5.5%. I guess they figure toyotas last forever.lol
Too funny ! Old truck only has 60,000 miles @@Mortimer_Money_Coach . I ride e bikes and e scoots 95% of the time . Saves a pile o $ .
100K for a Ford pickup - hard pass
Haha! Same here. No thank you!
Worst decision, yes