UNCOVERED: Why Buying A New Car Is SO EXPENSIVE
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- เผยแพร่เมื่อ 11 เม.ย. 2023
- Why car prices are still high and consumer debt is piling up. Ana Kasparian discusses on The Young Turks. Watch TYT LIVE on weekdays 6-8 pm ET. th-cam.com/users/theyoungturkslive
Read more HERE: www.city-journal.org/article/...
"America has suffered stock-market bubbles and housing-market bubbles-but a car bubble? Last month, Tesla/Twitter impresario Elon Musk casually called the recent upheaval in the trillion-dollar-plus auto-loan market “potentially, the biggest financial crisis ever.” Musk overstates the case, or rather confuses it. The country doesn’t have a car-loan crisis, but an overall consumer-debt crisis. Crazy levels of auto lending are just an example he knows well. The broader question is: Can a country addicted to cheap debt adjust to normal interest rates?"*
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230412__TA02Cars
My co worker told me her new car payment is 1,100 a month. My mouth hit the floor. That's a mortgage payment 😮
$1,100 a month for a mortgage payment? Must be nice.... I don't think you can get a mortgage where I live for that low. (I haven't looked since I know I'll never be approved for a loan the size you'd have to take out to buy here)
It's funny how the individual is supposed to be responsible with their money but Banks aren't supposed to at all
oh see it's because banks aren't irresponsible with THEIR money, they lend out depositer money on risky investments.
In America we have to avoid predatory lenders. But car loans and mortgages are normal. I bank at a credit union bank to avoid the predatory lenders. We definitely don't have our law makers keeping the interest of our borrowers first. And putting passive income people first. AKA trickle-down economics.
Money making money is not mathematically possible.
The Glass-Steagall Act addressed this. Sort of. Why do our law makers allow anything but credit union banking.
@@anthonydelfino6171 Banks do the same s*** there not supposed to do
Cars have planned obsolescence. New Car value also drops significantly as soon as it's driven off the lot. Normal people can't afford to buy a new car, and that's why used prices have skyrocketed. Our lack of good reliable public transportation keeps us in cars. We are being exploited from every direction.
You forgot the word "safe" in what public transportation also needs. Here in St Louis, they can't even find people willing to take jobs as drivers.....Let alone people who want to risk their security as a passenger on public transit.
@@reelreeler8778 Is the public transport falling apart and therefor dangerous, or is St Louis just full of shitty people? Both?
Honestly the fact that a car drops like 20% of its value or whatever it is as soon as the dealer signs it over to you (you don't even have to leave the lot with it) shows what a scam car purchasing is. They're artificially inflating the value of the car when they sell it.
You gotta love it when people comment without watching the video. They think their simplistic "solutions" are enough to resolve this complex problem.
Ditto. I hate it when certain people think that helping out the common folk is akin to free handouts and entitlements. I'm like, "If that's how you feel, I'll just go ahead and take that Social Security and Medicare check from you right now. Thanks!!"
I work in Security - When I worked Graveyard shifts you'd be surprised how often we'd find people sleeping in BMW's & Lexus/Teslas cause they can't afford the car & rent so they chose to live in the car..... these are working people with decent wages but it's about peer status at their corporate jobs. They need the car to keep up the appearance of success if they want to keep climbing. They say 'Fake it till you make it" but in today's Society even when you "Make it" you have to keep 'Faking it". 🤦
The answer to every question relating to price hikes right now: corporate greed!
I drive a 23 yar old car. Mechanic wants $1,000 dollars to fix the water pump on my 2000 honda civic . Water pump cost $100 dollars so he wants to make $ 900.00 Dollars profit for the work. I'm not saying it's easy. I know it will be very hard because I'm not a mechanic but it just seems like to much. Well thank god for TH-cam videos and a mechanic book. Wish me luck as I try and do it myself.
dont lose screws! flush out the system like water is free. change you thermostat while your in there. when you first drain it, use a catch pan and bottle it and take it to the mechanic that gave estimate. recycle free.
😅 not to mention dealers asking 2-3x msrp
OMG $700-1k A MONTH!! Who the F$@k can actually afford that?! My one bed one bath is 1600 a month and that’s basically one whole check for me
Truth is average car price is about $32,000 which comes to about 7 years worth of installments which exhausts all the discretionary income a person has.
Between expensive housing and car installments ppl feel like slaves. 😢
Ronald Reagan, he called it trickl-down economics , 200,000 people a year file bankruptcy, because credit cards are, " like what" 20 to 22% interest? My car payments were 724.00 a month. I sure want to say, I WILL NEVER DO THAT AGAIN!! I did make it, it was stupid and hard to do, should have bought a house.
Last week my Towncar threw a ball joint and it was scraping metal. It cost $2000 to fix. I thought about just pulling the plug as it's a 21-year-old car. But the engine was fine and I didn't want to deal with the current car market, so I fixed it. Great decision. It feels like an almost new car.
I still have a 96 Explorer. It needs some work, but still runs fine. Even the AC still works.
Going through this with my 08 Impala. It needs new brakes soon but new brakes are cheaper than a new car
You should have bought a Toyota
@@samsadeniz Cost too much. I really wanted a pickup. Still cost too much.
@@Skipperthekitty why would you think about getting a new car because of the brakes?
Adjustable rates for cars? WTH??
No such thing. I have never heard of that. TYT is full of 💩. Atleast not in my state.
Yup been around for a while. Rates were always low so you never heard of them.
“Too many people spend money they haven't earned to buy things they don't want to impress people they don't like.”
That's the American way, put yourself in debt to impress others while you're actually miserable with your life and drowning in debt. And then complain how the government doesn't care about the people or whatever other nonsense fits the narrative. People sign for the loans, a car or whatever it is doesn't magically appear on their doorstep. I have friends that have a car payment+car insurance combined that's way higher than their rent and they complain about it 😂😂😂
I just sold my car for what I owed, two years later. I bought an older one-owner car in perfect working condition and unloaded $21,000 worth of debt! Insanity...
Definitely unsustainable. I feel bad for anyone who is in a position to have to get a new/used car right now with rates the way they are. So happy I was able to purchase my new car near the end of 2021 and got a 1.9% interest rate.
I still see a lot of people driving their SUV's to Starbucks to buy a cup of coffee.
And packing the gyms, concerts, pro sports, clubs. I think people are just too dumb to know that luxuries aren't important if you're poor
@@burntearth85 You sound bitter and poor
The real problem is car culture and our system that simps for the auto industry and the near total lack of public transportation options and the mentality that people always need bigger, faster, fancier cars.
I lived in Japan for 5 years. Never once felt like I needed a car. THAT is luxury. Between trains, easy walking/biking paths and busses, I could go anywhere and do anything I needed to do.
In America that's virtually impossible. And our toxic culture attacks and shames anyone who tries.
Cars in America are not optional in almost anywhere I have ever been in this country. You have a car or you can't get to work or the grocery store. Sidewalks are inconsistent. Rare bike lanes are unsafe. Busses come maybe once an hour and have extremely limited routes. Subways are limited to the largest cities and are laughably limited compared to Japan.
There are a few areas in America where it's possible to live like that... but they are very few. Chicago, New York, San Francisco.... maybe Seattle? I moved to San Francisco explicitly for the allure of being able to sell my car and just rely on the public transit system here. Been 12 years since I made that decision.
@@anthonydelfino6171 I've heard the cost of living is extremely high in San Francisco though? Haven't been myself though. Everyone said that about Japan before I moved there but I found it to be grossly overstated. Would you say the same for SF?
What's that quote again? "The mark of an advanced economy is not one where everyone owns a car, but one where the rich take public transit.", or something along those lines.
@@heavyarms55 I could be wrong since it goes back and forth... but I'm pretty sure that rental costs in San Francisco are currently the highest in America. Add onto that if you do drive the price of gasoline having the typical California higher prices, and the cost of food is definitely a lot higher here than what I see when I go back to the rural area my parents live in.
But also pay in general is high here too, so there's that.... like for me, it's been a benefit since it's a been a lot easier to pay down student loans since even a not great job pays better here than the same job in a smaller, cheaper city.
Here we go again 🙄 2008 part duex. Keep your junkers
What junkers? used car market even with inflated prices because of this is great. just got a 2013 malibu for 5k and I might be able to flip it for about 8k. not everyone has to hold on to 30+ year old cars from the 90s.
I haven't bought a new car since 1999. I don't drive flashy or fancy cars, but I always have a good reliable car. I've had three cars since then (all used Toyotas). To be honest, if my wife didn't smash them up periodically, I'd still be driving the first one.
I’m still driving my 1999 BMW 323i. A beautiful car which I’ve taken very good care of since I got it brand new! It still looks new and drives like a champ! Had very little issues over the years, gets good gas mileage as well! I have low mileage of 135K and I intend to keep my car in mechanical order when and if needed. WHY WASTE MONEY ON A NEW CAR? Any maintenance is far less than the outrageous cost of a new car! I’m blessed to have such a beautiful car 👍😉
We can't all afford BMWs
@@nosuchthing8 a 20 year old BMW isn't that expensive...
@Reiver Neriah he didn't BUY a 20 year old BMW though.
@@reiverdaemon you miss the point. They are warning of another crash. Some auto loans are adjustable loans. People's monthly payments are going to explode.
@@reiverdaemon it was brand new when I bought it and shipped from Germany
I’m finding that the banks are doing to auto loans what they continue to do for housing. They talk you into purchasing a vehicle you can’t afford.
This happened to a family member and it's rough watching them struggle monthly. It's predatory and needs to be stopped. Yeah,sure, they can make the monthly auto payment (oh, and add in FULL coverage insurance too!) - if they _LIVE_ in their vehicle instead of paying rent or don't eat or don't use utilities or don't have a phone or shoes or . . .
Yep. Went into a dealership and said I had 20k to buy a new car, not a penny more. They showed me a 36,000$ model lol I wouldn't budge. Got my new car for 23K after taxes all in. The taxes were 5000 extra.
In the end it's our own faults for signing the agreement.
I like how the Toyota guy mentioned the Fed rate increase, but failed to mention "market adjustments" that can easily add $15K to the MSRP of a new car. Dealerships are screwing people worse than the automakers. That's both impressive and disgraceful at the same time.
One simple rule I have, don’t buy stuff you can’t afford… 🤦♂️
Problem is, it's getting to the point where some people can't afford a car at all and they NEED one so they can get to work to afford everything else.
Inflation is killing lower income people.
What if we don’t have a robust train/bus system like Japan, yet still have to get to work?
I pay a bit over $200 for a lease. For the same type of car now it would be about $400 I don't understand where the money is going. Everything is very similar and an interest rate doesn't double the payment I definitely think some kind of price gouging happening here too
Buying a used Japanese car is better. Those things run forever. Don't waste your money on expensive toys.
When I was attending TCU from 2014 to 2018 I worked almost every weekend all 4 years at a bar in Central Texas. After 1 year working at the bar, I had enough saved up & with some given by my dad to put a down payment on a car that I leased for the next 3 & a half years. Shortly after graduating, I had paid off about half of that car, I had saved up a few thousand dollars, & I got money from family & friends for graduation that I was able to pay off the other half of my car all at once. The timing was perfect since I had the car fully paid off right before I had to start making my monthly student loan payments, which were about 3 times as much as the car payments were. All in all, I worked hard, got a little lucky, & had great support to pay off my car, which 8 years later I'm still driving & only major expenses I have are insurance twice a year.
If you open a trust account and register your car on it you can by none-owner policy. I got three cars and pay about four hundred a year for my auto/driving insurance, but psst, don't tell anyone! Of course I don't know your state, I am in California, sure enough my insurance Co is outside my state but approved here and had to jump through some hurdles by the time DMV accepted my insurance, more precisely they stopped bothering me for not having insurance on vehicles themselves.
And they're only built to last 5 years and the car falls apart right about the time you pay it off...
Toyota and Honda last like 20 years
@@hitch-tf5rh lasted. thats all we know.
Americans are buying gas guzzling pickup trucks for $65k instead of economical sedans for $30k
What does that say about Americans?
Blacks cause 61% of violent crime. What does that say about blacks Americans?
Exactly, then they bitch and gripe about gas prices, i mean really? How stupid do you have to be to see that. I agree with you totally 👍
@@DS-lk3tx prove it.
Nothing but facts here wish I wouldn’t have bought a car during pandemic
We've been waiting for car prices to "die down" since 2020 so we can buy a truck we need. Still waiting...
Cars are one of the biggest rackets next to guns
Cool I own both.
Stealerships! And state laws/ taxes for dealerships to sale directly to consumers. You can't buy from the manufacturer! Say MARKUPS!
I will never in my life make the choice to buy a new car. I will buy a used car. I will buy the cheapest used car available within a 100 mile radius of me. But I will never buy a new car. Only idiots and people with more money than they need buy new cars.
I mostly agree. One work around is to buy a new car with high resale value and then flip it as the warranty wears off and get a new car. Never pay for maintenance, brakes, tires, etc.
Stay jelly of people richer than you. Ill never buy someone elses used garbage lol
This is crazy, I have a Toyota 2008 rav 4 and bough it cash during Covid, same my wife 2011 rav4 and we love them. Screw banks, only buy a house with a loan nothing else.
Many people don't have that luxury. People need cars to get to work, they don't necessarily have a choice in the matter.
@@rs72098 But you don't need to overbuy your car. Buying a massive $80,000 SUV or Truck is just stupid. Yet I see this happening over and over again.
I don't do business with wells fargo.
And no one should. They're a bunch of crooks.
I’d never buy a new car. Let someone else take that drive off cost hit
That's why I leased my car. 3 years of what basically amounts to rental payments, and afterwards I can buy the car at a cheaper price. If you walk in with the idea of buying a car, you'll likely end up over your head the minute you drive away, unless you're rich enough to just pay for the car outright.
You buy used cars parked on the road or a used car dealership? Pfft
The "pressure" that you are mentioning is being applied buy the financial sector and fueled by a weak handed government that could care less to regulate them and protect the people.
Anna is missing the point... Follow the money... It's not necessarily the car makers that are making that money though they do make quite a lot from their financing... And that requires a relationship with the bankers. ALSO, the DEALERS and their highly monopolistic scheme they have with the car buying process basically has them printing money. It's DEALERS that are pushing these loans and benefiting directly. And Wall Street is happy to back them. We don't need dealerships... And we shouldn't have banks with this type of influence.
100%
The small city I lived in when I got my new first car is a perfect example of this. There was only one dealership in the entire city, so if I wanted something I had to go there. I was just fortunate that my brother-in-law worked as a dealer there and was able to get me a reasonable price... I saw just from that how much they were marking things up, and that was 20 years ago. I can only imagine it's gotten worse now.
Every time I hear trickledown economics, I think of Corporations and Politicians pissing on me after eating asparagus.
I'm fed up of the lies we are told about why you cant tax the rich more.
NINJA loans (no income, no job or assets) were strongly intertwined with the sub-prime mortgage crisis and a huge catalyst for the collapse it precipitated. The fact that this is happening with car loans now points to a looming crisis in that sector. The irony is, many of the people who could actually afford to buy a new car know that it is an insane waste of money and don't do it. So the sector is predatory as a whole and preys on the financially illiterate.
2 things need to happen. First, the cost of cars has to come down. Once this crisis occurs that will probably begin to happen, after manufacturers who don't lower their cost lose business or even fail / exit the market. Second, tighter regulation and enforcement. A dealer who falsifies loan information has committed finance fraud, and needs to be both criminally charged and financially penalized for it.
Even high-mileage junker cars are selling for $10,000. Used car market is stupid.
I eagerly await to see if the financial houses will ask for a bailout again. And, if they get the bailout, what will the public do about it. This cycle is the definition of madness.
They will ask, they'll get it, the public will be upset, and then nothing will happen because the public doesn't have any real power in this country.
@@anthonydelfino6171 I really hope you're wrong about this one. These greedy Wall Street types are destroying everything.
@@anthonydelfino6171 Nailed it. We see this happen over and over again.
You have to take a loan to buy a car. What are you supposed to do. Public transportation is not reliable.
Speak for yourself. Public transit works depending on where you live
Credit is a scam. I finished paying a vehicle and instead of raising my score it lowered it. I was hoping to buy a home after paying the vehicle.
You need to maintain Debt and pay it regally to get good credit.
You just took a hit on the average age of your credit lines. It should have gone back up shortly thereafter.
I got two fixer-uppers that service accordingly. I don't drive around in bling, but what I have is all mine and I got money in the bank. I ride around and don't worry a thing about my transportation.
Bought my current car cash. 18 year old car with 93k miles. Honda accord. So grateful. $4k.
l put my hamster in a sock and slammed it against the furniture.
Exelent , smart move.
The costs of cars, particularly used cars, started to increase 5 or 6 years ago. The inability for working class people to pay for new cars increased the demand for used cars. Even when I bought my 2015 car in 2017, the loan exceeded the 3 yr terms I was used to. I found it odd that the loan was pushed back to 5 years, however it lowered my interest rate. None the less, I paid the loan off early, as at the time I had a little extra cash floating around.
After paying off my car, my mortgage prices skyrocketed, mostly due to property taxes and homeowner's insurance. My mortgage payments went from $900-1800 a month within 8 years. The principle was always about $300, so $1500 was all the extra payments, and $800 was the cost of insurance alone.
So the reduction in debt didn't really help me much.
These fkng profiteers really want to take every penny you've got.
Yup. Corporations and big banks are FURIOUS that some Americans managed to get some extra money and build up some savings during the stay at home orders a lot of places implemented in the early pandemic, and they're desperate to squeeze all that money back from us.
No one is looking out for the common person in this country. Corporate greed has infested our politicians, who happen to write and enact the laws that would stifle this kind of runaway capitalism. Politicians don't care because they're being taken care of, so much so that we've created a new class of elite wealthy who no longer truly answer to the will of the people. Most of the time, these corrupt politicians run unopposed in their states and districts because most Americans have become apathetic to politics. The cycle repeats in perpetuity.
Eventually a competitor will come in and destroy the system with longer range cars with lower prices. This happened in the early 80s when American manufacturers pushed planned obsolescence on expensive cars. The Japanese manufacturers took over the market because they had lower prices and cars that lasted a long time.
The idealistic Liberitarian dream. The thing is, there's just not much of an incentive to do that now. Why should a foreign car manufacturer take less profit when they know they can come into the US and sell the cars for a higher price margin than they have to and just pocket the difference? We already see this with every other industry. They raise prices and all their competitors do the same because they know they can get away with it, and people will just pay.
Look at the cost of meat and eggs as a good example.
I have always looked for the best car that for some reason people don’t like, and then buy it used because it has a lot of depreciation already. You can get great cars this way
I think individuals have to accept a little bit of responsibility here. I make a healthy income & still choose to drive a 20 year old Volvo which is relatively cheap to repair & find parts for. I can’t tell you how many of my colleagues buy massive $60-90k trucks & SUVs without a real need for them.
Thank you for the comment of the week. I also make a very good income and drive a 2004 Accord w/ 130,000 miles. I can buy any car I want but I refuse to pay what these dealers are getting from other "gotta have it" car buyers. I will wait for this car bubble to burst and it will. Those that bought within the last 3 years will be so far under water on that purchase they will think they own a submarine. Only the smart will wait this out and I feel for those who have to buy now...
@@6time686 my grandpa had that same car. Clean lil whip. I prefer Toyota tho.
@@Ceezy223. I've been Honda loyal since 2001. Have owned 5 Accords in that time. My next one is a Toyota SUV. Time for a change.
@@6time686 gotta go with the 4Runner. Old ones are going up. Best time to get one before they go up.
@@Ceezy223. Sorry my friend. Wrong SUV. Not now. What goes up always comes down. Always.
Let the subprime auto loans crash. Maybe then car prices will come down.
The car has turned into the modern day wheelchair. In most cities, public transport is sparse. Moving to Europe from America I have been without a car for more than 20 years. My waistline is down and my savings is up.
@@southernfried19 far more likely to get in a car accident
There are a couple pockets of America where you can live car free, but they're admittedly rare. I've been 12 years now without one living in San Francisco. Though I do still have to rely partially on ride shares if I want to be out late since Muni stops service at around 11:30. (which is really stupid when you think that at least over Friday and Saturday nights, they should stay open later to not encourage drunk driving)
The real problem is that poor people have to buy a car to do anything
Just steal a car works for me then
This is also why buying a used car is so expensive.
I always buy cars for cash if at all possible. I decided to live as debt free as possible 30 years ago. I had a mortgage on my first home but paid it off in 8 years and then bought my second home for cash. I did not buy a huge home (1,400 sq ft). Mind you I am not a wealthy person making much less than half the median middle class wage. I simply was very careful to always live within my means. Of the 2 cars I currently own, one car was brand new - bought for cash and the other was 3 years old with a small loan. I always advise people to live as debt free as possible. Now that I am retired I have a lifestyle not so different from people who made twice as much as I ever earned.
My experience is very similar to yours. With house and cars paid off, my $32k lifestyle isn't much different from my $100k lifestyle.
Used cars are crazy expensive too here in Canada as well as new cars.
Funny since about 3 year ago John Oliver did a funny segment about cars and subprime debt way before this happened. It was a great episode anyway.
I bought a used low miles 2014 car 8 months ago and I'm paying 260 dollars a month , and very happy with the car and the deal I've got.
I just paid off my used 2016 car, got a house with a 2.65% interest rate. Phew, I just made it.
My car I bought in 2016 brand new is also paid off
My 2013 Kia is paid off. If I ever need another car I will pay cash to an individual and not a dealer.
The individual is just going to ask what used cars are selling for, so you’re unlikely to get a discount, at least not a big one
cars are the worst "investment" you can make. depreciates fast
One of the reasons car prices rose because dealership shares marking up cars well above sticker price. When the manufactures found out they rose the prices of the cars and now we are dealing with the fallout
I hate to be a butt-hole about this, but most people buy vehicles that they really cannot afford. For instance, a coworker talk to me the other day that he’s trying to buy a diesel truck. I asked him why are you wanting to buy a diesel truck, that you will have to pay higher fuel cost? And why does your current truck that is a gasoline engine cannot do? His response was it’s because I wanted a diesel truck and then he rambling off reasons why he needs that diesel truck over the gas power when the gas power would be more than enough that he needs to do. People are too caught up being that they have to show that they are a higher status class than everybody else and this cost them more money. They cannot see how much money that they are wasting because they had to make themselves look rich.
Most people are at sea when it comes to managing their own assets and income. I constantly see people driving extra expensive autos and especially massive SUV's costing thousands of dollars they cannot afford.
I have no problem with these yahoos. They are just clueless.
If by “butt hole”, you mean rationale, don’t worry about it. You’re spot on.
He probably watched a few episodes of Diesel Brothers and decided he needed more power for no reason at all. Also it’s more manly if you have a diesel, so… 🙄
Most people without a lot of money should be buying a used nissan sentra.
Living in NYC, you would have to pay me to own a car 😂
We don't all live in NYC
@@nosuchthing8 Just bringing my perspective, no need to yell 😜
I sell cars for a living and to buy a 30k plus vehicle is unnecessary. You can get a quality pre-owned certified or used vehicle for a reasonable price. Be sure to ask for a Carfax, and you'll get an affordable monthly payment.
1000 dollars a month? HOLY F,,,, if you can afford 1k a month, you can buy a nice used car and pay it off in a year. There are some really nice 10k cars out there, used. Most with around 90-100k miles.
I just got one for 12 grand. It’s paid. I own it. Paid it in less than 2 years.
It happens to car rentals when you don't have enough insurance on the vehicle. Important thru your insurance to get gap insurance to cover the whole cost if the car is totalled.
People buy a new car every couple of years which is ridiculous. I have never owned a car for less than 15 years. If you cannot pay for a car in 4 years do not buy it!
Today's cars are designed to start breakiing apart right after the warranty expires. What are you talking about?
@@tureytayno3154 not sure you know this… long warranties are a relatively new thing.
How does one junk a 9 year old vehicle if it still has a loan on it?
Car dealerships are a scam. They will approve literally anyone, take their money, repo the car a few months later and then sell it again. And a brand new car loses 10% of it's value the moment you drive it off the lot. Last year, I paid cash for a used 2016 Toyota Prius C with only had 75k miles on it. It basically pays for itself with the amount of money I save on gas.
Americans need to be taught financial literacy to not be taken advantage by the predatory companies. If you make $2500 a month, you can't afford a $1000/mo car loan after taking into account other expenses. Buying a used car or even a beater is ok, just keep in in a budget. I had a buddy who got a car repo'd after less than a year, for over $32,000 with low income, I advised him not to, but unfortunately didn't listen.
@Bubba - But the problem these days is too often when something breaks on your beater, cars are so complicated you can't fix it yourself--or if it's something you can fix, just the parts are often outrageously expensive--if you can even get them.
@@willardchi2571 beaters before all these electronics are drastically less complicated. All im saying is do research and shop within a reasonable budget.
Lemme guess, he bought one of those giant tricked-out trucks?
@@sarah2.017 no he bought some italian made car... which are expensive to own and maintain.. looked nice but not a wise choice
I bought a new car in 2008, my first new car, put down a $1000 for a 5 year note. I'm still driving it, do the oil changes other preventative maintenance when needed, runs great, still looks good. Last but not least...it's a Toyota.
My dad drives for a living and he put 500,000km on 2 Toyota trucks and owned both for 15 years each. You cant kill a Toyota.
Toyota is the most old man boomer boring car you can buy.
@@gordontall2441 I'm not a Boomer but I am boring.
@@bonbonvegabon Toyota's are for people who view cars as an appliance- go A to B without problems. I don't want to stress about my car just like I don't want to stress about my Toaster.
The subprime dealers such as carhop also get borrowers to have automatic weekly payments.
2008 - 09 was a great time to by a new car. Everything was discounted because credit was was hard to come by. Leasing deals were cancelled.
If you can save up until you have enough to pay for your car with cash. That way it will be less expensive.
Once again we can all thank Donald Trump for this problem, it's going to take Joe a minute to fix the klusterfuk
Theyre both responsible... all these 'free money' caused inflation. Also, no one is forced to buy a new car. Buy what you can afford. Its ok its not new.
@@bubba6989 Free money? You mean OUR tax dollars we pay into numb nuts. We deserve anything we get back from the government.
I had to get a job I could walk to. There is no way I could afford to buy a car let alone take it to a mechanic. I gave up 3 years ago
I cry.
@@scifirealism5943 team up to try transit!
I Actually Bought a Car 4 Years Ago.
It’s Still Parked, Where I Bought It. Can’t Afford The INSURANCE!!!!
what about the dealerships gouging customers, adding huge markups to the sticker price, some are adding ten grand or more to SUVs and PUs.
Why didn't you ask that Toyota dealer in Kansas City how much over MSRP he is charging? I would really like to know.
Exactly lol
"We're all in this pressure cooker"...couldn't agree more. I work in jospital and families are losing thier minds because they are barely hanging on, and then a loved one gets sick and it's the straw the breaks. So many stresses for so many directions, ppl are forgetting how life used be less chaotic
I was going to buy a new car but the prices and interest is out of control. no thanks. I'll keep my 2000 volvo S70 it runs great and has a good ride fantastic stereo.
the pressure cooker notion is real
A good public transfer system for 60 bucks a month would make 1000 per month unnecessary.
Used car in LA costs less than 3k. What’s the issue
Auto loans past the warranty expires are dangerous for those that can afford the payment + the repair
The same truck I bought in 2017 cost $8000 more two years later. We didn’t exactly CHOOSE to start spending more any more than a victim of SA chooses to be assaulted.
Small town on western Nebraska... suddenly tons of people have brand new trucks and jeep gladiators...tons of people in a town of $8k. Dealership offered me into a truck for $39k knowing i make $16/hr have 2 kids, single and rent is $1200/mo. I laughed and bought a used 2096 f-150 for $3k from a rancher . Screw banks and car dealerships
Of course that dealership owner said Nothing about the various ways they dealerships screw you ovwr with additional charges and fees. The $50k car arrives at the dealership around $35k-40k before they start money grubbing. And they don't give you the best loans you are able to get either. More money for them by picking which ones they want you to choose from.
The ONLY reason I bought a new car last year is because my previous one got totaled by an idiot while we were on the highway. My previous car was a gas guzzler SUV. But, my job pays mileage, so I bought a brand new car, a $26k 2022 Crosstrek, for the first time in my 44 year life. The car is Great (I could easily list the reasons but no one cares), the money I save in fuel due to efficiency covers half of my payment, and I'm only paying $610/month (which includes property taxes, principal, interest, an extended warranty, and maintenance package).
Because of the fuel savings, I'm pretty much only paying around $325/month.
My point is why are people constantly choosing things that are counterproductive to their goals? They don't need a $50k-$100k vehicle unless it's justified by somewhat paying for itself (fuel savings, it's a work truck, etc). Why do people vote for politicians that don't actually represent them, because they actually represent corps and the rich? (I voted for Bernie). People claim to Not be clueless sheeple, but they're clearly followers following political rhetoric and social trends, distracted by weekly dumpster fires while trying to keep up with the Joneses.
610 a month is massively expensive lol My 23K new car only cost me $300 a month lol I bought in 2016 and its fully paid off for the last 5 months now.
It's because they're morons, the same reason they like Trump.
@@bonbonvegabon I don't understand people like you that live to be negative and contrarian. I know my comment was very long, but if you read the whole thing or actually understood it (just in case you did read the whole thing), you would have noticed my $610/month payment includes annual property taxes, an extended warranty, and a maintenance package.
My car is registered in CT, which charges property tax on vehicles. I drive 50-60k miles/yr, so I wanted the maintenance and extra warranty.
What I didn't say is that my brand new not used 2022 Subaru Crosstrek was only $28k, which is only $5k more than your car.
What I DID also say is my job pays me mileage and I'm saving so much money at the pump that half my monthly payment is paid with the money I save in gas consumption. I'm essentially only paying $325/month, which is only $25/month more than what you're paying.
I also also said I don't understand why people make bad decisions which are counterproductive to their goals. Again, my job pays me mileage, So I'm essentially driving and owning a brand new 2022 car for free.
What are you Lol-ing at? I left my comment, and this comment, as an example to others of what they should do with their money, be wise with it. Since your payment is only $300 a month you should also feel helpful to others, but why laugh at me? And, why laugh at the $610/month payment when the principal and interest alone, without the other stuff, are about the same as yours?
It costs 2 x much in the past few years buying a new car for with a loan for me. That’s with 820 credit score. 3 to 6 %. Doesn’t sound much, but that’s 10 to 20 THOUSAND DOLLARS. Don’t let percentages trick you!
@@john-paulhunt Yea new car interest rates were over 10 percent in the 80s. This is just reality for us like it was for them. You don't get to buy that new shiny car you go buy the 10,000 beater you can afford cash.
What's the point of raising the rates if people keep buying all kinds of stuff anyway?
Read consumer reports on buying a car. There's some great used cars out there and cuz her imports has a list of which ones last longest and have the greatest reliability. I'm blessed to be able to pay cash for any vehicle I want but most people can't. There's no tax benefit in pain interest to a bank. Look at your local credit Union. If you do have to take out a loan never take a car loan out for more than 36 months because of the devaluation of the car. Good luck out there. I think things may get tough
going to get worse when we are all forced to buy more expensive electric cars
Electric cars are not any more expensive than gas cars, they are almost the same price. Just saw Toyota fully electric 21k on an average. Tesla has dropped prices dramatically. You will save a whole bunch of money in the long run, doesn't need gas or oil changes, i know for a fact because my sister owns an electric car.
Of course-interrupted by a local car dealership ad!
There should not be ways for business to rip people off but on the same hand people can not be so ignorant to what they are signing or get into. Everyone from the government, business, employees, consumer need to be accountable for their own actions
The problem really is that in America, for the vast majority of people a car isn't something you can just not get. Like I can see that a PS5 was getting price gouged back a year or two ago and just decide not to get one. But when it comes to cars, you pretty much have to have one to get to and from your job. So much like with things like health care, the people selling it know that they can raise the costs, and you just have to bend over and take it. And they act as a sort of monopoly since they all know they can get away with it, and so they all raise prices accordingly.
Though this is also a bit of a result of market consolidation. There's not enough competitors in the market, so it's easy for 3 or 4 manufacturers to collude to raise prices.
Wen home prices get back to affordability?
a car? you got a car? wow must be nice.
Prices went up, quality went down.
No wonder they're making the cars come back to the dealership if you don't pay on time
Corolla and Civics are NOT 50K , some of this might be self inflicted
They are here in Canada