I always pay cash on used cars & keep them for at least 10 years. Financing a depreciating asset is a losing proposition . If you can save each month for 10 years, you can afford this. My first couple cars were cheap beaters, but you can upgrade over time if you stay patient.
Is it really an asset then ? Isn’t it a liability in that case? More than just finances, unless you know a good mechanic you can trust, getting a used car might not always be a good idea if it has a lot of miles on it, several accidents, the previous owners didn’t treat it very well, and it’s not of the more reliable brands. Especially for women, we get screwed over because most of us don’t know anything about cars. If I’m paying an expert, I shouldn’t also have to know about his field pf expertise to make sure he’s doing what I’m paying for. In terms of safety, newer cars have better safety features. And in terms of maintenance, newer cars usually require a lot less, especially if it’s a reliable car. Newer cars are much more fuel efficient (unless the used car is only from a couple years ago). My bf constantly complains about how much he has to pay for gas bc his very reliable 2013 Toyota Highlander- that he bought off his parents- has terrible fuel efficiency and we both have to commute over 30 minutes to work, and each time he gets the maintenance done on it, it costs him $1k because they find something new and major that needs to be replaced or fixed.
@@isabelsalamanca893 yeah, my last couple cars I bought around 30k miles and kept to about 150k miles, which for me is a little over 10 years. This is a very reliable window for most cars. A 3 year old car is old enough for the worst depreciation to pass while young enough it likely hasn’t been put through much. It would be a different story buying at 80k miles. My last 2 cars I bought at $22k & $24k, both modest sedans.
@@isabelsalamanca893most cars are liabilities, but because you can sell them, they are a depreciating asset. A very few cars can also appreciate, and they don’t have to be exotic, like a classic VW bus or a Nissan 350Z.
This is really smart. What’s your strategy on finding out if the car is reliable? I’m always worried the used car had a bad history and then I’ll have to pay more for maintenance and repairs
Just remember that it's not the salesman you're using this tactic on. They get those bonuses because the dealer needs those cars gone before EoM. You have leverage on everyone there, not just the salesman. It's important because the salesman is just a middle-man, there to get you all lubed up for the sales manager.
But the problem is you don’t know what is happening in a used car. I bought a used car and in one year this thing just collapsed. I’m thinking of buying a new one and using it till it’s dead
@@shiriajinmost CARFAX includes maintenance history. Number one thing is oil changes. If a manufacturer recommends 10 - 12k miles or once a year. Someone selling a car with oil changes at 5k or every six month will be a better car.
I bought a car on March 31st one year. I didn't want to even test drive the car as I gave the salesperson my number and this car was way above that number. Well, two hours later that car was mine and for the number I came in with. Definitely helped me!
Now it makes sense why I had such great deal on my new car on Wednesday 9/25. I wasn't even trying that hard and they were cutting prices left and right. Ended up with a great deal haha
Unfortunately my previous car was a ticking time bomb with leaks and half-broken parts so I couldn’t wait until the last weekend of the month to get a new one. Dealer still took $1000 off the price tag for no apparent reason except that he wanted to solidify the deal. Something not mentioned in the vid was buying a this-year car when next-year models are rolling out. Since this-year models will no longer be considered new, they will drop in price.
And skip buying through Consumer Reports. They were eager to make the sale even though they didn’t have what I was looking for - completely ignored what I said.
@@mcgusto82is that why used car dealerships mark up their vehicles 3x what you would pay a private seller on the street? Like I financed a 13 year old Camry 2011 for $21k final purchase price @ 14% apr, and then I looked up a brand new Camry and they retail for 25k. So for another 4k I could purchase a brand new car that’s way better looking and probably no issues. I was financed at $450/month but at a dealership it would’ve been roughly $500 for the same new model car anyway. I felt so dumb when I finally realized I just got taken, like an idiot, by the dealership.
@@nrsunlimited Yeah. Sometimes it’s best to shop new. Unless you buy 2/3 year old. Those cars are new enough to be sold by new car dealerships. You avoid the depreciation, are in the current model cycle, still holds some warranty, and you’ll be able to shop around features at a discount.
@@nrsunlimitedbro, that sounds more like your credit is F****d than them scamming you. 14% apr is insane. Either that or you have no credit history and that would've happened no matter what
Lemme guess…you can’t finance at new engine installation thru the mechanic shop. If it’s 10k, it’s 10k. They won’t give you a $2000 discount because it’s end of the month sales rush.
Another tip is to realize that the salesperson can’t actually cut you a deal at all. At least not at any of the places I worked. The manager is the one whose quota and bonus matters. So the principle is the same: go at the end of the month for a new car. If you want a used car, the end of the month might not be the best time to go because they sell the less desirable trade ins at auction at the end of the month do they don’t have to pay those monthly lot fees, and once something gets marked for auction it can be difficult to put it back in play even if it’s still on the lot. Moral of the story is this is a nuanced process, and you’ll want to talk to someone who has actually worked at a dealership, not just a rich girl online
To clarify the manager thing: salespeople can cut the price by up to $500 in most cases before getting managerial approval. To increase the odds of getting a deal signed, write out how much you would like to pay (be reasonable), sign your name saying that’s your official offer, and send the salesperson in to the manager with “glue” aka a few dollars to give them a whiff of cash and that you’re serious. If they accept, it’s binding. But they’re more likely to accept a lower offer that way at least in my experience
Also buy the last model year of the car that newly restyled is going to or already out. They are much more incentivized to make a sale by the manufacturer.
I bought my car (new) during COVID (2022) at 6% APR on the 15th of the month. All this discussion of what to buy and how to buy and all those loopholes did not matter. The salesmen wanted to sell a car. Also, if you were really paying attention, during the pandemic, USED cars were MORE expensive than new ones! Yup! So that's why I bought new. I needed a vehicle at that point because getting around was very difficult. Mass transit was not working or very limited. I had to do what I had to do. So, if you can't catch these loopholes, it's okay.
And that's why I learned from my father that buying a car in December is best. They have a lot of deals and promos because it's the end of the year and like she said they have quota's😂.
The problem with goving tips like this is that once something starts giving consumers an advantage, companies find ways to adpat to keep ripping people off, the more they adapt the more refined their techniques become, actually making it even harder on consumers.
If it's anything like my job, the quarters fall neatly into a calendar year, starting in January as well. So end of the quarters would be March, June, September and December.
My advice is to buy a Tesla or from another direct sales automaker. Avoid the grifting stealerships altogether and pay the same price everyone else does, like any other product. You are almost certainly getting ripped off otherwise by people who make a living off getting you to overpay as much as possible while they have all the data to you having almost none.
Yes, toootallyyyyy great advice. dealerships often let you take vehicles at MSRP and even below. If there wasn't a middle man, it'd be as bad as the flagship phone market. Went from $299 to $1699. And the profit margin on phones is EXTREMELY high compared to the 5-10% on a vehicle if even that
@@artoro8 Yes, adding a scummy, profiteering middleman that also has tons of their own costs to worry about totally saves money. Just LOL if you think "below MSRP" isn't still plenty of profits for both manufacturer and dealer. Just like on Amazon how every product is always "on sale" 100% of the time from original pricing. It's a marketing ploy to fool people by telling them they're saving money when they aren't, nothing more. Meanwhile, Tesla selling luxury vehicles not too far off price-wise from well equipped non-luxury brands--totally overcharging. Not much of a mystery why Tesla has nearly double the sales of the 2nd place luxury brand (BMW) in the US with the value for money. Not much surprise that the Model Y was the best selling model in the world last year and will be again this year. Lack of competition is why phone prices are high, not direct sales. There's basically Apple and Samsung, it's an oligopoly with pricing to match.
@@artoro8 Yes, adding a profiteering middleman that also has tons of their own costs to worry about *totally* saves money. LOL if you think "below MSRP" isn't still profitable for both manufacturer and dealer on top of the increased operational costs. Just like on Amazon how every product is always "on sale" from original pricing. It's a marketing ploy to fool people by telling them they're saving money when they aren't, nothing more. Meanwhile, Tesla selling luxury vehicles not too far off price-wise from well equipped non-luxury brands is totally overcharging. Not much of a mystery why Tesla has nearly double the sales of the 2nd place luxury brand (BMW) in the US with the value for money. Not much surprise that the Model Y was the best selling model in the world last year and will be again this year. Lack of competition is why phone prices are high, not direct sales. There's basically Apple and Samsung, it's an oligopoly with pricing to match.
Tesla also only pays their salespeople $25/hr with no commission. At least that was what they were paying at Newport Beach in 2022. They get a decent bonus if they make their quarterly quota, but their sales goal was $1 million/month.
@@tHebUm18 it ABSOLUTELY saves money for the manufacturers what are you on about? They don't have to pay out of pocket for service centers or dealerships, that all falls on the franchisee/owner. And so what if a vehicle is still profitable? EVERYTHING on store shelves and online is made for profit, and I'm going to assume you love capitalism so this is just a byproduct of the system. As for Tesla, they do what they want and are overcharging and you will never be able to haggle with them for a good deal. And it's lack of competition AND direct sales (mixed with the eternal march to more profits) that has made smartphone prices skyrocket.
Good to know Viv!! ....🤔 Now...if I only had money for a car payment, or even enough left over at the end of the month to save.. I have 2007 silver Toyota Carolla, & its been great. General maintenence over the last few yrs. Brakes, tires, etc... been paid off for 10 yrs. Had payments before thst for 6 yrs of $150. No way you'd find anything that cheap now.
No, you won't. But once you sit in the new vehicles you'll see why. I'm not saying that vehicle prices are justified bc they're not. ESPECIALLY trucks right now.
Some one answer me tbis please. Why does a car loose its value when its driven off the lot. Meaning, AFTER youve bought it, but what about when you take it for a test drive. So then, should we not get a reduction of the sticker price, or ask for a different vehicle than what you just test drove.
Actually, you do get a reduction in price depending on the miles. It's just not advertised unless it's a demo vehicle. Which means that a manager drove it and it usually has 3-4K miles on it and I've seen some discounted up to $8K off because of that
In the current car market, dealers are increasingly moving away from sales-based commissions/bonuses to pay their employees because many are leaving because sales are through the floor so they don't get anything from that and the base pay is too low for them to stay.
You probably haven't ACTUALLY tried. But also, dealerships genuinely are not making much on vehicles. The internet exists now and people can see vehicles across the whole continent to compare prices, so depending on the dealership it may actually be the lowest that they can sell at that won't shut the lights off
I need to ask everyone this question, including Rich BFF…. If I’m ready to buy a car. Should I go into a dealership with $5000 in the bank ready to make the down payment to tag the car sold? Also, should I negotiate the interest rate and how much, plus should the final purchase price be negotiated and how far should I try to go down? I want to purchase a Chevy TRAX, sticker price 29k. Should I ask for 24k or should I try lower? They gave me an apr of 8-9%
@@skinbrow-waxqueen so what’s a decent SUV size vehicle for under 25K? I’m gonna be driving around a family of 4 and need room for luggage. Sedan or compact won’t cut it.
@@username00009 I have bad credit because my irresponsible college era. Didn’t care until I hit mid 30s. My parents also sucked at teaching about finances cuz they’re pretty much broke too. So bad credit for 15 yrs, 8-9% was kinda expected for me.
![ผัวเถื่อน - ยูริ โตเกียวมิวสิค [ OFFICIAL MUSIC VIDEO ]](http://i.ytimg.com/vi/P08ORRVDGl8/mqdefault.jpg)
Another tip is to shop for a car during the holiday season too. Typically you’ll see a price decrease incentivizing consumers to purchase a car.
I always pay cash on used cars & keep them for at least 10 years. Financing a depreciating asset is a losing proposition . If you can save each month for 10 years, you can afford this. My first couple cars were cheap beaters, but you can upgrade over time if you stay patient.
Is it really an asset then ? Isn’t it a liability in that case?
More than just finances, unless you know a good mechanic you can trust, getting a used car might not always be a good idea if it has a lot of miles on it, several accidents, the previous owners didn’t treat it very well, and it’s not of the more reliable brands.
Especially for women, we get screwed over because most of us don’t know anything about cars. If I’m paying an expert, I shouldn’t also have to know about his field pf expertise to make sure he’s doing what I’m paying for.
In terms of safety, newer cars have better safety features. And in terms of maintenance, newer cars usually require a lot less, especially if it’s a reliable car.
Newer cars are much more fuel efficient (unless the used car is only from a couple years ago).
My bf constantly complains about how much he has to pay for gas bc his very reliable 2013 Toyota Highlander- that he bought off his parents- has terrible fuel efficiency and we both have to commute over 30 minutes to work, and each time he gets the maintenance done on it, it costs him $1k because they find something new and major that needs to be replaced or fixed.
@@isabelsalamanca893 yeah, my last couple cars I bought around 30k miles and kept to about 150k miles, which for me is a little over 10 years. This is a very reliable window for most cars. A 3 year old car is old enough for the worst depreciation to pass while young enough it likely hasn’t been put through much. It would be a different story buying at 80k miles. My last 2 cars I bought at $22k & $24k, both modest sedans.
@@isabelsalamanca893definitely something else to consider. Thx for sharing your thoughts👏🏽🫶🏽
@@isabelsalamanca893most cars are liabilities, but because you can sell them, they are a depreciating asset. A very few cars can also appreciate, and they don’t have to be exotic, like a classic VW bus or a Nissan 350Z.
This is really smart. What’s your strategy on finding out if the car is reliable? I’m always worried the used car had a bad history and then I’ll have to pay more for maintenance and repairs
Just remember that it's not the salesman you're using this tactic on.
They get those bonuses because the dealer needs those cars gone before EoM. You have leverage on everyone there, not just the salesman.
It's important because the salesman is just a middle-man, there to get you all lubed up for the sales manager.
If you didn't speak to the sales manager, you got a bad deal
Forgot to mention to buy only used cars because soooo much value is lost just by being the 1st owner.
Agreed 👍
But the problem is you don’t know what is happening in a used car. I bought a used car and in one year this thing just collapsed. I’m thinking of buying a new one and using it till it’s dead
@shiriajin sounds like you got that one-off. Who beats up their brand new car? You can pay for a lot of repairs with that savings tho.
@@shiriajinmost CARFAX includes maintenance history. Number one thing is oil changes. If a manufacturer recommends 10 - 12k miles or once a year. Someone selling a car with oil changes at 5k or every six month will be a better car.
Does it really matter if you keep your car for 10-15 years?
Yep, and also stick with Honda, Toyota, Acura, and Lexus so you can stay out of the mechanic shop lol Chevys are good too
I bought a car on March 31st one year. I didn't want to even test drive the car as I gave the salesperson my number and this car was way above that number. Well, two hours later that car was mine and for the number I came in with. Definitely helped me!
Now it makes sense why I had such great deal on my new car on Wednesday 9/25. I wasn't even trying that hard and they were cutting prices left and right. Ended up with a great deal haha
haha
Yep, managers really wanna get vehicles off of the lot for the next month
I just replaced my clutch assembly on my old payment free dream car. My house is paid off too 🙌 🤗. BTC 🚀
November - December is the best time to buy a car
The millionaires buy cars on Dec 31st of any year.
So in essence, buy at the end of the month at the end of the year, and bargain by saying you’re comparing prices..!! 😂
Unfortunately my previous car was a ticking time bomb with leaks and half-broken parts so I couldn’t wait until the last weekend of the month to get a new one. Dealer still took $1000 off the price tag for no apparent reason except that he wanted to solidify the deal.
Something not mentioned in the vid was buying a this-year car when next-year models are rolling out. Since this-year models will no longer be considered new, they will drop in price.
Also, sometimes a one or two-year-old car is a better deal.
Just buy through the Costco plan. Set prices, no hassle, good deals, reputable dealers.
And skip buying through Consumer Reports. They were eager to make the sale even though they didn’t have what I was looking for - completely ignored what I said.
One reason i buy used cars, I know cars are depreciation assests, tagts and why I buy used cars and with high miles.
Fun fact. The profit margin on a used car sold by any dealership is higher than that of a new car.
@@mcgusto82is that why used car dealerships mark up their vehicles 3x what you would pay a private seller on the street? Like I financed a 13 year old Camry 2011 for $21k final purchase price @ 14% apr, and then I looked up a brand new Camry and they retail for 25k. So for another 4k I could purchase a brand new car that’s way better looking and probably no issues. I was financed at $450/month but at a dealership it would’ve been roughly $500 for the same new model car anyway. I felt so dumb when I finally realized I just got taken, like an idiot, by the dealership.
@@nrsunlimited
Yeah. Sometimes it’s best to shop new.
Unless you buy 2/3 year old. Those cars are new enough to be sold by new car dealerships.
You avoid the depreciation, are in the current model cycle, still holds some warranty, and you’ll be able to shop around features at a discount.
@@nrsunlimitedbro, that sounds more like your credit is F****d than them scamming you. 14% apr is insane. Either that or you have no credit history and that would've happened no matter what
Love your financial tips❤ any advice on leasing cars?
A new car is $50k. A new engine for your old car is at most $10k
Lemme guess…you can’t finance at new engine installation thru the mechanic shop. If it’s 10k, it’s 10k. They won’t give you a $2000 discount because it’s end of the month sales rush.
Buy a used car that has been checked by a mechanic
Preferably from a private party rather than a dealership
Not just the sales person, the managers also want the sales dept to hit its monthly numbers.
Rainy days help also
TRUE! I got a great once deal during a snow storm in NY.
Thank you!!! Needed reminder for all👍🏿
Another tip is to realize that the salesperson can’t actually cut you a deal at all. At least not at any of the places I worked. The manager is the one whose quota and bonus matters. So the principle is the same: go at the end of the month for a new car. If you want a used car, the end of the month might not be the best time to go because they sell the less desirable trade ins at auction at the end of the month do they don’t have to pay those monthly lot fees, and once something gets marked for auction it can be difficult to put it back in play even if it’s still on the lot. Moral of the story is this is a nuanced process, and you’ll want to talk to someone who has actually worked at a dealership, not just a rich girl online
To clarify the manager thing: salespeople can cut the price by up to $500 in most cases before getting managerial approval. To increase the odds of getting a deal signed, write out how much you would like to pay (be reasonable), sign your name saying that’s your official offer, and send the salesperson in to the manager with “glue” aka a few dollars to give them a whiff of cash and that you’re serious. If they accept, it’s binding. But they’re more likely to accept a lower offer that way at least in my experience
Also buy the last model year of the car that newly restyled is going to or already out. They are much more incentivized to make a sale by the manufacturer.
I bought my car (new) during COVID (2022) at 6% APR on the 15th of the month. All this discussion of what to buy and how to buy and all those loopholes did not matter. The salesmen wanted to sell a car.
Also, if you were really paying attention, during the pandemic, USED cars were MORE expensive than new ones! Yup! So that's why I bought new.
I needed a vehicle at that point because getting around was very difficult. Mass transit was not working or very limited. I had to do what I had to do.
So, if you can't catch these loopholes, it's okay.
And that's why I learned from my father that buying a car in December is best. They have a lot of deals and promos because it's the end of the year and like she said they have quota's😂.
Very pretty hands. You do know there is an uber high paying niche market for modeling hands(and feet)
Good to know
The problem with goving tips like this is that once something starts giving consumers an advantage, companies find ways to adpat to keep ripping people off, the more they adapt the more refined their techniques become, actually making it even harder on consumers.
Luv this girl...🤩
Does this still count when you're getting a used car from a Hertz or Enterprise dealership that sells their rental cars?
I don’t have time for those tricks I need a very specific car. There’s maybe 10 offers on the whole site
Sister Vivian can you buy me a car plsss?
Same😂😂😂
Don’t buy a car - it will equate to maximum possible savings.
❤❤❤❤❤
Newer electric car dealerships do not operate on commissions.
Ya and electric infrastructure in the US is horrible rn
How do you know when their quarters are? Are they quarters of the calendar or does their year start and end differently?
If it's anything like my job, the quarters fall neatly into a calendar year, starting in January as well. So end of the quarters would be March, June, September and December.
Regular yearly quarters
Does this apply to used cars,too??
Facts! 💯
What about leasing ?
A face for radio.
My advice is to buy a Tesla or from another direct sales automaker. Avoid the grifting stealerships altogether and pay the same price everyone else does, like any other product. You are almost certainly getting ripped off otherwise by people who make a living off getting you to overpay as much as possible while they have all the data to you having almost none.
Yes, toootallyyyyy great advice. dealerships often let you take vehicles at MSRP and even below. If there wasn't a middle man, it'd be as bad as the flagship phone market. Went from $299 to $1699. And the profit margin on phones is EXTREMELY high compared to the 5-10% on a vehicle if even that
@@artoro8 Yes, adding a scummy, profiteering middleman that also has tons of their own costs to worry about totally saves money. Just LOL if you think "below MSRP" isn't still plenty of profits for both manufacturer and dealer. Just like on Amazon how every product is always "on sale" 100% of the time from original pricing. It's a marketing ploy to fool people by telling them they're saving money when they aren't, nothing more.
Meanwhile, Tesla selling luxury vehicles not too far off price-wise from well equipped non-luxury brands--totally overcharging. Not much of a mystery why Tesla has nearly double the sales of the 2nd place luxury brand (BMW) in the US with the value for money. Not much surprise that the Model Y was the best selling model in the world last year and will be again this year.
Lack of competition is why phone prices are high, not direct sales. There's basically Apple and Samsung, it's an oligopoly with pricing to match.
@@artoro8 Yes, adding a profiteering middleman that also has tons of their own costs to worry about *totally* saves money. LOL if you think "below MSRP" isn't still profitable for both manufacturer and dealer on top of the increased operational costs. Just like on Amazon how every product is always "on sale" from original pricing. It's a marketing ploy to fool people by telling them they're saving money when they aren't, nothing more.
Meanwhile, Tesla selling luxury vehicles not too far off price-wise from well equipped non-luxury brands is totally overcharging. Not much of a mystery why Tesla has nearly double the sales of the 2nd place luxury brand (BMW) in the US with the value for money. Not much surprise that the Model Y was the best selling model in the world last year and will be again this year.
Lack of competition is why phone prices are high, not direct sales. There's basically Apple and Samsung, it's an oligopoly with pricing to match.
Tesla also only pays their salespeople $25/hr with no commission. At least that was what they were paying at Newport Beach in 2022. They get a decent bonus if they make their quarterly quota, but their sales goal was $1 million/month.
@@tHebUm18 it ABSOLUTELY saves money for the manufacturers what are you on about? They don't have to pay out of pocket for service centers or dealerships, that all falls on the franchisee/owner. And so what if a vehicle is still profitable? EVERYTHING on store shelves and online is made for profit, and I'm going to assume you love capitalism so this is just a byproduct of the system.
As for Tesla, they do what they want and are overcharging and you will never be able to haggle with them for a good deal.
And it's lack of competition AND direct sales (mixed with the eternal march to more profits) that has made smartphone prices skyrocket.
Smart girly
Good to know Viv!! ....🤔 Now...if I only had money for a car payment, or even enough left over at the end of the month to save.. I have 2007 silver Toyota Carolla, & its been great. General maintenence over the last few yrs. Brakes, tires, etc... been paid off for 10 yrs. Had payments before thst for 6 yrs of $150. No way you'd find anything that cheap now.
No, you won't. But once you sit in the new vehicles you'll see why. I'm not saying that vehicle prices are justified bc they're not. ESPECIALLY trucks right now.
Okay
Some one answer me tbis please. Why does a car loose its value when its driven off the lot. Meaning, AFTER youve bought it, but what about when you take it for a test drive. So then, should we not get a reduction of the sticker price, or ask for a different vehicle than what you just test drove.
Actually, you do get a reduction in price depending on the miles. It's just not advertised unless it's a demo vehicle. Which means that a manager drove it and it usually has 3-4K miles on it and I've seen some discounted up to $8K off because of that
Or just buy a Tesla without all the smoke and mirrors and backflips one has to go through with this antiquated model of car purchasing. 🤦♀️
With a battery that can randomly ignite? No, thank you.
In the current car market, dealers are increasingly moving away from sales-based commissions/bonuses to pay their employees because many are leaving because sales are through the floor so they don't get anything from that and the base pay is too low for them to stay.
Dealerships have base pay??? 💀💀
"Rich friend" doing temu ads
Does that include leasing a car at the end of the month?
Your hands are so lovely. You could be a hand model!
That is a great tip. Thanks!
Plot twist! Don't buy a car! It keeps you poor. But she doesn't tell you that.
Then how get to work?
Right now the dealerships are strong arming prices.. they won't BUDGE on prices
You probably haven't ACTUALLY tried. But also, dealerships genuinely are not making much on vehicles. The internet exists now and people can see vehicles across the whole continent to compare prices, so depending on the dealership it may actually be the lowest that they can sell at that won't shut the lights off
@@artoro8 I just bought a car the end of last month after being laid off for 2.5 months. I'm extremely FRUGAL. Trust me...I TRIED!
Ah so Christmas 😂
Yeadogg
I need to ask everyone this question, including Rich BFF….
If I’m ready to buy a car. Should I go into a dealership with $5000 in the bank ready to make the down payment to tag the car sold? Also, should I negotiate the interest rate and how much, plus should the final purchase price be negotiated and how far should I try to go down? I want to purchase a Chevy TRAX, sticker price 29k. Should I ask for 24k or should I try lower? They gave me an apr of 8-9%
Have you looked at the amortization schedule for $24k at 8-9%? I think most auto loans are compounded daily - the interest can get scary.
I would say don't buy the Chevy Traxx, my daughter recently bought one and she has monthly trouble as well as two of my coworkers
@@skinbrow-waxqueen so what’s a decent SUV size vehicle for under 25K? I’m gonna be driving around a family of 4 and need room for luggage. Sedan or compact won’t cut it.
@@username00009 I mean yeah, they showed me the math. Even if I put down another $1000 for DP, it’s only gonna bring monthly down barely $20 if that.
@@username00009 I have bad credit because my irresponsible college era. Didn’t care until I hit mid 30s. My parents also sucked at teaching about finances cuz they’re pretty much broke too. So bad credit for 15 yrs, 8-9% was kinda expected for me.
My rich bff is so pretty I can't pay attention to what she says 😂
You aint my bff, bisshh.