How Cars Keep You POOR!
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- เผยแพร่เมื่อ 30 ก.ย. 2018
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Cars have become an integral part of American society. While it can feel like buying a new car is granting you new freedom, buying a new car is more likely to take away your freedom and security.
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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.
Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Andrew Matthews & Julia Lorenz-Olson
Produced by: Katie Graham & Amanda Fox
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SOURCES:
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I saved a lot of money on my car insurance by switching to bicycle
"100 minutes a day could save you 100% or more on car insurance." - Bicycle
Car insurance? If you regularly ride a bicycle you save a LOT MORE on medical bills in future than car insurance :)
😆😆😆
I walk
😂👍🏻
Can I think of anything that depreciates as fast...? A smart phone.
...Your comment
@@lifepresent3183 ... Your rebuttal.
@@DagoRuiz HAHA HA Anyways
A marriage
Samsung phones in particular. Don’t know why 🤷🏻♂️
In 2024 no car that is 5 years old is being sold for 63 percent less than it was new . Maybe 20-25 percent . Car prices are ridiculous and have always outpaced what a dollar is actually worth .
you are on point.
Yes, it is like this in Sweden as well and probably the rest of Europe. It is disturbing to pay such a high price for a five year old car in which rust and other signs of misuse has started to shown. I'm beginning to think that I should have taken that car loan/finance a new car in 2018.
You're probably just better off buying a car that's a few years old. I was looking at Traverses and a 2019 one was just a few grand less than a 2022. Might as well get the newer vehicle.
Goes to show how crazy the used car market has gotten that a 2012 Honda Civic (ie the car that was 5 years old when this video came out and are now 10 years old) are still upwards of $12-15 today, and 2017 Civics are still $20k
Agreed....horrible example
Thats the aftermath of covid. The upcoming recession will bring the used market back to its natural state.
Yup thx to the x demic I get to prove cars can for once appreciate
Exactly. Chip shortages... such a weird period for the car market.
I bought a 2016 Civic EX 33,000 miles in 2018 for $15,750. Car payment was $242. Fast forward summer 2022, my wife bought a 2016 Civic LX 90,000 miles for $16,500. Her car payment is $410 (higher interest, but same term)
They should start manufacturing five year old cars.
Now that’s funny 😆
Good job you made me smile
Redesigning costs and a markup price would make it 20% more of the initial cost to buy a 5year old car.
I'm sold. This is a billion dollar idea
@Steve Terry i think id rather buy chinese than american. More reliable
Why do I learn more about finances from youtube than when I was in school?
The american public school system is broken and has been for decades now. Norway for example, teaches students finances beginning in the 3rd grade. American public schools systems on the other hand are like you'll figure out how to do finances the hard way once you get debt. Good luck...
laxfan727 because the school doesn't teach financial education. They teach students to be slave for money in the future.
Because school was made to make people into skilled laborers with just the right amount of brain power to be another cog in the machine and that's it.
Corporate America needs you to get on that rat wheel. That’s why
School brainwashes you to fail life financially or to be a slave forvever at least
4 years ago this was excellent advice, but with the price of used cars being nearly the same as new it just doesnt pay off to sacrifice the warranty. Also, part of that depreciation is the miles put on the car. Its difficult to factor that in if you only go by the 5 year rule.
Add the fact that used cars tend to use more fuel, which has become quite expensive too.
I want an old ass car that i can work on and that doesnt yell at me
It’s still solid advice now. The used car market is in decline and certainly not a reason to buy new (in my opinion).
I just paid $26,000 for a new car. It has a 10 year warranty, and 3 years of free oil changes, air filter changes, tire rotation, and wiper blades. It's advertised to get up to 55 mpg, and I average about 48 mpg. My biggest complaints about buying a new car are the higher insurance, and higher property taxes. I suspect what I will save on everything else will make up the difference along with the piece of mind that a factory warranty offers.
Yeah, this didn't age well.
Been my philosophy, my whole life. My most recent car I bought for $700. 2001 Nissan Sentra. Sometimes I have to replace stuff I go to the junkyard but it’s still running.
Do you work on it yourself? And in 2024 where do you find cars for $700? Thanks
Being smart with your money is way cooler than having a hot new ride.
@@ernestochang1744 they mean regular cars. Everyone that knows a little bit about cars knows that cars like the Dodge demon will increase in value because there aren't many of them. They just mean Nissan Versa's, Nissan Altima etcetera.
Nah having a nice ride is fun, you gotta try it once in your life. I bought a 40k sports car and it takes me 1.5 years to pay it off aggressively. Is it a waste of money, sure but is it worth it? Kinda not gonna do it again though
*True!* I was very nearly convinced a few months ago to spend 15k on a really nice second hand BMW but I just kept thinking how often that car is going to break down and how expensive it will be to fix so in the end I just said fuck what everyone else wants me to do and bought an ok car for 3k and stuck the left over 12k back in my pocket
@@gerRule very smart
You can rent a car you want from someone for a week to get your jollies from it then be done with it.
coasteys coasteys yeah I already looked it up and it’s cheap to do
You didn't even touch on the cost of insurance.,.
Kevin Korson Or repair (outside of regular maintenance). A 5yr old car in 2020 is going to be a bag of headaches.
And reliability? What is your overall opinion about this video?
In Ireland.....its extortionate 💥
I'm actually glad car insurance is a thing that way whenever I feel like a buying a car I remind myself how much of a scam car insurance is
I got screwed by the insurance of my car, it represents 20% of my spending
I live in Los Angeles. I went on a date with a guy 5 years ago who works at a big car company (I forgot the company's name). He's a lobbyist and basically bribes the government into making all American infrastructure highways and streets so you're basically forced to buy a car. I'm 33 and I hate driving. It puts me on edge, makes me tired, and irritable. Even at 16 l dreaded getting my license. I'm working on getting a remote job so l never have to drive anywhere ever again.
Great video! Very informative.
I hate driving too! It’s horrible and only getting worse. My car just broke down and I don’t think I’m going to replace it. Hope you find a great WFH job!
Public transport, walkable roads should be an option, I see so many people forced to drive even when they don't care about driving (which I understand) driving should be a choice not a forced chore
So hes a pos i hate americas shit infrastructure
My wife and I have a different strategy. We buy new with 40-50% down and keep the car about ten years. We rotate out one car every 5 years with a 3 year loan. I always have a 2 year gap with zero payments and I'm in one now. I keep up on all maintenance mostly myself and wax about 6 times a year to keep them looking good over the course of 10 years which helps maintain the value.
That's the way to do it, cars don't have to be money traps.
If you sell it after the 10 years, how much money do you lose on average, how much extra do you pay on interest and how much more is your insurance fee compared to a cheap car? And dont forget opportunity costs from the down payment, you could have put these 20-30k into stocks. In addition, you have spendings for your wax and stuff not mentioning the extra time it takes you to do. I dont see the benefit of your strategy.
@freunddeswaldes575 I usually salvage around a quarter of the value out of the vehicle after 10 years. I buy only high resale value cars like my Lexus NX. Cost of the wax is around $30/ year so that's not even a factor plus i enjoy waxing the vehicles. My wife and I save and invest nearly 40% of our income... yes if I were super frugale I could absolutely make more money in the market long term if I bought a cheap car. I prefer vehicles that look and drive like new after 10 years. There is also the higher likelihood of the safety features failing after that point. For us this strategy works perfectly. It depends on your situation, and our strategy would not apply to most people.
@@nicksmith8141 Okay I see your point now. I am german and for most of us cars are an emotional thing. I could buy a 5yo Ford Mondeo for 10k, use it for 125.000 miles until it breaks. Including all costs for maintanance, insurance and taxes, it would cost me 300€ p.m. over a time of 10 years.
I do 1 year leasing instead. including all costs I pay 430 for a Ford Kuga, I can drive it for max 13.000 miles (20k km) and then switch to a brand new car again. Benefits are greater safety, more gadgets, I dont need to care about anything but filling gas in. Super reliable and a great variety every year.
So to say I overspend a bit for cars, but when you drive a lot, having fun while doing it, makes you happier long term. As you say it comes down on what you can afford on amenities. For me personally, I would never spend more than 500€ per month for cars. atm I spend 12,5% of my income for leasing.
Exactly. Most people don't make money flipping cars, they make money by having a car reliably take them to a place to make money. Depreciation shouldn't mean anything to the vast majority of people as long as you're slightly ahead of the depreciation curve with a strong downpayment
Smartest thing I've ever heard. "If you cant save 300 a month, you can't afford a 300 dollar car payment." I've really never thought like that. Great video!!
If you can't afford to throw a grand away, you can't afford a car AT ALL.
I don't understand people and their incessant desire to enslave themselves.
And the people that buy stupid overpriced cars are the same that don't take care of their house because "they don't have time" and whom won't rent it out because "they like their privacy". Psh, they'll have time to get FORECLOSED ON at a fraction of the home's value and they'll get the privacy of living under a bridge.
@@manictiger lmao you good? I bought a car brand new (2020 toyota corolla) and yes i owe around 300 dollars a month and i don't see myself slaving around nore find the need to do so. Stop making sad assumptions about others lmao. My house is spotless btw and currently renting 2 homes which in one of them i did rent out a room when i used to live there.
@@brianospina4387
3600 bucks a year for a depreciating asset, plus the higher insurance, if it's covered for full value. Good for you.
@@brianospina4387 toyotas are solid though because at least it’ll last you a long time without bullshit maintenance
@@manictiger well there is a portion of society that wants your finances soo much that they will directly and subliminally suggest that you need things. What dosnt help is when the segment of the population these tactics hit or are targeted towards are the undereducated and poor. Thats why this exist. Purposely misleading people why many people appear to enjoy enslaving themselves. Its really not that hard to understand whats going on here really.
"How cars keep you poor"
TH-cam ad: The all new 2020 Camry!
Haha
Lmao they are talking about chevy and bmw in this video. Buy a toyota and in the future you'll get most of your money back if you sell it
@@jesusgarcia9950 Not the point. You seem to have missed the point
🤣🤣🤣
Get the Cherokee limited. ☠️
I bought an old car and it was far from sunshine and rainbows. They’re forgetting that older cars need replacements a lot more often In the 3 years I had my 10 year old car I had to replace the exhaust, replace the brakes, replace the wheels, go through multiple batteries change my fuel tank, and finally change break pads. I drove her fine and safe and still felt like I was just waiting for something else to go wrong. So I Buy new but I don’t ever bite at their offer. A true salesman would wiggle you down to a reasonable price for both parties.
This right here!🎉
If you are buying an old car, it's wise to have a portion of money stashed specifically for repairs, since sooner or later you are going to need it.
It also makes sense to do repairs in a batch. Like, you need to have suspension done? Might as well get a brake job too, since everything is disassembled anyway. It's a bigger outright payment, but in the long run cheaper, than having the said brake job 2 months later as a separate repair. Also may make the car more reliable.
I would suggest putting aside for repairs from 20% of your car purchase budget (if the car costs about 6 your post-tax monthly incomes) to 50% or over, if the car costs 1 post-tax income or less.
The more a car is a need rather than a want, the more you need to set aside as an emergency repair/car replacement fund.
Also, having work done in batches GREATLY saves time
You should also take into account the maintanence costs. Old cars tend to have problems more frequently.
Also, in my country Turkey, the value of used cars doesn't depreciate that fast, because of high taxation. We have 90-160% additional tax (depending on the engine size) for cars. So the used car prices are also very high.
That's why you buy something from the 90s. Easy and cheap to maintain
@@Keeg02. he never said that of the new or old price.
Many european countries have strict pollution rules taxing cars by their pollution norm, engine size or mass (annually or more frequent) .
Not to mention a car from the '90s can rapidly turn to full loss is anything needs fixing.
@@georgesbv1definetely not just buy something with a lot of after market parts
@@georgesbv1 ok? If your cheap car breaks down guess what you can do? Buy another cheap car!
@@georgesbv1cars from the 90s have lots of aftermarket parts and the repairs are fairly simple and don’t require software. If you’re really pinched for something go to the junkyard and pull it off that. Idk if y’all have pick and pulls in turkey but they’re gods gift to the home mechanic.
Tip as someone who sells cars;
(I know this video is old)
When you get your car CASH, Do NOT tell the dealership. Haggle them for the best price and they'll make up on the back end with interest. THEN pay off the car when the first bill comes in. You paid $1-6 in interest and saved some extra cash on the front end of the car, too
KevinAlustrium mhm this is good to know 🤔
Great insight mate!
Good tip, I'll keep this in mind! :)
Never pay your car cash !! Always finance. Now if you have shit credit that’s your problem, always do tt&l as down payment and then pay your loan a year ahead, you save your interest. If you pay cash for your car and something happens like an unsuspected total loss you’re out of your money... always finance with minimum down payment and pay ahead and don’t forget your gap insurance.
@@superpeluso1, you should fully insure the car against total loss even if you paid cash, especially if the car is new and costs more than a few thousands. Not sure how getting a loan will ensure that you're not out of money in case of total loss.
*Dave Ramsey has entered the chat*
"SELL THE CAR"
Jon M. I can hear Dave Ramsey screaming “you’re driving your FREAKING retirement folks!“. 🤣😎
Sell so much the kids think they're next!
You should not look inside a restaurant unless you’re working there.
Graham Stephan > Dave ramsey
Get a bike😏
this did not age well, a car priced new 12.000 € in 2019 is now 15.000€ with 40.000km
😂bruh is that RYAN GOSLING
I thought the same thing!
Been using my bike, getting lots of excersize, staying healthy, and no traffic can halt my route. Savings thousand's every month.
This sounds very similar to "i just stay home. There is no need for cars you can order food to deliver!"
That sounds familiar to "I live alone, I don't have a wife and kids".
I drive 50min to work everyday. Imagine me biking
New infrastructure bill should have sidewalks/bike lanes on any road built/repaved in any urban/suburban area. I worry about you vehicles that don't have bumpers.
Cars shouldnt even exist, change my mind.
As a car enthusiast, a car is a tool for regular people. One of the biggest things they missed is reliability, you’ll save thousands by getting a car that lasts and you’ll save by not having to buy another car, generally stick to reliable brands (Japanese, American, Korean) but also look at the individual brands and models, as some reliable manufacturers can still make a bad car. Use consumer reports to check on reliability, they tend to agree with what I’ve seen firsthand in the real world. Another great thing to check is what common issues the cars that you’re interested in have, how often/likely is it? How much will it cost to fix? Are replacement parts available? Etc. Another very important thing to look at is the condition of the car, even as a wannabe expert I always make sure to have a 3rd party mechanic do an inspection on a car I’m about to buy, even if it is a dealer you should do this, it doesn’t matter how reliable a car if the previous owner ran it into the ground. Lastly if you need an easy choice, just buy a toyota
Cars are happines for me
Toyota or Hondas are always safe and reliable choices for a little daily driver/gas saver, I like old Chevy/Ford trucks too from the 1980s and earlier, easy to work on and lots of aftermarket support
I don't think the brand is that important. It matters but how people care about the car is more important. But I don't think reliability will save a lot of money.
However, choosing a smaller car or a sedan instead of a SUV will. Because it's cheaper to buy, gives you better gas mileage, causes less load on the engine , can have a less powerful engine for the same performance (more reliable and cheaper insurance), has cheaper maintenance and lower repair costs.
Also, some cars hold their value for longer. In New Zealand we recently bought a 2016 Toyota Camry with 132000km. A similar spec Rav4 costs literally twice as much. Camrys aren't popular here so you can find them very cheap. They would usually be owned by older people so they wouldn't be driven as hard. Rav4's are very popular so dealers charge a premium for them. And they both cost nearly the same when new.
Buy a volvo it'll last you lifetime 😂
Well ...Rich people dont care about Depriciation.. Yet they are still rich😅
Buying an old car only reduces the problem but does not solve it. Not buying a car solves it completely.
Says someone who doesn't have to deal with poor public transport
The real problem is getting from point A to Point B - the Auto solves that problem.
Reduce government regulations and increase competition between automakers and cars will magically become affordable again!
bottomline, live within your means and in an appropriate lifestyle
Dave Ramsey tru
Poor mindset
@@arkaddong8675 Poor mindset? Actually that's what most people, who got rich on their own, did. Always, ALWAYS live below or at least within your means. Focus on growing your income + Living below (or within) your means = Long-term Success
@@arkaddong8675 How is that a "poor mindset"? Is it a "poor mindset" to NOT be broke and be financially independent? What a stupid thing to say.
*live below your means
Schools: this is too usefull to teach.
They don't teach personal finance and philosophy for a reason. They give you access to very important things, like money (power) and reason.
Noone would be fooled to take out huge student loans for worthless degrees if they taught this
I actually had to watch this for a class
@@ronnieDshman18 What grade?
@@plumpus1634 senior in hs. It was last year
I stopped driving 3 years ago. I long-boarded for 3 years, but a few months ago I bought a scooter. 130mpg (give or take) and $75 a year insurance.
Car costs but gives freedom.
And is not a luxury for most people.
New cars are for the filthy rich. I've had my 95 Lexus for the last 7 years and it barely costs a dime to insure and maintain
*or idiots
@@patriciomunoz2830 Or Idiots
Seriously. This video needed to be called "How NEW Cars Keep You poor!" Ramsey screamed about mobile homes, when what he hated was NEW mobile homes. Kind of click baity.
Which model? Looking for a Lexus to replace dumpster fire current car. Not the first time someone said their Lexus has lasted quite a long time, so I’m always curious which models are doing so well
N S Honestly wouldn’t recommend a Lexus if your finances are tight because all Lexus’s have timing belts which are expensive to replace and, if not done in time, will cause the engine to, practically, self destruct. Most 4 cylinder Toyota’s or Honda’s do not have this issue, especially if they were made after the year 2000-2001 when both companies decided to do away with belts in favor of much longer lasting metal chains in their four cylinders. Sorry for the long response but I would hate if anyone found this out the hard way!
I bought used broken cars, I fix em myself then I drive em or even sell em back. Never had to go to a dealership ! Ahhh feels good to be mechanically inclined.
Nicollo Malik Lavelle
It’s a serious blessing, just being able to change your own tires and change your oil will save you a ton
Teach us your way
Doing your own mechanic work is a great skill.to have.
It does depend on where you live though. There are plenty of countries and regions where you're not allowed to just pop the bonnet and start changing your oil (or for that matter do any other maintenance).
Why not just buy 2 electric bikes and weld them together seems cheaper than even repairing a car. also i think if done right we could make all roads have more lains just because the new mode of transportation is so small th-cam.com/video/V6kJOXr3HzA/w-d-xo.html
Great video, really educational.
We bought our first car almost 1 year ago, after 3 months of searching in the used market, we found 1 good car with a serious difficulty.
Anyway before we found the good car, and because we met tons of scammers we had envisaged to go and check new cars, when we did, I made some calculations, I found out that the payment of the car after 5 years will cost roughly the money it costs to buy an economical housing apartment (Morocco), guess economic studies do help in real life after all.
So, it was OUT OF THE QUESTION, luckily afterwards, a friend of mine was selling her car and I was the lucky buyer.
(We had decided to actually put that car's money, around 40% of the house, as down-payment and finance the rest with a loan, to get the economical apartement...)
🇨🇦 glad this came up during an auto-worker protest against CEO pay raises. Nova Scotia needs more & better walking, trains & busses
Most of people buy new cars just for the status, sadly many people believe that owning a brand new car is a symbol of success.
My friend drives a 1967 Morris Minor.
It might not be symbol of success but it sure is a status symbol
It is a symbol of success..... It measures how much you can spend ... And you can only spend a lot if you're making a lot
@@a.t.1894 Warren Buffet drives a used car.
@@stayathomemarine ..he's not into cars. He tips 100 dollars at restaurants though.
I’m so glad my father convinced me not to take an $18,000 car loan for this new SUV I liked. Instead I got a used car with cash and am much better off. These car dealerships are predatory and tried to make me think I could afford a vehicle twice my budget with debt. Not making that mistake again. Student loans are already frustrating enough.
Good for you man. Bought a 2012 F150 with cash so I didnt have a monthly payment. Avoid being in debt if you can.
@@RoggvirTheGreat I've never bought a new car in my 81 year old life......"Let someone else take the beating" as my wife's uncle often said. I currently drive an 88 Pontiac Fiero 5 speed which I paid cash for seven years ago, and had only 20K on it. Now has over 70K trouble free miles.
right on!
Student loans are an American problem. Its clear to me that the goal of the US government is to keep as many people as dumb as possible.
That is why I am staying in Europe, where education is free and the developed rail network makes owing a car obsolete
I decided to go with this route, bought a 5 yro Honda with low mileage. Everything runs fine except for the suspension, the previous owner was a bit harsh when dealing with bumps. Now its on the garage for a suspension fix. Come to think of it I do save alot, but I would rather go with different option next time. Lease a car for max of three years, put a large down payment (50% when possible), choose the car with highest resale value and relaibility index, maintain the car properly since brand new. I did that with my previous car, a Mitsubishi, and I retain more than half the price of the car when brand new (interest and inflation excluded) after 9 years of ownership.
It is impossible to find a five year old car that sells for 63% less than its original value. Dealerships are fuckin outrageous and shameless
True, buy private. Dealers are a rip.
car guys: i’m gonna pretend like i didn’t see that
Nah it's about new cars. True car guys always buy used
@@hughjassstudios9688 Car legends buy wrecked and fix it themselves
1366 overclocker he’s talking about the models 1 or 2 years old.
Not if you get rich
Nice profile pic
Car enthusiasts: "I know, and I'm getting another one"
Yes🤣
Hell yeah
Yeah, but real enthusiast pay cash.
Car enthusiasts make continual car payments all their lives, completely enslaved to debt.
Car enthusiasts usually prefer used cars as well
Most second hand cars actually didn't really depreciate for about 3 years now. Some even gained prices.
Ryan Gosling : "I Drive"
Yes. They want you to think it's about freedom. Freedom is living somewhere you can get around without a car.
problem is that the us never learned like the rest of the world so you pretty much need a car since there is no great transportation system in the us (except in big cities etc)
europe is a prime example for freedom, in switzerland (where I live) you can come around without a car because there are trains, buses, trams and so on...
@@anotherprofile7954 Actually, America did know about public transportation but car companies and oil companies bought it and then proceeded to get rid of it so that everyone needed to have a car (or two).
Then they called this dependency on cars "freedom" and the rest is history.
50$ a month for unlimited bus tickets vs. average price of gas per month
Not quite. See NYC rents.
@Austin Martín Hernández You are right, freedom of transportation is a relative concept. Public transport is not freedom as you are dependent on a fixed schedule and the quality of service from the bus/train company. A car means a bit MORE freedom. You are not dependent on a fix schedule. you can drive whenever and wherever you want but it comes at a much higher cost. Plus spending hours in traffic jams, while trains are passing by, its not exactly freedom ( it could be amuzing to see this in car commercials)
Calling it a “Asset” is the first mistake.
I got into an argument with my economics prof at college because he kept insisting that a car was an asset and I flat out told him that anything that does nothing but take money from you from day one and even costs you to get rid of it is NOT an asset. He even said this right after saying assets appreciate in value!
When my car was the only way to get to my very well paying job, I do call it a very valuable asset.
@@kurtdanielson9862 I totally agree. This is especially true in life insurance sales where imagine is a big deal.
1:43...."Calling cars a 'bad investment' is like calling a honey badger a bad heart surgeon"....thats idiom show how nightmare worst was situation...😷😷
@@kurtdanielson9862 Yes but that is a different kind of asset. While it was an asset to have a car it wasn't an asset in the economical sense. Assets gain value over time. Unless you own a 57 Chevy I don't think your car appreciated over time.
I've just remembered a joke about this
A reporter asks a question to a man on the street:
“Do you smoke?”
- I do. - Do you know that smoking is harmful?
- I know.
- How old are you?
- 50.
- How long have you been smoking?
- From my 12.
- Do you know that if you didn’t smoke, then with the money spent on cigarettes throughout your life, you could buy such a car (points to the BENTLEY standing next to you)?
To which the man asking the question: “Do you smoke?”
- No...
- Do you have SUCH a car?
- No, what are you...
- You see, I smoke, and this is my car...
The funny thing post-covid is that the depreciation curve isn't remotely like this anymore. Many cars you'll lose, maybe 20-25% of the value after 5 years. 10% off the lot is absolutely not true, even in 2024 - I've seen cars of my exact model sold new last year going for exactly MSRP despite having 5-8k miles on it.
Only one thing to add, while buying a car with cash sounds like a good idea to avoid any interest from a payment plan, a lot of dealerships will actually charge you more if you pay in cash because they know they'll be missing out on their percentage of the interest that you pay the loan company. Usually the best thing to do is to agree to a payment plan (make sure there is no clause that penalizes you for paying it off early!) and then just immediately pay the car off.
That's no how car dealer works, they will still charge you just coz you wish to pay more for the loan.
The problem is banks are wise to that. In India, for example, pre-payments on car loans are not possible in Year 1 under the loan terms.
@@kunalsen2123 yea that's how banks make money.
@@GazzaDazzletell them you want to finance for 6 years and you will likely get a lower out the door price but higher interest rate. When the first payment comes, pay it off. That’s the best way to buy a car.
@@byronlocklear91 they will still charge u extra from the interest, even if u pay it off at once.
The title should just be called "how new cars keep you poor"
a car is a car :0) new or old
You clearly didn't watch the video.
@@amapparatistkwabena ),:
Austin Martín Hernández depends on which old car!
“Buying a new car and buying from a dealer” individual owners can hook you up if you know how to navigate them
legit thought it was ryan gosling in the thumbnail 😂😂
omg me too
You should update this video with nowadays cost of car ownership 😁
Sure the depreciation curve is flatter at 5 years... but the maintenance and repair curve starts to drastically increase.
I feel it starts a bit later like 8 years so yeah 4-8 is the place you want to own a car. Although some cars are not expensive to maintain. One that i had had an expensive service after 8 years and from there it could be normal service for many years but yeah the handles started to fail. Here and there.
In 2021 this isn't much of an issue anymore unless you really need your Bluetooth, GPS, and radio just to drive from A to B. A little bit of research you can avoid most issues that would stop a car made in the last 10 years from driving safely. Unless of course, you insist on driving something exotic. Then you're on your own.
This! Old cars are great when you buy them but soon they start to have problems and then you either start funneling money into fixing it PLUS you can't use the car when it's being repaired and then you either have to sell it or to the junk yard it goes when it gets bad enough. With a new car, you don't have those worries for a looong time.
I'd say it's like buying any appliance. You don't buy it for it to make you money.
Yup. But based on these comments, apparently people -have a crystal ball- did a little research and bought a perfectly maintained used car with no problems.
Yeah, most cars start to break down in 5-7 yrs.
Lol depreciation doesn’t exist if u drive a 96 Toyota Tacoma
Or first gen Acura NSX
Or a 80s BMW
Gotta ask for the water pump gasket and get them to explain what it looks like to you 😂😂
2011 Volvo bought in 2012. I bought an extended warranty, that did not cover me one month over. The mileage was within range. But I past the 36 month warranty, shy of a month. My best experienced was leasing in my twenties and thirties. Depends no on age and where you are stationed in life, at any given time. Pick a cost effective way of managing your monies.🤔☑️
My scat pack value is going up due to this pandemic.
Cars are expensive to maintain, get a bike, scooter , or walk.
Don't need to pay insurance, emission/tag. replace parts, etc.
Owning a car is like supporting another person who has to have steak every night.
Unless you own a 99 civic. Costs me near nothing and the manual trans gets me 45-50 per gallon
It's also supporting animal abuse, that "steak"
Weler Martins indeed
@@weler2491 Not sure if slaughter can be encapsulated in abuse.
@@DamianSzajnowski With this way of thinking that you have, i would never let you be close to my children.
And to everyone who says "5 year old cars aren't reliable," or "the added maintenance costs offset the savings." That is simply not true. Do some research. Read some articles. There are many, many cars that still run perfectly fine 10 years later.
I had a 1999 Honda Civic from 2012 to 2018, until someone ran in to me and totaled it. I had maintenance that had to be done on it, sure. Things had to be replaced over the years, power steering pump, front brake calipers, and some other things, but I never had any serious problem that left me stranded on the side of the road. Compare that to a family member who bought a brand new car in 2013. 4 years later the transmission went out on them during a road trip, leaving them stranded on the side of the road. They had to walk several miles to the nearest gas station to call for help.
The point is:
New ≠ guaranteed reliability
Used ≠ automatic problems
Car problems happen to everyone.
I bought mine for $3,000, they bought theirs for $20,000. Maybe I've had to put more money into maintenance for my car, but nowhere near $17,000 (more like $2,000).Having said all that, making a decision isn't only about the math. They had a nicer, newer car, with leather seats, bluetooth, and other bells and whistles. I had a simple, basic car that got me from point-A to point-B reliably. It was clean and comfortable, and I loved it (RIP).
IF (big IF) you can afford a new car, that's your choice. But don't fool yourself into thinking that you need one when you can't afford one.
You read our minds, Tim! The most common critique we received when this originally aired was the "un-factored cost of maintenance" on used vehicles. Research done by Edmund's showed the average maintenance cost on many commuter cars was a relatively tiny factor from years 3-10 of the car's life. Thanks for jumping in on this one early! -- Philip :)
Good points my one gripe is that the mileage of said car is much more important than its age in years
I still think that not explicitly doing an overview of maintenance costs is a bit disingenuous to the argument. Whether you intended it or not, it feels like cherry picking. If the goal of this is to truly help people, not including relevant variables is not fair. I also find the tone of this video to be a bit too judgemental.
Clutch, that's a fair critique. We did omit the factor of maintenance in our example scenario. However, we also omitted the factor of insurance (much higher with a new vehicle). When both of these add'l factors are added into the mix, we found that the argument against new cars becomes even stronger.
Frankly, the main reason we didn't include every relevant variable is because we aimed to keep the episode under 5 minutes. We'd love to explore the variables you mentioned... plus Electric Vehicles, selling a used car, different makers and their maintenance costs... etc. Alas, maybe on another episode!
-- Philip :)
Most reliable car I've ever owned, barring a couple days when I had to clean the carb out, was a 1984 Subaru. 24 years old so that car has a decade on me. Bought it for under $1500, got fresh tires and a few other repairs, and had the time of my life before I had to sell it a few months ago to go work abroad. Quality is timeless*. *(so long as you can keep it rust free and make sure the mechanical clearances stay to spec)
This is why I have decided to just buy a bike for the thrills.
Ok drive another city on your bike and take some things with your: clothes, laptop, maybe a dog, your wife, kids... Should I continue?
This should be titled "How new cars keep you poor."
@@p12anjacobmlgnoscoper86
So it should be how all cars keep you poor?
MegaMiir no, old cars are cheaper but will cost still a lot (maintenance, taxes, gasoline etc) so better use the public system (if there is one in you area)
@@anotherprofile7954 OR... start a carpool.
@@MegaMiir It depends on your location really. A car will certainly help you a lot if you live in the middle of nowhere but if you live in a city with good PT and/or amenities within walking distance, it's pretty pointless.
All cars can still keep you poor even the used ones. Depending what you get. I know a couple friends who have Chrysler’s cause they like them even though it’s costing them extra $$$ on maintenance.
Will Rogers - 'Too many people spend money they haven't earned, to buy things they don't want, to impress people that they don't like.'
I thought Tyler Durden said that?
I guess George Carlin said that
It depends A LOT on your job also, my parents have to go to job in 3-4 places 10-20km away from each other (per day). I don’t know about other countries but in mine… it’s impossible to do that without a car.
It is very easy in any places with good train connection. Sorry it was difficult for your parents, but that‘s not how it has to be.
@@Alina_Schmidt again, idk how it is in other countries but there is NO way they would be able to do their job without a car.
@r3v1v3r4 just walk or bike. Healthy too 😊
@@rakeshgupta4173 yeah but not time effective. I don’t feel like wasting half an hour for a 5 min drive. Also bikes are unsafe as fuck unless you have bike lanes, which we don’t have here and we’d have to ride alongside cars.
@@r3v1v3r4 oh. Understandable based on your situation.
My family bought an Chevy Orlando back in 2013 when it was brand new. Was the perfect combination between family SUV and work station wagon and we use it mostly to transport fabric to our clothing workshop but now i use it mostly to go to work and study. Looking foward to buy a car as reliable as that one but that can get under 15L/100km cuz, even tho the old Chevy paid itself in the first 5 years, gas is a problem now
As Scotty Kilmer rightly said Luxury cars are endless money pit
I subscribed him just now 👍
Unless it's a Lexus. Lol 😂🤣😂🤣😂🤣
@@djbhe toyotas in general. As real car reviews said when people ask 'what new car should I buy': "if you're only goal is to get to point A to point B get a Carola or Camry. They're not flashy but they get the job done & they do it reliably but nobody wants to listen"
Scotty fan here too.
@@Perceptence I mean if you're swimming in money then this video can be disregarded lol
The used cars get you in the repair/ maintenance phase. There is no winning with any car. New or used.
Depends what used car you get some such as most Toyotas will reach 200k before having a major issue while others like Fiat Chrysler vehicles will need an Transmission rebuild before 100k...
Not if you buy a good car. Lol
Older Toyotas and Hondas can last long and have inexpensive parts still in circulation.
You have to be smart no matter what. Research your vehicle's history and design flaws, know what to look and to pay for, know a good mechanic shop, then figure the repair cost in the price.
I bought a 98 Corolla at $1000 with another $1500 in repairs (valve gasket) and equipment that I expected. Better $2500 flat then thousands more for newer cars with extensive repair costs and warranty limitations.
Some cars actually appreciate, though. But these are special cookies.
Get a toyota or honda. You'll win a little
My 09 Camry has only needed regular maintenance (oil changes, air filters, tires, bulbs, etc) from 2016-2023. The insurance was $50/month and was paid off.
My 2020 CX-30’s insurance is more than double at $117/month, and has the same maintenance the Camry needs, plus a car payment of $420.
I like the CX-30 so I’m willing to take on the extra cost, but if I were more frugal, I’d get an older vehicle or hold off a couple years for prices to drop.
Even if I were to needed to do repairs on the Camry which I gave to a family member, it would never exceed the costs of owning a newer car.
50 years later-
How Uber Keeps You Poor
Nashe 😂😂😂
😂😂😂😂😂
If Ride-sharing services end up going the way they are planned to go in the future, they'll save us a lot of money. Too many people will be against it (people who are stuck to the idea of driving and owning their own car), but if the idea that driverless, self-driving cars can be ordered like taxis to take us where we want to go at any time... if that really takes off and people buy into it, we wont need as many driveways and parking lots anymore and less people will need to buy and take care of cars. We'll only have to pay when we need it, and like buses maybe they can give monthly or annual passes or even student and senior discounts. It'll also potentially be a lot cheaper than what we pay for services like Lyft and Uber now. People would only need to drive their own cars for recreation, not to get to work or school. Cant happen until 5G happens though. Also, it'll mostly benefit cities and suburbs.
How self-driving cars make us poor
Bicycles : allow us to introduce ourselves
When automobiles first came out, only the rich drove one and the poor rode the horses. Now, only the rich ride the horses and the poor drive the cars.
No rich people still have cars wtf
@@amasad4915 why so serious?
False! Rich ride the poor.
@@jbrown8601 lol
I'm poor and I don't even have a car 😢
Life is a balance between time and money. You will pay more for the car, but you will save traveling time.
And then you will spend the time you saved scrolling social media
@@corwaincyrus5 that's the irony
Five years old car you’re responsible for all the repairs. The dealership has a 100,000 mile five year warranty for the first five years I think.
The only issue is that used cars are hella expensive right now
so is everything else
Yeah it’s scary how volatile the used car market is. Anything from the last decade is going to be at least $12k unless it’s has a ridiculous amount of miles on it. And even if you get a decent deal on it, you could just be buying someone else’s problems.
That's why you dont buy one till the craziness goes down
Use a bike or take public transportation
@@petethemeatmeat6634 not everywhere has good public transport and not everyone conveniently as their work a 10 minute bike ride away from their house
Cars are expensive in the US.
Me in Singapore: ***Laughs coldly***
Hahahahaha, laughs from Malaysia,
At least you guys have alternatives to driving.
Cars aren't even close to be expensive in the US, they're cheap as hell. 🌚
Singapore public transit is amazing though, and Ubers are super cheap. Singapore is also very walkable/bikable. In most of the US, getting around without a car is impossible. I honestly would prefer US becomes more like Singapore
@@syawkcab Limitations forces creativity. Similar situation in Japanese cities, South Korean cities, and USA East Coast cities (especially Manhattan, New York).
The only cars I buy are old ones that have fully depreciated which are 25+ years old.
Literally me (cars are my passion)
Buy a 3 years old Toyota with 60 000 miles, change oils regularly and ride forever.
Scotty Kilmer 🕴
Do you watch that guy?
Yes 🙂
Thanks alot
@@davidjikia9522 he gives good advice but I wouldnt mention him. he is WAY BASIC.
@@rightconditions2789 please elaborate
Just buy a 94 Celica. Problem solved!
Ahmad Mohamad epic. Scotty ftw.
Rev up your engines......
Scotty jokes love it
I love scotty
Toyotas rule. Scotty is weird.
They forgot to mention maintenance on a 5 year ild car and warranty . 😊
Great wisdom
Thank you for the analysis
Everything keeps me poor. Even breathing. Now I need a mask to breathe in the street.
Hello World I work and get it for free in my job
Hahahahaha bro you got a point
Thank you for the laugh
I kep saying...this world we shall by oxygen one day
$500 dollars for fresh mask, renovation, maintenance, insurance total $5000 and if you call now will give you a special bonus of a kick in the behind! 😂 lol
“We can't afford the life so abortion rised
Can't afford the truth so we told a lie
Can't afford a funeral cause the cost is high
GOD DAMN we can't even afford to die”
-Papoose: Monopoly
I've managed just fine in the modern world without a car. Nothing against cars, I love to "take the wheel" now and again for fun, but I don't own one. Public transportation and ride share for the J-man. Thanks for wisdom.
Thanks J-Man. I'm surprised you don't have a bicycle, though. Better for the environment, your body, and it's fun too! -- Philip 👨🏻
As a matter of fact, I do have an use a bicycle!
Don't you just teleport all over the place? I mean you can do pretty much anything. Why bother with vehicles at all, unless you are a secret petrolhead... I bet you have a motorcycle... The son of God is definitely a biker.
I found Jesus ! Once again 😁
I drive an 18 wheeler for a living, and I don't own a car.
I bought my car new and have had it for 13 years. I paid it in 5 years, so I have been done with its payments for 8 years. I own a condo on which I have been making additional mortgage payments for those 8 years. I will have paid my entire mortgage in 13 years. If I had bought a used car, by now it would be completely ruined, and I would not be able to keep making additional mortgage payments because I would need to replace it.
I like and I subscribed! Surely you have a presentation on buying a house? " Home Moaners"
just buy a used toyota in good shape and keep watching scotty kilmer
Wait watt? hold up the phone hold up the phone!!! did they really say that cars depreciate in value?I'm about to end this whole channels career Hold my beer. AHem
www.businessinsider.com/1962-ferrari-250-gto-breaks-record-selling-for-484-million-2018-8
www.motoringresearch.com/car-news/geneva-supercars-rocketed-value/
www.caranddriver.com/news/a18742019/shelby-daytona-coupe-auctioned-for-7-25m/
www.barrett-jackson.com/Events/Event/Details/1955-MERCEDES-BENZ-300SL-GULLWING-COUPE-137813
www.barrett-jackson.com/Events/Event/Details/1908-FORD-MODEL-T-TOURING-TIN-LIZZY-178648
www.barrett-jackson.com/Events/Event/Details/1970-DODGE-CHARGER-R/T-HEMI-SPECIAL-EDITION-224490
classics.autotrader.com/classic-cars-for-sale/1967-chevrolet-camaro-for-sale
www.autotrader.ca/cars/nissan/skyline/
www.motor1.com/news/301460/mclaren-senna-us-spec-auction/
www.motor1.com/news/139148/most-expensive-mclaren-p1-auction/
@@ernestochang1744 AHAHAHHAHA
Lol
Buy a Toyota lol
You speak truth
I learnt to manage my money through investments and it really works for me. They say money can't buy happiness but poverty can't buy anything.
There are so many ways to manage money and prepare for a relaxing future, we just always have to keep doing our best because whatever we plant now, we will harvest later, good or bad.
What I think everyone need is a Financial Adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit
*ROCH DUNGCA-SCHREIBER,* That's whom i work with
My advisor is "ROCH DUNGCA-SCHREIBER". In terms of portfolio diversity, she's a genius. You can glance her name up on the internet and verify her yourself. she has years of financial market experience >>
@@dr.raymond8 Thanks so much I was able to find her page and I already leave her a message.
In my country, car prices are rising daily. We can buy old cars and sell them for a profit. With an exchange rate of 312 LKR to 1 USD, a 2012 Prius costs $30,000 here but only $2,500 in other countries.
Five year old cars can have expensive issues... especially if the previous owner didn't change the oil at HALF the manufacturer's recomendation to keep the warranty.
I bought a 4 year old car at 60% from the new car price that had only 1 previous owner (old lady) and just under 9000 miles on the clock! Was like brand new as she kept in her garage. Had it for over 7 years before selling with no major repair - just normal car repairs, the odd tyre pop, new brake pads etc. You can find plenty of used cars 4-5 years old at massive discount just like new. I saved $16k by buying second hand that just looked as good as new. Invested that $16k in my mutual funds (averaged over 12%/year for last 7 years) so compounded that $16k saving has grown to about $37k ! Now I will keep the $37k invested and just take off $15k out for my next car and keep rest invested. Do this and each car is free and will be free for rest of life while rest of money continues to grow!
Interesting
Why not put the 15k in anotger mutual fund to prevent you from losing it all.
You should take those $37k out of the stock market for the next 2 years if you don’t want it to flash crash to $17k with the next recession, that’d be super depressing.
@@DaybreakPT Well he said "mutual funds" didn't say he was trading directly in the market, maybe his funds are conservative and have more bonds than stocks.
@@DaybreakPT
Instead of wasting time trying to get a degree and job building someone else's business, I went into stock trading. We're not just immune to a market crash; we thrive in it.
Volatility is good for traders. I want that 5%+ movement every day, because, of that, I can maybe only grab 3%+. In both directions, that's 10%+ and 6%+.
Trying to predict the distant future is an excercise in futility. I just keep it tactical. When the stock turns bullish, so do I. When it's bearish, so am I. I short it one day, buy long the next and sometimes, I'm just sitting there, waiting, like a sniper waiting for ROE confirmation.
If you think drugs are expensive, wait until you get a girlfriend and buy a car.
But what is my gf is the one who finance me? Modern Problems require modern solutions 😁
@@robertweide5783 It means you're her bitch. Stings doesn't it?
@@robertweide5783 same my Gf paid my rent for 7 months
Gfs are expensive af!
Just buy a used car lmao
Buy it if u can afford it, simple as that. Life is short, enjoy it.
The comment I was looking for
They aren’t arrogant or pushy/guilt-inducing like some financial advisors. Sure it may cost more but it may be worth the premium to some.
Great idea. I would really enjoy driving a v8 Mustang when I'm 70..
We all need to have an appreciation for depreciation.
I bet you're the type that hands out sugar free candy in Halloween.
@@GoldenSpike300 or bags of broccoli
Ha... I see what you did there.😁
I do not appreciate your depreciation remark.
GOLDENSPIKE3000 HAHA I KNOW RIGHT HE DOESNT LIKE LOSING MONEY WHAT A SQUARE AHAHAHAHA JUST GET SOME GUCCI BAGS AND SUPREME $500 TSHIRTS LIKE WTF LMAO
Happiness with a “new car” only last as much as the “new car smell”.
It’s a Blessing that becomes a curse.
Funny people
I bought my car new and don't regret it but I definitely don't think I'd do it again. I feel like you have to do it once in a lifetime just to get that new car smell lol
cooper I actually agree with you on that
@@cybersamiches4028 You look like a blessed curse...
Therefore, you should get a new car every 2 years or so and you'll be happy forever! 🤣
We drive a 16 year old Nissan Micra. It’s still going strong. We are tempted to buy a new car, if we do we have the cash to buy it. However it seems better to be using the money to make money.
I tend to think we will keep the Nissan till it has a major failure.
Well from finance side they are fully right. But from the mechanic side, it's more costly to do maintenance for the car that is 5 years old, than for brand new one. So actually buying a 5 y.o car eliminates comfort and increase money spending on maintenance and total costs on car gonna be 30-50% higher than regular maintenance of BN car. It's more about comfort and maintenance cost rather than saving some money. and remember: A greedy man pays twice.
Low Class,, Spend
Middle Class,, Manage
High Class,, Invest
100% true
@Z Rus like that profile pic.
And the comment too.
Currently the middle class is spending as much
🤫🤯
Because the high class has money to invest like if you would give money to a poor he would spend it on necessity like food etc because he don't have access to those things where as a rich person would invest because he already has everything necessary thing he need
Come to Thailand, people dont know what depreciation is and will try to sell their 10 year old 150k mile junker for as much as they bought it new. Then dummies will buy it on credit. Its ridiculous here.
Do you have tariffs imposed on imported cars? In Ukraine we have it to "stimulate native production" which is almost absent for other reasons (and "to save clean air" although we already have lots of outdated cars on the roads). So the situation is similar except I'm not sure if there are credits on used cars.
@Álvaro de Bazán Is it? Thanks. Just practicing it as much as I can.
150,000 kilometer miles? Lol
When you say k at end of number it means thousands duh
@@fiarusgaming3420 K means thousand, not km.
Ryan Gosling in Drive (2011)
I honestly love this video and you guys. Everything was well presented and artistically shown. It was cute and I love this video overall. Keep up the good work. You just got me interested to subscribe 👍
For the first time, since the dawn of TH-cam, the algorithm has finally recommended me a video I actually needed to watch.
I can normally only afford to buy a car when its at least 10 years old and 90% depreciated.
But then it has also got to be Japanese because i need total reliability.
basically. i wont even look at car thats not a toyota or honda anymore.
@@thenman23 I drive my Chrysler minivans into the ground. On my second. 16 years old now, got another 4 years before i consider getting yet another Chrysler minivan. Other than that, i am with you on Toyota and Honda.
I have a toyota 👅🔥
japanease old car are the best
@@BarakAvinoam italian cars are the best
1. Being late to work cause of delays
2. Being unruly drivers splashed by puddles
3. Waiting/walking in the cold and rain
4. Age rapidly in hot sun
5. Getting work wet
6. Getting to work smelling like ass
7. Getting to work tired cause u traveled on foot.
8. Walking up hill with 50lb of groceries.
9. Never leaving ur home only for work and errands.
10. Relying on other people
11. Getting attacked by homeless (got stabbed)
12. Getting contact with traces of fentanyl.
13. Being followed home
14. People following you around as if you're up to no good.
15. Be home by certain time! Last bus!
I'm def missing a lot.
As someone who traveled by foot and bus until I was nearly 30. I will never choose to go back. Idc about other people think but I now have a passion for cars. Dope cars! And idc how much money I'm wasting. I don't worship a dollar. I still have cash to fall back on. We got one life on this earth.
Now I travel so much! I never left my home before. I no idea what was on other side of that mountain, feel the ocean breeze ,or what's beyond those woods. East side of town? Lived only 5 miles from it and never saw it before. I will choose experience over money. They want you to be locked in a bubble.
I'm screenshotting and printing your comment. It sums up all my thoughts about getting a car
And the line "I will choose experience over money" is golden
Make smaller walkable towns and cities, with fewer cars and pollution and people splashing on you while walking. Improve public transport and make buses / trains available every 2 minutes like in Singapore. Stop being a sheep. Reimagine America. Stop being this Dumbass above.
Me happy buying my new car… TH-cam recommendations:
For some reason my mum feel I need to buy a $40K car when my $20K car works just the way I want.
Don't listen to her.
Ask her to pay for it and watch her change her tune
what a stupid mutha
Your MUM's an idiot! sorry....
Don’t buy a car if you already have a perfectly healthy vehicle. Buying a Car is like a furniture investment but only worse.
I newer buy new car - 1:00 exactly, that's why i bought a little bit older, but more relieable car, for like 1/4 price of new cars (50k VS 15k USD), with 3 liter, R6 gasoline BMW engine - N52T with 258 hp, and no any turbo (meaning, less parts to break down)! It is cheap in costs, no any failures, relieable, and with added LPG, travel cost is lower than gas, diesel, electric car or train! And do not even try compare buses, on which I do have to wait sometimes in rain, sometimes in snow - and I tend to be "on time" sometimes minute later, so often I had to take next one... And I do not like to smell all those unwashed persons etc. In my car I go where I want, whenever I want and I love this comfort, and with this engine is almost perfect!
life is hard without a car especially if you live in a country where the mass transport system sucks
I live out in a smaller town and public transport doesn't even exist here. Impossible to live here without a car.