Kevin O'Leary: Don't Ever Buy A Car
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- เผยแพร่เมื่อ 27 ก.ย. 2018
- Thinking about purchasing a new set of wheels? Pump the brakes, advises personal finance expert and star of ABC's "Shark Tank" Kevin O'Leary. It could take a major toll on your finances.
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"You're thinking about buying a car. Let me give you a new idea: Don't," O'Leary tells CNBC Make It.
"Cars cost a fortune in maintenance and insurance and just the amortization, which means as they go down in value, you're losing money," O'Leary explains. "Let's say I pay $25,000 for it. Two years later, it might be worth only 12 [thousand dollars]."
Don't lease one either, says O'Leary.
Take public transportation if you can or do what O'Leary did.
"When my lease came up just a year ago on a Mercedes Diesel, a beautiful SUV that was 2 years old and I'd hardly ever driven because I used so many shared ride services, the dealer called me up and said, 'Kevin, your lease is coming up. I've got a brand new car you're going to love,'" O'Leary recalls. "And I said 'I'm going to pass; I'm going to drive this puppy back to you, and wave goodbye to it.' And now, I don't own it anymore.
"I use my phone to call Uber or Lyft and they take me around the city. I save a fortune. I feel good about it," O'Leary says. "I hate cars."
O'Leary suggests others who need to drive do the same, even if you have a daily commute to work or school.
"Even if you use a car every day to get to work, it's still cheaper to use a shared ride service, because you can choose the level of luxury you want. You can share the ride with somebody else," O'Leary says, referring to services like UberPool and Lyft Line. "I know people that go miles for only eight bucks. They're taking advantage of a system that's actually democratizing the cost transportation. Why aren't you?"
While O'Leary has anecdotal evidence, a 2017 analysis from personal finance website Nerdwallet did the math on commuting daily. It found that in a number of places, Uber could actually be a cheaper option as opposed to driving your own vehicle: Out of 20 metro areas, Uber is the cheaper option in Chicago, Illiniois; Detroit, Michigan; Los Angeles, California; Miami, Florida; New York City; San Diego, California; Washington, D.C.; and San Francisco, California, which had the biggest savings at $83 a week. However in other urban areas, including Dallas, Texas and Phoenix, Arizona a personal vehicle remains more economical. Phoenix area commuters had the highest savings at $135 a week, according to Nerd Wallet.
Whatever the case, use your savings to start building wealth, says O'Leary.
"The whole idea is pay off your debts by not buying stuff you don't need," O'Leary emphasizes.
"You don't need a car. You're working in a city where you can either take the subway or basically use a shared service. Try both. But don't get stuck parking $25,000 into a car. I don't need it. Why should you?"
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Kevin O'Leary: Don't Buy A Car, Do This Instead | CNBC Make It.
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Kevin, a millionaire with a vested interest in Uber and Lyft simply can’t relate to us average income folks... and for that reason I’m out.
See, this comment is #InternetGold
... and for that reason I'm out👍🏼🤩 haha
My name is Barbra, and for that reason, I'm out.
Harambe you’re suppose to be dead, and for that reason i’m out.
Millionaire?
Don't get discouraged just because you can "only" invest like $100 per month. It can compound to tremendous wealth over the course of decades. The important thing is that you keep going!
I'm planning to invest $250,000 of my savings into the stock market to build an aggressive portfolio that will surppas millionbs on the long run. What are the best long/short term investment strategies to use to achieve this goal?
As a contractor with limited time to analyze investments, I've relied on a fiduciary for the past seven years to manage my portfolio. This strategy has helped me navigate market fluctuations effectively and also increased my porfolio by up to 300%. You might consider a similar approach.
Could you recommend your advis0r? I'll be happy to use some help with my portfolio’s management
Don't ask random people on TH-cam. It will lead you nowhere. You can ask my specialist Sharon Lee Peoples or do your own research, nothing in between.
I can't divulge much but Sharon Lee Peoples is the FA I work with you, you can do your due diligence as she's very much accessible to the public
Being out of touch is the first step to success! 🙌 💯
Lmao you’re the one who’s out of touch and lazy
“Don’t buy a car. Take Uber or Lyft” sounds on the same tone as “let them eat cake.” This argument of his probably makes sense if you live in a big New York/chicago/Toronto type city, but most people don’t live in such places. In smaller cities, suburbs, or rural areas, rideshare is not as widely available, and rides through the rideshare are usually long enough they will cost a fortune quickly. Getting a budget car, especially a good used car which (due to depreciation) is more affordable, as most of these cars are cheap, have great gas mileage, and get the job done of getting you from point A to point B, at your own terms. Their insurance is cheap, and so is their maintenance.
I live in Toronto, this advice makes no sense unless of course you go around buying Mercedes,those cars are endless money pits
Disagree with how "cheap" cars are. They are extremely expensive.
Unless you're talking about relative to this guy's advice😂😂😂😂.
Totally agree with you on everything else.
Still expensive in chicago 75.00 to go 28 miles
I used to work for uber and the average ride is 25-30.00
@@ihuomao6735 I disagree and live in Toronto. I spend about 8 dollars to and from work with Uber which is legit less than the cost of parking. It doesn’t make sense for everyone but for some it does.
Uber combined with public transit is cheap
The article should read: "Don't buy a car if you live in the city"
Japanagans I live in a city but nooo I need a car
Exactly
Well, I live in the city and I don’t really need a car, my work is in walking distance from my home and parking in the city is a nightmare, it cost a fortune to paid for monthly parking. Insuance is high and not to mention the parking ticket- the city’s greatest feature. Maintenance are never cheap. So if you’re a home body like me, and live in Big Apple, you’re better of with Uber or rental for long distance travel.
@@samanthang9148 I feel that. Maintenance is generally cheap tbh. I don’t know much about cars. But with the help of TH-cam and my dad having some experience, basic maintenance becomes a breeze and you save a lot of money. Oil, brakes, O2 sensors, battery, tire rotations. Just doing the basics keeps the car going for along time. Shops just like to rip people off for buying the part from them and charging you an astronomical labor rate.
No, it's if you live in North-Eastern cities. Doesn't even apply in LA or Dallas.
You are thinking about buying a private jet. Let me give you a new idea. Don't.
I love your videos man
“I don’t need it, why should YOU?!”
@F G tbh his advice was good for youths brother.
@F G If I won't own nothing then I will own everything?
There's an old saying, ' If it floats, flies, or f£€¥s ; rent, don't buy'.
"I don't need it why do you?" Because when you're working back to back jobs with a half hour to get across town, you kinda need a car.
Life isn't just about saving and scrimping. You'l be dead one day and you don't want to be the richest person in the cemetery. Keep one eye on the future but if you can afford it, be sensible and enjoy your money. Life is for living right now!
I just hate spending money on a car I know is losing value every year. I see it as another couple high-end weapons I could have bought, or a couple gold bullion coins, or a nice stack of ammo. So many appreciating assets I could have bought in place of my daily driver, and it's not even a nice one, but, it is what it is.
I think I lament my truck less, because that's a business expense. It's like a free truck, essentially, but I'm not stupid enough to drive that around as the daily driver. Tax court isn't a joke.
Insightful comment. The other person complaining about the vehicle losing value over time must assume they will live forever. Fast forward to June 2024, and the ever increasing threat of nuclear war. Live for today, because tomorrow isn't promised to anyone
Three words: used toyota corolla
It cost me me $12 a day to take Ulber 5 days a week back and forth times that 4 weeks, thats $240 a month plus surging rates. I drive a Toyota and it only cost me $80 a month in gas and maintence is bare minimal and cheap. The thing runs forever with few problems.
@@eman0828 Insurance?
메로니 or Toyota Camry.
@@toonnaobi-okoye2949 Liability insurance is rather cheap. No more than 50 a month. Still cheaper than taking uber. I even changed jobs that requires me to drive longer distance over a half hour. Uber would cost me over $24 to $30 per day 5 days a week times that by 4 weeks a month $480 to $600 a month! I drive a Hybrid which is why my gas is cheap. Its just more economical esp for long distance.
Many of us have greater aspirations than a used Toyota Corolla.
Uber for me to work is $20 one way. That’s $40 a day. Times that by five days a week=$200 a week or $800 a month. That’s also not counting personal driving after work and days off. My car payment is $212. My insurance is $175. My gas is $100. That’s $487 a month. No one said go out and buy a $25,000 car. Mine was like $11,000 used. And if I really wasn’t able to afford a car payment I’d buy an even cheaper car for cash and have no car payment and my insurance would be like $100 a month and it would cost me only like $200-300 a month to own my own car. This guy is insane. I get it, for some people in cities it makes sense. For most of America it doesn’t.
Yes. In Los angeles, taking Uber to work everyday would be expensive. I love your post because you broke it down.
$100 in gas a month? You must not drive that much...
It takes $25 to fill my tank up. I use about a tank a week, if not it’ll last a little longer. I drive about 40 miles to work round trip five days a week and whatever odd and end driving I do after work or on my days off. I’m not exactly driving for Uber, but I don’t drive around everywhere during my off times. Grocery store, random errands, etc. So yes, for my vehicle it’s around $100 a month to drive. I was smart and bought a vehicle I could afford to drive, not some V8 gas guzzler. I’m not made of money that’s for sure. Lol
TH-camIsMyReligion that’s why I said “for people in cities it makes sense” to not own a car. There’s so much traffic in New York you’ll never get to where you’re going and it costs to park everywhere. Plus the subway is much cheaper to take I would assume. But that’s a city with great public transit. Here in Florida all we have is the bus system and it takes like an hour to show up and like an hour or two or more to get where you are going depending on where that may be. Some people catch the bus hours before work here just to get to work on time. It ridiculous.
So true what about us who live in a small town no chance its better to take a taxi to work every day on a 30km distance
He is looking at it from the perspective of uber/lyft vs a 100k Mercedes or BMW in a dense city with public transportation. That's not everyone's situation.
He did mention his situation. It’s taken into account that not everyone has the means to public transportation. In Minneapolis, my wife takes the metro transit bus to & from work everyday. The grocery store is within walking distance and our daughter’s school was just a mile down the street. If you can get setup with a living situation, that will allow you to not purchase a car- I think that’s what he’s speaking on.
Honestly, this is great advice for single people (or people without dependents or young children) living in urban/suburban areas with decent access to ride sharing. But as a parent with little ones, doing without a car would be terribly inconvenient at best, downright unmanageable at worst IMHO. Also, don’t discount the fact that cars can be a hobby or source of pleasure. I personally love looking after mine! Life is not about being a bean counter about every single aspect of your existence.
As someone who had a 15 yr old car we the family never used my parents rode the bus to work or even my mom as a nanny rode her bike unless she was lagging. And I walked to school or took my scooter bike or skateboard. Middle-high in elementary I took the school bus or walked with my mom who was not yet working.very doable lifestyle not to stressful. Only thing stressful for me now as a single adult is the inflation is crazy high so I walk 2 or 3 miles to work stand all day ride the bus half way back walk or skateboard 2 miles back home and all I get is 1 meal and a few snacks for fuel as the whole day. If I had more fuel this would be doable though.
It’s Not even great advice for singles. 😅.
You gonna be mad af when you walking with your girl and some dude with a nice car drives by.
@@JasonTangClothingif we’re trying to impress our partners then its better to stay single😅
I kind of agree. In college and grad school, I followed Kevin O'Leary's advice, and it worked for me. But I lived in walkable areas with half-decent public transportation in both of these life-chapters, so my need to drive was rare enough that the cost of insurance alone ($100+/month) would be more expensive than Ubering whenever I needed a car. But in my suburban hometown, an Uber could set you back $16-35 for every ride. So if you work 5 days a week and grocery shop once a week, that's $10k/year minimum, perhaps even $20k/year, just for these two expenses. Owning a used car is cheaper in that scenario.
Someone coughed when I was ride sharing and for that reason I'm out.
😂😂😂
😂🤣😂
😂😂😂😂
🙌😅😭🤣
:D :D :D :D
This obviously doesn’t apply to people living in the suburbs or in rural areas... it would cost a fortune to use Uber to commute 45 min every morning and 45 min back every night
Take the metra train I do it every day
Only about 12 US cities have a metro system. None of the medium sized cities that I’ve lived in have had metros. Most cities don’t have a great public transport system. Not to mention the last mile dilemma
This is my name If you lived in a rural area I think buying a used car would be better...
95juansc it's just a ploy for ppl to take ride sharing companies because he's invested in them so he makes money either way n you're right deff cost us a fortune I'll stick to owning my car.
"Still you should lease"
No.
He means to say "Don't own or buy anything. So u can keep working for 8$ an hour for him"
I got rid of my car like a year ago.
Best thing I ever did.
Now I can save so much money, and I barely miss it.
"There are so many shared ride services--" *laughs in rural area*
*Laughs in parenthood*
So true so so true
He had a stake in uber when he shot this
Move lol
@@luke8838 Hire me full-time somewhere else and I'll get right on that.
Dumbest thing I ever heard. Not everyone lives in New York City.
He is talking about a city
Even in NY, I’d still rather have a car
I live in ny...dont need a car
I'd rather have a boosted board
Yea this video isn’t practical at all.
Forget about having an emergency where time is of the essence.
Definitely depends where you live & what your requirements are. Owning a car gives you leverage, convenience & safety, all of which Uber & Lyft gives you, JUST differently, when needed.
In South Africa, it's a little harder (not saying it can't be done) not owning a car due to transport infrastructure, safety, etc.
Also, don't buy shoes. Rent them from a bowling alley...
Lmao 😭😭😭
Lol
😂😂
LOL
Yea, do that regularly and it spells the perfect recipe for catching strangers' athlete's foot. 🦠👟👟
Dude owns a private jet n talks about not owning a car LOL.
You missed the point. He's saying if you have loans to pay don't buy a car. Buy one when you're debt free.
Its all about priority, too many people buy expensive cars on loans meanwhile they basically live in a shed while having a low income job
He rents his private jets out to company’s and others
Nothing is cheaper than buying and operating a 1990's Civic eg
Lease instead of buy
Me: he seems to be assuming everyone lives in the city
Him: ''you're living in a city-''
Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time.
Yeah! I agree with you sir.If you want to be successful have the mindset of the rich, spend less and invest More. Don't give up your dreams.
@@tianalucas8147 People come here with the aim of chasing money more than knowledge and that will damage your progress, trust me. Chase knowledge first and I promise! The money will follow you just like it's following some of us now.
@@juliagoncalves4082 That's very correct
And that is why most of them end up losing they money don't be in a haste to invest. Know what and who you are investing to and be sure that the person will deliver before I n v e s t I n g.
Learn and get the knowledge first before investing..
People wants to do what the 99% does but wants to get results that are fit for the 1%, but it doesn't work that way
@@sabrinaslime4493 Investment is the quickest path to financial freedom, the rich stays rich by spending like the poor yet investing! While the poor stays poor by spending like the rich yet not investing.
U cant fart in a uber as loud as you want tho
I did once and the uber driver said " thank you for the tip"
Yes you can! Just do it!
Lol.
@@17Blast that's hilarious.
AND ALSO you cannot play loud music that you want
Seems like a risky investment, and for that reason I am out.
bahahahahhahahahhahaa
hilarious
Love this! #sharktank
I live in Toronto and I definitely agree with this sentiment, primarily because I live in a big city. Even when I was driving in Toronto, I was not using my vehicle enough to justify the costs. I now exclusively take the TTC (metro) or I use ride sharing services when I can. Saves me a fortune
I personally agree that city life is very efficient on ride sharing services, but in the united states anywhere else is pretty expensive. It cost me $24 for one ride from school to home, while that is just my gas for a week. This is not really practical for me to use a ride sharing service.
If you don't drive your car very much it's probably better to buy a classic vehicle that's appreciating in value or at least not losing value. Buying a normal car that you never drive is pretty stupid because cars are utilitarian products meant to do a job, they're not going to last forever and it sitting there is just as bad as putting 200 miles a day on it. Buy a nice 1968 Camaro put 15 miles a week on it keep it for a decade make sure it stays nice you'll probably sell it for more than you paid.
Thanks Mr. Wonderful. The other day, somebody was texting and smashed my car from behind with my kid inside. And since then I discovered another means called walking. I walk everyday, thank god. I hate cars. I owe too much respect to this guy the day he said: ''A salary is a drug they give you to forget your dreams', and he's right.
Mathematics disagree!
A ride share for job, gym, grocery store and picking up kids can never be cheaper than driving a car yourself!
Kevin! You are out! :)
Most people drive used cars. The average used car payment is around $350/month.
I just calculated my actual cost of owning a car (a 2014 jeep with low miles) and it came out to about $680 /month.
An Uber to and from work 5 days a week plus trips to the grocery, social occasions, etc (average 2 per week) at $12 per one-way trip, would be around $705 /month. Not only would it cost more to not own a car, but it would be FAR more inconvenient. Also, even if you consider the amortization and depreciation of the vehicle, it will still be an asset once I pay it off. I would have nothing to show from taking Uber.
And, oh, did I mention that I also have 2 kids that need to go to daycare/school, dance class, soccer practice, etc. O'leary is a doofus who has obviously forgotten what it's like not to live a real life.
Hey, someone that actually did the math! Kevin's idea would only work for a single child-less person that lives in a city and has few and short commutes.
Agreed Aaron!
It depends on what type of lifestyle you want. I live in LA and grew up using public transportation and now I spend $100 a month on a monthly buss pass and maybe $50 on Uber or lyft per month. Having a car would be more expensive than that so I prefer not to own one. Plus I use the time on the bus to get some work done. If you live in a small city or some city that lacks public transportation then I would agree that owning a car would be cheaper.
No kidding. Just get a quality beater and your good
Imagine being this rich and out of touch with reality. “I don’t need it! Why do you?” Bc I’m not a millionaire
Just throw your golf clubs into the back of an Uber and try to get that particular Uber any time you want to go to the driving range
The whole point is that he is in a different financial situation compared to most people. He can afford a car no problem, that is not the case for most people so they absolutely should not be wasting money on a car.
Who Says It To Buy An Expensive One BC ? You Don't Even Have Knowledge Where "ll Be The Privacy ? Suppose You Are Going To Somewhere Else in This Pandemic Situations Or Even Attending A Late Night Party Or A Marriage Ceremony Or Even Taking Your Elderly Parents To Visit Somewhere Else ? Or Even Going With Ur GF To Spend Some Quality Time Can All This Things Been Happen in Uber ?
No ride share company exists in my small town, and there isn't a subway system. What would you recommend I do?
Stay where you are, buy as many cars or trucks as you want plus a house or two on lots of land and green space. Then laugh at the morons who pay insane prices to live in a big city in tiny cramped condos with loud neighbors, sirens blaring all night, urine and worse in the streets outside their building....then brag that they “save money” by using a ride share service instead of owning a car.
I live in middle America. I don't want to wait on ride share. My car cost $10,000. Now does the same arument stand?
Literally the most unconvincing thing I've ever heard tbh.
It makes a lot of sense actually but not for people living in middle America. If you live in a big city like him (NYC, I'm guessing) it makes absolute sense. And applies to many other big cities as well.
@@ShaferHart He lives in canada. It absolutely makes sense to not own a car in canada. He'd probably have to spend 1k a month on uber before it becomes more expensive than owning a car. I personally would have to spend over 700 dollars a month on transit and ubers for it to be more expensive than owning a car. Plus you gotta park it, watch over it, do repairs which waste your time, fuel up on gas which wastes time, etc, etc.
@@cloudcloud8486 also I am certain that you save money when sharing the costs with other people.
annual cost of fuel/maintenance/insurance...ride sharing is def cheaper
@@cloudcloud8486 yupp absolutely. I live in Canada. Out west in British Columbia. I had a car 2017 Nissan Altima, mind you when i got the car I had bad credit, so my interest was 11 percent. Was paying 286 bi-weekly, plus 218 a month for insurance. And at the time i had the car, gas ⛽ was 1.50 litre.
Absolute nonsense. Imagine every time u need to leave the house to run an errand(sometimes multiple in one day) just imagine the expense of ordering an Uber every time
Not to mention the wait time
@@MrTresto aren't rich people all about "time is money"? There have been multiple times where I have ordered an Uber and in between when I ordered it and when it arrived, I could have driven there, back, and there again and still have time left over.
Agreed , not practical.
You can buy a honda accord or toyota camry for like 3k and insurance is 120 a month gas is 150 and if you do 8 years your payment would like 50 dollers so 310 uber is 15 every time so 21 times a month if you go only to work and back that's 10 times 150 a week 600 a month plus going to the store Is like another 100 it is half the price to own a car
It depends where you live but in the city it is cheaper than a recent car for most people. You just have to do the math and ridesharing comes out cheaper almost every time without the headache of driving it and finding parking. Take the total cost of ownership of the car vs Uber and do the math. This is old news.
"I didn't own it anymore" bro it was a lease you didn't own it to begin with
This only works in a major city with a subway system that runs 24/7 like NYC or DC. Try not having a car in a large spread out city like Dallas. You’ll end up spend $100/day just to go from one part to another.
Next, he'll be saying live in airbnbs.
Kyle Lee Uber, lift, good luck with COVID, this video did not she well. 😂😂
Nope, cars loose value as time passes, property prices generally go up as time passes
@@vishalgiraddi5357 Good point. This isn't asia though. Life without a car sucks.
@@kylelee3277 I've lived in both an Asian metropolis with stellar transit system (perhaps the best in the world even) and multiple North American ones both as a non-driver. It's obviously harder in NA, but it's pretty doable (and will be even more doable if people drive less)
@@edwardyoon6296 Not having a car sucks. Ask your gf.
I have 3 children.... I can’t imagine calling an Uber every time I need to go somewhere and lug 3 car seats with me.
exactly lol
Clearly there are exceptions to the idea...you are one of them...for most...big waste of valuable money
Well if u didn't have 3 kids which is beyond dumb
@@thelegendkillersshittyduff1335 different life styles.
@dog person if everyone thought like that, there would be nobody left at all and then it wouldn't matter whether cars were economical
I agree on not buying expensive cars. I don’t feel like waiting 20 minutes for a ride to come when I am late to work for example. If i can get an affordable car that works well, that works for me! :)
If your workplace is at a distance under 5 miles, you can travel through cycle which takes only 15 min. And you end up saving fuel prices too
This is an Uber commercial rather than financial advice...
Exactly why I never turn to him. This guy is a fraud dressed up nicely.
Usually his simple common sense advice that anyone could derive on their own at least makes some sort of sense...
Dear Mr. O’Leary: Unless you’re a business owner who can write off a car lease 100%, leasing a car is a big waste of money. A good alternative is to buy a good, used vehicle that has already depreciated in value. Don’t ever go to the car dealerships for oil changes and maintenance because they will rip you off. Find a good mechanic who does good work for half the labour rate that dealerships charge, then drive that car to the ground. You will still save money and have a reliable vehicle in case of emergencies. Not all of us are as wealthy and well-resourced as you, that you can casually suggest that we do a ride share every time we need to go somewhere! Most Canadians need to be mobile. Instead of recommending we take Uber, why don’t you just tell us to take the public transit? Uber still costs a lot of money! Of all people, you should be responsible for the words that come out of your mouth. A lot people follow you. Please speak responsibly.
You issued the part about him saying good bye to his ease
He isnt leasing. He doesn't have a car at all .
Vincen t Vincent Your right , I buy Nissan cars because they seem to last and keep it as long as possible . Last car 242,000 before i got into an accident. My current Nissan 176,000 miles. A friend has a lease's a Caddy 599 month and get 's another lease every few years, always has a payment and never owns it. Brother-in -law mechanic . My brother had his Honda for 17 years!
Well said
Personally I don't mind going to a dealership for maintenance. You SHOULD be going by your owners manual only except for extreme emergencies which should be very obvious. I don't think they are THAT much higher than mechanic's and I feel better about the quality of product they'll use with you. Obviously the easy way to tell is to take your car there for an oil change and tire rotation and see what the cost is though.
This guy is clueless. It would cost be roughly $2100 to take car share services every month. At the moment, it cost me $1300 per month to use both of my cars, which includes gas, car payments, depreciation, insurance and maintenance.
"When my lease came up on my Mercedes" Found your problem right there.
This guy has numerous videos saying he bought a tesla for himself and for his son
3 words: Increasing. Uber's. Stock.
Tommy has a point where we don't all live/work in the city, but it's all perspective. If your net worth is 400M, buying a new car with cash is like the average person going and buying an extra value meal at McDonald's.
He seems to be full of himself!
Yea wtf!
Not Potato Uber is a private company.
I’m going to have to disagree on that one. You can buy a cheap reliable car that will make you more money and save you a lot more than Uber. I ofc now that buying a new car is dumb but this all depends on where u live, what you do and what’s your exit strategy on the car. I buy cars and sell them 2 years later for the same price or higher.
So your cars gets an added value after 2 years. Lmao. Why do you have to lie that bad? I mean even if you have to lie can you make it a little believable?
You don't need to buy a cheap reliable car that will make me more money then uber. It doesn't matter if you are moving city to city.
@@createmymy7851 I am pretty sure I sold all my cars for more than I bought them for.
@@manifba where do you live? Ghana, congo?
For an ion, corolla, or civic I could see this. I think kevin was speaking for the inner metros where most people live. Cars are huge hassle. I spend most of my weekends working on my commuters.
@@createmymy7851 berlin
It all depends on your specific situation. For your business, it's better sometimes to lease a new car to not worry about major repair/maintenance issues and you can write off on taxes. If you buy a new car, if you can comfortably afford cash/payments then there's nothing wrong with that. Plus peace of mind, no major repairs likely for the first couple of years. Now me I usually buy used cash cars, I don't have to worry about payments. Just maintenance and that's pretty much it. But several years back my family always bought new cars from dealerships and now we just don't feel it's necessary anymore to go that route. Cash cars most of the time make sense for us. But I totally understand what Kevin means.
Kevin have you ever lived outside the north east? You definitely need a car throughout most of the US.
Kevin is so disconnected from normal people. 3 Uber rides from my house to the grocery store is $200! That’s a car payment. Ah.. the stuff you come up with while riding in your Uber black to the airport to fly somewhere in a private jet 😌
Yup and during peak hours one uber ride can be like 400 dollars.
Bru just get it delivered and put that extra money in GME.
@@cd-rom. Buddy please refrain from giving anyone any financial advice again
@@Sam-ni6bc let the people do their own DD Sam! 🚀
Your getting ripped off at 200 to 400 for uber what state you live in California' or new York ??
This makes sense for big cities with busy traffic, sophisticated and timely public transport and reasonably priced taxi services. It really does make sense and he actually emphasizes that "if you live in a big city". For those who live in the suburb or in rural areas a car, probably a big one is sheer necessity.
Anyways, I'd rather have a car but don't drive it everywhere any time.
Also, you can use short term rentals if you need to drive yourself.
Until big cities build safer streets with bicycle infrastructure or convenient reliable public transportation through buses, light rail transit, subways, monorails, or high speed train networks people will still be dependent on cars 🚗🚲🚝🚟🚎 Best examples are in the Netherlands and Japan!
I have been living in boston for 8 years now and I haven't bought a car yet. Always took subway, sometimes uber and rent a car if I need to go outside of the city. I'm looking around 800 bucks for car alone, with insurance and parking at my workplace. Subway pass cost me 90 a month only.
@Dan Pos yea started with $70 after 8 years at $90 now, not so bad for expensive city like Boston.
Hey Kev, I'm from NYC but I'm moving to Knoxville, TN. I never owned a car but I have my license. I don't know anything about taking care of cars, the insurance, I don't even know how to pump gas... none of that. I was estimating rates on a hypothetical commute to and from work , 5 days a week, and it's coming up to be between $600-$1000. Is this still better than the costs of owning a car each month??
I hate driving. I never liked it. I got into a car accident once (I was a passenger ...oh and I was not hurt, thankfully), and It only makes me more unenthusiastic about driving. See, as a passenger, I walked away with no worries...But I alway think about, what if I was the person driving, whether the innocent party or not...Now that's a boatload of things to worry about...Things I don't care about.
He doesn't even mention the actual alternative... A $1000 car.
yeah that will cost $2500 in repairs in about the first year of owning it, ask me how I know
I bought a 1997 lexus for 1500, only put about 500 into it for 2 years
1997 Camry for $2300 years ago. Still runs beautifully. Insurance is dirt cheap. Nothing under the hood has been replaced besides spark plugs, alternator (which I got for free), and a power steering fluid hose. I do my own oil changes every 8k-10k miles and it costs me like $40 every 5-6 months. It gets 22mpg in the city. I’ve driven it just about everyday since I bought it in high school. I’ve had the car for over 5 years and I just recently had to pay $200 for tires. 2300 + 200 + (40 x 11 oil changes) + about 300 in the other maintenance = $3240
Now add insurance: 3240 + 50 x 12 x 5 = $6240
Now add registration: 6240 + (80 x 5 years) = 6640
Let’s even throw on wiper blades once a year: 6640 + (50 x 5) = $6890
Now gas: let’s say I get an average 25mpg and I’ve put 80k miles on the car with gas being $3/gallon. That comes out to $9600 on gas. $6890 + $9600 = $16490 lets call it $16,500 that I’ve spent on my car over the last 5 years. I could sell it now for $1,800 as is, so really I have $14,700 that I can’t get back and could have spent on Uber or Lyft. Let’s see if $14,700 would be enough.
If it cost me $30/day to get there and back and I needed to drive 300 days a year (which is a good estimate), that’s $9000 a year that I’ve spent on getting places. 9000 x 5 years = $45,000. Maybe if you live in the city and have to pay for parking everyday and insurance is way higher and mpg is lower and gas costs more and your work is closer, a ride share app would be worth it. But not for me and the majority of Americans.
Correct me if I got any math wrong, please.
I bought a $3000 car that lasted me 3 years. Virtually maintenance free. Oil changes and break jobs, that was it. I have the money to spend on an expensive car, but it’s a TERRIBLE investment. I can’t believe how many idiots out there do it. I have no shame driving an 8 year old car.
Cole Lutz #theydidthemath
Brought to you by UBER and LYFT
What if you are a car enthusiast & love driving one ?
"Don't do it! I hate cars but ill take my private jet."
"A beautiful Mercedes Diesel" - proceeds to show video of a Jeep...
Technically a similar chassis, technically
Yeah and I have an ad for a Jeep too
Frank Magana haha! You’re right! But you’ll have a hard time explaining that to the non car guys here lol
Kevin also invests a TON of money into funds that are shorting all major car companies. He might have an alliterative motive.
Kevin kan't komplain koncerning kars kause Kevin kompletely kourts kash.
There's yer alliterative motive for ya.
@@drmodestoesq lmao
Or he just know basic math
If you think a little video on youtube is gonna move the market for multibillion car compagnies, you're delusional
I fix mine when its broke so its hella cheap and its a 2001
Will a shared ride service pick up 8 sheets of drywall for me?
No one told him he has no idea wtf he’s talking about?
Dude spends $1000 a day on food and thinks buying a car is stupid.
But he gain them back by a successful conversation idea while having expensive dinner with a business partner
That's on business deals. He clearly says so.
😂
Dude's worth over 100 mil, not a fair comparison
Difference is he spends that cause he can without it affecting him financially to an extent
Kevin: Id never spend $2.50 for a cup of coffee. Also Kevin: I spend $1,000 on food everyday.
food >>>>> Over priced coffee
@@sharduldesh10 quality made coffee isn’t overprice
Nice Image
He is estimated 500m$.
He can spend rest of his life easily that money.
Thats why your brain lacks the cells to understand that.
i love kevin lol. i could listen him talk for 5 hours a day. he should do book readings 😂 or audio books.
This is a very specific circumstance he is referring to. Sure you can save money getting to and from work and around the city for little things using ride share, but there are so many other circumstances where you need to own your car or lease. Ride share doesn't work everything
kevin definitely has shares in uber and other services 😂😂
Delixura You know they’re not a public company yet
Alfredo Alcantar You know you can own stock in private companies? Yes, it’s public now, but you can buy stock in any private corporation. Every corporation has shareholders.
"I don't need it why should you?".... that's the mentality that turns common people against these disconnected self-centered punks.
@F G he does lol
I need a jet, why don’t you???
@@doctorfritznoel but most people don't live in that area's.
Unless you live in NYC or another crowded city, this argument isn't valid. Just don't buy what you can't afford, that's it. Buy something you can afford upright, no loans and you'll be fine.
theres no shared ride service in an emergency at 2 am in a rural area especially. Small towns in rural areas are essential
Lol when someone has a corporate uber account of course it’s cheaper...
He only says that cause he's a major invester in shared ride services lol!
I get it. But it only...only.... works in dense metro areas. Can you imagine living in a city like mine, Kansas City, where my daily commute, before I started working at home for COVID, is 20 miles? That's minimum $25 bucks each way, 20 times a month. And I still haven't left the house or office for any other reason.
But what if your daily co.mute is close to 50 miles a day?
I live two counties away from my job: an hour. Uber would charge me $50 one way. I barely do any repairs except oil. I don't care if it depreciates. The car is 11 1/2 years old.
That's smart. Buying a new car is not a smart thing to do as it depreciates hard.
Exactly, eventhough the car itself is a bad investment, an affordable, practical car allows you to have a well paying job that you could not have if you didn't have a car.
"Didn't own a car after 2 year lease"
misleading information... for that reason I'm out!
Aka didn't own a car at all.
I sell cars lol a lease is the same as owning a car... but half the price, and half the time the normal financing for a lower payment than finance would normally be... it’s a way to go for someone who doesn’t drive much tbh🤷♀️
Skyarome it’s still not owning a car. If someone wanted to change the paint color or etc it wouldn’t be possible, why? Cause you don’t own the vehicle. You do have the option to own it once the lease is up but till then you’re technically renting it till the lease is up. Ownership is power.
In California/Los Angeles county public transportation is not very effective and Uber or Lyft is not cheap
Kevin, how many shares of Lyft or Uber do you own?
Wow, this comes off as downright delusional. We don't all live in New York City, Kevin.
Agreed. I highly doubt this guy doesn't have his own car service... this is big city arrogance at its finest.
Even if you live in NYC like myself , not everyone lives in Manhattan
What about philly, Boston, Miami , DC, Chicago, la, ....etc?
If you live in Upstate NY then forget about not having a car,its mandatory lol
TheFlyingCougar my thoughts exactly. I would love to live in a city with working public transportation.
This feels more like a sales video than investment advice. If you think Kevin doesn't own a car(s) I got some swampland for ya?
FirstTeam4Comedy are you the one that sells the Eiffel Tower too? Been lookin...
Good point, in a city with subway, public transport, insane traffic you definite don’t need a car! In rural areas where there’s long distance travel, and not so many people it’s reasonable to have a cheap run down car.
In coastal cities, 25 mins in an Uber is a about 35 to 40 dollars each way. At 20 business days a month x 12, thats over $19k a year!
“Mercedes Diesel” *shows JEEP grand Cherokee*
This was probably edited by some millennial who doesn't know how to change a tire. What can we expect?
$34 to use Lyft one way, $34 to come back. $68 x 5 = $544 PER WEEK (x 50 weeks/year = $27200)
$2176.00 per MONTH.
$15k car = insurance + gas + monthly payment.
So the car is cheaper
He is talking about ride sharing. It wouldn't be smart to do it in every city.. Just the ones where the price is much lower with ride sharing
He’s a super rich person acting like he knows the middle class
Wrong it’s not one set price per ride…everyday it’s different depending on the time, day, and traffic
" There so many shared ride services " - Puerto Rico laughs 😂
Some locations you need to have a vehicle. For example, I could spend $40 on gas per week traveling to the city from the town I live in or pay $40-$60 a day for taxi or Uber. Plus, some companies state you need to have your own vehicle transportation to be considered for the role.
He gave you the option to lease the vehicle. His point is not to own it, by leasing one for months and year at a time you don't have to worry about maintenance cost or the insurance or the depreciating cost of the vehicle.
Sir, with all respect, you are wrong about this one. Having and driving your own vehicle is freedom. Remember when we first learn how to drive and we can't wait to go to new places? Taking Uber and Lyft is convenience at time, but why not buy a used car? taking our children to school and picking them up, going for a road trip, or just drive to the beach are just a few examples to have a vehicle. Your next segment on youtube will be "Let's buy a horse instead of a car."
Lol
But that freedom cost . Gas , insurance , you hit a pot hole damage your stuts , who is going to be the one who pays for it .
Buy used.
and buy cheap you don't need a Fugging BMW!!!
Buy a cheap used BMW.
Josiah Lovelace no such thing as a cheap bmw
Josiah Lovelace cheap used BMW will cost more in long run. Pick Japanese Car, low maintenance cost.
When it comes to city living, Kevin is still right. Parking is expensive.
I live in a rural area, but even I don't like driving cars. Instead I opted to ride Maxi Scooters, which from what I've
researched dont cost nearly as much to purchase or maintain.
I used to ride Uber to and from work fairly regularly. Both ways would cost me like €30 (because of rush hour surcharge). Do that 20 times a month and it's more than I pay for car payment, fuel costs and insurance. Not to mention if there's no Uber or Lyft or Bolt available and you are stuck. Sure if I got Mercedes Benz that would be more expensive but economical car? Not so much.
He should say, don’t finance a car. Save and pay cash.
Buying with cash is also a huge mistake when you could put the money in a ETF like QQQ for 10 years with returns enough to retire on. I bought a car with $40,000 cash 10 years ago and now it's worth next to nothing but if I bought $40,000 of QQQ 10 years ago, it's worth close to $400,000. Now I will buy all the QQQ I can get my hands on for the next 10 years.
@@Observer168 but, how much would you have spent in transportation and transportation related (like ordering delivery instead of picking up yourself) if you didn't have the car? That needs to go on the Math too. And a 40k car doesn't sound much like a basic model either, you could have maybe gone for a more basic model
@@amandadeoliveira2353 I could have just leased the car and invested the money. That is what I will do in the future. The car is for quality of life. You only live once.
@@Observer168 Spending $40,000 on a car was your first mistake dude.
@@Observer168 wow 40k on car. That's a lot of money to blow.
He's absolutely WRONG on this one. If you use your car everyday it's well worth the money if you have a car you can afford
The cost of ordering rides on uber lyft can get pricey ! Not everyone can afford it all the time. Then again owning a car does make you go broke.
Ok, sold my car.... I don't have uber or lyft or even taxi where I live... What should I do?
You need a car. Kevin is actually lying he has a Tesla Model X which he drives everywhere.
KNO levels are not the same. You don’t need a car if you are in debt.
And a Porsche
Actually I heard him say on squawk that he has two Teslas..🤔
That's a sad life when you can't actually go anywhere without relying on someone else. Might be better advice to get a bus pass, that would be even cheaper lol.
Uber 24/7...ppl make a living driving ppl aroujd
You always rely on other people in life
I always hated relying on the MTA with their garbage bus service and I could never go back to that lol seriously though alot of the time I had to wait for an hour or two for a bus and then said bus was out of service like wtf?
Okay go live off the land in the mountains then lol so sad when people have to take money that isn't theirs to buy something they don't need. ie your loan from your lender to buy your crappy car. Who is really the one relying on someone else lol. I can cross the country of my bicycle without relying on anyone. Unless you're transporting goods of some sort, you don't need a car just to move your measly body around. Thousands of pounds of metal, and thousands of gallons of gas, and thousands and thousands of dollars. All to move one single human. You people defy all logic. It's a sad sad life when you're too dumb to figure that out. Btw I'm an exotic automotive technician and don't own a car whatsoever yet live 35mi from my job. My life is far from sad and the sadness I do have is exacerbated in a car that blocks you off from nature and the rest of society while you sit in traffic trapped with no options. Meanwhile I'm biking past you saying hello to my fellow citizens and listening to music and nature together with the wind in my face.
I understand his point. If you do the math it could be cheaper to use those services. However you have to keep in mind that you’re moving on other people’s time not your own. I like having my own control on when and where I want to do something
This makes absolute sense if you live in NYC (I don't). I have a family member who's doing this. She's been doing it for years.
Any emergency with my kids and I don't have to suffer the psychological burden of expecting a Lyft or Uber at 2 am in the morning.
Why buy a 25k car though. You can find a decent reliable car that will hopefully atleast run for a few years without needing any mechanical repairs for under 5k lol
Seriously though,theres way too many good cars from 2000-2010 under $5k right now for sale lol
Exactly. Great used cars available. if you know what youre looking for you can find great examples between $2-10k. Im talking nice Mercedes AMG cars well maintained.
Michael Jackson yeah you’re right just for transportation
Hi Mike
@@SeamHead33 absolutely not man, buying a used Mercedes is a mistake. Repairs are a fortune and it's a question of when they'll happen not if.
Unfortunately living in the United States and if you don't live in New York chicago or Boston or Seattle, public transportation probably sucks. What do you do when go to get groceries going to meet friends etc? Rideshare all the time? That will get expensive. I would recommend an electric car under 40k where charging isn't to expensive, reliability is great since not much moving parts if you don't live in us major cities.
If you live in the city I agree because parking costs and traffic can be insane but my car is worth about 3k and I’ve owned it for 7 years now. The annual depreciation is non-material and the amount of time saved by having a personal car is worth the additional costs if any. $20 a day using Uber or Lyft is $600 a month
Makes sense. Thankfully cheap, used, reliable cars are still a great, economically viable solution!