Car Buyers Are BROKE FOR LIFE With These Stupid Mistakes!
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- เผยแพร่เมื่อ 29 ก.ย. 2024
- Car Buyers Are BROKE FOR LIFE With These Stupid Mistakes!
Our latest video helping you buy cars is all about the biggest money wasting mistakes car buyers make. We're breaking down the situation so you can buy your next car with ease. If you're out shopping for cars, SUVs or more, this video will help you with making better money saving car buying tips.
Oh yes, and don't forget to SUBSCRIBE for more car lovers lifestyle: / @markholubetz
A long time ago I was in junior college and had an English teacher whose classes were filled to the brim. He was brilliant with two masters and one bachelor degree (English, Philosophy, and Theology). One day he starts of..."you know class...the proof of a great salesman is one who sells you something (new car) you really don't need." He walked into a Pontiac dealer to buy a Firebird and walked out with an enormous Grand Prix. I'll never forget that lesson...one for everybody.
Life's too short to drive marked up cars.
Haha , that’s fair
If a 10 year Zero Percent Financing is ever advertised I'm going for it 😅
I can't save to buy a cash vehicle, but my rule of thumb is
1. 60 months max. If i can't afford it for tbat rerm, then i can't afford it.
2. Your vehicle cannot be 20% of your take home with insurance and fuel
3. No mark ups.
In WA the one you never have to worry about is registration fees. They are obligated by law to refund any difference. I actually got 2 checks, one since the actual was less then the $600 default and another due to the registration already being paid before purchase.
Loving my 2000 Chevy truck more than ever ECB !! Thnx !!
Hi, this one is good and interesting. Just one comment to extended warranty. Never. Smart people never accept any extended warranty. (A Car, Phone, electronic appliance) This is the worst financial product ever brought to the public. Absolute scam. Who does win here? The seller and the Bank only, never the customer. It is a nicely wrapped rubbery.
Be sitting on blocks still having a full payment.
I'd rather wait than fork out 55 grand on a very nice Japanese electric car in full than put 15000 down and pay 960 dollars per month for a 60-month loan.
I would never buy from Chrysler their owned by Fiat
Same
Poor Mickey
Haha right?
I'll only give those cars 2 or 3 years tops before they'll start falling apart, so let alone ten years.... It's just modern slavery so people will have huge debt for the rest of their lives.
If your credit ain’t the best your interest rate will be even higher
Indeed
I feel like there’s no honesty in this world anymore.
I buy cars cash but never tell them till I see the out the door price and never buy one penny of packages they offer in the finance office 🤣 tell tell them after you see the price and buy nothing from them, they will be pissed 😂 no respect for sales people as they would sell their grandma if the price is right 🤣
I won't even go to a dealership because of the slimeballs that work there I buy cash private
former car salesman. I bought my last two cars on CL and FB used. never bought a new car and probably never will. Oh well. I will live.
So there are no slimeball private people?
@jerrylundegaard2592 exactly, so many people on Facebook marketplace "pretend," to be private sale, and are the actual owner that has driven the car. Actually, they bought the car at auction and have absolutely no idea of the history or driveability of the car. They'll lie to you and say it's never been smoked in, never been in an accident, Yada Yada. If they can't produce vehicle maintenance records and show that they actually own and have driven the car, steer clear. Carfax reports aren't always that helpful.
lol i thought about trading in my car for a truck. They were like it will be 1400 per month. I laughed at the sales guy and told him that my house costs me 1700 with all my bills. fuck that. i told him if he can get it down to 300 per month for 4 or 5 years. Every time he came back at me for anything above 300 i told him well i have to talk to the wife. walked outside and then every time i came back it was 100 dollars off per month. seriously it took them 4 or 5 hours to finally let the truck go for 300 per month for 5 years. I laughed and told them naw I'm good and walked out. They dropped it to 200 per month for 4 years. Told him naw i don't deal with shady people. and left. They had my number and he texted me us shady people have this nice new truck. I found the same truck same year better trim level in police impound. i bought it in cash for 19k at auction drove it to the dealer found the sales guy and dealership owner told him i bought it for 19k sounds like yall ripping people off. He never texted me after that. they were selling it for 30k
What….$200/mo for 4 years is &9600. You left to hat on the table and then went back to tell the salesman that you bought a truck at auction for $19K ??!
Something is odd here.
This is why I drive a 2006 Tacoma and 2008 Pilot both paid off !!!!!
I drive a 2005 Ford Explorer Sport Track 166 k miles
Our credit isn't good but i got 12.41 from Toyota, then i refinanced before the 1st payment and got 7.41 from our local Credit Union. I also had Toyota get rid of the $1700 charge for Luxcare.
Smart move
With the poor quality of ALL VEHICLES being made today, I would DEFINITELY NOT recommend brand new! With the depreciation, and planned obsolescence, these vehicle’s are being made to be disposable. Another comment here says American made, I would say this applies to ALL automakers! Thank you for sharing another informative video Mark, take care, cheers!
Absolutely
I will always drive a '90s four-cylinder car for the rest of my life, if possible.
My 1999 Mitsubishi was imported here from Japan, only paid $1,150 cash, she's been a Florida car since Day 1, still runs amazing 9 years later, 233k miles. I couldn't be happier.
Really? All vehicles are poor quality?
$1000k + / month is the first clue.
Yes it is
You buying an airport???
@Reyd_01 People are forking out that kind of money out for cars all the time now. Average car payment around $750/month? Insanity.
@@esteban1487 sorry, I was just making a joke about the $1000K/mo vs the obvious $1000/mo you meant. Just being a smartass, yet I'm shopping for $1k/mo used range so I spose the joke is also on me.
@@Reyd_01 My bad! Nice catch!
You will own nothing and be taken advantage of forever!!!
I'll buy a older Toyota or Nissan truck non turbo
Keeping it simple and affordable. A good financial decision as long as it’s in good shape
OTHER than my house, I have never bought any thing on credit.......IF YOU CAN'T BUY IT CASH....YOU CAN'T AFFORD IT.
Great way to live. That keeps things affordable
Every time I’ve been to a new car dealer I swear I can hear the lid being unscrewed off the Vaseline jar. Buy used cars You can get a lot of options for the money
Poor people ask: How much down and how much a month? A rich person asks HOW MUCH.
10 yr loan?!!!! 😮😂 😅 so many stupid people out there!!
That's crazy 🤪
There really are. There are no other words for it
I have never agreed to anything more than 5 years, but I always get done at 3 to 3 and a half years. Never thought I'd live long enough to pay a 10 Year loan off 👀
Yeh...the same "stupid people" who worship Trump.
@spacecowboy3456 great idea to pay it off early when you can
I'll only buy what I can pay cash. I'll never borrow to buy a car ever
Cash is king right now
With inflation, if you can get near zero interest, you're making money by financing.
That’s because you have a brain.
@@markholubetz I could tell 2/3 years ago when podcast were all saying "if you have cash you are dumb" then I knew it was time to get as much cash as possible and hold onto it
Wow god 4 you smart ass
So far, everything your saying is spot on! If you can afford it, pay it full. Save a lot of money in the long run.
Thanks very much. You are right, money talks right now with elevated interest rates
Thank God for these type of people. They are providing the rest of us with great used car deals.
Thanks so much for the support. I feel like its best to share things I have learned over MANY years in the business
how are they sure their job will remain the same for the next decade?.... Its a buyers market for these suckers when they get repo'd or sell back years down the road.
But they look cool at red lights
I’m a dummy for nice cars. Sue me
Ouch
Same here. We only live once and if we can afford it and want it no reason not to get it.
Many small dealership stated in advertisement that the Safety Certificate cost $599...699....799 and it must be paid on top because its GOVERNMENT regulations. I would definitely say them goodbye but that sound like the other ripoff trick, right?
This video is 100% about me. Yep I’m that idiot loser who payed 20k CDN over sticker price for a 2022 wrx for 8 years. Though I have giving up on finances and life at a very young age. When I was in my 20s I lost my condo to the rescission in 2010 that put the nail in coffin for me. Being dumb as they come without graduating highscool and struggling to get by as labour didnt help my early years of success. Now at 46 just squeaking by I have zero ambition as living in lower main land of Vancouver BC has destroyed any hopes of having a savings account let a lone Retirement. As lot of people in Canada say “I’ll be late to my own funeral as I’ll have to work to pay for it” so true for me.
Fuck Canada!
Thanks for sharing Kevin, and there is always hope for the future. Interestingly enough about Canada though is that there are less and less people truly thriving as our governments have ensured to that. You do live in one of the nicest places in Canada and so that’s a huge win on its own. Heads up, chin up, keep on trucking .
@islandhopper100 absokutely you can do it. Step by step and I have seen people in
My circles turn things around
Call your insurance, glass etching does nothing for you ❗
Cheers
Brand new corolla 2014... still running today. 😆 they wanted me to sign a 10%+ apr because my credit was bad. I wouldn't buy so they magically found a 3.9%. Anyways paid it off in 3 years instead of 5. 215k miles today. *sigh* I need to love it more. Too many off roads moments... 😅
They're are people paying off houses in 8-15 years. 10 years how a car is crazy.
In Canada, its takes at least 25 years as the cost of living versus wage is even more lopsided
@@markholubetz for a car? Incredible
Yep, same for a house. Pay it off early. With a car I put 50% down. Obviously less with a house. After 12 years I am mortgage free and save 100's of grand. For the car, I did 50% down and 4 years but paid it off early using tax returns.
This is going to seem so redundant after the economies of the world come crashing down.
Times are interesting
People have to remember. When buying a car. The car dealers always
try to make something look like a deal that really isn't.
Hi there I’m a one person income and a mom and I’m confused on which year will get me the most reliable used Lexus and what is reasonable to pay and what is a rip off- looking on Carfax and feeling a little overwhelmed. Driving a 2007 Acura mdx and have had a so so experience with it….not the most reliable. Any advice on a very specific year would be helpful conflicting information from other people. Hybrid compact suv is ideal
We are victims of American Monopolies.
Every aspect of life depends on a big business in total control of our Governments, markets and US.
WAKE UP
10 year loans for cars?? I'd rather walk. If people were smart they'd stop buying and bankrupt these company's. All the major car company's could go under tomorrow for all I care..
Yeah, one 500 HP car almost hit me yesterday, it was doing well over 100 MPH (160 K/H) on a highway exit ramp to get past me because I was only doing 3 MPH over the limit but 20 under the recommended speed for the actual turn, I saw the driver going 120+ in the far left lane but they got trapped but cars only doing 70 in a 60. I had traffic entering on the exit (Yes, the US has suicide exits the have entering and exiting traffic cross each other) that made it so I could not slow down but this assh0le cuts across two additional lanes and then a third into the exit lane. I was double checking I was far enough ahead of the car behind when I hear the then see them cut in front. I just tried to stay calm and not change speed since they would soon be on the rear of the already exited car ahead if mine. In WA we have even worse exits, the safe speed says 45, but 50 feet further it says 25. I have to do that one a lot. Never get in the right lane there. It is it's own type of red light district.
or a money put car like any Stellantis junk for EW. Yeah, I asked for looking at the Extended Warranty and it excludes all the expensive parts.
Is this called “ stupid is what stupid does “ for getting involved with this insane loan. These people just bought their vehicle 3 times by the time they pay it off. With this interest rate. And then the dealer sells your loan to a bank and makes another couple of thousand off your loan.
If you ever see a 'only $$$ bi-weekly for 96 months' ad run. Or better yet do the math and see what ride they have waiting for you.
Steel rims are actually better, aluminum wheels can not be fixed once damaged. I was able to drive miles on my steel rims until I could pull over to replace a tire. The tire was smoking but the wheels had no damage.
I’m putting a metal bumper on my 2010 FJ… it’s paid off and keeping me out of the dealership!!😀😀😀😀
Watch out for the dealer that charges the sales group for every thing that is done to a car to get it ready for the lot then tack it to the price. This work is done at a inflated price.
It really is a bloated charge
Some has said they're rather have a root canal than deal with buying a new car. Luckily my dentist does them well, and without pain.
What is insurance on a Tesla, 3 grand a year, is it more, I pay $800 for my Camry.
My idiot neighbor has an eight-year contract on a new POS 2023 Mercedes S Class.
Lol
The problem is that income hasn’t catches up to not inflation, but the rate of increase for these cars and trucks.Let these dealers and manufacturers suffer and not buy anything until prices come down. MSRP has to come down.
You can’t increase 10% every year when you get a 5% pay increase. They didn’t care during Covid, we should not care after.
Never ever pay for dealer add ons ❗
Thanks for your information 👍 I appreciate you
Dealers are not happy when you choose a base line trim car verses one that’s fully loaded, THEY seriously need to back off customers choose what features they want, all these add ones spiking up the price of the car is a waste, look up all 5he standard features and being content goes a long way, 💯 correct on that part making it clear, also rates from dealers will be higher for profit gain, research your own financing likely the bank your with will more than likely want to do better business with you and give more of a discount, ALSO too make sure you are within range of payments I’m glad I walked out on a 15,000.00$ used Honda HRV 72 month 452.00$ payments, it’s a 5 year old car the interest rate was not great, they couldn’t go down more on payment, my trade only worth a grand, I didn’t have thousands saved up for a used vehicle, I dont have 25 grand for cheap new. I’m currently keeping my vehicle yes it’s 15 years old now but still runs, it’s hard paying 4-6 year loan, saving money in inflation times is difficult
Never get any turbo under 2.0 litres, it will collapse.
Look for a used Honda Pilot V6 they go 300k+ miles most of the time
$800/month for 96 months =$76k
And that’s almost the average expenditure these days
Resale is another scam, buy a Toyota and drive it 30 years.
Each add-on has its own built-in profit margin.
Call your insurance company they will tell you the worth of the car
Why paying for options that you never going to use it.
Exactly but also they bundle options up which most are pointless but you might. Red 2 out of 5 features bundled together
If you do a proper down, GAP insurance is useless.
The dealers were also getting fully loaded versions as well.
I need a new suv what you recommend me??? 58 k I can spend
I hear most of this and almost all doesn't apply to my situation, but the "have 20% down ready first" definitely makes me think, even though I'm after higher end used.
Have 100% down or don't buy it.
No Mickeyyy! 🤦🏿♂️😆
New to the channel and I subscribed off of the first video I saw minutes ago. Great content, keep it up and thank you for taking time to help us 💪🏿😎💯
Thank you so much and welcome to the channel. Hope you have a great week.
Most people have car loans and also live paycheck to paycheck. Never take out a loan for a car.
Never say never is the only time to say never. Smart people actually know how to use loans well. Dumb people do not.
@@jerrylundegaard2592 personal debt is always dumb. It’s for people who think they are smart but in reality they are not.
Should be under $499 at a 50k yr income!
@@JA-zh5xi That is what financially challenged people believe.
People who understand financing and math know how to use debt well, in a manner to enhance their lives.
For example, a person has good credit and gets an auto loan at 1.9 percent. Rather than pay cash the person leaves the money in a high interest savings account paying 5 percent. It does not take a genius to understand that little move results in a net income for the person.
For example, a person understands auto insurance rates are often pegged to a person's credit score. These people understand using a credit card every month and paying it off before the payment due date as well as having an auto loan paid off as agreed or better will result in a solid credit score. I, for example, have a plus 800 credit score. My auto insurance reflects a 38 percent ($700) yearly discount due to may credit.
Of course it does take some actual thinking to use credit well.
And smart people know nothing is always and nothing is never.
I can get under 6%, I just checked.
Padding the rate should be illegal
If one takes 10 year loan for a pickup then please just let them .. there is nothing you can do to change that particular one…
Ive had dealers calculate tax wrong...
Ouch
Sales tax is on vehicles in the US.
It's funny you say to consider the insurance cost. When I was looking years ago for a new car I found out what car I was most interested in and I called my insurance company to get an idea of the cost. She said of course they couldn't give an exact amount without a VIN number but they could give a ballpark amount. She said that she hadn't ever gotten a request like this before but thought it was a good idea that more people should think of. This was 2007 by the way. So I just wanted to say you are passing on some good advice here. Thanks for this video.
Its insane that people don't factor that in
Even invoice is too high. These vehicles on the lot for hundreds of days are incentivized by the OEMs with huge rebates to the dealers for unloading them. A dealer that ends up paying full invoice for their old stock is becoming a rarity.
Yes that’s fair, sadly realistically getting things below invoice is a serious challenge
This man is talented and great to watch.
Thanks
I hear about people paying over MSRP, cause they think they don't have any choice and they don't haggle the price and the salesman says a ridiculous price and the buyer says OK
I hear ya. That is such a dim witted thinking as it’s nothing more than. Ripoff. Sadly it’s those buyers that caused this inflammatory price increase in the industry that has no basis especially considering core inflation was 1/4 the average vehicle increase
amount per month x # months - cost = amount you pay in interest
Thanks for sharing for the viewers
They always put on cheap ass tires. I replace mine early.
Do you ever think it's just cheap tires ?? They are going to very low bear bone cheapest materials that are designed to last 5 or more years that is about it. They are grossly overpriced for what you get. Cars 20 years ago were way better.
Nice indeed.
No one needs a vehicle with over 400 hp
That’s a lot of power
400 hp is to much for 99 % of the people.
For normal day to day driving 200 hp will do.
There was a boat show near a lakeI live last month. Some were offering 240 month financing.
hahaha nice
Where is "lakel live"?
I buy a BASIC one to two year old car cash - I usually get around 18 years out of them. Never had a car payment. I always look at car owners forums to keep educated when my car finally dies.
Nice
Not anymore new cars are junk
Likewise, I buy 3 year old with low mileage that are listed for 50-55% of what the original price was….cash. Drive it for 10-12 then repeat the process with $5-7K from the sale of the previous car to apply towards the next car.
Trust me, every dealer does huge loan markups. It literally took me minute to get pre-approved. Bank said 2.3% and the dealer said it was 3.5% from the same bank.
If you have a decent vehicle that is paid off keep it and if you just have to have a new vehicle put $700/mo in savings and put a large amount down in 18 to 24 months. You are better off to save as much money as you can for a big down payment and drive your current vehicle until it falls apart. Plus don’t spend more than 50k on a vehicle. There are a lot of good reliable vehicles at reasonable prices.
Most people don’t even get the useful life out of a vehicle before they unload it.
Im about to pay off my 23 Ridgeline this month. It only has 16k miles. Ive had it since new. Cars are such a bad place to have money in that I'm considering buying a junker and selling the Ridgeline and pocketing the difference. Any thoughts on that situation?
My co-worker made a substantial income, had no kids or debt except his modest house, and refused to have a credit card. It was 2019, and still he drove an old green Tercel until the seat support rotted through the floorboard and he was about the erase the yellow line in the street with his hind quarters. He had no financial stressors, (like a $130K pick-up). There is something to be said about being a tight wad, although, to quote you, "life is too short to drive boring cars", but in my opinion after hearing these horror stories, not long enough to have a 96 month car loan with high interest on a rapidly depreciating want. That old cliche' :"If you have to ask how much it costs, you can't afford it"
If you do not asks how much it costs you probably paid too much.
My 06 Taco is running perfectly…😀😀😀😀
Hey, my auto insurance policy covers full replacement of my car 1st 2 years. My dealer didn't try to sell me anything added on my new 2024 Honda Civic Hatchback Sport Touring that other dealers add when the car is sitting on the lot, my car was already full loaded from the factory but I did add the factory add-on spoiler to my car. I didn't buy any of the add on warranties or etc. they offered me either, why would I need an extended warranty? I doubt I'll put over 5000 miles a year on my Civic since I retired 2 years ago at 55! The car I traded was a 2007 Pontiac with 158,300 miles on it & everything still worked including the air conditioning but it was time for something new, this could be my last new car I'll need mileage wise. My dealer is a single family owned dealership & they were $3,485 out the door cheaper than the Honda dealer across town that's owned by a automotive group that has a $2000 add-on sticker on every new vehicle window on the lot & they offered a 1/3 of what my dealer offered for my trade.
My newest car is 16 years old and i have no payments. I like it that way just fine.
Ninety six months? If it's an American car or truck it's likely they'll have to replace the transmission or engine while they're still making payments. Ninety six months financing for a car is just a very bad financial move. They'll owe more than the car is worth well before those ninety six months are up.
I did 96 months on my Argo, I'll pay if off sooner, just HATE having no emergency fund lol
They now have 96&108 month auto loans. Smh
More like if it's European or British they'll be replacing those things.
Your statement is personal to me. I took an 84-month loan for a 19 Ranger Lariat. $49,179 out the door. Well, I paid it off at 61 payments. The transmission took a dump one week before I paid it off. It's a work truck out of warranty 85k on it. Just got back from the shop for $8,000.
Great insights, advice and tips. Thanks for the video.
You will own nothing and be happy.
You vill eats zee bugz
and you will eat meat made from/of "Fecal matter"....... or my name isn't "KLAUS SCHWAB"...........
Right?
Haha
I prefer my method. Paid $1150 for my car in 2015. A little 99 Mitsubishi Mirage coupe, 5 speed, still running great at 233k miles (regular maintenance is everything). Online-research how to inspect, what to look & feel for in a test drive.
Paying over $5k for a car is for suckers!
Wow that's so scary. I just got a new Audi TTS final edition today for £43k UK pounds but only 48 months. Reality is I will pay it off in 18 months like I did with my past cars ( i earn £200k a year) . 10 years is just madness but i guess that's how dealers can engineer small-monthly payments.
If you earn 200k a year, why are you here bragging about it? A lot of us here don't have a salary like you!
They do bi weekly payments now...seen a new tundra with a bi weekly 700 USD payment 😭 yes the new tundra that blows engines
I have a coworker that proudly pays 32% interest for a 2021 Nissan Altima
BAE❤ Edition
Front/rear bumper clips both broken
Honestly after a certain point, you can't even blame dealers for it. If you're gonna agree to something completely asinine like 32% interest, that's completely on the consumer
Haha ouch. So e bad financial decisions
@@markholubetz i tried being that good person and breaking it down but no prevail. The response i get is my credit is such shit this is only thing i can get.