10 Major Car Buying Mistakes That Keep You Poor

[@bikebudha01]

My checklist: 1) Buy new. You own the car for 100% of the warranty period. You are not sitting where someone else farted. 2) Buy reliable. Do your homework. Buy a car that will last 10+ years. 3) Keep if for a long time. I keep my cars for at least 10 years. 5 years of payments (sometimes, see below), then 5 years of no car payments/save up for the next car. 4) Pay cash, or put down a huge deposit. Eliminates or minimizes interest. 5) Get the best interest rate. Don't just take what the car dealer is offering. Talk to your bank, or others, to see if they have a better deal. Walk in with that paperwork in hand (if the banks have a better offer). 6) Take care of the car. Not only will this minimize maintenance costs while you own it, it maximizes resale/trade-in value when you to part ways.

[@ilovetotri23]

Thanks for talking about the cost of a loan. I usually pick a longer term loan just to feel secure. I usually payoff the loan very early because I always pay more than the minimum.

[@economiccrisis9267]

I do the same thing

[@milestraysandor5901]

Most of this stuff is pretty common sense really. Also if you're in a financial position to payboff or buy a car outright, strongly consider doing so.

[@Fortune02]

CHC is my favorite resource for car info. Thanks!

[@ruthiec.684]

Love your videos. Very sincere. 😊

[@rudfil]

It doesn’t matter these days what new car you get it will be more expensive later on and its resale value will be very high because the lack of used cars .

[@ahmedsyed3436]

Great video! One more thing test drive many cars before you buy.

[@donniee.2238]

As you spoke about reliability and resale value a Kia slipped thru the cracks and into the pics. I know that was a mistake. I know whoever edited this meant to put the Honda CR-V.😂. Although you weren't pinpointing any specific cars we always look to see what you show when you say something is good or bad

[@mrzombier]

Please do a video on top 3 cheapest cars (new) in Canada. In the US, there are no more sub $20k cars left with the news that Mitsubishi Mirage is going away.

[@josephj.6478]

I believe the Kia Rio and Nissan Versa are still sub 20k options

[@rockeye]

I’m gonna trade up for a 2023 4Runner TRD PRO. Reliability and high resale value.

[@mrnarason]

Is a 2021 Tesla model 3 with 47k miles for $26k a good deal? If I can knock the sticker price down to 25, then I can get a 4k used ev tax credit

[@billyrock8305]

Rule #1 Buy a Toyota or Honda ✅ Rule #2 see Rule #1. ✅ Outstanding well seasoned and wise advice. Especially for the debt ridden younger generation. Total common sense. Todays average car payment invested wisely is $1.9 million in 30 years. Think about that!

[@cargopilot747]

Good points. Starting at 6:25 especially, compound interest can easily add $10-20 K to the price of even a non-luxury vehicle over time. The only reason to possibly make an exception is if current or anticipatedhouse payments get in the way. That's because lenders look at your total monthly obligations. Paying $700 a month on an 84-month car loan, may enable the purchaser to buy a house as well, even a year or two later. But if the borrower is paying $1,050 on a shorter loan, he or she may be disqualified. Even if he has only six months left to pay off the vehicle, the lender just looks at the total monthly obligations. Or perhaps the buyer is already paying a mortgage and can't qualify for a high monthly car payment. Meanwhile interest rates keep going up, best to have as little debt as possible.

[@albertbao6549]

That's a lot of valuable info, well presented too, thank you!

[@islanddon865]

As an old veteran of Car Sales Management, l concur 100% with every point that Mr. Prymak makes. I would also like add that I did waaay better selling my last 2 trades directly to VROOM and paying the sales tax difference on a dealer trade...over $1000usd net on both deals. That's real $$$. And the best part, l could crush the new car purchase without getting robbed on the trade. You can also use your printed Carvana, or VROOM offer as a lever to get a higher trade from the dealer. Good luck swimming with the SHARKS!!!😂😂😂

[@youtubecarspottersguide1]

just buy a grandma car ,saw a 2016 Honda civic with 25k miles lot life left didn't last long

[@person1589]

I've been searching for a decent used car or new car for the last 3 months (in Canada). There isn't a single new car dealer selling for MSRP within 100km of me unless you do a factory order. Even then, I've heard of dealers trying to do add ons to factory orders for extra cost so the buyer drops the order and they can sell it to someone else for higher. I've gone to kia, hyundai, nissan, Toyota, and Chevy, looking for a car that's in my budget, and all of them have adjustments or add ons they refuse to take off. The car market doesn't seem to be getting better at all since I've started, and I doubt it's gonna change much if people are still buying at these prices.

[@shubhamchauhan3981]

What if i wanna buy a used car with with 7 yrs finance amount as monthly payments but try to pay off the within 3-4 yrs max then keep the car to myself later on as much as possible the motive is for business use personal and down the line for my future family as well, basically not sell it and the car which i am talking about is land rover range rover maybe 2016 17 18 please if you could suggest something… would highly appreciate!!

[@Mo.Jo.]

I once shopped at a licensed dealer and got screwed over. they had shady practices and I was a very new car shopper. I complained to omvic and they did Nothing. Dealer kept my deposit. After that, I never car shop thinking omvic will help. They're absolutely useless and just for profit, just like the dealerships.

[@angeladelancey9350]

Nice intro but I was hoping for more detail. Or links in the description for more information

[@anthonyhebert-trudeau6995]

Just buy a Hybrid Honda or Toyota for 35-40k, keep it 15 years and repeat.

[@musicandmelody5869]

Is Tiguan Volkswagen worth to buy..?

[@ilovetotri23]

Some dealerships attempt to sell add ons? Are you serious? That is how dealerships make their money. They are relentless at trying to sell these products!

[@ramjagan5469]

Very informative

[@jocelynlee4783]

good advice

[@sternhardern9906]

Really helpful thanks

[@S.A-w6j]

In the current scenario year long wait times for Toyota or Honda and high interest rates, this just doesn't work. It all depends on what value (price, features, warranty) you are getting plus the Wait time. Re: resale value, some brands like Toyota (Camry and RAV4) are a generation old when compared to their respective competition. Not sure if someone would like to keep an outdated car for 5 - 6 years just for the sake of resale value.

[@ilovetotri23]

I have never heard of "curbsiders", I am not surprised though. I do have to strongly suggest that private parties will always give you a better price! If they have all the documents in hand, it is agreat option. Remember the golden rule, if it seems too good to be true it probably is.

[@thrillhouse_vanhouten]

Thank you as always for your service & helpful advice. You're one of the good ones!

[@AnilKumar-xl2te]

Buying the car is mistake😂

[@larrybellehumeur-ij4er]

I am watching this thinking … why is a video like this necessary? Should this stuff not be common sense? Sadly, it is not.

[@lambo-ca]

Best Lexus cars under 40K. Next video kindly.

[@ilovetotri23]

I have never traded in any car. If you are smart enough to listen to this channel, you know which cars you can sell more easily through a private party.

[@jasmineprymak3020]

Thanks for the helpful tips as always! Taking consumer's interest to heart.

[@KDMusicprod]

Thanks so much Shari.

[@BryanLeslie-w3j]

You give great advice.

[@Noone-sr7or]

Great advices!👏

[@MSC0330]

Thank you 🏁🏆

[@wholeNwon]

Very good advice. But if you don't want to be cheated on a car purchase, never walk into any dealership...period. Best to buy from a current OWNER (title in hand and in his/her name with all service records) but only after a good PPI by your own mechanic. No exceptions. The highest-paid employee at dealerships is the finance person. Figures might not lie by liars sure figure. If you do make the mistake of going to a dealer and are reading a lease agreement and realize that you don't really understand it, take it to a CPA. It will be worth the cost. Don't be pressured. Never choose a make or model that doesn't have a good long-term reliability record. And, to me, that doesn't mean "J.D. Powers awards". Their parent actually owns Kelly Blue Book. At least they did the last time I looked.

[@georgepintilie8647]

hey man, i have a 2021 sonata and i want to trade in it early (its on a 4 year lease) I want a tesla model y or an audi s5. are you able to help out with that?

[@monkey6901]

Would it be unwise to buy a 2020 Porsche Cayenne ?