Auto Loans & Negative Equity

Auto Loans & Negative Equity Tax season is going to suck
Book a Consulting call with Lucky
automotivelife....
Contact me at [e-mail]
Text Only!!!! 24/7 702-550-7447 Text Only!!!!
Visit Our Website for Online Courses & Consulting
www.Automotive...
IG 📷: / luckylopez
FB: / automotive-l. .
FB Group : / 90206. .

[@OliverFoote]

Buying a new car every two years seems like a great way to always be broke, or at least paycheque to paycheque

[@Beloved20223]

Yes who are those people ha

[@jonathantaylor6926]

It’s not a great idea but if you put 20k down on a car A and then get a 36 or 48 month loan trading in after two years for car B, C, D it really doesn’t make your payment go up by much.. you end up with positive equity for each trade in.

[@torontoontario8387]

Its the American way today.... sadly

[@anthonymartinez4307]

Absolutely “let me make someone rich while I earn less every year” lol

[@sl5946]

Sure, but you get to impress people that you don't know

[@oa5828]

The market is a system that transfers money from the impatient to the patient. - Warren Buffet

[@bigbilllasvegas]

Lucky is one of the very few honest guys in Las Vegas selling anything. Cheers.

[@cbillings6]

I had over paid on a CRV and totaled it out 6 months later. The only thing that saved me was I had put $2k down, financed for 60 months, had a decent rate of 2.9% and I totaled it at the peak of car inflation. I ended up getting $2k back after the car was paid out by the insurance company. I got lucky.

[@TheFrenchPug]

Wow. That's great!!!

[@JohnDoe-nv8lh]

I totaled my 22 mdx welcome to the club lmfaoooo

[@bkvintagecorp]

I totaled my 2018 Nissan maxima in 2021 that I bought in 2020. I couldn’t buy another one after b/c cares we’re so over priced. I got a great deal on that car smh

[@JohnDoe-nv8lh]

I was paying 929 month for my 22 mdx tech package I got raped with no condom lol

[@bkvintagecorp]

@@JohnDoe-nv8lh 🤣🤣🤣 I was no money down, close to 300 a month. White max SL with the white seats 💪🏿 Oh and I had the dealer take in my trade in, they paid it off and I had no negative equity 😂

[@chrisncars317]

This is why I am glad I have my vehicles title. A new car is always tempting but not always the smartest decision

[@oldskoolbmw]

I see dealerships that told me to piss off in august and September asking 5-10k over + some value 3k perk package now calling me stating they have 3 on the lot and They'll "deal of a lifetime" me one for MSRP. Customers got long memories. Brands have no idea how much damage that was done to them by these practices.

[@Robert-un3cf]

Serious. Let them rot.

[@SF-dy6hn]

They thought the world was ending. Businesses all closed down across the country we were all told to stay in doors because there was airborne super aids. They did what they knew how to do best throw the customer under the bus fuck everyone over and horde their resources. They acted with their lizard part of their brain responsible for survival.

[@analysemonique]

Waiting on a new car - paid 1K deposit and will end up with $800 in 'mandatory' extras. Highest deposit from dealers in my area but quickest turn around, car is being sold at MSRP.

[@jonathantaylor6926]

Don’t even think about buying a car until the end of the year or even into 24. It’s really simple to know if you can get a deal.. can you open the car door all the way? If yes, walk away.. If the dealer lot is so packed you can only open the door 12 inches and you have to slide in sideways.. it’s time to buy!

[@420villain]

Wish u a speedy recovery in 2023 for the Colts bro

[@johnhufnagel]

dealers already hate me. the last time I bought a new car was 2005. before that, 1992. I keep mine forever, and sometimes longer. 🤣

[@neondynamite]

As much as I’m anticipating the market to go back to normal prices, the auto loan rates do not make it ideal to buy even later this year unless one has a lot of cash to put down.

[@LuckyLopez777]

Very true

[@EvoAlexis]

What is demand a lot

[@normanfillmore3490]

The loan rates are now what can historically be considered at a normal level. The days of basically free money, 2-3% Auto loans and mortgages, were the outlier and incredibly damaging to our economy. There is a debt to be paid for our stupid politicians kicking the can 15 years down the road from 2008 instead of fixing the real economic problems, and that bill is coming due.

[@nothingtoseaheardammit]

Only if you view lending through the prism of the past decade or so. The low interest rates we've seen recently are an anomaly. Remember when mortgage rates were 22% I do ... back in the 80's. There's no "free money" anymore but it's still not the worst. That being said, never finance a car that you couldn't stroke a check for out of your bank account.

[@braetonwilson4296]

The best thing you can do this year is take money from your savings and buy a car with cash if you need to buy a car. I plan on paying $30,000 in cash for a new 2023 Corolla.

[@countrytimebarbeque652]

I'm in need of a new or newer Van with a 8cyl engine but dont and wont play the game dealerships are still trying to play...I for one will wait it out... Dan

[@Vostro123]

I feel no remorse neither for those greedy dealers who made decent money recently nor for those stupid people who overpaid so much. Thanks all! You are driving our economy 😅

[@derekgardin1512]

Yep they made good money for a year selling the high priced cars now are stuck with a lot full of cars they overpaid for and will have less buyers or recreational customers because of the negative equity. They ahot themselves in the foot and I think it's funny. Don't be greedy, it will bite you eventually.

[@billybobobacious]

I feel sorry for the average working person who had to buy transportation, and needed to buy a car a couple of years ago. They weren't victims of their own stupidity, they just had to buy at the wrong time.

[@hiko8822]

Yeah, I was gonna say, I had no choice and had to get financed for 24% so I can live out of a van. But I guess I'm the stupid one for choosing to live out of a van instead of the street.

[@jaron-craighunter4485]

@@billybobobacious very true

[@sagelexus]

@@billybobobacious i baught a electric bike and struggled because I refused ! i baught a 2021 forte at 11.7 % ( was fixing my credit at the time had a very low score ) still got 11.7 at small credit union baught my 2021 forte for 18 k at a 346 $ a month payment . I had a 446 credit score was 27 knew nothing about credit and my credit was frauded years earlier and i never handled it ! ! I got a secured credit card and built myself to a 710 in little less than a year ! 2 years latter from buying my 2021 in september of 2020 so around may 2022 my same car but current year was going for 35k with the " dealer mark up for low invitory " It was hell !!! My 2021 was stollen so i was back looking for a car 2 years latter in a out of controll market ! here we are almost a year latter ( have spent this time learning studying credit building fixing ect ) and im back trying to buy a car after a long stressful year with no car !!! Now interest rates on average are higher but prices are dropping back to msrp for most part ... and i 100 % agree because thats the spot i was in ! Thank god i live in la so i had alot of public transportation !!!

[@youtubesucks8024]

If you look up GM dealerships they still have $5k “dealer markups” on their cars. Everybody gotta get paid, but I hope these greedy stealerships go under.

[@LuckyLopez777]

Will be changing soon

[@grantquinones]

​@@LuckyLopez777 are you part AI I've never seen somebody interact with people so much lol love your channel!

[@braetonwilson4296]

@@grantquinones You should be supporting your Latino brother, not putting him down. He's very hard working to respond to all these comments.

[@DeadAir21]

Definitely depends on where you are in the county. Where I live the GM dealers didn’t do markups at all. It was just the Ford, Hyundai and Kia dealers that were marking up.

[@cjmixer99]

Last year I was in the market for a new Toyota 4Runner. Here in SoCal, every dealership was marking them up $10k-$15k over msrp… except for one dealership that sold at msrp. Felt lucky to find a new 2022 4Runner at that price, and put 20% down.

[@EricEsser]

I saw another KZbin video where someone bought a "gap car" to use while he was waiting for his special order (high demand) car to arrive. Plan was to drive it while he waited and then sell it. He was incredibly surprised to find that his gap car was worth $15k less than he paid after "only" ~8 mos and 20k miles, and so he had to cancel delivery of the car he ordered and now he's "waiting for the used car market to recover". Hilarious. Something happened to our brains during COVID.

[@justacinnamonbun8658]

I just bought a new car last month for MSRP but I put down $10k on a cheap $22k car. So my loan balance is about $12k. From what I'm hearing sounds like a lot of these people buying Tellurides, Broncos, Chargers, Corvettes, etc. putting down like $5k or less on cars costing them $50k and above. That's a crazy way to do business IMO. I want to own the car, not the other way around.

[@Robert-un3cf]

Blows my mind how a once in a lifetime, freak event causes rain to fall up, and people immediately accept it as the new normal. lol

[@nothingtoseaheardammit]

No our education and values system has failed us. Financial responsibility used to be something we taught and encouraged. Now we glorify short-term thinking at the expense of long term success.

[@justacinnamonbun8658]

@@TheRealCatof That's what I would have done. Although even beaters were going for crazy money, depends what you think is a lot of money. My wife was like, let's buy a used car, I was like well, we could get a used car for $5000 but the pickins are slim to get something reliable for that money, I'd we take the same $5000 and buy something new but cheap, would that make more sense? In a way it does, we were looking at a Mitsubishi Mirage which is like a ~$18k car, we settled on a Kia Soul for $22k. We looked at SUVs and bruh... They wanted my firstborn child for an SUV. $35k and up. I was like no way Jose. Those same SUVs probably by the end of this year you'll be able to pickup used for pennies on the dollar.

[@thebulgarianguy8461]

@@justacinnamonbun8658 assuming you got a rate under the inflation, you would’ve been better off investing your down payment. That’s mathematically speaking. I totally get the peace of mind of paying down a $12k loan compared to a 22k one.

[@truckinfool3550]

First of all, don’t get a loan for a vehicle. Second, never worry about equity and drive it for 10+ years…I don’t even buy them until they’re 10 years old…

[@williamroberts8768]

I never understood why someone finances a car for 5 years, only to sell it 2 years later. Cars today have 10-15 year life if maintained appropriately. It is a general rule never to buy the first generation of a automobile like the F-150 Lightning, Hummer EV, Bronco, etc... to may quality control issues as automakers learn to make them.

[@StripLV]

I am German living in Germany. I NEVER heard that someone will pay over MSRP at a dealer. NEVER! not even for a exotic car like a LaFerrari or so. Here it is absolutely normal to get a 10-20% discount for a car. Also in the Pandemic!

[@omarlomeli88]

I saw this coming, so instead of buying a newer used vehicle I bought a 1984 Mazda B2000 & I fucking love it. She's got over 300,000 miles, but I replaced many parts on it & even opened the block to see what it looks like inside & it looks fucking brand new! I believe a handful of us car guys are looking at older vehicles, for so many reasons. They're cheap, reliable, easy to fix at home & they don't have all these fancy gadgets that cost thousands to replace. Good ol' analog tech.

[@news26boom]

Why doesn't it surprize me that the people who pay 10s of thousands over MSRP for a Corvette or G-Wagon also want to buy a new one every two years?

[@LuckyLopez777]

Shocking lol

[@CaptainCaveman1170]

The problem is (also) the system that allows them to keep doing so. At some point, the banks need to start saying NO...but the banks don't care because they know they will always be bailed out. What a corrupt system.

[@chijen2010]

I bought a 2023 C8 Corvette Convertible this past Sept. I paid $12,000 over MSRP and put $40,000 down. My rate was 5.375% for 60. 839 FICO. The last new car I bought was in 2017. The last used car was in 2018. I just couldn’t wait anymore. I love cars and I wanted a new one. Still not upside down yet and I can easily afford the payments. Not everybody is broke and my job is tenured.

[@Oxios]

Citing Rick Ross lyrics here Once the (thing) need an oil change I go and buy a new one 'cause I'm spoiled man

[@fskof]

One trick I noticed a local GM dealer doing is they claim no Dealer Mark Up (ADM) but when you purchase the vehicle they will add a Transportation fee, set up fee and a Detail fee. Be careful out there. These dealership’s are getting greedy and will add hidden costs after you agree on a price. You must call them out when this happens

[@poolfixer]

Just subbed to you Lucky, because of the interview you did with Wealthion, "Car-mageddon?? Auto Insider Predicts Car Prices To Fall This Year | Lucky Lopez". Very interesting interview and a wealth of knowledge, Thank you!

[@craigmiller5926]

I never buy new. Depreciation historically makes car buying an awful investment. I usually buy used (2-3 years old). I hold on to my cars for 7-8 years. Will be in the market in 2023, but probably next Fall. Am I wrong Lucky?

[@jeffersonblackmon]

Thanks again Lucky. With all the various issues going on in the car industry maybe you could do and interview with colleges that see it from the different perspectives. Banks, Loan officers, those that do repos, auctioneers and a few dealers - and it can be done anonymously if needed. Keep up the great work.

[@benrichards9667]

I heard Repo men busy AF. Good! I want a truck, but won't pay the BS MSRP $40K+$30K Market Increase fee! Flunk'em!

[@LuckyLopez777]

Very true lol

[@stevechance150]

It works out good for the guy looking for a new truck, but screws the guy looking for a slightly used truck. If the owner can't afford their payments, they definitely aren't getting oil changes. The repo cars hitting the auctions are going to be crappy.

[@Bigern2998]

Bunch of flunkers! 😂

[@Mattius08]

There are a ton of repos going on right now on trucks. Even prime loan repos are at an all time high. If you are in the market for a truck wait it out, there are going to be trucks flooding the market in the coming months and banks and dealers will be begging to get rid of them

[@DeadAir21]

People are still charging over MSRP on trucks? That’s usually the one thing they tend mark down.

[@T4nkcommander]

First heard about you from Danielle's interview on Wealthion. After she mentioned your astute insights I immediately watched her interview with you, and was very excited when Adam finally got you on. Glad you have a channel I can follow. You are like the Nick Gerli of cars, and I mean that in the best way!

[@justacinnamonbun8658]

Nick's growing his hair out, I'm like stunned, I miss the old "Slick" Nick next to the glass window.

[@establishdreverb]

Sounds like a parallel to the sub-prime mortgage crisis of the 2000's. Will be interesting to see how this plays out. Don't buy toys or take risks you can't afford in the long term.

[@FalconMidget]

Not even remotely close to the same thing.

[@lsowner10]

What’s your education level?

[@Jeez001]

@@FalconMidget it is similar to it, financial crises was caused by laxing of lending regulations and wallstreet packaging risky mortgages without understanding the risk. Where as currenr crises is cases over stimulating the economy with low rates and stimulus causing massive price appreciation in all assets and as a result runaway inflation.

[@thecoolrich]

I’m glad I got out of my loan when I had the chance when even though I lost 2K, if I held on to the car, I wouldn’t probably had been negative on way more money!!! So be smart

[@LuckyLopez777]

Smart move

[@johnstewart830]

I have a 2015 Tundra (paid off) and want to upgrade to a 2021 (don’t like the new one), but after watching this, I may be waiting to upgrade.

[@blueboots7422]

Watching my neighbor (Family 4; 1 kid in HS) who bought home near peak, private schools, MB, Jeep, Jaguar in driveway...& now new Bronco! They're either loaded! Or They'll fall like a house of cards...

[@blaakrose]

This negative equity problem will either cause people to be responsible and not buy another vehicle or them to let the repo man come and get it. This problem will benefit buyers that don't have a vehicle they are upside down on. In the coming months it will finally be a great time to buy.

[@LuckyLopez777]

True $$$

[@CaptainCaveman1170]

Unless the government comes up with yet another immoral forebearance/forgiveness program to keep screwing over the responsible people.

[@JJ-mh3hb]

It will be a great time to buy a fairly brand new, not maintained vehicle.

[@andidede3653]

You think people would learn since this is not the first time that people roll negative equity on new buys or leases. Maybe not this bad but it always happens and people never learn. They impulse buy and use emotions instead of reality and what they actually need to make financial decisions

[@andidede3653]

I would have laughed in the face at the G wagon princess throwing a fit at the Mercedes dealer and told him his G wagon is only worth a sack of potatoes. Pay 100K over MSRP what an idiot.

[@thecoolrich]

You know the sad thing is!!! I remember dodge charger hellcat 2020 was 73K brand new!! Now a 2022 model is 88K+!! And the crazy thing is dealerships will still charge 5-10K over msrp, so a hellcat that was 73K in 2020 now a newer model is almost 100K!! What a joke, especially for a dodge car

[@LuckyLopez777]

Crazy stuff

[@jft7174]

Mannheim auction by my house is full of hellcats and skat packs.

[@desertguy1362]

I saw the writing on the wall when buyers felt when they paid MSRP they got a great deal.

[@thecoolrich]

Well now that u mention the c8 corvette! Yes the new zo6 is like 100K+ over sticker easy!!! When the new ZR1 comes out the zo6 will be going for sticker easily!! So I think people should just be patient

[@LuckyLopez777]

Very true.

[@cliftonixs]

I just bought a 2020 Accord 2.0T from Carmax. Fair price I was willing to pay, smooth service. Before that, I saw lots of other Honda dealers for the new 2023 CR-V. One salesman, in particular, was very knowledgeable and stayed in contact with me. I let him know that I had purchased my car and the next thing he said kinda took me a back. "If I could get you the full price of what you paid for your car as a trade-in, would you consider the 2023 CRV?" I'd said I think about it, and left him a good review online because he was the only salesman out of like 20 who kept calling me back. I dunno what to think about it, but I like my 2.0T.

[@ocmotivator]

I’ve been screaming about these issues on my channel and sending people to watch your videos. So many are still living in fantasy land since this is the last year for some cars like the Dodge chargers and challengers and they think these are going to double and triple in value. The mark ups are insane. Great content! Would love your opinion on these last call discontinued cars that are getting pushed so hard with huge mark ups.

[@LuckyLopez777]

People won’t listen till it’s too late

[@MrOzzyblk]

Just looked at a Hellcat Charger today on showroom floor. 2022 Hellcat was marked up 20k over MSRP. Salesman said it is "market price." CRAZY !!!

[@aycemanm8151]

I was thinking of a scat pack but both chargers and challengers have been out too long there are so many out there. That here in OC CA, there are more scat packs than there are Camaros or Mustangs. I went for the GT Mustang and don't regret it I see far less GT's than I do 392's.

[@mannyp7987]

@Lucky Lopez HI, Lucky Big fan I was wondering if you have video on weather a down payment. when buying a new vehicle is good or bad and if you don't I would really appreciate; The lesson on the do's and don't of buying a new car at dealership.

[@michaelbuteau4183]

Hello OC motivator Big fan Love watching your channel and it's awesome to see your daughter added to the mix Makes me like you even more I've seen new and used skats and cats At the dealership They still want Over MSRP But it's seriously dropping down I live in the Phoenix area I'm waiting till all the snowbirds leave and then I will Strike and get me a Hhell cat I would never pay over msrp that's Only for dummies

[@mrmiralg]

This sounds about right. I'm wanting to get in a new to me vehicle. I'm waiting to see the market continue to soften.

[@mrmiralg]

Lucky - content idea for you - maybe you could walk people through the car buying process? It would be great to get the perspective from a dealer like yourself.

[@LuckyLopez777]

Me too

[@Beloved20223]

I have the right truck for you only 3k over msrp.

[@thecoolrich]

Sadly I know a few people who overpaid for cars and now the cars value went down like crazy!!! So they are negative equity like 15K negative :((

[@LuckyLopez777]

The average I’m seeing is $15k 😜

[@TheRichardc88]

Used cars were inflated too. I believe many people driving their 3-6 year old used cars have no idea they are now thousands in the hole. Inflation hurts everyone, not just the rich and stupid.

[@duerf5826]

I've been browsing around on Carmax and 2018 Honda Accord with +100k miles are still being sold for more than 20 grand RIGHT NOW. Shit is fucking crazy.

[@DeadAir21]

Reminds me of the TikTok where a lady bought a 2023 telluride and was trying to trade it in to get a Nissan pathfinder. Problem was the loan on the telluride was 70k but it was only work about 40k so she was 30k underwater.

[@JoseDiaz-qw7mg]

YAA talked about that yesterday

[@zimman20]

Most of us saw this coming and thanks to channels like yours, Lucky - we had our suspicions confirmed. It couldn't last and there was gonna be a major hangover on the other side. Aaaaannd....here we are. For those of us that didn't buy in on the new and used car shenanigans the time is drawing near where our patience will be rewarded. With overpriced cars and high interest rates the repo rates are gonna spike and there will be great deals to be had by all who were patient. Same will happen with the housing market - patience is a virtue and will be rewarded!

[@cluelessinky]

I was brought up to buy only what I could afford. As a young man , back in the 60’s, cars were affordable. My first car, a well-used 1953 Chevrolet cost me $50. As I grew older I realized that saving first and then buying a car was the best way to go. I’m now in my 70’s and I still pay cash for my car. I also keep my cars for at least ten years or a 170,000 miles. Don’t buy cars you can’t afford with money you don’t have to impress people you don’t know and you’ll do fine.

[@justacinnamonbun8658]

I saw this coming a mile away, I said to myself when I first heard of the "market adjustment" and "over MSRP" stuff that was going on, I said to myself, when the car market straightens out, I hope these people would have gotten out of these loans by then because if they still have these cars and loans... They're going to rue the day they bought those cars. Who the hell walks into a convenience store and pays $3.00 for a Snickers bar that costs $0.89 cents?? Apparently we have a lot of people.

[@toddprater14]

.89?…maybe back in 1991…a regular sized candy bar (not king sized) is almost 2 now or a bit above that……if you payed a market adjustment your a fool… all you had to do if getting another car was a immediate need was say, screw that,their not fucking me…I’ll go buy a 10 years old Buick or something…till this cools off. but noooo,,,no one can be caught in a 12-16 year old car…all these people are gonna lose their rides …either repoed or voluntary repo…

[@ryanshannon6963]

@@toddprater14 I've seen plenty of people running around in 12 year old cars they purchased during the pandemic. They're in the early to mid 10's Audi Q5's and Q7's. I'm like, why the fuck you going to be an Audi over 8 years old with inflated prices? People be dumb as hell, as well as the banks that lent them the money.

[@fskof]

And to make it worse … people are getting 7 year loans on an old used car…. What are people smoking that’s making them think this is a good idea?

[@buffalodiesel1809]

@@fskof They are those who believe interest rates will be zero down and 86 months for EVER.... no cure for S#upid

[@16-bitpower38]

some guy bought a 911 turbo s with an accident on it , yr 2011, for $129,600 at 8000 miles when kbb lists the value at $109k. this was two days ago. where? dealership was in New York City, Manhattan motor cars, on 11th ave. in midtown. apparently ppl LOVE to overpay and do not care about value

[@phathokum1855]

I've been wanting to buy a car (cash) for two years. I haven't enjoyed the wait, but it is better than being screwed on the out the door price. If the used car prices for the models I want drop to 2019 levels plus 20% (inflation) by mid 2023, I will buy used, otherwise, I will buy new. MSRP with zero fees is an ok deal for me (this is possible now). I don't think used car prices will drop to what I want. There would have to be a price crash, not just a decline. So unless that used car crash comes, I will order a 2024 the first week orders are available for that model, and I'm certain I won't have to pay a penny over MSRP, not even a doc fee, only the tax plus the actual registration fee the dealer has to pay the DMV, not their dealership version of a registration fee. I will also not have to pay for accessories that I don't want that dealers often add to their on lot inventory. So there will be none of that 2021 and 2022 BS, and this will make it worth the wait.

[@Mattius08]

You are smart to wait. I am in the auto industry and wholesale used vehicles to dealers. Wait ✋️. There is going to be a flood of cars in the coming months they will be cheaper than they are now.

[@phathokum1855]

@@Mattius08 I don't usually have the sort of will power to wait that long when I need something, but after getting screwed on buying a house about 15 years ago, to see the housing market crash less than a year later and lose 200k, I was determined not to let it happen again, this time in the car market.

[@whatsamattayu3257]

I've received offers from several dealerships in the mail, but nothing that would make me run out and get a new car. I expect I'll be seeing better offers in the coming months as the markets tighten. I'm in no hurry.

[@rickdavis6434]

As for a C8s I watched a 2023 3lt Z51 194 miles MSRP $91700. it sold for $91100. on B.A.T. auction last week.

[@LuckyLopez777]

I’m seeing the Same $$$

[@h.allandeblase1092]

This reminds me of the housing crisis. Demand was so high that the builders acted like arrogant a-holes. Six months later, they were offering huge discounts or a free car if you would purchase a home. I'm waiting for the dealerships to get so desperate that they'll offer me a free home if I purchase a car.

[@bkvintagecorp]

Where I live in queens nyc, every time I go to green acres mall there are so many brand new fords in one section of the mall lot. These brand new trucks and SUV’s have been there going on two years

[@salimrandall]

Tons of cars sitting at Roosevelt Field parking lot too.

[@LuckyLopez777]

Wow

[@InternetUser._]

The rats are having a feast on those wiring harnesses 😂💀

[@bkvintagecorp]

@@InternetUser._ 😂😂😂

[@andredanvers954]

I know exactly where and what you’re talking about

[@bradtrades]

This all sounds good to me. I need to buy a new car this summer, and I’ve never paid even MSRP for a vehicle, and sure don’t want to start now.

[@cherrelleg8276]

My car broke and it looks like it’s more profitable for me to fix my car than buy another one since it’s paid off. Hybrids and ev’s aren’t worth it. When the battery die it cost so much to replace

[@goobies818]

great stuff, Lucky. you have a good knack of explaining these basic financial concepts so the less financially savvy can understand (hopefully). Keep it coming.

[@joesmith9483]

got my car 15 years ago brand new for 18k out the door and it still works perfectly fine. No need to be underwater with a car. My main cost is fuel and insurance. Maintence was $100 last

[@johnwaleins8148]

I had a customer that wanted to trade out of their jeep into another car, pulled the credit and saw that they owed 19k for a car that was only worth 9k retail KBB. They had gotten the car about 5 months prior. We had to turn them away since we couldn’t do much for him and they had no money down.

[@503garage2]

Wow, that’s unreal! What kind of Jeep was it? Year and miles?

[@16-bitpower38]

some guy bought a Porsche 911 turbo s with an accident on it , yr 2011, for $129,600 at 8000 miles when kbb lists the value at $109k. this was two days ago. where? dealership was in New York City, Manhattan motor cars, on 11th ave. in midtown. apparently ppl LOVE to overpay and do not care about value. ppl. will GLADLY pay over retail because they love their Middle Ages tulip mania mindset. it's very real to this day.

[@channell11]

They're stuck driving that thing until the loan is paid off. Which is smarter business anyway, since the only saving grace of owning a depreciating asset is that at some point you are left with a car that's worth at least something.

[@jasonwalker2036]

Investing is considered a bedrock in making generational wealth. Most people don't know when, where or what to invest in. Fortunately, great investors of the past and present can provide us with guidance and ideas. Meaningful contributions are always welcomed.

[@freyaw2865]

Trading with an expert has been the best way of making huge returns from crypto currency.

[@freyaw2865]

The common mistake we newbies make is without help and legit guidance from a professional.

[@JoeWindhall]

@@freyaw2865 Yes, you're right, it's not watching all videos wasting time on strategies, I was ignorant doing so till I met Rheagan Max Deplonty last year at a startup funding event in Washington DC.

[@JoeWindhall]

He had some interesting things to say about the state of algorithmic trading today, obviously I'm seeing results, and my trading is going smoothly.

[@billywesterman4893]

Job will pay your bills, business will make you rich but investments make and keep you wealthy, the future is inevitable.

[@Bankaimg]

I'm in Vegas..I really do want a new vehicle but I refuse to make a massive down payment as we did that last time and it didn't help at all.

[@sinedeviance]

Meanwhile, I'm just over here cringing at the current car market with my 1997 Jeep Wrangler, 2000 Toyota 4Runner, and 2009 Honda Fit that are all paid off. I can't imagine what it's like to have a car loan in modern times. Paying a $500+/mo. payment on a base-model Charger? Like, really? What sane person looks at that car and the numbers and says "Yeah, this is a good idea." You guys can have them. I'll just keep buying used cars for cash every 3-5 years and not worry about having a loan. By the way, I'm 37 years old, I live at the beach, and my house is paid off too. Might be something to my strategy?

[@sthr2110]

A dealer near me is asking $243K for a 2023 Z06 coupe...I...N...S...A...N...E.

[@LuckyLopez777]

Damn must be gold plated lol

[@lparker216]

I'm extremely upside down. Last January I purchased a vehicle. Loved it. Unfortunately, six months later, it was stolen while I was in another state visiting family. I ended up purchasing a vehicle to get back home because the rental was not available. I ended up buying a 2015 Nissan Altima for over $15,000. I didn't want to do this and now I'm stuck with a vehicle I not only want, but is way over the market value. I'm distraught and discouraged. Any advice would be extremely helpful.

[@Delanoay]

Dude spending big boy money on a G wagon and making childish financial decisions. Priceless.

[@LuckyLopez777]

Lol. Nicely said

[@LudwigBeefoven]

Last week, I made the last car payment on my car. I now fully own the car without a lien. I am looking forward to never finance the purchase of a brand new car ever again. 😁

[@dinonoce]

Anyone willing to pay over list, especially $100K over, deserves what they get. The dealers too, deserve the pain they're about to feel when they need to drop prices to get buyers back.

[@andrewpansch7447]

He's a big issue that I've noticed at my Ford dealers I work with. There's a lot more inventory coming onto lots. However, they're all lower trim models. Sure order outs are coming that might be higher trim models but there's not stock higher level trims. Those that can afford an f-150 for 66k won't buy an xlt. They want a lariat but they won't spend more for less vehicle. The next 6 months are going to be interesting. I'm pretty worried about it even in the rural Midwest where our lows usually aren't as bad as the coasts or larger metro areas.

[@thomasperina2990]

Hello Fellow Carhaulics: Lucky I love your channel ❤️. If the car owner wants to flash with these certain specialty vehicles they deserve to be underwater. Here in the NE many dealers in my area are still demanding over MSRP on many car models. I personally would never pay MSRP on any vehicle let alone pay a dealer surcharge. Anyone who pays a dealer surcharge is just throwing their money away & the buyer receives no value for handing surcharge money to any dealer. Another great video sir, TMP from N.J.

[@16-bitpower38]

hurry and buy it because those TULIPS in the Middle Ages will be rare soon enough`!

[@nocigar7730]

Don't borrow money for things that depreciate. Period. Interest is earned by those that understand it and paid by those that don't.

[@stevee8318]

Strange times indeed. Local CJDR dealership is offering multi-thousand dealer discounts plus manufacturer incentives, basically back to pre-pandemic pricing. In contrast, the local toyota dealer is still charging "market adjustment" markups plus thousands in mandatory worthless dealer installed options. RIP to the poor fools paying $8k over sticker for a Camry.

[@JSICycles]

So glad I still drive my 2006 truck paid off since I bought it. I turn the key, it starts and gets me wherever I need to go. New cars are so overrated

[@christopherthompson9642]

I’m in the market for a Supra and everyone who bought one in 21-22 are asking for over MSRP on FB market place. A lot of people are in very bad financial situations now. I’m waiting till prices drop still. Probably won’t be a crazy drop on an enthusiast car but hopefully it won’t be a $700 payment. Just waiting it out.

[@kutlessmedstudent]

in the tristate area, for honda/acura & toyota/lexus products, inventory is low and prices are still high.

[@speedy4829]

Not one once of sympathy for these fools throwing money around fueling all this nonsense. It’s the repo man’s time to make some coin now.

[@LuckyLopez777]

Repos are coming

[@smallcityadventures2300]

I definitely agree that this year tax season will not be great for car dealers.

[@jmarxful]

Several jeep dealers are selling 4-5% below invoice. You can buy a Wrangler zero down and not have to worry about negative equity. Wranglers held value even before the pandemic.

[@LuckyLopez777]

Times are changing quickly

[@acockerham01]

Where?

[@tdgdbs1]

junk

[@jmarxful]

@@acockerham01 Susquehanna Auto or Dan Cummings in Kentucky just to name a few. It ain't hard to find just gotta do a little digging.

[@sunlite9759]

Bought a 2013 Impala LTZ w/11,000 in Dec 2013 for $18,000. Now 109,000 miles later still run great. Service brakes only.

[@jrp55262]

You didn't even mention the other elephant in the room: interest rates. People who bought during the pandemic were paying bupkas for interest, now it's real money. I bought out the leases on my vehicles in early 2022 just before the Fed started hiking rates; those loans are in the 2%'s. I just checked out the same credit union and their rates are now in the 5%'s. That's totally going to put a crimp in a borrower's eligibility...

[@jfoster1683]

Thanks Mr. Lopez for talking about the Corvettes.

[@s2kroma303]

I sold my last two vehicles rivian truck and 2022 Tesla model X last year in November. So glad I did.

[@SevsYT]

i feel for whoever u dumped the model x on lol

[@LuckyLopez777]

Nice

[@s2kroma303]

@@SevsYT I think he got nothing to worry about, he wired the money, pretty much paid cash a lot more what I paid tesla 👍🏻

[@SevsYT]

@@s2kroma303 even if he paid cash then just off the massive depreciation hits that happened from the msrp cut he probably lost $20k in value from November to now

[@ayeyaheye]

The commercial for this is a bunch of brand new suvs offroading through muddy roads like nobody in their right mind with a note would do. So realistic. lol

[@skrrt_reynolds]

Lucky, have you ever considered setting up a community Discord? Could make it invite only, maybe charge a few bucks for people to get an invite to help weed out the riff-raff. I think it would be a great way to facilitate the exchange of knowledge between dealers.

[@empirefoundation6328]

A new Corvette was less than $60k in 2020, now it's $150k... In fukn less than 3 years. People should be fukn outraged.. 🤦‍♂

[@JUAN75001]

LIES!! A base C8 1LT starts at $65K New without options.. if you want a Corvette without a markup check out MacMulkin Chevrolet in New Hampshire they're the #1 Corvette dealer in total sales nationwide and charge MSRP On custom ordered Base C8 and The new C8 Z06 and the Future ZR-1 and Zora!

[@sunnohh]

Also the corvette is good now, even at 150k for a z06, but as noted thats way, way more than you can probably find it for if you put in a tiny bit of effort

[@LuckyLopez777]

It’s crazy

[@empirefoundation6328]

@@sunnohh I saw a 2023 Corvette sell at an auction for $250k the MSRP was $150k... go to Flyin Wheels page to see the video

[@mckoon26]

I’ve bought new vehicles and traded them before the first oil change, but I’ve never been stupid enough to buy a car at sticker or over book value it’s just insane especially considering the majority of people in my area driving new vehicles today were barely living paycheck to paycheck in 2019.

[@iamGrowing]

My 2011 Jetta with 210k miles is still going strong. Glad to see car prices are coming down as I come to the end of my Jettas life.

[@bla9ckcob5ra]

I know someone who had a car loan and the vehicle was totaled. Owner wasn’t driving so insurance claim was voided. I told em getting a little short term loan somewhere to fix the damage(Front end and driver fender). They went upside down and traded the car in on a another and can’t make it check to check. My suggestion was to fix the (totaled) car and put on a ride share app for a few months then sell it to get back upside on that loan and or pay it off.

[@brianwaller7383]

I’m up $2500 only because I put down $10k. When used cars were at its peak I once had $8000 in equity. I refinanced it from 10% to 3% just before the fed started raising rates. I spent almost $1k in accessories for it. Weather tech mats, window shades, window deflectors and high output alternator. Not giving it up anytime soon

[@dennisd9554]

Have visited 4 dealers in the last week here in CT. Most had a fair number of customers and people are definitely still buying. One was crazy busy with at least 2 customers per sales rep and a full waiting room (used luxury dealer). Most dealers were offering at MSRP or making a deal for a little below that. No one was charging over, but no one seemed desperate either.

[@TeeVeeThoughts]

I’ve been telling my friends who can wait to wait it out because of this exact reason. All this negative equity is really going to hurt all those dealerships who were living large for the last 18 months or so because it’s not just crypto bros losing on their G-Wagens. It’s normal folks who were forced to pay $5k-10k over for Siennas and Equinoxes. It’s going to get ugly.

[@oldfordman68]

Unfortunately some of the other things that we will see is people will realize how upside down they are and those cars are going to wind up being owned by insurance companies be reported stolen as they sit on the bottom of lake's and rivers

[@andyzedd3236]

As a CPA I can tell you a lot of people overestimated their refunds this year. Specifically those with children, the Child Tax Credit was inflated last year to up to 3600 per child, the CTC is back down to 2000 per child max.

[@billslim9267]

Yes! I have a low income friend w 5 dependents and the max advanced Child tax credit is limited to 15% of what you make in a year unless you make 15k or less. She made 25k and her tax refund is less than half of last year.

[@mackakiwinz4353]

Awesome video pleased we found you from Adams wealthion channel. Exactly same happening here in New Zealand people up to their eyeballs in debt on 4wd utes like Ford Ranger and all paid over retail. Dealers were asking 10 to 15 % higher than full retail for a demo with 5 to 10,000 km on them some mugs bought them. I went into Toyota dealer last week he tried telling me 1 year wait on new Toyota’s as all pre sold he had heaps of demos for sale around the country as per above pricing. Complete scam I reckon trying to keep the inflated prices up.

[@azandy77]

The amount of both new and used car inventories are still low compared to 2019. The low inventory will still allow selling prices to remain high. The main issue heading into 2023 is banks tightening credit standards.

[@jackcjenkins2009]

Have you heard of any predatory lending deals? Example: Buyer has good credit but upside down on current loan with Bank A. Buyer gets a loan for a new car from Bank B then just lets Bank A repo the old car. Sort of similar to a Short Sale without the sale. Lots of problems with this approach but the buyer gets to walk away from negative equity and old loan.

[@whoahdudeman]

I thank God every day for the self-control to keep driving my '02 Sentra 5 speed.

[@steedu46gt]

In California I have been searching for a budget commuter under $10k. Everything I have test drove was either wrecked or had some shady story with. Sold my tacoma with 232k miles on it and found it listed for sale with 167k the same day. Be careful out there. At this point im looking at bicycles

[@alexwalker5645]

Take this from someone that sold cars for over 10 years from ‘99 and on, me. We “robbed future sales“ with ultra low selling prices. We did the “employee pricing“ sales with jeep and Chrysler and we sold so many cars, it wasn’t even funny. Well, we drew a good six months of future market with the sales. The good thing was, those people were in a good situation. Well, the market exploded in a similar fashion during Covid, but now you have millions of people that are screwed, which will also screw the dealerships. Nice job everybody.

[@benitojr468]

1 Dodge Dealership, located in 2012 in “Olathe, KS” told me. “ you can’t trade in unless car is paid off” or “you cannot trade in if Underwater” Now i am forced to but cash cars in Facebook. (Vehicle was 80% paid off,) MSRP was 23k at the time.

[@fahadali5046]

If anyone paid $100K over MSRP on a MB G-Wagon, they must have been getting high inside the car dealership and the car salesman was lighting the joint or pipe.

[@billnasburg1361]

You ate SPOT ON. These idiots and the dealers are all going to suffer for overpaying for these cars. Bad business practice and they deserve what is coming to them.

[@frankwhite2959]

I still can't get a G63 for close to MSRP anywhere in southern California. Still 25k-80k over MSRP at every dealer I called.

[@Akho21570]

See repo trucks all over town in Vegas towing cars all night long, this is getting real interesting.

[@tommoore707]

My brother sells at a Chevy dealer. They never sold a car over sticker. Not even corvettes. At one point . Several people flew thousands of miles to buy a new truck from him, at sticker. Used cars are still selling for stupid money. My brother and I talk every day.

[@jeffkirves3784]

I have older cars, 1998, 1999 2007, 2012. I used to upgrade every 3 to 5 years but rarely bought new and never paid more than 25k. The price of new ones makes me want to keep driving my old ones, I can put in engines and transmissions for under 2k. If i get the itch for a new one , I will go rent one for a week.

[@bryanfugate2272]

Lucky: Interesting video as always. I follow your advice “buckets, buckets, buckets”. I am interested though when I can afford it looking into getting a EV.

[@Atem_S.]

They all fell for the same trick: EGO!!! They wanted to flex the car and they were balling paying way too much for a car and now they are coming back to reality and seeing the truth: WE FUCKED UP!!!