Affordability Crisis | Americans are in trouble

the Average American making a Average income cant pay their bills
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[@carlitoscabana7197]

Went to a independent dealer to buy a model Y. Negotiated for hours to get to an Out the Door price to 27k so i could qualify for the used EV tax credit. They got the paperwork ready and i was about to sign but realized they added 4k to the price trying to basically colled the EV tax for themselves. Dealer told me the OTD price was with the EV credit. Also my credit union got me a 6.49% rate and dealer wanted me to take 9.19%. So i ended up walking away and they got mad saying i wasted their time when in reality they were trying to screw me over.

[@LuckyLopez777]

Wow. Thanks for sharing

[@Lightdog555]

I thought it was 25k for the EV credit ?

[@carlitoscabana7197]

​@Lightdog555 Correct but that's why I said out the door price that includes taxes and fees. The car itself was around 24k. Taxes doesn't count to qualify for the EV credit

[@Lightdog555]

Thanks for the clarification

[@RickRatchetTvJames_Bytch]

Good job walking away. And they actually wasted your time

[@Xander1Sheridan]

we are in a depression, they just refuse to tell the truth.

[@franklintejeda3472]

they will have to face reality at some point

[@ralphholiman7401]

Let Trump win, and the corporate news media will be describing us as being in a depression thirty seconds later.

[@rotart12arx3]

We are not in a depression. Unemployment would have to be 10 percent before you can say that.

[@ralphholiman7401]

@@rotart12arx3 , the way the unemployment numbers get fudged, how would you know?

[@J80199]

@@rotart12arx3people working 2 jobs now with lower pay that doesn’t keep up with inflation. Savings at an all time low and credit card debt at its highest. Plus it’s election year. You honestly believe those numbers??

[@bigcrowfly]

Inflation will disappear when people refuse to pay the higher prices. Then dealers/sellers will have to lower their prices because they won't sell their inventory.

[@LuckyLopez777]

very true but there is always someone dumb enough to over pay

[@wlonsdale1]

Inflation is government induced

[@Bonanzaking]

It will never disappear. Just ask boomers that waited for prices to go back to sub 4k for a top trim sports car. Or 1k for a new truck. It ain’t happening.

[@fawkes1570health]

In other words it'll never happen. Its like saying just stop eating so much and everybody will be slim which is true but ain't gonna happen. 😉

[@ralphholiman7401]

It's not going down. I bought a brand new 1974 Dodge Charge for $4400. Compare that to what a new one goes for today.

[@mclucky7086]

My daughter just returned to Vegas from Georgia after 2 years, the work just dried up. Her car insurance was $175pm and increased to $330 on her return home. Like most retirees I am on a fixed income which really means the longer you live the poorer you become. Even with an old house and car it becomes increasingly difficult to pay bills. Price of food is scary and the quantities inside the package get smaller every year. Is it any wonder that increasing numbers are giving up and sleeping in cars, vans or park benches. And isn't there better uses of the hundreds of billions of dollars lost in futile wars?

[@DLO0622]

The only certain things in life, death, taxes and the aggressive driver with no license plate is uninsured.

[@Paeoniarosa]

This.

[@Savvynomad225]

Even if you’re working and making six figures, you’re getting poorer and poorer as months go by. In just 6 months, 100k dropped to 98k, according to consumer price index… that’s fast inflation!

[@lionheart93]

what year and model?

[@phillyfathead]

What!! The White House tells us everyday that the economy is great and the American ppl are living large on his “ policy’s “ but the sheep still toe the party line, very sad!

[@EMichaelBall]

It wouldn’t be much different under Trump; it’s a bigger problem than that. It comes down to corporate greed.

[@jimmorrison2124]

What? Helluva alot better under Trump. The numbers don't lie!

[@williamroberts8768]

Fast food restaurants in California will be out of business at the end of the year, the minimum wage is $20 and material cost increased too, it’s unaffordable to buy a cheeseburger now.

[@Fearmocker]

This made me count my blessings. Where I'm at , mortgage at 2.7% back in 15', at 960, but I add 300 just to get way ahead. car is 500, insurance is 150, no accidents/tickets ever, student loan paid off by doing pslf, my ten year was 23'. (thank God), no cc debt at all. Food is around 400 but we never eat out, cook every day, electric/gas are both crazy low, highest electric I've ever seen here was 120 in the middle of the hottest summer and gas at 110 in the coldest winter and we only have the heat/AC on a couple of months a year, the rest, it's all windows open. Thank you God for your blessings.

[@sma9810]

Sorry but what you’re saying is: you’re poor and you’re counting your blessings? lol. I don’t want to know how boring and low level your life is. My monthly interest from my saving accounts is more than $40k/month.

[@kickingfatality]

A friend of mine made a comment in a conversation we were having on the general state of things. He said” it almost seems like the 2020 pandemic was the start of an endgame plan ..” the more I see what played out so far the more this whole thing feels pre-planned to achieve some global goal.

[@stanmarcusgtv]

inflation is a tax that hits the poor the hardest

[@iceman9678]

100%. Inflation crushes the poor and everyone on a fixed income.

[@DavGreg]

I live in one of the least expensive paces you can live and make a solid income ($120k) and it is crazy expensive. I can only imagine what someone just getting started is dealing with -at my age the house is paid off and there is no college loan to retire. Our Federal government is borrowing roughly a Trillion USD every 100 days at the current rate under Biden. So not only are they running a deficit, they are running a massive one which is hurting everyone out there with a regular income. The interest payment on the Federal Debt is now almost $900 billion - more than the Defense Department. We are on an unsustainable path fiscally.

[@DeadAir21]

This may be an unpopular opinion, but while the OEM’s have their fair share of blame for the un affordability crisis, but Americans too need to take their equal share of the blame. Remember when a sedan or a station wagon was all a family of 4 or 5 needed? Not only do we have to have larger crossovers, now every has to have their own full seat. We could get a minivan but we’re too prideful to be seen in one and since no one wants to make them anymore it just makes the ones that are made more expensive. And we can’t buy the base trim because that’s just too basic. We need all the features and we can’t dare have cloth seats anymore. We turned pickup trucks into luxury vehicles with the price tag to match. They wouldn’t make them fancy unless there were people demanding it. We could buy mid size trucks but were too cool for that we need big trucks on big tires so tall that any pedestrians better get out of our way. And lastly because we have to have the latest and greatest they were willing to pay 10k over sticker 2 years ago and then complain now that they’re underwater.

[@sergiootero5904]

This opinion is unpopular amongst the group of ppl who are clamoring for student loan forgiveness. What you said is less an opinion than it is the truth. If ppl weren't buying the cars, prices WOULD HAVE TO DROP.

[@langhamp8912]

The inability to afford a car is primarily a suburban and rural problem when there's no choice but to own a car. With no alternatives, a car is worth every penny you pay for it. HOWEVER, I don't think high car prices are a bad thing for most people; high prices on is a way of telling you that you shouldn't be buying something. The free market is very good at using price signaling to tell us that we shouldn't be buying such things. And when you look at current insurance for cars, that tells us even more that we shouldn't be buying these things if you can't afford them. Suburban and rural life is expensive because the transportation costs are so high, and having lower priced cars would still require very high insurance rates. And yet the cheap and simple economical solution...run a bus line to every neighborhood...will continue to be ignored despite Americans being increasingly unable to afford cars.

[@DavGreg]

A big part of the pricing are mandatory systems the feds say your car must have.

[@phillyfathead]

I can’t argue with you on that!

[@mattyghost3409]

​@@sergiootero5904 Spending needs to be cut ....Also wars always cause inflation especially when supply chains are forced to change...The axis of evil (BRICs) wants to ditch the USD....Anyhow I'm retiring after I cash out my crypto and moving to Thailand 😊😊😊

[@user-iq9mn6lj6b]

$430 for groceries in one month for one healthy male adult. That’s if you only eat ramen noodles for breakfast, lunch and dinner. That’s nuts.

[@John-gw4jt]

You forgot about the 50lb bag of potatoes and carrots.

[@teebone2157]

I only spend 750 total for my wife and i per month

[@FullTimeRCer]

I eat 2 meals per day. Breakfast, 2 pieces of sausage and 3 eggs with coffee from a 4 cup machine. Dinner is a fried pork steak and a can of black beans and Rotell heated in the skillet after. Everything I buy is walmart store brand. It costs me over $100 per week to eat. I've lost almost 60lbs eating on this budget. I can't imagine people with 2 - 4 kids eating junk food would cost. I saw a couple put $312 on a CC at Bucees this weekend for junk food and toys. America is drunk on spending.

[@Wabsirba]

Exaggerate much?

[@daviiwonder]

Your math is horrible

[@PremierAutoMan86]

Negative equity is a massive problem. Banks lending 400% LTV (exaggeration) on Kia Tellurides is coming back to bite.

[@LuckyLopez777]

Facts. 100k kia's all over the road now

[@MoragTong_]

This all started like 10-15 years ago when a new Denali started to cost the same as an Audi Q7. Now a new Jeep Grand Wagoneer is the same money as a new Range Rover....the Jeep isn't eve even on the same planet as far as luxury, features, technology,, etc., yet Jeep wants the same money. Domestic manufacturers need to take a page out of the Japanese auto manufacturers book and remember their place. A Chevy pickup should never cost as much as a 5 series BMW.

[@Washedup007]

Toyota is going the wrong way with some models. Check the new Tacoma pricing. You can spend $65k+ easily for a midsize truck only available with a 4 cylinder engine!

[@garyday6681]

In fact still fixing what i own. Puting on shocks tomorrow. Gladly will pay this compared to $800 car payment plus increased insurance to pay for all the totaled out evs that I will never own.

[@LuckyLopez777]

$$$

[@krassimirpetrov7131]

Same ! I’m putting new throttle body on mine tomorrow

[@danibj]

Same! Changing wheel hubs (myself because mechanics are nuts by charging almost $200/h).

[@garyday6681]

@@danibj Totally get it, I have to do all my own work. I even do my own tires. There waiting lists here just to get your car looked at. About to buy bidirectional scan tool and then should be good on tools for awhile.

[@DanGilliland-pi4vh]

I am currently in the process of overhauling a 2004 toyota 4runner with 80 k miles on it ,one owner ,even with the parts I am doing most of the work, will be about 20% of the cost of a new one. Quality of new ones,way down,and the astronomical cost to insure, I will maintain what I have.

[@tcshy1903]

I am a single woman. I work 2 jobs and just took on a side hustle. I helped my brother pay his rent a few days ago. He was $380 short and worried about eviction. I love your channel. Thank you for the great information.

[@oleradiodudea.m.4735]

Many of us have become the go-to bankers for hurting family menbers.

[@michaelb.8953]

@@oleradiodudea.m.4735 So true as I find myself doing the same thing helping out a sibling. That's what family is for.

[@k20z3keith7]

I'm willing to bet if he cut some stuff out for the month he could afford it, but shrugged his shoulders and depended on you. Better not be the norm.

[@packrat-y7j]

So. Flash back a decade or so. It's 2010. NYC and I'm sitting there, looking at house prices, and saying to myself: 'these will never be this low again.' I eject out of my apartment, and i start living in a hotel and driving into work. I was able to save a down payment this way. I bought a house, and have had that as my backstop ever since. I would be in straight up awful shape, had i not bought this place and moved away from NYC. I do not envy those younger than me. I know how awful it was in 07-09. Today, oddly enough, seems worse.

[@WTF-sh4is]

This is so true! As a 2010 home buyer, I also feel this time feels so much worse!

[@finkable]

The problem is fiat money. Infinite money chasing finite resources. People are priced out, but those closest to money printer don't care.

[@LuckyLopez777]

well said

[@HH-le1vi]

While I understand what you're saying, the reality is that there's no hard assets that would even be able to back the USD and every currency in the world is fiat now.

[@finkable]

Any hard asset has the ability to back any fiat currency, it just requires a repricing of the asset in terms of the fiat currency, and the political will. Gold could back the USD again, it would just require the price in USD to be much higher. However, this is highly unlikely to happen because governments derive a large amount of their power by being able to control the money supply. This is why it's not about backing the USD, or any fiat, its about using an entirely different currency that cannot be manipulated or debased, like bitcoin. Which is also why most governments hate it so much because it takes away that power from them.

[@HH-le1vi]

@@finkable there's not enough gold in the earth or on the earth to back the dollar. And if you reprice gold to be able to back the dollar you'd have a collapsed economy due to golds industrial use. Same with most other assets, just isn't enough around to actually back it without catastrophic consequences.

[@HH-le1vi]

@@finkable and Bitcoin can very easily be manipulated. That's why it goes up and down drastically in a very short amount of time and Bitcoin itself is based on USD. So unless you want to do more damage then you can't really use anything like Bitcoin either.

[@qbanb8582]

$150 electric bill in February is realistic. $150 in June not happening unless your thermostat is set to 85 lol.

[@wlonsdale1]

I just look At my electricity in total for the last 12 months. Average it and pay that every month.

[@Mark.Taylor.]

It also depends if you're all electric or if your gas and electric

[@LuckyLopez777]

Facts! lol

[@qbanb8582]

@@wlonsdale1 I do the same, i have budget billing where the electric company averages it out and bills that amount.

[@Matt_K]

I'm in North East Florida. The power company has local monopoly but our rates are dirt cheap. We leave termostat on 75 during the day, and 77 at night. My bill is under $90 in summer months and "winter" months it's around 70

[@justinjex1]

I am a physician. I still have student loans. I drive a 2014 Prius 2. I am lucky as I am in a home. We eat hamburger and mac and cheese. After 11 years of school… it’s absolutely not worth it. I cannot image what people are living on making less than 40,000$. The issue seems to be the government wants us to suffer and to become slaves to the ultra wealthy.

[@LuckyLopez777]

Very true. its crazy

[@superameric8]

I'm a 35 year auto shop owner. No college loans, high school education. Put 3 kids through college and have lived a more comfortable life than I deserve. All from owning my own property and Corp.

[@shawnguy3005]

Former CCU-RN. understand your plight. i left the workforce 5 years ago understanding vaguely what was to come and which is upon us now. I pray you get, understand and apply the following Billionaire bit of Knowledge. SOXS, UVXY are inverse ETF's. play them against the Crypto market on the way up and then you will see if you follow through with one week / one year (MAX) for both Etf's then apply that to SHIBA INU, FLOKI, BONK, PEPE, XLM, XTZ, XRP, DOGE and others. you have till September. GODSPEED

[@user-iq9mn6lj6b]

Welcome to the United States of Amexican. Esto se a convertido en un Comunismo!!!!!! They will wipe us all out!

[@wespotter6985]

The voters voted in mister biden. He's average at best mediocre, mostly he is taking his marching orders from the far left marxist commun a st green new deal Dopes. You voted for high energy Prices and that pushed everything up. Oil oil is the basis of the world economy not solar power or wind. If you believe what the democrats are selling you're a fool

[@andredaedone7732]

I live in cheap South Carolina with no bills. My gas and electric bill for my house averages 77 dollars a month including fees. I am cheap and don't run my gas or air much. My property taxes are cheap at 800 a year on my brand new house. Some states are ridiculous which is why I left Florida in 2021.

[@BrianAlbert-hh3pi]

The cost of living seems to be increasing every year, making it harder to keep up.

[@AshleyKeith-vw7ws]

Indeed, it's becoming quite challenging to manage expenses.

[@LeahLewis-ny9iu]

I've actually managed to stay ahead of the curve. I'm even contemplating early retirement.

[@OliverLiam-px3vx]

@@LeahLewis-ny9iu Impressive! How did you achieve that?

[@LeahLewis-ny9iu]

@@OliverLiam-px3vx Our family got introduced to a financial consultant”RPC WEALTH. LLC” about four years before my dad retired. That was what changed things, and I think my retirement income will be on the right track, luxury cars and trips

[@JessicaKeith-uj1jq]

Absolutely, RPC WEALTH. LLC” has a knack for analyzing market trends and helping clients make informed decisions.

[@dannyjohnson9628]

Lucky you is 100% spot on. I make more money than the average person. I live well under my means. Everything of mine is paid off. no credit card bills and actually I make money on credit cards with the reward percentages I'm quite sure you do the same. The amount of money I'm putting in the bank for bills is insane. I have four different bank accounts and only use one for bills transfer the money from one to the next. When the government said that everybody bank accounts are drained I can see why. The account I use for paying bills drained so fast.

[@jmarxful]

I pay $106 a month for full coverage 100k/300k through progressive. That's full coverage on a 2023 VW ID4. Everyone said EVs are more expensive to insure but my insurance went down when I switched from a Rubicon Wrangler to my ID4.

[@brianshaw9247]

Hi Lucky...Watching you from Canada...cost of living here is driving many Canadians into poverty!

[@LuckyLopez777]

I have friends in toronto. there cost of living is almost double then NYC its crazy

[@sachinnair91]

At least you all have free healthcare. Millions of poor Americans pay high taxes and have no health insurance and huge medical bills

[@2chuck]

It's no wonder sales of everything are suffering. People are tapped out and maxed out on Credit Cards. I smell Deflation ahead, prices have to drop or wages go up. BTW, I'm 75 and as often I've heard the term "Soft Landing", I have yet to ever see one.

[@radedemenes]

Our shortsighted government thinks that printing money is the way to buy votes while in reality they are making the poor even poorer

[@DLO0622]

If moneys being printed excessively and the poor are being poorer doesn't that mean that the money is going to rich republicans????

[@ralphholiman7401]

@@DLO0622 , you really think the Democrats would be voting for all of this deficit spending if they thought it was just going to rich Republicans. Everybody who can pay off a Congressman is getting rich. Don't you think it's kind of strange that both parties are in favor of constant war? Why do you think that is?

[@thedilladude]

​@@DLO0622 biden is giving it to illegal aliens!

[@MichaelLubes]

@@DLO0622 Hate to break it to you friend, but most of the uber rich are Lefty Tech Billionaires.

[@rocsamg]

@@DLO0622 no! its going over seas and all the border jumpers, 35 trillion in debt and 25 trillion GDP, thats inflation.

[@timmietz]

So, I run a business business and employee about 115 people. According to my statistics, my average employee today makes about 41% more than they did Q4 2019. So, cost up for sure. But they earnings are up as well. Big time! The biggest differential is really interest rates.

[@JoeFpoc]

Another underlying issue is the house and car flippers. Anytime there’s a cheap house for sale in my neighborhood it immediately gets bought up by investors or house flippers and sold for more. Same with any kinda cheap vehicle they will buy it, wash it and relist it for thousands more it’s really hard to find a good deal on anything anymore. I would say just don’t pay any of these prices but when everything is crazy expensive you kinda don’t have a choice unless you want to walk everywhere or live with your parents

[@rotart12arx3]

Sounds like you should be doing it yourself them to make some money. Can't fault people being smart and taking the risks of flipping homes.

[@JoeFpoc]

@@rotart12arx3 probably a little late when that line of business is already oversaturated. I'm not hating, it is what it is but one of the many reasons everything is so expensive. Anytime anything affordable or cheap pops up people instantly capitalize on it instead of someone who needs it gets it for a good price.

[@lot2196]

Apparently they can. GM sold 594,233 vehicles in the first quarter. Dealers aren't dropping prices because they don't have to.

[@oldfordman68]

Some dealers are holding hard on the asking price for what they have, I have gone to some local dealers and offered cash for cars on their lot still within black book and KBB trade in and they said NO.

[@whatsamattayu3257]

My premium is $1000 for full coverage on my 2023 Kona, up 20% over last year. No tickets or claims and drive less than 8k a year.

[@SirCarlosMusicBMI]

🎉🎉🎉. You definitely nailed it with your thoughts and data provided. We are definitely in a recession ❗️ Blessings,Carlos ✝️🙏❤️😊🇺🇸

[@emb647]

I am in the top 7% of income earners in this country and have zero debt... I drive a 10 year old car and rent a small place for a reasonable price. I am appalled by the prices of EVERYTHING. I contemplate daily on how others around me are surviving. Every company in this country is either a monopoly, or is legally allowed to prey on you. If its not one of those two, its an outright scam. The entire thing is broken Lucky. Were living in a time that will be extensivly written about in the history books of the future. Worse yet? Tougher times are ahead. Buckle up folks.

[@misterbanshee7992]

Lol pretty soon only too 3% will afford decent living.

[@GodHatesXbox]

I’m a top earner as well & I have the exact same sentiment. I don’t understand how people are surviving. I have great circumstances & i can feel it in my wallet still

[@tickledpinkmist]

You can’t eat a luxury car

[@LuckyLopez777]

Facts!

[@anekinoo7]

Eventually people will need to live in their cars. Cars getting expensive. Housing is getting expensive.

[@laser31415]

Bought a Used Silverado, no payment. Means no GAP insurance. No loans so reduced car insurance to $40 a month. Win win win.

[@jayc4715]

Get a used Camry and now you'll get all those benefits plus save money on gas!

[@jayc4715]

Buy a used Camry..get all those benefits plus less money on gas

[@harrysantiago5093]

According to yellen we have a strong economy.

[@rotart12arx3]

You are looking at old numbers for $37500. For the last quarter of 2023 according to the Labor Bureau it is $59,384. Gas hasn't tripled in the last 4 years.

[@VegasSline]

We did it Joe!

[@LuckyLopez777]

😂

[@RomeoUrsu-fy9qo]

You did it with Joe…not me😂😂😂😂

[@kyulee2758]

I remember how people loved it when government handed out stimulus like it wasn't going to end.

[@OmniviumVelocity]

Everyone hates on dealerships, for good reason, but consumers are also to blame for this. There's plenty of cheap cars on the market, but people choose to buy expensive cars anyway. Which just encourages car makers to make more expensive cars. If we stopped buying them, they would stop making them

[@radzer0966]

Prices need to come down. Not just lowering inflation.

[@Johnny_Utah333]

The best thing money can buy is financial freedom. There is always something you can cut to save money!

[@LuckyLopez777]

well said

[@JeanneWright-we8dn]

So sorry, not at my house, been doing those cuts. Lucky I have a good work ethic, 2 jobs I like, on Medicare, and started in 9th grade making popcorn at local theater. Own my own home and yes put 3 kids through college. Lucky is correct, it’s crazy now. We sure have increased the millionaires and billionaires in last few years in US. So 3body is making big money off what is going on. Started back in 80s but has escalated a bunch from 2018 on ward.

[@Offon_A_Boondoggle]

I am a single male on SS (69 yrs) and I can’t get my groceries under $350 a month and I gave up trying to eat healthy (organic / clean) since retirement. Pre-retirement it was closer to $1,000 a month…JUST ME! Not wanting to move into low income senior housing I have opted to buy a small (32’) sailboat to live on during the Michigan summers. During the cold months I travel to Central / South America or SE Asia to live. I can live very well in a couple dozen countries on $1,500 a month.

[@winssabs]

Go to philippines sir, you will live like a king with your $1000/month.

[@c.b.5535]

I think the problem is corporate greed. Profits are at all-time highs, but at the same time, there's a repo crisis. Something has got to give.

[@hunterdonnelly7422]

We also didn’t include, water/ sewage, gas/oil, and trash bills on this calculation. Utilities in my area are skyrocketing.

[@glennkrings7070]

Add sewer bill, trash, natural gas, clothes, medical insurance deductibles, repairs and maintenance on both car and home. An average two income household can barely afford cost of living.

[@mbutungubu5629]

I finally crawled my way out of debt, but now I dont have money for a down payment haha 😂

[@LuckyLopez777]

but debit free is amazing

[@jStorm75307]

I find it very odd, that all of the Manufactures all shifted to unaffordable models, right when we needed the affordable models... seems like a lack of vision and foresite on their part. What's your thoughts?

[@EMichaelBall]

They’re focused on profit, not volume. The two are not mutually exclusive.

[@jStorm75307]

When noones buying, that profit doesn't exist.

[@azandy77]

@@jStorm75307 The high priced, high margin vehicles are still selling in good numbers.

[@baldrad1]

Great analysis, Lucky. THANKS! Bubbles DO have to burst….

[@josephweiss2271]

They've never been able to achieve an economic soft landing.

[@LuckyLopez777]

Facts!

[@budalanemac3115]

They are flying on a rocket powered with fuel called money printing. 😅

[@Vutsman1]

Great summary. I feel the rate is staying high in the long run. Will go down in the short run but tick up again. Wife and I were doing the math on new and used cars as well. Incredible the cost. My lease is due and my buy out is way under it's asset value. So we are going to buy it outright. If I hand it in, I'll lose about $3000 in equity. Ain't doing that.

[@TheLowerman]

Great video again!! Thanks for bringing this to light.

[@Lex-Rex]

So I can pay for more gas and repairs?

[@flashoflight8160]

The job market finally turned in March and April for everyone, not just tech. The cost of capital is killing the economy in every industry. Rates will have to drop soon to stimulate car buying, buying equipment, etc. I think it will get better but it will feel like the 1990s George Bush recession.

[@LuckyLopez777]

I was going to open a dealership but now im waiting cost of money is way to high

[@azandy77]

True! I think we will see more impacts in the fall. When I think of a recession I think of the early 90's. Dealers back then couldn't move cars.

[@evokeautos3688]

My personal full coverage insurance with $500 deductible and big coverages are between $65-80 for each of my personal vehicles in Arkansas: Range Rover, GX460, and LR4. Although I'm seeing a lot of my young customers with subprime credit getting around $300 on small sedans, also seeing quotes for $1000-1300 per month. Insurance rates are all over the board

[@captainnemo4422]

I live in South Florida and ill tell u, u need to make 200k a year minimum to have an ok life down here..a 1 bed room apartment in the suburbs is 2k a month for 770 sq ft..downtown Miami, don't even try it..

[@LuckyLopez777]

I like FL if you go outside Miami there are affordable spots. unfortunately there is nothing outside vegas lol

[@timmietz]

You need a minimum of $270K/year in Miami to have a “good” life.

[@mattportnoyTLV]

Avg power bill for me is $175/mo and it’s gas/electric tied together. I’m on the installment plan so it stays the same all year. Car insurance went from $135/mo for full coverage on 2 cars to $200/mo in 1 year.

[@autobuff6598]

Savings under biden 😅😅😅 that shits gone

[@LuckyLopez777]

lol

[@JeanneWright-we8dn]

I agree with you! I have no idea how to figure this all out, but all of the market has to crash. When I was out of work seen a car carrier with 3 new Maverick truck, blue, black and dark red heading in way to a Ford dealer. Few ppl will be happy. Been saying, economy way out of wack.

[@alex1vid]

Some people are really weird about things. I actually get needing a car. But it doesn't have to be a luxury vehicle. But people especially younger ones think its a status or represents them. Ditto cell phones, etc. Things are so expensive because they CAN be and there isn't a lot of discipline.

[@bacardiac1519]

You forgot the water bill, internet and cell phone bill.

[@richardrawson7867]

I buy cars @ Carmax and everything you are saying is 100% true.

[@josephweiss2271]

It you go all LED lighting in your home you can trim your electric bill by about 10 %

[@LuckyLopez777]

I have all LED. It’s my AC

[@wlonsdale1]

​@@LuckyLopez777agreed.. From Phoenix here

[@seanhettich4378]

So happy to see this video. I've been looking at these numbers myself here in real estate. The numbers make no sense. The market needs to crash.

[@user-mf5hz6yw4l]

Be careful about what you wish for...just saying!!

[@ralphholiman7401]

The problem dealers are having when people start to run out of money, is that you have to pay for rent/mortgage, insurance, groceries, and power. You don't have to have a new car. I would say vacations get cut first, and new cars get cut next, out of people's budgets when times are tough.

[@Mark.Taylor.]

For some of these you should be using the median not the mean (average) especially for income. Also there is a difference between individual and household income.

[@LuckyLopez777]

I used average (singular) because median sometimes means (household) in analytics

[@ReddingRed]

We're doing fine. Driving a 2020 Range Rover and a 2023 Wildtrak. Both paid for. Our only debt is our mortgage at $2,900 per month. Our expenses are average. The choices we made decades ago are reaping benefits now. No kids, no toys, no luxury brands, no vices, and constant saving for our future.

[@SpencerCornelia]

inflation is going to force all young adults into living with roommates. it's why i think rent by room is best investment strategy in real estate right now

[@ReddingRed]

People had roommates throughout time.

[@Starship007]

Raising minimal wage in California caused more layoffs and increased prices. People avoiding expensive McDonald’s now. Cooling economy means more layoffs

[@whatsitlike6392]

The two biggest things we buy are over the top crazy expensive right now. Housing and transportation and their ancillary costs. I retired in 2020 and my spending power has been greatly reduced. What has saved me? Paid for house. Paid for cars. A woodstove to heat in the winter and I collect wood from a cutting service and split it myself.

[@carlosgamez6230]

I live In a 2 bedroom apartment In North Carolina with minimal energy usage and my bill last month was $220 a month and our rent went up to $1200 from $750. Everything is becoming way too expensive to make it in life

[@jasonzola3590]

Insurance is HIGHLy dependent on location. Vegas is many multiples of the Midwest

[@prepinvest]

I've got a good one for you. After income taxes my wife and I bring in $75k a year and I'm so frugal with my money that I use an app to track literally every dollar that is spent. That way I can see what percentage is taking up the most of our finances. Before inflation we were saving $1,500 to $2,000 of cash a month. And it wasnt always consistent because life happens. However, we had over $10K saved before my car accident. And so I bought her a used car for $500 a month. We moved into a shabby apartment for $500 a month that is literally fifty feet away from active train tracks. Insurance, $108/ mo Groceries $300/mo, etc. Overall my expenses were $2,700 a month (rent, food, etc combined). Now my rent is $1,000, for an apartment that has extreme water damage. $308 for insurance, everything has doubled if not tripled. We're doing self repossession on the car so I can hopefully find her a $5,000 RAV4. And I have less than $100 in my account right now.

[@uniqu3xperience965]

Power for me is like 350 new york here i drive a 1990s volvo so classic insurance is 30 a month lol car hack

[@sdrjr3562]

I'm in Bronx, NY & I agree with u. I still have and drive my 2007 Acura TL. I make $130k a yr & have no idea how ppl making less than me can afford a new car. I just can't see myself shelling out $400-$700-$1,000 a month for a new car with the same features as the new ones.

[@rushminute]

Boots on the ground commentary. Good stuff. Thanks 🍀

[@susanbrynt]

I live in the Augusta, Maine area and live in a 2 bedroom apartment and have an electricity bill of between $45-50. Heat is provided in the rent, like most apartments in the area. I bought a new car out of necessity in September 22, because my 98 Nissan Frontier engine went kaputt. (over 2K miles). I bought a brand new Subaru Legacy for $30K. $2K down, and was able to get a loan from a local credit union for 4.25%. Car payments for me are $462/month for 6 years. I don't drive a lot, 12k miles in 18 months. Yet I am struggling. I actually feel fortunate. I believe I can get through this, even with credit debt and student loans. Still, it is much tougher now than a couple of years ago, and I cook my own meals and eat out rarely.

[@DaveCompton5150]

My power bill is 14.20/month, thanks to solar panels. That amount is what ComEd charges to connect to the grid.

[@PatrickAllen-yi9us]

How much were the solar panels?

[@DB-be9wy]

@@PatrickAllen-yi9us Yeah that's what they never tell you. It takes you 15 years to recoup the cost and installation of the panels and by then the panels are shot and everything needs to be replaced. It's a zero sum gamble at best.

[@DaveCompton5150]

@@PatrickAllen-yi9us 28K actual cost, but received 20K in state and federal incentives, so my out of pocket cost was 8K. Saving about $175/month, so about a 4 year payback.

[@dBsdecibels]

Honestly, something is wrong with Vegas I think. I have a 911 (similar to R8 costs), which I've been dallying for about the past year. State Farm insurance was about $900 for six months, NOT $1k/mo as you quoted. That's INSANE. Now, my insurance is bundled with my house, and other things, which introduces some discounts. My electric bill at the highest is $220/mo. Average is closer to $180/mo. I have a 2400 sqft house in the mid-south with electric AC. Something is up with your expenses. They sound legitimately insane. That said, I'm very shielded from inflation. I have the mortgage golden handcuffs with a super low interest rate. My car is a moderately high interest rate, but doable. I paid off my student loans long ago and can't remember the last time I carried a credit card balance. I'm definitely an atypical case, but I do feel inflation and you're correct that the government is goosing the numbers. They have been for a long, long time.

[@MrRussianGerman]

Came across a 2014 RWD full cab Toyota Tacoma with 30,000 miles on it. The dealership was asking $27,000 for it. Got to imagine the dealer probably gave them 13k for it.

[@-ved89]

I work a union job and get paid good but these last years ALOT of us me included have gone from living comfortably on a 40 hour work week to needing to work overtime just to get by. Like many Americans I’ve been priced out of owning a home for my family of 4 (500k⬆️in Colorado) and luxury spending like vacations or shopping random items is out of the question. My new luxury spending is buying groceries. Sad times

[@salimrandall]

The solution is monster incentives from manufacturers.

[@LuckyLopez777]

some are. they are offering crazy leases on EVs now. video coming next week

[@acid357]

I think you are spot on. I've been telling people its not so much new car prices are crazy, as it is the dollar has just lost its value.

[@cbowen111]

I am a 77 year old retiree living in Austin, Tx. I drive an 32 year old Toyota Camry with only Collision insurance. My electric bill is about $225 per month. I have no student loans. I live in a 3 bedroom duplex and my rent is $1600. I am currently paying down my credit cards at about $1000 per month. I am married and have a combined income of about $49000. My food bill is $600- 700 per month. I have good health insurance supplied from my annuity with the state of Texas. I am OK for now.

[@chriss5594]

Lets talk another financial! First off my average power bill is $213 a month (Wi). Ok now lets talk automotive. I have been an AUTO RECYCLER for 40... yes, 40 years. And poop rolls downhill.... (let me explain). CAR LOTS/BODY SHOPS/REPAIR GARAGES our are main line of business as we do "late model" cars not junkers. Car lots are very slow in my area. I do many of my own delivery's, not that I dont have employees. But at my age (69) its nice to just go around and talk with/maintain business relationships. Just this past week at a new car store (chevy in this case), the first word out of my contacts mouth was "they just fired a bunch of people cause it's so slow". Used cars lots are lucky to sell three cars a month... I know of some that sold NONE! Prices are an issue , so is financing. Many repair garages are also on the lo-lo. One client told me he was down 80%.... WOW! Lets talk BODY SHOPS. There are basically 2 tiers where I am. Ones that do insurance work and ones that do car lot work. Insurance shops seem to be holding their own (ish), car lot shops , not so much. I've been in some big shops that can hold 30 cars and yet only have a small hand full they are working on. Auction prices for parts cars is nuts! I can tell by many bids that a segment of cars is leaving the county (where titles dont matter much). I live in a "bill of sale" state, so those cars can never be titled here (USA). OK, see where I'm going here? Our first quarter of 2024 down 22%, an I feel I've been lucky (no pun intended). People are attempting to patch work older rides just to keep on the road. Lots of tool boxes for sale on FB market place. I could go on and on.....

[@jman]

I struggled for over a decade while working two and three jobs, and going to school. Now I have a paid for house and cars. Nothing fancy, but no bank owns me.

[@cocktailsat9]

I agree. Prices are ridiculously high. I'm in Chicagoland and they are selling two car garage Pulte tract homes for over 900K. 900!!! (that is not a misprint) We are in a bubble that will correct eventually.

[@DiFinni]

The cable bill really sucks.

[@lardy2310]

Tesla-brand car insurance for a new Tesla Model Y is a grand total of $85/month in Nevada. This is several times lower than what we were quoted with other car insurance companies, and includes higher coverage. Just FYI.

[@williamtheadventurer8048]

Amen brother, please keep telling it like it is.

[@ericnewman6523]

A vast majority of people don’t have student loans, not everyone has a car note people paying over 1500 for rent or mortgage need a roommate..

[@parker4551]

Before the bonkers bonanza dealers got during covid, could easily get 10% off a car plus rebates between $2500-$6000 all buyers qualify. No bs hoops.

[@plll1645]

You can only have one power company, it’s a franchise just like the phone company and cable company in one area.$90 a month for power in NC on a townhouse. insurance: $230 for 3 cars full coverage, 2 drivers.

[@remus421]

Like always............SPOT ON! Prices coming down? Have you priced the new toyota tacoma?

[@jimgalle1371]

A-1 video ... Lucky does good work ... !

[@vinniecorleone62]

Next November we need everyone to vote for a genuine change we all need or the American Dream is toast.

[@LuckyLopez777]

change is coming

[@germaninvasion121]

Maga

[@vinniecorleone62]

@@germaninvasion121 F'n A right!

[@hawk10101]

Like the Insurrectionist, "I am the King of Debt" Orange Cheeto has some secret plan other than tax cuts for the rich and running up the deficit and monitoring women's pregnancies

[@germaninvasion121]

@@vinniecorleone62 I just registered to vote. Trump all day baby! Fuck Brandon

[@southpoleelvs]

Phoenix resident with a house here. 850 dollar summer electric bill. Insane.

[@nm1000]

We had a mild winter where I live (MidWest USA). My utility bill was half of last year's rate.

[@jawsgreatwhite9966]

Here in Utah I’m on equal pay for my utilities so I pay $58 a month for electricity and $54 for natural gas. My insurance for my two cars with one being liability only and the other full coverage is $198 per month. It used to be much cheaper just two years ago.

[@CelticsWin7]

A person earning a median wage of $37585 annually is not paying 30% in taxes. In Nevada it would be closer to 14.64% total taxes. This includes federal, state, local, and FICA tax.