Crushing the Dreams of Home Ownership

When we look at the needs in life it's quite simple. Food, Shelter, Clothing and Transportation but what we spend on these items is keeping thousands of people from the dream of home ownership.
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Yes, you heard it right! This Makes You Poor! In this frustrating video, we dive deep into how your car is single-handedly responsible for draining your bank account. From high monthly car payments to expensive repairs and maintenance costs, your vehicle is a bottomless pit that will leave you broke and miserable. But don't worry, we also provide some tips on how to cut down your expenses and save money.
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DISCLAIMER The contents of this video are for strictly educational and entertainment purposes. This video is not intended to provide financial, accounting, tax, or legal advice. For financial or legal advice consult with financial advisor or lawyer.

[@Zulonix]

I’ve practiced the single payment method for cars since 1991. I’ve always lived beneath my means.

[@TheTexasTakebyMissVikie]

Same here but now it is getting hard to find someone to come fix my old truck.

[@doompod]

People relate their vehicle with their identity, that’s the real reason people buy stupid expensive cars.

[@TheRealWayneTurner]

Very true!

[@steelisthemeal]

Some people like to enjoy their money none of us are here forever we could all be gone tomorrow You might as well live in the moment

[@doompod]

@@steelisthemeal that’s the way i use to live. But debt is nothing but chains. Debt is an oppressor. You’re actually living a worse life by indulging in debt, living paycheck to paycheck with little to no savings, little to no plan for the future. Break free from the facade that your life is better by making monthly payments to banks and large billion dollar corporations. You are the slave, they hold the whip.

[@clallen2000]

I don't care what other people think because they don't pay my bills. I bought a Nissan Altima 7 years ago for $2000 in cash from a private owner and I drove it for 6 years. During the worst of the pandemic I worked from home and only drove it 1-2 days a week. I would rather be contributing to my retirement account or other investments that make me money than spend it on a car that loses value every year. I want to retire and not have to work forever.

[@kevinhamming4514]

They buy stupid expensive cars because rich people are extremely wastefull of materials and natural resources, like electricity, natural gas, and petroleum gas.

[@Joesire]

I was all set to buyjng a ford bronco or jeep qrangler. I waited and ended up buying a 1999 isuzu Amigo for $1,600. Im enjoying yhis vehicle so much and i get more compliments than i get in anything else. Its the greatest smartest purchase i have ever made.

[@Fedgery007]

Wise man! Same reason college tuition is so high and only going higher. Unlimited student loans.

[@bt_8498]

I've always bought used vehicles for cash, but lately the cost of repair is crushing me and has wiped me out financially smh.

[@bmd1825]

Absolutely!.......at the current pricing for vehicles is absolutely insane.

[@cryengine_x]

it's gonna get worse with all the expensive mileage requirments and then ev's are even more expensive on top of that and the epa has effectively banned gas engine in their next round of ultra onerous regulation taking effect in 2026. they want the regulations to ban gas cars nationwide, at most 1/3 of cars sold to be internal combustion by then, meaning 2/3 ev's.

[@josephandreuccetti3706]

I drive a 2002 Tacoma. 290,000 miles. BEEN paid for and has made me a good living for 19 years.

[@ocean1233]

People MUST educate themselves re financial needs for a sustainable life. You give excellent information/advice!

[@turtur735]

Agreed. I bid and bought my first hilux car (truck) with cash through saving up. The only exception for me to get a loan is to buy my first land in a year time 😅

[@fugueine]

Set aside money, purchase within your budget. Also consider how the model, year, type of vehicle will affect your insurance rate. Pay in cash where possible.

[@cecilmartin5065]

Agree,,,been there,,,years ago,,,,,no more,,,,

[@benjaminp1629]

My 2015 5 speed Subaru Impreza is my 100% debt free machine

[@OllieBrux]

I got a second job to pay off my car note two years early. It wasn't even that much, about $335 a month. Paid the balance within 6 months and went right to saving that extra money as a downpayment. Put down 20% on a home 2 years later in 2021 and have been driving that car 6 years total. Had to replace the transmission last month, but I'll take that over car payments that have doubled over the past couple of years.

[@cryengine_x]

paid 8500 cash for a small used 2008 single cab pickup in 2013 with 30k ish miles on it (you could do that back then lol). been driving it ten years with no major issues (a few things all of which i've been able to replace for 100 dollar part and my dads help, last thing was a water pump years ago), now has 155k miles. not only that but i pay liability only on it for several yrs. my ins was about 180 every 6 months. not every month, every 6 months lol. like everything else insurance just went way up to about 50/month. book value on the truck is now only about 1500 trade in and 3k pvt sale iirc, but if i sold it i def feel i could get 4k. so in essence i have so far paid 4500 to drive for 10 yrs if i sold the truck tmrw, not too bad. ive only owned 3 trucks my entire life, same deal, the first my dad gave me the 2nd i paid 4200 in an envelope for it, all ran and ran. alllll that said i've had new truck itch for a couple yrs now. I want 4 doors for starters. i know mine is not going to run forever (though who knows, it might run another 100k miles, my dads tacoma had over 300k when he sold it still running fine). i would almost certainly pay cash because interest rates are just too high to finance. i know it'd be a terrible fiscal move, but at this point i'm old, it'll probably be the only brand new vehicle i'll ever purchase. i want it to be exactly what i want, brand new, crew cab, beefy engine, and 4wd. i dont even need all that stuff (dont need 4WD, it's just a want after the ice storm 2 yrs ago) but it's like i said, i want it to be perfect. i'm looking at chevy colorado, ford ranger etc since i've always preferred smaller trucks. For all i just listed at lowest trim level (i dont care about overpriced doo dads heated seats etc) i'm looking at 35-40k. that said, i'm still not super close to pulling the trigger, i just know i'll feel bad about it :( i know dudes who pay 60k+ for their big full size monsters, so I tell myself that to feel better.

[@bjkjoseph]

Was it a GM? Every GM I owned the transmission went

[@cryengine_x]

@@PedroKing99 i'm almost 50 and never had a car payment. Had 3 trucks in my whole life. Each owned 5-10 years, moved out ~24. First truck given to me by my dad. Second truck, a used 94 paid for with 4500 cash in an envelope. 3rd truck, 8500 cash in 2013, a 2008. Running great to this day. Each had some occasional problems, but nothing $100 part and a afternoon couldnt fix (like alternator, water pump). Nothing major. so thats total 13k in 26 years of driving. Not too bad. I'm averaging 500 a year. I know people paying 800 plus A MONTH car payments. Plus probably 300 more in insurance a month. Until recently I paid around ~30 a month for liability for years (no use having full coverage on a truck with a book value of only 3-4k). But as of my last contract it was raised a great deal to $47 a month due to general higher costs. I wasn't happy. I cant imagine a multi hundred car payment every month, people are crazy.

[@ruthlessreid9172]

Wayne's right I've always paid cash for cars. I retired at 49.

[@joelabella750]

And this is I will ALWAYS ride a single speed bicycle wherever I go which I bought 10 years ago @ $300.00 with tax out the door and this bicycle hasn't failed me yet because its my primary mode of Personal transport and I can put this on the front of ANY Bus that a front bike rack and I could virtually go on any city here in the Bay Area in the State of California and never will I EVER OWE a single car note and costing me $700+ A month! A $700.00 + car note is utterly INSANE/CRAZY!!!

[@GrandChessboard]

Number one reason is trickledown neoliberal Reaganomics. Not avocados....

[@paulmoss7940]

Just like the smart feller below, I pay cash for vehicles. Only sport what you can afford comfortably. I worked shift work for 32 years and lived well within my means. Paid back my house loan with a fury in 7 years, that's the biggest thing one needs to do. Debt free is the goal asap. Then SAVE. Allowed me to retire at 57 and drive anything I want, within reason of course.

[@Fedgery007]

I drive a 2002 Nissan xTerra. I spent my “car payment” money on real estate.

[@TheRealWayneTurner]

That's what I like to hear!

[@genarolegorreta3418]

I bought and leased nice vehicles I could afford. That is the key.

[@ShelbyWalker-z4y]

I just started my roofing company a year ago and I have a 2008 dodge ram maga cab it's well over 6000 pounds thanks for the advice I'm 28 still learning

[@TheRealWayneTurner]

Happy to help! Thanks for watching!

[@myreviews4905]

It is also about getting the right deal. Use a car agent that works only for you to purchase a car. But most people won't spend $500 on a good car agent and will end up paying thousands more going to a dealership trying to get a deal. The other is to use a good credit union for auto loans. I only have credit union bank accounts. Buy a car that's reliable and lasts a long time and is low cost on maintenance like a Toyota or a Lexus. Learn to do the oil changes your self. Hire a mobile mechanic instead of going to a dealership. But I just sold my Camry and got a Tesla Model 3 due to the gas prices. No going back to regular ICE for me, unless maybe it's the Corvette.

[@ShelbyWalker-z4y]

30 thunsand dollar house and making payments on a hell cat LoL

[@abelardochavez3426]

It's true and people keep their expensive vehicles in the streets and the garage full of garbage

[@SilientShadow]

People have ragged on me for my vehicles, but I've probably spent less than 12k on cars throughout my entire life. Craigslist was usually my avenue

[@ShaneEberle]

Huh? No verification of income? Not sure what it’s like in the south, but absolutely not the case where I’m at 15 miles north of Seattle, Washingron. Just sold my 1.5 acres to a major developer 7 months ago. My capital gains were massive considering I had lived in the home 18 years. With hundreds of thousands in the bank, a credit score of 810, and zero debt, the lenders I spoke with wanted my 2021 and 2022 tax returns AND either a year’s worth of paystubs or an offer letter with acceptance from an employer that stated annual salary (depending on type of employment). No verification, no loan. I’d really like to know how the no-verification thing works. 🤔

[@nickjunes]

This is funny because I own the car in the thumbnail but I bought it 2 years old and with a 1% loan. I bought a 2016 BMW for $20,000 in 2019 and everyone thinks I spent $50,000 for it. Things are not always what they seem, but yeah most people today are getting ripped off and spending way too much on cars. Way too much!

[@270eman]

Exactly. People go out and finance a truck for 60 grand with a terrible interest rate and then wonder why they are broke 😅

[@you7uber5]

I own 3 cars everyone I found amazing deals on and paid under $3500 for each and paid cash. Ill never have a car payment.

[@necessaryJustice_4all]

Interest rates are out of control. People with great credit are being offered 7-8%. Nuts. I got mine at 5.5% a year ago, and felt it was high. (Credit union). Boy was I wrong when I went to refinance, they were throwing silly stuff at me. I felt lucky.

[@helloeveryone906]

Well those can afford it, live it. Those who cannot better have a wise choices 😂😅.

[@justSTUMBLEDupon]

Car dependent Subarus and cities with all the car prices being up… man listen, people are going to start craving walkable suburbs. The 2+ car family is coming to an end. Spending 4+ hours on a Saturday in traffic to stop at 2 places is over

[@patty109109]

I think excessive spending on a house is worse. But the real reason peeps are broke is not paying themselves first; not investing money from every pay check no matter what.

[@cryengine_x]

i dunno which is "worse" depends on the specifics of the situation but generally speaking IMO the car is worse because it's a rapidly depreciating asset, the house is the opposite it normally grows in value over time. so at least if you bought too much house you should be able to sell it for a nice profit in a few years. my house has roughly doubled in value since i bought it 13 years ago, whereas my 10 year old used truck has dropped in value to 3k from 8500 purchase price according to the book. Now if you bought WAY too much house for your means that'd be a problem obviously and leave you house poor, whereas the car I dunno you could possibly get out a bit easier. then again you could just let them foreclose on the house too. that said this wild chip shortage, covid etc has led to certain situations where for example ford maverick the truck i'm looking at, people would buy them for 26k then carvana would offer them 36k or something. or people could buy a truck and sell it for the same amount they paid a few years later. thats not normal though and wont last. plus even on the 26k vs 36k carvana thing, the taxes and fees can eat up any profit. similarly if you sell a house too soon, the realtor fees could prevent you from profiting. you typically need to wait a bit, a few years to build up equity. of course theres exceptions to every rule.

[@cryengine_x]

@@PedroKing99 sounds like youre always broke. but of course i agree its common sense 101. you can scrimp, save, and live a frugal lifetsyle and get hit by a car tmrw. you need to have balance between saving and enjoying life. sure IF AND WHEN YOU CAN AFFORD IT get a nice car. Otherwise it's a waste of money and keeps you poor. i'm not trying to brag but i have enough in the bank to easily buy some nice cars. i choose not too and drive a beater, at least for now. A nice car would be exciting for a few months and then boring anyway, but the cost remains for a long long time after it's not new anymore. It's not like seats treat my body differently if theyre in a old or new vehicle. my point was only that cars rapidly depreciate, thats a fact. homes are more of an investment that appreciates. my home is worth twice what i bought when i bought it 13 yrs ago (plus, it's now far cheaper to pay the morgage than it would be to rent an equivalent house). my car OTOH is worth less than half what I paid 10 yrs ago.

[@Zerinsakech]

Some of those cars don't even make it to 69 months before something major breaks down.

[@sekyim]

Also to add on, is to find better financing for cars such as credit unions and other financing vehicles.

[@dyates6380]

I've tried to explain this to my buddy's thirty year old son who calls both of us Boomer because even though he's still living in his childhood bedroom (he does have some type of degree in the "music industry" using a sound board or something - a FOUR year degree in it) but is working at a factory - and I'm NOT putting him down as I just retired from one) he knows everything and knows that socialism is best and capitalism is evil. Obviously, I'm being facetious. He only looks at prices of homes today as he has been looking and constantly laments about how expensive they are, and when he sees we both owned in our early twenties (I'll also point out that both his dad and I started out with what you'd call starter homes, but Sean doesn't want to do that) he immediately points to how cheap homes were in 1981. Yea, my VERY small first house was cheap. 37k, and I had barely five thousand to put down on it. He couldn't grasp the fact that the house, which was less than a thousand square feet, was at the limit of our range because back then I only made about $5.35 an hour (not bad for back then) and my wife made less, but the REAL thing he couldn't understand was the ridiculous interest rates back then. Our rate was 14.75% and when we were trying to qualify it wasn't like it's been the past twenty or so years where you are pre qualified within a matter of an hour. We were young, and it took us literally two or more months to even be approved, and our Realtor made it very clear to us that even a quarter of a percentage point going higher (which was happening like the wind changed directions back then) it could very well knock us out of the market entirely, so all this waiting on pins and needles to get a call saying yea or nay was hard. He only looks at prices of the houses now, and doesn't take into account the (until recently) HISTORICALLY low mortgage rates. Toss in inflation and the rise of not only home prices, yes, but also the income increases adjusted FOR that inflation we have seen the past forty years (I'm using my time frame for a comparison) he can't quite "grasp" that at least to US, it was much more interest rates and much less the price of the house that factored in. I did some number crunching for him on the fly, and I determined after some calculations, that given the buying power from 1981 and dollar value and interest rates compared to say, 2020 or even today, calculations being made in reference and the cross percentages, that the $438 monthly payment my wife and I were making on that 980 square feet, two bedroom starter house on about a half acre of land would be equivalent to $1338 dollars in today's money and today's interest rate - for the SAME house - again, using percentages and ratios from my down payment to the total cost of the house and thirty years to pay it back - using today's actual prices and what five thousand from then would be worth now. Sorry, I know that's confusing. After all that he said "Nice try Boomer", and went to get on his BRAND new Honda motorcycle with the Capitalism Sucks helmet he wears and drove off from his childhood home. LOL. I tried.

[@spurs5677]

That’s crazy I’m 29 now and have a 80k house that I fixed up inside with my wife and own 2 cars

[@Ice_Solid]

Medical cost is the higher.

[@nevermind7253]

Such Truth! BUT How do we find a car and not get scammed? We are older on fixed income... Kinda low but have a small savings and really need a car. We don't care what it looks like!!! Just it works and won't need a total rehab in a few months! Any advice is appreciated 😔

[@xiondFirst]

The other issue here is public transportation sucks for most part of North America. So you have to get a car to get anywhere.

[@TheRealWayneTurner]

That’s the truth!

[@plutoslikk1404]

Pay out right for a vehicle or get a bicycle

[@FolM82z]

I wonder what the repo rate is on Dodge Challengers or equivalent sports type cars.

[@elisecliftonklitz]

Yeh, as soon as my kids were grown I sold my car. It's a money pit racquet and I prefer being a passenger anyway. Now I can afford a nice vacation instead of keeping up a piece of junk!

[@justmeeagainn]

Old joke: What are the happiest two days of a boat owners life? The day he buys the boat, and the day he sells it.

[@opiedrums6969]

If your title is "crushing dream ownership" and the first reason out of your mouth isnt coporate greed. Then im stopping right there.

[@mikeaze423]

Vehicles are becoming way too fancy and complicated. You can't really find vehicles without touch screens electric doors etc. Honda civic is a 4cylinder 100hp simple car anymore.

[@Bergerons_Review]

I sold my car when I moved into a big city. This was 20 years ago. Public transportation cost a fraction monthly what I would have to spend to own a car.

[@steelisthemeal]

And now that you live in the big city you are trapped where you live you really can’t just go wherever without planning it out Sure you can go a few miles this way or that way taking dangerous public transportation But you sure can’t leave town without scheduling and making plans Sounds to me like a huge inconvenience unless you like being a prisoner of your own device😂😂😂😂😂😂

[@Bergerons_Review]

@@steelisthemeal you are not exactly wrong but I have money put away to buy I used car if I need one. I just don't have to maintain one while I live here. I can't move because of work atm otherwise I wouldn't be here.

[@zarmindrow5831]

This is why I take the subway. Just wish I'd quit getting mugged.

[@steveroberson1488]

Contacted you weeks ago about my need for a realtor,,,so far,,, crickets ,,so I'm moving on to a more reliable professional real estate show

[@kevinhamming4514]

Theres 2 classes of people, middle class is gone . Look at what the median house price is. Can the average person afford it? So i f you work for me finding what I want, are you doing that for free or what do you get out of it? I dont think you appear to be someone who works free

[@Victor-tl4dk]

You're going to get the urbanists on the channel 😂👍

[@steelisthemeal]

You mean the people that actually own nothing 🤣 working all of your life and actually owning nothing Sounds like a real pathway to wealth building😂😂😂😂

[@soniasias6226]

Bankers need there money!

[@beckyschmidt5577]

Exactly

[@GIUL7301]

This is true. 2004 chevy silverado, 2002 nissan xterra, perfectly maintained. No payment since 2008. Allowed us to pay off our mortgage. Haven't paid any interest to anything for over 5 years. Say to yourself, NO, I don't deserve it. STOP BUYING STUPID STUFF.

[@TheRealWayneTurner]

nice!

[@generator73]

Wayne I just don't understand why people and you included into KZbin posting videos ? What is it do to you ? Do you do this for fun or be popular guy ? Whats the catch ? I know that making videos and posting them on internet its a time consuming process you have edit them upload make videos with camera this is all time consuming process. . Why would you spend your time on doing these videos if you busy doing real estate or other things ? I just don't get this KZbin stuff ? To me KZbin is like a toy for young generation but for grown folks I don't see the point doing it.

[@ShaneEberle]

Some people like to give back to those who don’t have the same experience, simply because they enjoy it. I’m grateful for channels like this one.

[@dart336]

Ask yourself do I really need this? Do I have 50% in cash reserves? Can I find it on fair condition at a reputable used car lot? Can my credit card cover 100% if all is yes then go for it, one of the cheapest ways to go. Put the entire purchase on the credit card, after the charge is fully processed use the rewards and deposit that 50% cash reserve right way. So if a car is 10K and the Cashback is 2% making it 200. Use it to reimburse the 5k balance to 4,800. At 20% interest looking at about 160 bucks a month payments. This obviously is in liu of qualifying for an official auto loan. If you have a really good credit card, you can request them transfer your debt to a proper auto loan in which your interest rate would be lowered.

[@Peter-od7op]

I never had a car payment. By used from people u trust

[@jackdruark9986]

Both my vehicles combined are worth less than 10k 2008 f150 and 2003 toyota solara, both with over 200k miles on them. They run great, and I paid less than 5k for both when I got them. I need money not to look pretty lol

[@PlantNativeTrees]

If you are in a city setting, use public transportation, walk, ride a bike, or use uber. Vehicles can be a big waste of money and depending on where you live and your family dynamics, they may not be necessary.

[@kevinattig6689]

I and my wife have only one car that is paid off. Best thing we've done. When we lived in a place that had lower insurance rates we would have 2 or 3 cars at a time, I was buying them at auction or found them on someone's property and make an offer on it. I would fix them and drive them for a few years and then do it again. I did that for about 15 years, nice not to have a payment.

[@tumbleweed1976]

2012 Toyota Sienna… driver has an excellent personality (and lives debt free) 🎈

[@KevinColt]

Whatever whatever, theories. The only thing that ever made me rich from 0 was when I defined my standards at 1k a day. Nothing else matters but when you raise your standards.

[@thomasmckendry8566]

Bling bling homie got me f-ed up Dawg

[@Bergerons_Review]

Banks give out credit because of government programs not because you will be able to pay it back.

[@steelisthemeal]

The later payments on the car payment are being paid with cheaper dollars The amount for the monthly note remains the same but because of inflation the dollar is worth less So over the course of the life of the loan the payments are actually cheaper as you go along even though they are for the same amount

[@cryengine_x]

sure but over 5-6 years it wont be a huge deal. heck been making my same house payment for 13 yrs now and it still seems burdensome. also they correct for that with interest, rates are what 7% on a car loan rn (vs 2.75% on my mortgage which I refinanced at historic lows during covid)?

[@matthewronson5218]

Mortgage = death deed

[@mattjubie]

Dropping bombs

[@ShelbyWalker-z4y]

Pay cash are no buy

[@polievets1]

So the basic idea of this video is don't buy anything, use public transportation, live in crapy housing, work all your life, save as much as you can, and by the end of your "wonderful" life in which you DID NOT TRY ANYTHING, you did not drive a nice car, you did not live in a lovely home, you probably did not travel by the end of your life you will be old, pissed off, with a bunch of health problems, But with probably some money in the bank, that is all perfect, because you calculated everything!

[@MemoryFreeze]

I think all of those things can me remedied by simply renting if they're that important to you. But getting into a 30 year loan with a depreciating asset isn' t a great idea.

[@jabrowski_]

I'm not broke Mr Wayne 🐸 can I borrow a dollar

[@TheRealWayneTurner]

Sure thing, Jabrowski!

[@generator73]

Wayne why don't you go on real TV show rather than this KZbin stuff. You tube is not a real TV. It's a toy for young guys to have fun with placing vids brag about gossiping the way of exposing yourself. It's not a mature thing to do. You are not 20 anymore. How old are you Wayne ? 65 given take and still playing with KZbin ? I don't get this behavior from old people. Back in the days in 70s 80s 90s we did not have this KZbin garbage and we did fine without it. Life was more real and natural without KZbin. It was more human and more real. Now the whole life is in KZbin that is very sad that computer programs replaced human contact, human life ! What would happen to us in 30 years from now ? We all become like a bunch of lifeless cyborgs ! Its shame where life is going to its a shame !

[@270eman]

Sure. Except the truck on loan has made me way more money than it costs me. I have paid off my credit cards with the truck. Built up 10k savings. Most in my life. I am on track to pay it off with cash by the end of the year. Not like I am stressing it anyways. It cranks up every time. Doesn't burn oil. Doesn't leak coolant. To be fair I did my research and found the cheapest low mileage 4wd truck thats simple and has a few predictable problems that are simple to fix. The broke ones are buying the most expensive luxurious new truck with all the add ons thats a new untested drivetrain that fails right out of warranty. You can have a vehicle on loan and it not be the end of your financial future with a little research and effort to find a reliable used model and know how to inspect the used vehicle. I could replace my drivetrain two or three times before reaching the cost of some of the new trucks. I had a used chevy sonic before the truck I was paying like $160/month for. Big deal. 😂😂😂 It paid all the bills as a delivery vehicle. Debts not always bad if you do it right. I resold that sonic for more than I paid. Got a used camry with 18k miles on loan. More than doubled the mileage on it to 40k and resold it for 3 grand more than I originally financed which put a down payment on the truck.

[@spurs5677]

How do you make money with the truck?