Edmunds SHOCKS the Auto Industry (THIS IS INSANE!)

[@johnhallmark7706]

Your dad keeps the show entertaining. Never underestimate the people who love his rants

[@Ultrajamz]

The issue with these loans is you’re under water since the car doesn’t hold value as well as a house. One bad car accident…

[@wawalker1]

People use credit because they don’t have money. Dave Ramsey says, if you don’t have debt, you have MONEY! When my wife and I finally got out of debt and stay that way, wow, that gives you freedom. If we can’t afford something, we wait till we can. Sometimes by the time you have the money, you don’t even want it anymore.

[@whatsamattayu3257]

That's why retailers rely on "gotta have it" impulse buying. If you take the time to consider your purchase, there's a good chance you'll realize you don't need it.

[@philrutulante6105]

Buyers are being robbed. There is no wants involved to the extend you say. Dealers are killing the average person. We have no choice to big if we need a car. Total rip off all around.

[@user-sb6pf9tw4z]

Bought a 2014 Durango RT two days ago. It's in immaculate condition. If I didn't know, I'd easily believe that it was only a couple years old. Paid cash for it. No loan, no interest, no chance of repossession for failure to pay as agreed. I think people would do well to live a bit more humbly and study the difference between wants and needs. Categorize things (honestly) in Needs vs Wants vs Deserves. Make sure your true needs are met first. Then, if you want something, do what it takes to afford it logically and reasonably. When you do, you'll enter the space of Deserving it. It feels good to have something work out well because you did it sanely.

[@deebil8099]

Yea but that is a piece of crap car.

[@user-sb6pf9tw4z]

@deebil8099 Nice job missing the point.

[@VetBodGaming]

A lot of people who are getting screwed over aren't out here buying Cadillacs. They have bad credit and are buying a used Altima with an 18-20% interest rate. The bottom end these days are paying almost $400 a month for a high mileage used car and are barely paying off any value. If you can't afford $400 and need a car for work you don't have a choice but to extend the terms. It's easy to forget as people who have the luxury of waiting or walking away from car deals that most people buying vehicles have to take what they can get so they don't get fired for missing work.

[@deebil8099]

@@user-sb6pf9tw4z I think you're missing the point because I'm just trolling 😘

[@johnweibel1128]

Wife wanted a Subaru. Dealer said they would help us get out of last month or so of her lease.... Their idea of "help" was to bury the lease payments in the deal.... so I could finance them.... irritated me to no end.

[@craigsternlives]

I woke up today worried no one would shock the industry, again. But phew, it’s happened. 😂 love this show and car edge

[@NVRAMboi]

Ray deserves some kind of MVP award.

[@LYoung-et2sg]

Dude this made me laugh

[@HarryTwatter]

Lin sanity reference lmao that was gold and maybe 5% of your audience will get it

[@iu2]

Just 5%? I'm thinking more like 30-40%. No? Cars, guys, sports, basketball, no?

[@jakethesnake4971]

I love the financial advice from you guys. I know that's not what your show is about but I think a lot of people would get a lot out of it. Because Ray always has interesting things to say and a lot of experience with this kind of thing.

[@NVRAMboi]

Yes he does. He's walked that walk.

[@ggfinger1]

Love the show guys. Watch almost every day. I'm not in the car business, but I love cars and car news. The financial news is how I found you, and I love how you cover it.

[@dalecavallin9695]

I’m going to make a prediction in view of today’s ridiculous car prices: body&paint shops along with repair garages are going to have a huge increase in business. I have a paid-off Prius on which I am willing to spend money to keep it in like-new condition. I ‘d bet there are many other people like me if car prices are no longer going to be reasonable.

[@NVRAMboi]

We started doing as much around 2019, by putting around $2.5k into planned on services that we knew would be needed. A certain segment of people are wising up. Regular care and maintenance, pay it off, then continue regular care and maintenance and "pre-emptive" service/repairs in a planned manner. It's the only way to fly. All built upon buying a practical and known-reliable model of vehicle. (Ours aren't "like new" but they are clean and absolutely NOT "beaters"). Can drive'em about anywhere. EXCELSIOR! :o)

[@teetimeaz]

Just bought a 2023 Nissan Kick.None of the negative comments match our experience on comfort. The engine is a little slow. But the price; WOW. But some of the dealers are trying to pack on the extras; Lo-Jack, Ceramic waxes, fabric protection among others. When we found a dealer that would deal, F&I said we were his first customer that had no add-ons. We really like the car. And it will be fully paid when we get our payment book.

[@NVRAMboi]

While everyone else "zigs', keep on 'zagging' brother.

[@deebil8099]

They still make that car? How much was it, like $12,000?

[@MartianManHunter_]

We put down 10% but still wanted a loan below $600 a month. We went with manufacturer that had 1.9% for 72 months. The difference in total interest cost between 60 and 72 months was about $400, but it was $100 a month difference in payment.

[@NVRAMboi]

Congrats. Hope you got what you needed/wanted. Getting a "great deal" on a vehicle with KNOWN quality issues isn't a great deal - it's fooling yourself. Some buyers today seem oblivious as to what they're actually chaining themselves to.

[@MartianManHunter_]

@ you are just a barrel of sunshine. I didn’t even mention the manufacturer. But have fun assuming 🤷‍♂️

[@fixittony]

2:56 Using all the knowledge gained from CarEdge, I purchased a 2024 Crosstrek Wilderness for an OTD of $35,163 (including an 80,000 mile extended warranty-used CarEdge tool and negotiated a lower price!). I put $6000 down and my total payment is $455/mo. We plan on paying it off in two years. Love the car and the fact we got it for over $2000 below invoice! Thank you CarEdge!!! Ray, get a Crosstrek Sport or Wilderness, you wont regret it! Either will your kids as part of their inheritance!

[@CarEdgeLive]

The Crosstrek Limited and the Mazda CX-50 Premium are the two vehicles that are on my list. I do appreciate your input. All the best, Ray

[@NVRAMboi]

@fixittony : Bravo sir! Well done in slaying the dragon and sticking to your plan!

[@SLHJR0390]

So you’re going to pay 1000 plus a month to pay it off …

[@IKnewMickey]

@@SLHJR0390 More like $1300/month. $29,000 left owing @7% interest. (roughly) insanity.

[@gregorygoodman7601]

Car insurance is closer to $400 per month here in CA.

[@michaelsmith9590]

Each of my vehicles here in Florida are less than the above, however the deductible is $2,100 each.

[@NVRAMboi]

@gregorygoodman7601 : "Yikes." There are tons of variables in car insurance. I can only hope you're driving a pretty nice exotic vehicle. We're older now and so are our vehicles. I've deliberately chosen to keep FULL coverage on both - even though they were paid off long ago. Our annnual total is around $1400. I was with Allstate for many years and then another national company. Costs and service were horrible. On a friend's suggestion, I contacted my local Independent Insurance Agent, who represents over a dozen smaller (but AA Best highly rated) companies. He told me that his clients were very pleased w/one particular company in Ohio (whom I'd never heard of). Made the jump and am still pleased with them some 10+ years later. If you can shop your policy in CA, might wanna have a no-obligation look (phone call).

[@deebil8099]

brooklyn ny, full coverage for a 2024 lexus es350 it's $2100 for 6 months. This is for a very clean driving record, so that should be the cheapest you can get for that car.

[@PeteHooper-h6j]

I was just in France and saw lots of really nice cars , hybrids and EVs, that were in the $20-$30K range. Why doesn’t the US have these?

[@tsaultie]

its probably US standards. The main reason for super light weight/smaller gas tanks and the crappy turbo's is the mpg requirements. The engines are also much smaller

[@foamysking]

I really hate that I’m having to look at 60k for the next family vehicle just to fit everyone or get a 3-5 year old vehicle with 150-250k miles on it

[@NVRAMboi]

The latter is better and can be done with persistence and patience. It's worth it. I also wouldn't assume having to settle for a vehicle w/mileage that high. Good luck.

[@deebil8099]

Just make more money...

[@pascalxus]

Nissan versa. They’re big!

[@CharlesCurran-m9p]

No problem if you’re making $200k but usually those payments result from somebody with trash credit putting zero down at 29% interest.

[@michaelp4834]

Ray at his best, yet again! Love the humor today! Continue to emphasize the “Edge” in CarEdge 🚗😊

[@digitalpins]

smh a thousand dollar monthly car payment is insane... I would walk away, you still have to pay for gas and maintenance also insurance! Aint no way I would even consider or look at a car thats gonna be a thousand a month. Just imagine a thousand dollar car payment and the complementary maintenance program expires and the warranty is gone, now if something goes wrong with the car maintenance or accident you still have a thousand dollar payment to make along with that high repair bill

[@NVRAMboi]

And then you have to eat. Then pay rent or a mortgage, then insurance.....the list goes on and on.

[@VOLatile_MiX]

SOOOooo glad I paid off all our cars this year - market should look really good in 2-3 years when we are ready to cycle them out

[@SLHJR0390]

50k average cars when you’re back in the market

[@reynaldoruiz5184]

It not about Ray telling anyone what to do or not. For a depreciating asset, it makes no sense (foolish) to finance it for more than 60 months or paying more than 700 dollars a month when a retirement fund or home down payment, real estate just to name two, has greater importance.

[@NVRAMboi]

Ray is right, of course. And so are you. But we know it's sometimes tough for younger people to see the "bigger picture/the long-term goals". Ray's just trying to get them to avoid all the financial mistakes that I made before age 30. Luckily I woke up in time and was able to pretty quickly dig out before it became a severe problem. I learned.

[@SLHJR0390]

It’s foolish to finance for anything more than 36 months.

[@SLHJR0390]

Real estate is even more costly , maintenance and insurance

[@deebil8099]

What if you're not a bum and make some real money. Can you spend more than $700 a month then?

[@louisstennes3]

"Sir, your car was totaled in the accident and you still owe 3,000 dollars on your 94 month loan. That leaves you with 10 dollars after we pay it off.

[@poler-fl9zs]

Maximum house mortgage in Japan is 35 years. There is no such thing as 100 years house mortgage...not only in Japan, but in the world. Interest rate is around 0.7 to 1.2 percent. When buying a car, interest rate in Japan is normally 1.5 to 3%. Car insurance cost is about $25〜35 a month. I used to live in the states 20 years ago, but it seems everything has changed dramatically since then. Jeep grand Cherokee used to cost around $30000, but I heard its more than doubled now...

[@louisstennes3]

This is just a wild guess on my part. Me thinks we are short maybe 400,000 repo trucks and drivers.

[@NVRAMboi]

What? Don't look at me - my life insurance isn't paid up. :o)

[@jmoneybuck]

15 years one could see a printed AV from AMZN or local printing shop cause those numbers are insane for car drudgery that comes with unlimited liability

[@NVRAMboi]

Losing proposition all the way around for the buyer. Good post.

[@loco240]

The largest ownership costs for a vehicle are depreciation and insurance. People seem to forget about that. You get zero equity from insurance, and depreciation is the main cause of negative equity. The current auto market is best compared to flushing money down the toilet.

[@co3g921]

I suspect many of the $1000/month buyers are dual income households and they are replacing an older vehicle. Essentially, a two income earning couple who has one new car.

[@SLHJR0390]

High earners

[@MalcolmStallons]

Today's show had me laughing and laughing and laughing even more especially the comments about the studs in Ray's condo.

[@matthewcastellani96]

Sadly the 0 percent on our Mazda cx90 is a 3 year loan so ya entry lvl 2025 payment is 1278

[@TRUREALTYGROUP]

Ray is too funny. His advice is gold!

[@nothingtoseaheardammit]

This payment size explosion isn't the fault of the financial institutions. They're merely providing a service that the market is demanding. Its the sole fault of the terrible public education system that does nothing to teach basic financial responsibility to youguns.

[@brandielyn21]

I’m debating on whether or not to get back into a car payment. I have a 2014 Nissan Sentra that doesn’t have working ac and no car payments. But my new car payments for 84 months is a little over $500 with $5k down and a trade in on my car for me getting a 2025 ford escape platinum. I’m thinking it’ll be best for me to NOT get involved in another car payment

[@tsaultie]

By a used car...You want a top trim car without the budget to afford it

[@brandielyn21]

@ I’ve decided I don’t need a new or even used car at this time… I might be selling house

[@simon359]

To me if the government was smart, they would put rail ways all through the country so that nobody needed to drive. You could just get where you’re going, kind of like with buses. Only the well off are going to be able to afford to drive and I’m sure they’ll be paying a premium price for that too!

[@robertgamble7497]

Have you looked at the monthly maintenance & fuel cost for an electric car versus the monthly maintenance & fuel cost of a internal combustion engine car and then consider how much more you can put towards the loan since you don’t have as large a monthly maintenance or fuel costs on an electric car.

[@grizzly311tr]

You can redirect that money into tires and a battery replacement fund

[@arthouston7361]

I would take any money saved and pay the increased insurance to cover replacement of your house when the car bursts into flame and burns your house down. A woman received a Mercedes EV loaner while her ICE Mercedes was in the shop, and the EV burned down her house.

[@clintmiller88]

Man time stamps on these hour long videos would be so great

[@johnstone7697]

I kept my old car for over 9 years, got a ridiculous purchase price for it from Carvana, and paid for a new BMW 2 series with cash. My dealer offered me about 5.5% interest on a loan, and that's too much. Buy what you can afford.

[@johntamasi3265]

Don’t worry It only goes up for sale in California. Not un NJ or DC.

[@dieterwolf9549]

89,900 BUT it does include a 3 year complimentary Subscription !!!

[@MonGoose-z8i]

Work with Engineers, going old school getting old vehicles, replace engines well everything they need to making them better than the new junk. They want gas vehicles, diesel trucks, they can keep them running.

[@actualfacts1055]

You can borrow money from Peter to pay Paul today but you still have to pay Peter tomorrow.

[@gregoryranney5911]

Then add insurance and maintenance YIKES

[@GerardoGuerra2087]

i would look into fiber internet or something that has higher upload streams that will help you guys out.

[@phillyguy178]

Mr.Ray is outta control 😂😂

[@elizabethandry515]

I’ve been shopping , I hate shopping for cars but I’m dragging my feet and just evaluating my options because the deals suck as well as interest rates. I had a Hyundai dealer say they had a 6% interest rate on 740 credit score for a new car!! Lincoln was better at 4.9%. Mitsubishi had .9 for December. Used car rates are ridiculous 8-11% Can we talk about used car deals? The market is up there too and dealers willing to sit for months on one and won’t make a deal with you on a 5 year vehicle. I feel like I am missing something..

[@mikey3387]

Im in the market for 2500 at4. They want 1200-1400/month. Yeah, i declined. They are sooooo price gouging

[@wawalker1]

During yesterday’s show, it looked like thieves in Ray’s condo. And they are back today. I’m sure it was the furnace guys. But that was my initial though anyway.

[@DouglasLippi]

I have actually started getting offers for 108 month loans. I thought I was reading it wrong.

[@kevinberta8741]

I plan to take on a $1400 per month payment for 2 years! Get it paid off quick.

[@ThreeBoysFishing]

I’m sure this will not get answered. The credit score is a joke I had a truck payment and credit card debt my credit score was 865 I paid everything off I pay everything on time through debit and credit cards my score is 750 and the reason is because I don’t carry enough debt. The system in America with banking GREED is embarrassing

[@dad45a]

What will the lenders do with repo'd vehicles?

[@IKnewMickey]

Repo vehicles are auctioned off and the money generated by the sale goes to pay off the note. The owner of the vehicle is still on the hook for the remainder of the loan amount. Repo doesn't mean the end of problems for the car owner. It's tough out there for those who financially over extend.

[@edwardkrochmal8268]

People dont realize their response for the difference of the loan to auction block.

[@SigFigNewton]

Spending that much is like paying more than double the value received. 1k per month for six years is 72k. 72 k for six years of vehicle when I could pay that much up front for a high end vehicle and reasonably expect to get twice as many years from it even in a cold wet rust-prone climate.

[@NVRAMboi]

That figure is literally higher than our first modest home back in 1993. I loved that house/home.

[@SigFigNewton]

Will be years before people realize that home price appreciation cannot match what it was during the four decades of interest rates decreasing from 20 to 1 percent…

[@josefrennleitner]

Greetings from San Diego I need a car but don't like turbo, hybrid or the CTC transmission,all new car have all of this . what's choice do I have thanks josef

[@tsaultie]

by a used vehicle that doesn't have these options - most older toyota's

[@naturalselfyoga1617]

I just bought a 2015 ford transit 350 for $3000 total (3 months payment) even if i spend 10k in repairs (which it doesn't need) im in for less than 1 years payments for those new vehicles

[@Profinish-o3t]

Yep I bought a 22 transit connect 184k miles for $13k, I’ve already put 10k miles in 2 months so even if I have to get a new engine for $2k I’m still money ahead then getting a new one Van also transmission was replaced at 130k miles so I’m good for a while on transmission, I’m done making payments to these banks

[@michaelsmith9590]

Perhaps dealers may offer low interest loans for a new Dodge Charger EV model since news reports yesterday state that such electric vehicles arrive with batteries that need replacement!

[@JL-rj5jx]

The economy has to crash for any regular person to afford a car, it's stupid. Car companies need to do all base models under 20.000.00 even less😊

[@batsonelectronics]

if the payment is 1000/month because it is a 3 yr loan, no problem. Depreciation doesn't come in until you sell it so tacking on 500-600 a month as an added payment is just wrong. If you buy a Toyota or Honda, insurance is pretty cheap. If it is people who clear 10K a month buying these cars, also just fine. I could have gotten a new Toyota Corolla Cross hybrid for $700/month with a stupid high interest rate but I didn't. That was a 30K car with warranty and free regular maintenance for 36,000 miles.

[@Funkydood]

I'm one of the blessed few, guys! I purchased my wife a 2O23 Sportage for $25,210 @7.49% interest rate; $581/mo. note for 4 years! Hallelujah!!!

[@tsaultie]

that interest rate is awful - find a credit union

[@Oilfieldscout]

Read that again pausing between each word. $25.5K@7.5% for four years on a depreciating item?? Your Nuts!

[@Rick-of6gx]

Lol this person's excitement over an awful deal is just another reason we're in the shape we're in.

[@JA-zh5xi]

My gosh people - if you need to take out a loan for a car you can’t afford the car. A car payment is a great way to live paycheck to paycheck.

[@JackMeihoff-t5f]

$1,000 monthly car payments for the majority of people is a train wreck. There will be record repossessions next year due to the depreciation of the car.

[@SLHJR0390]

People will pay a car payment before a mortgage because they have to get to work

[@actualfacts1055]

I have never borrowed money to buy a car, I must be weird.

[@NVRAMboi]

You are. You're a two-headed left-handed alien freak playing third base. haha I can tell you're proud. You should be.

[@polarwealth]

There are No Entry Level Vehicles. I sent a tweet to Ford. They should make a small car& or hatchback based on their White Work Truck. White. Vinyl floors. Vinyl Seats. Manual Windows & Locks. Etc. Simple! $16,000k

[@ryam8962]

7k

[@wandameadows5736]

Affordable Combustion Engine Vehicles with less TECH & removing a lot of the Government EPA Regulations is how you bring Automobile Prices Down or at least create an Affordable OPTION!! The anti-combustion engine movement is 100% REAL!

[@RayRayLem]

Wow everybody is shocking the auto industry everyday, it’s shocking!

[@jameswbarry9576]

Hi guy's my dentist has a rolls ricer his payment is 3500 a month crazy

[@clintmiller88]

Right now 5 k down on a 30-34k car your paying 500 a month maybe 450

[@snowrocket]

Watching Ray say things that make Zach cringe is a form of entertainment that never gets old!

[@mikef17]

$1000+ monthly payment so you can look like a baller among your friend group on social media… we’re doomed.

[@deebil8099]

You can't even get a half way decent car for $1000 a month with great rates.

[@clintmiller88]

When people giving advice who have Ski condos and Porsche payments to people who are poor.

[@Hallowsaw]

You should not stretch for a house either... taxes and ensurance go up every year

[@actualfacts1055]

Some areas are fire prone, it will happen again.

[@TalismanPHX]

Buyers without grade A level credit that absolutely need a new car are getting really desperate. Its the obscene interest rates that are burying people in these $1000 a month payments. Another way the banking system screws the working Americans 😢

[@timkis64]

a 96 month loan on a 60 month vehicle? thats if your lucky.people are setting themselves up for a rough future.

[@RyanBlockb5]

Don't Google Ray's suggested new channel name.😬

[@actualfacts1055]

Most people want trucks, they don't need them.

[@snuffles7314]

These loan terms aren’t sustainable. It will remove buyers from the market because historically each ear roughly 20% of the market replaces their vehicle, but with a term like this buyers will be so far upside down, they won’t be able to upgrade. This means that 20% drops to like 5%, which would translate to an 80% drop in annual sales 😂.

[@matthewcastellani96]

Going to be house poor for the next three years but we have a good amount in savings

[@SLHJR0390]

Houses cost so much more money than vehicles. This real estate comparison is just stupid

[@Ultrajamz]

I think put a hard cap on the interest rate and years, if fewer cars get sold or they are forced to focus on more budget models, then fine.

[@actualfacts1055]

People just want, they don't think.

[@timkopp2204]

Every day there is a SHOCKING story. SMH

[@CelticsWin7]

$1,000 on a 72 month loan is $72,000. At the end of the loan the car could lose around 60% of it's value ie $28,800 after it's paid off. Instead, buy a beater for cash, and invest in a Roth IRA and taxable brokerage account and for 72 months. IF you average 8% return per year over the 72 months, you'll end up with $92,000. I'd rather have $92,000 in investments after 6 years instead of $0 in investments and a chunk of metal that depreciated 60%.

[@SQootSMEChannel]

Why spend $1k per month on a liability

[@botabob]

And I thought my 14% car loan in 1985 was a lot. Good grief

[@Oilfieldscout]

A car is a consumable item, not a depreciating asset. Its a fancy roll of toilet paper. Soon enough you come to the tube after the rest is flushed down the toilet.

[@marktuyet]

Nuts ! My friend is leasing a Mercedes for 1700.00 a month and already had 2 accidents with it . Going to have a big surprise when the lease ends . Stupid.

[@raymondreiff8170]

SONY and HONDA know this is Completely Stupid at the price given.

[@rocinblues]

Don't get it regarding $1000+ car notes per month. I'm not wired that way.

[@BuckRogers2000]

Modern indentured servitude, gratefully accepted by the desperate public.

[@TheSteelheadStation]

Every car video....."INSERT COMPANY...HAS SHOCKED THE WORLD" the click air is out of control.....FYI your website doesn't work when searching for trucks it only brings up vans

[@loudellerman1670]

It means that they are living in the car…

Everybody needs to start driving EVs. You'll be able to lease them at less than $100/mo soon. 24 payments. If you are going to sit on your ass at home all day remote working...buy an EV. WTF do you need an actual car for?

[@nedstamler6255]

I must be 5th car buyer......

[@Dee-ty9ny]

I can't fathom that 18.9% of US people committed to a monthly car payment of $1,000 or more. Despite the economy. And this is thanks to the price manipulation "inflation", we get with our current currency regulating tools, combined with corporate use of AI price-setting algorithms. Can you imagine what happens to people's financial expenses when/if Digital Currency takes over? 😢

[@lawrenceralph7481]

Nah. It's just another way of separating wheat from chaff.

[@dropthehammer-k3n]

How to stay broke. Finance a new car.

[@cmiles97x38]

There is a sucker born every minute or they make really good money. Also with all the SHOCKS from every youtube clickbait title, shouldn't electricity be free by now.

[@Spaethon]

Only a fool spends $20,000 on a vehicle annually.

[@lizkatari]

What if you get 0% financing?