Regretfully Admitting that I've lost Thousands of Dollars Buying and Selling cars..

👋 In todays video I wanted to cover the cost of buying and selling cars over the last seventeen years or so and the cars I've had in the garage! I made a previous video on what cars I have owned and thought it would be a good idea to talk about how much those cars have cost and what I lost as well!
Keeping this short, I've owned a 2007 Toyota Tacoma XSP, 2011 Hyundai Genesis Coupe, 2010 Lotus Evora, 2010 Audi R8, 2008 Nissan 350Z and 2018 Jeep Wrangler Sport S.
Of those, the current vehicles are a 2017 Toyota Tacoma TRD Offroad, 2007 Honda CBR600rr and a 2012 Audi R8!
I've gone through quite a few cars and I have some upcoming vehicles as well to have some fun with!
It's all a part of being a car enthusiasts and also running a business. I have enjoyed pretty much every vehicle and have learned a lot over the years and can't wait to enjoy some future cars as well!
All in all, I've spent about $329K over the years and of that, have lost about $33K. That doesn't include selling the vehicles I currently own and adding up the revenue from content created on the vehicles, so it's pretty cool to see those numbers over the years! Hope you enjoyed this video and stay tuned for the future cars coming to the channel!!
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#toyotatacoma #audir8 #nissan

[@Mfam777]

I absolutely love this channel! I invested in exotic car hacks courses where they teach you to buy and sell exotics for profit. They promised riches and I knew that wasn’t going to be true. I knew some transactions are not going to be ideal and you proved that. One of their core principles is to use the r8 as the cheapest investment and fastest turn around. But I see your 1st r8 was a so so transaction. And I knew some would come at a loss too, it’s just the game of it all. Thank you for being a real world example and setting the reality expectation of what it’s like to buy->enjoy-> sell cars. Keep it coming please!

[@oreally8605]

Admitting that you've lost money shows great character and maturity. As human beings, we make mistakes - sorry, but there's no way around it. Wisdom is learning from those mistakes. We've all made bad & good choices. Part of being an adult. I'm sure your choices in the future will be even wiser. Good video Mike, bless you.

[@kbw.rvwhntr]

I'm sorry you went through all of this and the amount of money you lost. But on the flipside, it seems that you're enjoying the R8 and Taco even though you've got current plans on getting the next gen Tacoma and I hope you will be able to get that truck. And that one will look great parked next to an Audi!

[@BrosFOURRSpeed]

I’m not upset about any of it! Definitely learned a lot over the years and it’s been a fun journey! I can’t wait for the next Tacoma though! That’ll be a fun truck!

[@justadad44]

🤣🤣🤣🤣 the "right of passage" for gear heads ✅

[@BrosFOURRSpeed]

It’s interesting to go through all the cars like this!

[@justadad44]

@@BrosFOURRSpeed Hahah , in 5 years we get pt2👍🏻

[@BrosFOURRSpeed]

@@justadad44 For sure! I have some others I’d like to own, so we’ll see!

[@Aschoolbusandsimulatorfan2219]

This video is helpful: Awesome video bro.

[@BrosFOURRSpeed]

Glad you think so!

[@zresurrectedwon]

That amount of money lost after 17 years is not bad! There are soooo many people that spend that on a car and by the time they pay it off it is worth almost nothing. Great to hear about all of your cars!

[@anthonybaked]

Bro you’re right about the Tacomas not going down in value I bought one brand new drove it for a year and still got the same amount I paid for it but that was in 2017 I can imagine if I still had that truck now they still would give me what I paid for it or more when the demand was high

[@BrosFOURRSpeed]

It’s crazy for sure!! Sure a good truck and there’s a huge demand for them! You going to get into another one?

[@anthonybaked]

@@BrosFOURRSpeed I think I’m in the suv market right now but suv market is way to much right now if I had to get another Tacoma I would probably put a turbo on it quick backstory I used to work at the manufacturer that makes Tacomas tundras I saw the quality the hard work the team work that it takes to make these great trucks that’s why I bought one but I choose the Tacoma because of technology the tundra at that time lack the tech that basically the Tacoma had for a better price but now I also saw the tundra and they stepped it up in the technology the new re design looks better they also brought the sequoia to the manufacturer and they redesigned the sequoia and tundra

[@TKGxCOD]

Great vid man, very interesting. Also is the 2012 R8 you have v10? Or v8 like the other one?

[@BrosFOURRSpeed]

It’s a v8! I thought I said that!

[@CRatcliffe]

Are you factoring In tax when you’re giving these purchase numbers?

[@BrosFOURRSpeed]

I didn’t add sales tax or registration in this video, didn’t even think of that! But most of the car were a few hundred to register if that. Maybe a few thousand combined. I could point that out if I make another video on this down the road!

[@MikeBaloga]

Nice exercise....I don't do this specifically because I don't want to know, it's better that way. If I was flipping as a business, you have to track margins all the time though. Technically, the break even disscussion is pointless unless you own the vehicles outright and have the title in your hand, you can't really count these assets as part of your net worth. This is the situation for many (I'd argue the majority) of the supercars at C&C every month, they are pretty awesome but they are either leased or bank rolled and not actually owned by people to claim to be wealthy. :-)

[@RysterARCEE]

This right here. Many people think just because they finance a car and make monthly payments they own it. They don't. The finance company/bank holds the title and technically owns it until it's paid off. Then the lien is released and a new title is issued to the customer, who then actually owns the car from that point forward. Unless you are dealing with a high end exotic or luxury vehicle, cars are almost always a losing proposition. The current market will correct itself very soon and a lot of people will find themselves in a really bad spot.

[@Backcountryskiingcanada]

It would be interesting to know the tax rate you had to pay on all these cars as $328k is a lot of coin, here in Canada the tax rate is 12% but of course, you only pay that difference in what you trade the vehicle into the dealer for so not sure what the total would be?

[@BrosFOURRSpeed]

I never paid a tax rate of the entire cost at once. So every car was different but in the states I’ve lived, taxes were around 3%. I never spent over $1500 on a single purchase.

[@Backcountryskiingcanada]

It’s the one thing that stops us here in Canada from upgrading cars more. At 12% tax if you jump from a $30k car to a $60k car that’ll cost you $3,600 in tax alone. Gotta pay for that “free” healthcare somehow.

[@BrosFOURRSpeed]

@@Backcountryskiingcanada That’s crazy! My R8 was half that! But there’s also states in the US with higher rates! Utah is one that’s like 7% or higher. Still not 12, but all the money gets divided up somehow. You either pay higher for healthcare or higher on taxes to make up for it.

[@babyyoda8195]

If you had put $329k into bitcoin in 2009 you'd have $64M now!

[@BrosFOURRSpeed]

Keep in mind, that’s $329K over 15 years, I didn’t have that chunk all at once lol! But that would have been cool! I was still in high school then too 😆

[@babyyoda8195]

@@BrosFOURRSpeed We all wish we had bought some BTC back then!

[@BrosFOURRSpeed]

@@babyyoda8195 Would have been cool!

[@baseurchin7370]

Didn’t you have a GTR

[@BrosFOURRSpeed]

That’s my brothers! He still owns it! There’s been some recent content with his car as well!

[@baseurchin7370]

@@BrosFOURRSpeed that makes sense! Also I sent ya a message on instagram!

[@baseurchin7370]

Coming from the.toy.holic

[@abnervaldezestrada3167]

Hi

[@snvs9395]

95k 🤣🤣🤣

[@BrosFOURRSpeed]

What’s funny with that lol, that’s the current market!

[@snvs9395]

@Bros FOURR Speed 🤣🤣🤣 - good luck with 95k. I'd say fair market 88k ish MAX. Just my 2 cents. Some in YOUR price range have been on the market for over a year NOT selling. Good luck though 🤜🤛

[@TKGxCOD]

Thats the prices ive seen for it 77k to 100k

[@BrosFOURRSpeed]

@@snvs9395 I’m not selling it any time soon, was just based on other cars I saw for sale.

[@BrosFOURRSpeed]

@@TKGxCOD Just depends on mileage and the manual! It’s getting more rare to find!