Should I Buy a New or Used Car

[@WhiteBoardFinance]

*Thanks for watching everybody! What are your thoughts? Do you buy used or new cars?* Don't forget to sign up for the newsletter in the description above! (There's a nice freebie that comes with it)

[@dberry5709]

Used.

[@RealLifeMoney]

Used car every 25 years 😝

[@cookiemonster-ix2zc]

Used car. ✋ Down. I got a Dodge 2014 and it has more recalls than ground beef

[@WhiteBoardFinance]

Why do people still buy dodge's? How are they even in business still lol

Used!

[@fatherleo4603]

C'mon. We all knew the answer to this question before we even clicked on the video. Of course you buy the brand new Lambo on a 20k a year salary.

[@LuisSierra42]

Will do when Bitcoin gets to the moon

[@louieanderson5246]

😂😂

[@fernr.5675]

IKR, and I wish we could do like some people who can't afford rent or mortgage nowadays...can't I get into a financial situation way out of my league and then have the government pay for it once I can't?? :)

[@jimmylegs06]

Its science

[@chasemortensenrealtor]

@@LuisSierra42 well, did you buy the lambo??

[@Solidsnake999]

Rich people can afford a new BMW But super rich people can afford a used one

[@WhiteBoardFinance]

Well said

[@YPEFFLE]

My brother owns a mechanis shop, the luxury car owners are the ones who complain the most over maintenance/repair costs... most of them can barely afford the car, let alone the repairs

[@mohnjayer]

Just bought a 2003 BMW Z4 that had been cared for like a baby. Seller bought another Z4 and didn’t need the first one anymore and let me steal it for $4k cash. It’s got another 100k miles left in it and I look like I drive a car that cost 30k. Just gotta be smart and your cars don’t have to be this big scary issue every time you need a new one.

[@sminthian]

I always remember this joke from a Batman cartoon. Robin saw Batman with a pink Batmobile and asked why it isn't black. Batman - "Painting it black cost an extra $5,000." Robin - "Why do you care? Aren't you rich?" Batman - "Yes, but you don't become rich by SPENDING money..."

[@666dynomax]

@@YPEFFLE lexus... best of both worlds.

[@tomyshaw977]

I always bought used cars and kept my monthly expenses under 300$/month on average for two vehicles in the last 12 years. I really think it is one of the reasons why I was able to invest massively in real estate.

[@khaledabdelwahab9455]

Yeah i do the same it is manageable when u keep the finance around $300/month or less.

[@karenzhang1020]

Do you have your private parking spot? Or you park on the street?

[@tomyshaw977]

@@karenzhang1020 I have a house and work remotely from home.

[@RogerPack]

What did you do for getting in real estate? Save up and put down 20% down payments? How much salary, what net worth now? Cheers! :)

[@tomyshaw977]

@@RogerPack I always put down my 20% down, then refinance once I have enough to refinance, I use the refinance to buy another property. Once the ball gets rolling, it goes a lot quicker, learning to save and finding out what is important in your life, give you the ability to focus your energy(money) towards your goals. I never did big salaries, but I outsourced a lot, like I rented four rooms in my house, drove second hand cars and never went to the restaurant. Amazing how much money you can save when you 100% committed.

[@Odej3429]

Imagine this being true right now. A 2-3 year old car with 20-30k miles is 10-15% less than msrp for a brand new car.

[@Isaac-rk4gm]

Buy used and low, drive it til the wheels fall off, rinse and repeat:)

[@FugaConManolo]

Back in 2010 I bought a 2000 BMW 528! for 10k. The car had 60k miles. I paid for it cash I said I would drive it until the wheels fell off. Lucky this car is still running never had a major maintenance problems. Right now it has 153k miles and it still drives good. A couple of things are worn out but I began to repair/replace some of those parts. Bmws have a bad reputation for maintenance but I got lucky with mine.

[@outdoorsnevada4138]

I buy slightly used. 3 years old or so with 30-40k miles on it. That's typically where I try to be. Save money on insurance, depreciation was eaten up by previous owner, etc.

[@Ghost-jy9hk]

Same here. And with only 40k miles on it, it’s got so much life left on it. Cars these days can last 250,000 miles if taken care of. I only drive less than 12,000 miles a year. If I buy used, I saved ten thousand dollars for a car I could easily keep 10 years

[@troytruong8246]

Yes sir. Same.

[@badboy95ca]

i agree, but do you buy from private seller or dealership?

[@fh1980ram]

I own a 1997 4Runner with 242,000 miles which I bought 10 years ago. No issues with it, just regular maintenance. I also bought a 2006 Rav4 about five years ago and is now approaching 200k. The only major problems have been the alternator and a/c compressor, other than that, no issues just regular maintenance.

[@AverageJoeInvestor]

*GREAT VIDEO MARKO!* We ONLY buy used. We drive a 2004 Mustang and and 2001 Sienna minivan and we own free and clear! Car payments SUCK your investing money right out of your budget! #NewToMECar Great video! 👍🏻😎

[@sbombfitness]

This whole system has been messed up by the outrageous price hikes caused by covid and supply chain issues. Now, slightly-used cars cost even more than brand new cars. Until the market normalizes a little bit, I'd rather buy a brand new car, than a slightly-used car, but if I was on a really tight budget, I'd get a 8+ years old toyota or honda, as you can save like $10k over a new car and they'd still hav very low maintenance

[@swank1957]

Fr lmao smh,was looking at the muscle cars/sports and they were like $20k used with like 80k miles..While a brand new is just about $30k💀

[@javierst.martien4232]

I like how I got an advertisement to buy a new car before watching this.... lol

[@jamie49868]

I have always bought new since I could afford to do so. I know exactly how they have been driven and maintained. My first new car was 1989 Ford Escort...my grand kid is driving that. Then I bought a 96' Jeep...my kid has that one. I have an 04' Silverado in the back that I use to go to work and chores. My wife is still driving our 07' Accord. My fun vehicle is a 17' Alfa Giulia, and I really want a 2020 Vette. When I didn't have the money or want to go into debt, I bought used. There was always something wrong that showed up after a while and it was never convenient nor cheep to fix. My point is that if you are going to drive a car for 10-20 years, get new. If you want cheep transportation and don't care how it was maintained or driven, buy used.

[@cancel.lgbtq.6892]

Uncle dave Ramsey would disagree~

[@jamie49868]

@@cancel.lgbtq.6892 People that don't know how to manage their finances call your uncle Dave. I never had to make that call. Good luck.

[@joshuav1088]

Unless you buy a Honda or Toyota used and maintain it will easily last 20 years

[@scottrainville8303]

When you're buying mostly Fords, Chevy's and Jeeps, yeah you might get issues if you buy used that hasn't been maintained. More reliable brands like Toyota and Honda with 18/20 years left on their lives are a good deal considering the value is only say 75% of brand new. 90% lifetime for 75% the price, the math works out.

[@toyoscio]

@@scottrainville8303 Esp ones built in Japan

[@mo-ggg1]

Marko, I've been debating leasing VS buying a used car and your videos are helping me think things through. I appreciate your honest non-biased tips along with your calm and genuine personality. Thank you and keep up the great work!

[@BlakeC341]

Exactly, that's why I bought a 4-year old Avalon. You still got some luxury too but at a much better price.

[@ChrisInvests]

There's nothing like buying a brand new car 🚗 Including the cost 😂

[@WhiteBoardFinance]

haha well said

[@bmoshareholderappleshareho855]

When you drive a brand new right off the lot, it feels like you are on a one float parade.

[@locomoco2012]

Depend if you work requires you to be on the road and you get an allotment you go and get a lease.

[@Todd.T]

@@locomoco2012 That doesn't really fit the scope of the video. If you "get an allotment", then you are an employee of a business. This is more about for personal use. Even if you have a business yourself, you still can't compare it to a person who uses their car for personal use only.

[@locomoco2012]

@@Todd.T yes, true!

[@jiurriza]

I'd love to see a revised video in today's used car market. I don't know how much of this applies in 2023.

[@RealLifeMoney]

*A used car is a new car for you* 😜😜

[@ryans413]

RealLife Money - Weekly Financial Videos That’s true

[@laquanmincey9754]

🤣🤣best comment

[@urlastchance1]

Ok Boch

[@rebirthed1274]

🤣🤣🤣🤣

[@sharonjordan8465]

😆 🤣

[@SHUJINCELL]

Excellent video as always. As for my thoughts: As someone who worked in the industry for a major Japanese Luxury Auto company I'll say unless you're flat out buying a used car with cash, you're better off buying new. Here in Ohio almost 80% of used cars found on lots are sourced from auctions. The used market post 2018 (early 19) is getting hit with a massive amount of flooded vehicles from the hurricane of 2018. Theres no telling what you'll get in a used in these times and that will worsen over time. I'm personally not a fan of new cars because they contain to many parts, parts in which the federal government mandates (which in turn violates federal law because the company sold you equipment which failed and thus had to recall. Lol Airbags!) in order to keep the cost high. Most modern day cars would be at least 10k cheaper if you weren't paying for stuff you didn't need.

[@romanc.5074]

Great points.

[@santirev7277]

You can always negotiate more for a new car vs used at dealers. I got 8k off MSRP on a new vehicle. A year later=totaled and even w depreciation I got more from the insurance....however, just sharing a thought..I like the video btw.

[@Muslimahrandomstuff]

I brought a used in 2013 for 6500 (cash)never had a issue besides one time battery change and one time tires well besides oil change. It has been great for me it’s 2005 Toyota Corolla. I’m the second owner. I have been very fortunate and now I’m looking into buying a SUV.

[@Fearless.-]

I totally agree with you! I recently bought a year old car with 19600 miles for $25K. The same car if bought brand new would cost about $45K.

[@1osmit]

I guess it depends on where you live, if people in your country have high average income, then lots of them are buying new cars and getting a used one is a good deal. I've never seen a car go down 40% of its price even after 3 years and ~30k miles on it. it was less than 30% and thats after 3 years

[@renveras841]

Personally I can get a car for the same price with less mileage

[@christapil1318]

@@renveras841 hi. where can i buy cars like that? ur help is much appreciated.

[@olutoyin7602]

Buying new is a waste of money. I usually let someone else pay for the depreciation.

[@WhiteBoardFinance]

same!

[@ericgeorge5483]

100% agree.

[@noBrainGam1ng]

Olu Toyin yes buying a new car for cash is dumb. Getting a good deal on leasing can be very interesting especially when you can deduct it from taxes

[@geekedmaxx]

It's not really a waste of money cause everything is new on the car including pure new parts and zero miles and it'll last year's , alot more more years than previous generation cars , no point I buying used anymore cause it's just gonna give you problems especially if you buy from unregulated places like people that don't have a business and just selling cars to get rid of them or Craigslist always better to buy from a dealership or a business

[@moeanthony9308]

Everyone has different reasons. If iam buying new over a 2004 car,i want something safer and . If I have the money to buy new so be it. We only live once.

[@patriciacleveland2588]

A used car or a few bullish stocks which is better for a better birthday gift?

[@rockwellantonette4238]

Are stocks really that profitable? Heard so much about the volatile market. I might be wrong anyway.

[@user-zl5gn5lg6]

Living off Nasda stocks currently. It's fun!🤣🤣🤣🤣

[@childfreesingleandatheist8899]

I bought a 2007 Ford Escape in 2010. I still drive it. It's in excellent condition. I bought it with 50,000 miles on it. Now it has 150,000 miles.

[@raskull35]

I had a feeling this was how you felt about buying old versus new and I like it. I bought my new car back in 2016 and I was so excited until I saw how much depreciation was going to hit me a few years from then. Thanks again for the video.

[@jamie49868]

So maintain and drive it for 20 years. Depreciation this, depreciation that...are you planning to sell it after a year or two? If not, then enjoy your car and quit worrying about how much you'll lose if you sell it today. Or take you chances that the used car you are buying will have been properly maintained and breakdown free for that 5 year warranty or 50,000 miles.

[@adrianhinojos3900]

Literally these videos have saved my life when researching a car. I spent hours just comparing values and now I feel so confident in buying cars and helping others looking into it a newer car along with recommending these videos. This is knowledge everyone needs to go though so they don't get messed up

[@rahalaadventurer6646]

Please I need your help. I need a car but I don't like to go every time to garage for repair. I have just get my driving licence what do you recommend me a new or a used car. Thank you

[@mcdus78]

I buy a new car every time. Hassle-free and care-free. Also I tend to keep them for years so that’s a good thing knowing the full history of the car. I can never have a peace of mind in a used car.

[@dailyshoefrenzy]

This is some really good info. I bought a new 2013 Kia Optima thinking exactly what you said and I was wrong. No more new cars for me. Thanks for the info.

[@WhiteBoardFinance]

my pleasure please share :)

[@spyderxtra777]

In 2016 I bought a 2007 civic for $3500, been driving it for 3 years and 45k miles and could resell it now for $2500.... that’s how it’s done friends. They can have their $40k shiny money pits!

[@WhiteBoardFinance]

smart!

[@rubentrevino6288]

Nice

[@bre97bj]

This video needs to be updated for post pandemic. Used cars are the same price as new cars right now

[@ahdnaji]

I have always bought used and paid full in cash. The sweet spot for me is 5-7 year old mercedes benz with great service records. I may have gotten lucky, but I never replaced at major components on any vehicle I've owned.

[@kevinlynch1227]

Throughout my whole life I always purchased beautiful used cars, and kept them in mint condition for anywhere from 10 to 15 years... And, I was never sorry. I invested the money that I saved. (Also, like you suggest we do, I always put the maximum into my Roth IRA). I retired at age 55 a multi-millionaire and I finally bought myself a new Jeep Grand Cherokee last year in 2018. I paid cash (The Jeep dealership was NOT happy about that!! They almost wanted to renege on the price they gave me, and tried to push me to take out a partial loan. Anyway, it took me almost a whole year to get used to driving a new car (that I thought I really didn't deserve or need)! Lol. Thanks for all your video, MARCO!! If people listen to your advice, they will all be millionaires, and retire early. Luckily I have a brother, who is very financially Savvy and has guided, just as YOU guide all of us!!

[@kevinlynch1227]

Yes town crier, I agree with everything you say and it all makes good sense. Thanks.

[@reptilesgamers00]

Nice story. Hate to throw shade yet... A jeep grand cherokee? Why? lol

[@kevinlynch1227]

@@reptilesgamers00 Because I had a pre-owned Jeep Grand Cherokee for 12 years prior and I liked it. I also have my parents 9 passenger , 1976 Chevrolet Caprice Estate woodie Wagon in mint condition. I learned to drive on that car when it was one-year-old. Drove it to College everyday for 4 years and I like it best of all cars I've ever driven!!! It's not my daily driver, only comes out on nice days!! Has the 454 - 4 bbl, big block. (Maroon with red interior) Thanks

[@khaledabdelwahab9455]

Kevin what would u advise to retire early? I'm 35 now

[@kevinlynch1227]

Khaled....Well it may not be that easy, but you can do it. LIsten to Marco and everyone in life and ask alot of questions, like you did me. Try to learn everything in life by looking at other people's mistakes A lot of it depends on your personality and interests... The only thing I can tell you is my story. I was always satisfied with very little. and saved my money. I never had what my friends had, but have SO much more now. My dad died when I was young. However, I was always a happy person and shrugged problems off, or kindly worked them out by dealing with the source, not the symptoms. My mother was special and phenomenal. I did all the things around the house that a Man or husband would do and became very responsible at an early age while all my friends were out getting drunk or smoking pot, etc.. After college I became an electrical contractor and started my own business. At around the age of 22 my mother gave me $20,000. to put down on a pre-construction condominium that I would rent out and let appreciate. When I finally could make payments to her, she said... "no that's okay you have been a great son, put it towards another house!". I wound up with 5 beautiful rental properties, in nice towns in New Jersey. I kept them in mint condition and cherished my tenants and problems, and gladly fixed anything they did wrong, or things that went wrong for 30 years until they were all paid off. Just the properties alone (all together) appreciated into the Millions. I put the properties before the electrical contracting business in relation to priority. The business also earned a nice living and helped me put the maximum into my Roth IRA and Blue Chip Investments/ funds. I was always a worker bee not a queen bee. I always kept a healthy mind and body, and never clouded it with alcohol or anything that would cause me to lose my peace, motivation and stamina. I also believe in God and thank Him every day for all my blessings. Every week I get the message of the week from the gospel and applied it to my life to make it better.I'm not religious but very spiritual. I was never a troublemaker and followed all the rules. I was always a leader, and followed my soul. This showed me how to live life properly and I did. I'm 59 now and people tell me I look 39. THIS is my story. However, where there's a will there's a way but it takes a lot of motivation, stamina and work. (if you like this). Learn from all your failures, do not avoid them. Give back to others and always be kind. You can get anything in life with proper actions, patients and kindness!!! Ask and you shall receive, Seek and you will find, Knock on the door and it will be opened to you!! Anything is possible if you believe!! Find out your interests. Ask yourself good questions like, How am I going to make this work??? and your mind will come up with good answers. You will have setbacks but don't worry or consume yourself with the past or negativity... and don't ever give up!! Each time you fall when you get up you will be stronger, and will have learned something new. If you fall, get up again.. It gets easy and you'll get good at this stuff and everything you choose to do!! There are so many ways to acquire wealth. You have to work with your personality and what you like (if you don't like Hands-On, do what you're good at!!) Good luck my friend!!!

[@dalemarshall7738]

I’ve been buying 3 year old BWW’s and Audi’s for the last 15 years. Still have a year of the factory warranty left. Paying approximately 50% of new price. Haven’t had any maintenance issues but depreciation is still significant. Better than buying new but it is still worth considering

[@jwardTLS]

True statement. I paid 36k for my 2011 M3 in 2016, and now in 2019 it's worth 28k and I've only added about 20k miles lol. The depreciation curve on BMWs continues for many years albeit not as sharp as the initial 4 years.

[@calvinraab8798]

I would always say buying used is the better deal although some of the tax breaks that you could get with the model 3 were testing that notion. Although many of those breaks ended this year. Great video!

[@bikebudha01]

I typically keep my cars for AT LEAST 10 years. So five years of payments, five years of no payments. Always buy if you are going to keep it for awhile. If you get just the right car, you can keep them for 15-20 years. This is the maximum way to save.

[@dougz2855]

I like to buy used BMW's, Mercedes. Their value depreciates very much since most people don't want the risk of high repair costs. I can fix most things so I'm not afraid to buy such cars. I had over 40 cars so far. They all need to be repaired at some point. Worst vehicle was brand new Chevy Trailblazer by far. 3 recalls and started rusting after 3 years so I got rid of it. I prefer high end German cars because they use quality materials and they don't rust as fast. They age very well compared to anything else. I don't care for Japanese cars. To me they are very boring to look at and to drive. They might be more reliable but to me driving a car has to be satisfying.

[@WhiteBoardFinance]

Agreed 👍

[@morgandrives]

Great video, informative with a valid argument. I have 2 points against in certain circumstances: (1) if a person can’t pay cash, interest is very high on used car loans, so it may be worth a cheap new car at a very low rate, and (2) performance cars with manual transmissions (my favourite) are hard to find used and not abused. Still, love your content, I will be watching more.

[@Gunsforchainsaws]

Great video Marko. It’s safe to say he knows what he is talking everyone!

[@judykawazoe3059]

This is great! Shared with 4 others immediately

[@UnboxingEngineer]

I never buy new cars, I bought a fully loaded 2 years old in 2012 a 2010 Acura TL V6 that originally costed $45K, for $32K!! Almost no major maintenance issues. 110K Miles. Waiting for the 2021 model to be two years old in 2023 so I can buy it certified pre-owned for much less and still get my money worth from my current car after putting 140K miles on it and no car payments for 5 years ;)

[@WhiteBoardFinance]

Smart

[@mikec3454]

I've always leased new vehicles in the past - mainly because I was young, making good money, and didn't have any dependents. I also liked how the vehicle was under warranty the whole time so I never had to worry about maintenance costs. Last year I bought a new truck because I saved $15K off the sticker as they were making room for the new model and the financing rate is 0.99%. I also intend to drive this truck into the ground as part of my plan to not have any car payments in the short- to medium-term future. I don't tow or haul so I won't be putting any stress on it; but I have growing family so I need the space. We have 18months remaining on my wife's lease and will absolutely be looking at a used vehicle to replace it. This is all in an effort to have no car payments in 5-6 years. This will also my wife and I to focus on paying down our mortgage and savings for our kids education. We're already doing all of this now, so don't think we don't have our priorities! However, car payments are the worst as we all know so look forward to having the disposable income to put elsewhere.

[@Beef_Supreeeme]

You can save an enormous amount of money if you do the maintenance and repairs yourself and use after-market parts where possible. If you run straight to the dealer with any problems and order genuine parts it will cost you 10x more. Example: Nissan skyline coil pack replacement - 3rd party mechanic with genuine part quoted $900. I did it myself for $100 and 30 minutes of work.

[@WhiteBoardFinance]

Exactly

[@alaskaaudioguy35]

You should do this video right now with new and used cares going up every few weeks who ever predicted used cars would go way up in price

[@MrAdy0207]

But who sells a car only after 2 years? Most likely it has a high mileage or it was involved in a crash.

[@bigpicturethinking5620]

Maybe, but many people bore of a vehicle in 2 years or just want something new again.

[@jeremythompson3337]

I’d love to hear more about the process you go through for buying a used car

[@KingindaNorf]

Just got a part time job at a mechanic shop definitely will Help me maintain my used 08 civic I just bought for 3800. If you’re young and like cars definitely try to get into a shop!

[@WhiteBoardFinance]

cool good luck

[@chucksw1]

In 2008 I bought a new Toyota Tacoma double cab, It was nice but it was a second car and I was not using all that much. I finished paying for the car in 4 years, and sold it back to a Toyota dealer for 2000 less then I bought it for.

[@MarshmilloJB]

Here from Graham's channel. Thanks for explaining things so calmly! New subscriber :D

[@WhiteBoardFinance]

Thanks for subbing!

[@jbermud2]

Marko, would love for you to make a video about your car buying strategies/experiences (ie. what cars you've purchased and how they've fared from a depreciation/resale standpoint, how often you flip them, etc.) As a fellow Finance guy, I love your content but as a fellow car lover as well, I'd love to get your take on the used car market and how you think it's best to navigate it in order to 1) own and enjoy nice cars 2) at the lowest possible cost in the long run

[@JustinHouser]

Always buy used. The #1 tip when buying a car, especially trading one in, is to do it in W separate transactions. When they ask if you have a trade in, say no. Find the perfect car for you, do all the terms, etc, then get the value on your car. The dealership can always save you money on the car your buying by undercutting your current car. (I used to sale cars) 🤔👍👏

[@top10mostunbelievable31]

100% agree. Save that money!

[@JustinHouser]

J H def best bang for your buck

[@Nick19837]

I don’t understand what you mean.

[@JustinHouser]

Nick let’s say you are trading in a car...what car dealerships will do is try to make the most money and hope you don’t bargain. They always have a hearty margin on the car you want to purchase, but not on buying your car. So they will give you a discount on the car you buy (which is already overpriced), while giving you a super low offer on the car you’re trading in. They will sell you on the new car before they give you the low offer on your personal car. How to fix this? 1) do your research before you go to the car lot and know exactly what you want, the kbb of the car, and what other dealerships are selling that car for. 2) don’t tell them you have a trade in until the end. This will ensure you get a great deal on both the new car and your trade in. Hope this helps 👌

[@jasonrlee]

You move past the fact that you are successful with this AND are mechanically inclined very quickly. Yes, for some the new car concern is about value. For others a new car is about clear mechanical expectations. I still have a bitter memory of buying a 2003 Vibe in 2005. Everything about it seemed safe. What issues I did have and the dealer mechanic shrugged off as "bad gas", it wasn't until 6 years later when the engine seized, I replace the engine, and all my issues went away that I realized my issues was a bad engine in the car from day 1. I needed a high aptitude for potential car problems to avoid that pothole. As someone who doesn't care about resale value, only reliability, for me the certainty of untouched newness seems to win the day. On a side note: in 2021 does your value chart still apply? In the current car economy it appears 2 year old used cars are demanding the same prices as new cars. Is it better to buy a new car for 25,000 or a 2 year old used equivalent for 24,000? The current climate seems to break this advice.

[@666dynomax]

thanks so much for the usedfirst site... ive built my own depreciation curves off used sites trying to figure optimal time to dispose or purchase my vehicles!!

[@Mayhellitac]

I want a Kia Niro 2017, but there aren't that many available around me, so dealerships are trying to rip people off... One thing I do now with every car I am interested in, is check the presumptive value at the DMV website. You do this with the VIN # and the miles. So the DMV calculates "the approximate fair price" if you were going to sell it...

[@filoIII]

Kias are junk.

[@Mayhellitac]

@@filoIII thank you for your feedback.

[@DanielIles]

*Man, I wish more people thought this way...* Everyone I know is buying new cars that cost as much as their rent 🤦‍♂️

[@WhiteBoardFinance]

Yeah, makes no sense

[@sevn8757]

if you buy new or low mileage and drive it 10 to 20 years its still a good value

[@AndreMillerOnline]

Great job Marko, do one for houses used vs building your own

[@shaunaeowens6062]

I don’t want a brand new car but I really do want a 2017-2018 car though.

[@kiwiwifi]

I have a friend who has a net worth of around $200 million. He has always bought used cars. Never new. Here’s the kicker… he owns 7 new car dealerships Nissan, Toyota etc and 5 used car lots that only sell used. That says alot

[@LB__1]

My father always told me that when you buy a used car, you're just buying someone else's problems.

[@aykasmhianti]

Marko - This was indeed a treat to watch, very thorough and detailed analysis. I am actually looking to buy a second-hand car and I was a bit overambitious in my choices but with your analysis, I actually have a better understanding of what I should be looking for. Really appreciate your efforts. Lots Of Love and appreciation from India.

[@jeanfrancoisleveillecourtier]

"You look at the Bimmer, and this thing just drops off a cliff" :D !!!

[@WhiteBoardFinance]

love both my bimmers though :)

[@jeanfrancoisleveillecourtier]

@@WhiteBoardFinance ;)

[@myvenusinuranus]

@@WhiteBoardFinance me too.....I bought it used with low miles. It's a 2002 and I'm still driving it. the maintenance costs are getting pretty high but the car still runs great

[@janeymers7154]

Value dropoff in the first years is very common. What your disussing about maintenance is also kinda true. What you are missing here is that with BMWs or other luxury brands, there usually comes a time (after value leveling out) when value increases again. If you have a top model or at least near top model engine that is. Problem here is where talking timeframes of ~20years and with the increase of EV`s, ICE powered cars might die out in the next decades, or at least will be a rarity/luxury, hence be very costly to maintain and operate.

[@josephgodridge2814]

Your spot on I’m still driving a 2007 Toyota rav 4 and it’s still worth $7000 second hand. Always go Toyota.

[@briannah7906]

I will only buy used now. I bought a year old Subaru and saved a ton of money: $7k. Paid it off 2 years early since my payments were very low. I love that car!

[@Karol33]

Greetings from Poland! Great job, Marko!

[@krinal]

Hey Mark, thanks for the video. Interesting to see so many SEO sites and tools bookmarked there. I thought you were a finance guy, but may be you're also into web marketing.

[@WhiteBoardFinance]

I run an online media company. Will be starting a financial blog soon ;)

[@Victory_Venture.]

It truly depends. I went new on a Subaru wrx and the car maintains its value. I sold a few years later at a high value bc the condition was mint and low miles. It also depends on your knowledge and how financially stable you are. If you have the money, then of course you can buy a new car, if ur struggling, buy a cheap used reliable car. Anything last if you take care of it.

[@TheLizardKing1967]

Buy a used 90's Toyota off of Craigslist. NEVER buy new. I bought a 1996 Toyota Avalon with 200 horse power in 2001 and have over 200 thousand miles on it. That car is built like a TANK.

[@Jin-Ro]

I sold my gas guzzling 370Z for 14k, and bought a 19yr old Opel Corsa for £300 as a temporary runaround while I looked for a "proper car". 3 years, and 36,000 miles later, I scrapped it (Rusty sills) and bought another. Repair costs on the Corsa in that time? £10 thermostat, two part worn tyres for £50 all in. New seat belt connector thing £15 (ebay). That's it. Most bullet proof car I've ever owned, totally reliable. People laughed at me at work. They were paying £300 monthly payments on their boring as hell first/second hand Skoda, VW, Audi's, etc. I enjoyed two holidays a year, and a bank account full of cash. Perceived status is a mugs game.

[@kevinrice7291]

I’m looking at cars right now and for a Subaru cross trek I can factory order a new one for LESS than a 5 year old one with 60,000 miles

[@exciter300]

Good point but you forgot to mention other aspects of buying a brand new car compared to a used one. For example here in NZ, Mazda is having a Zero% Finance. If you buy a brand new 2019 Mazda 6 for $46,000 for 36 months interest-free with 5yrs mechanical/electrical warranty, 5yrs road assistance and 3 yrs free service compared to a used 3-4year old Mazda 6 (high mileage of 50-60k kms) for $30,000 with 10.95% interest for 36 months, M/E warranty extra cost ($2500/3 years), no roadside warranty and no free service. The new car would still cost a bit more but after the interest paid on the used car the difference is not far and you'll have a much better car compared to an older one. In this scenario, I would choose to buy a brand new car. What are your thoughts Marko?

[@khaledabdelwahab9455]

I bought my first camry used for four years was a great deal top of the line then bought a touring accord that was 2 years old was another great deal and they both run great. May be the camry's 2012 automatic transmission was better than the accord's 2017 CVT one.

[@ShaneHummus]

I always go for used cars. Cars depreciate so much some that coffee makers and ice cream machines are more expensive after some time.

[@WhiteBoardFinance]

LOL my keurig gets 34MPG

[@404goldenchild]

Great video Marko and I agree with the tips

[@TheRaydiation]

Marko, maybe do a future video on Grant Cardone and some of his thoughts on income, thoughts about money, investing, renting, homeownership etc etc. Its a bit of a contrast to Dave Ramsey.

[@WhiteBoardFinance]

I'm somewhere in the middle of both of those two

[@vinizzlevinizzle6131]

Uncle G always mentions his Toyota Camry when he first started out

[@marathonbaker]

I buy used but really want to buy new next time. Not having to drop my truck off every few months to fix something is getting old, and cost as much as a truck payment. I just make sure to not go overboard on options and get a basic work truck that can haul the family if need be. Just moved from Beaumont and the Tropical Storm just flooded out 5 dealerships, 950 cars. I don’t want to take the risk of buying one of those used cars.

[@JeanJacketGreenWallet]

Great video Marko, well structured and useful information as always. Btw we have the same sofa :D

[@WhiteBoardFinance]

lol costco? haha

[@JeanJacketGreenWallet]

@@WhiteBoardFinance i got mine at Ashley's but looks exactly the same, pillows too

[@desertguy1362]

My rule of thumb never have a car pmt if you can afford it. That extra 400 -600 new car pmt can make or break you if you lose your job or unforseen big medical bill/ home repair. That is why i always drive 10 yr old cars than repeat once car hits 120k.

[@MD-tr6sh]

Realistically, if you are educating someone on buying a car, they don't have the cash to pay for it up front. You might want to make a video going over new vehicle financing and used vehicle financing and how the loan term is a game changer.

[@timiadetona]

Exactly what I was thinking

[@s.-8406]

3:04 Not sure I completely agree on the maintenence cost, most cars need a lot of stuff replaced after like 130.000 kilometers/80.000 miles. After that's all done, your maintenence cost really drops again. When buying a used car, it's key to know whether the owner has already done the necessary maintenance, so you don't have to do this after owning it for a year

[@straus1777]

for me 5k is a reasonable price for a car, I bought mine for 3k and it's fucking awesome

[@khaledabdelwahab9455]

What car u bought if you'd like to share?

[@adajmahal2671]

Rosen Fotenliev yes what type of car was it and was it from a dealer, private seller, or auction?

[@-Dwight-Schrute]

Consider the depreciation worth it for new if you are financing for a used car. 25% depreciation isn't so bad when 0% financing goes to 4-5 percent for used even with great credit on something that's still 20-30 thousand used. That may be a difference of 5000 or more in interest charges, plus you don't know why it was sold back so quickly to the dealer or how it was driven. Too many rental vehicles end up for sale there. I don't want any part of that personally. If you are buying a used car with cash then absolutely it's worth it to buy 1 or 2 years old on most cars.

[@GenesisReyesPhotography]

Totally true ! you can buy a 3-4-6 year old Mercedez with more features and luxury than most new cheaper vehicles and most Mercedez can go easy 200k plus miles specially if the owner was respectful to the vehicle . ..........

[@112188Francisco]

lol no

[@Ruthlessbone]

You've come a long way bro! I still remember when I told you you look like Val Kilmer from Batman and you responded at least it was when he was not Fat haha!

[@WhiteBoardFinance]

LOLLL! I remember that

[@jaredhaxton8362]

I like to sell the car for the same price I bought it for... after using it for 2-5 years. So that means 12-20 year-old Toyota products! :) Currently in a 2000 Lexus ES300 Platinum with 135,000 Miles on it. Bought it for $3k, should be able to sell it for about the same in a couple years here!

[@rudysalas9138]

Im in the middle, just bought a new-used (2014 acura tsx market value $14,900) for $13,000 with 53k miles.

[@WhiteBoardFinance]

What is a new used lol

[@rudysalas9138]

@@WhiteBoardFinance i consider the term new-used, a car thats between 2 to 5 years old because its neither a new low mileage or high mileage vehicle. Its called the sweet spot when purchasing a used vehicle.

[@troytruong8246]

4 cyl honda n acura dont last. It breaks a lot after 100k miles. Well at least my 07 tsx did. Luckily its cheap to fix. It has 250k miles now.

[@rudysalas9138]

@@troytruong8246 sorry man, iv owned many honda models. 2004 acura tsx and know them well. So well i bought a 2014 tsx. Well anyways, honda is known to have weak transmissions but the engines are the best in the market.

[@GarrisonsMadHouse]

It all depends on what you can afford and your experience repairing. I personally like junkers over new cars even though I can afford a new one

[@DanielThomasArgueta]

Whoa Marko with a cap and, to add to that, a backward cap!

[@javisan6347]

With good credit and nice down payment... Brand new brands that retains resale value...!! Like toyota or lexus...

[@Off_the_clock_astrophysicist]

I think the yearly maintenance costs are overestimated. I have always owned old cars (my current one is getting on 20 years, I bought it used 10 years ago). Maintenance costs tend to occur in spurts and every few years. One year, new brakes, another year, new muffler, another year, new tires. Those rarely cost over $500 and don't occur every year. There are repairs that get prohibitively expensive, and that's when the car needs to be sold or given away for parts. Transmission or a compressor replacement are examples. As a rule of thumb, if any single repair is above the value of the car, it's time to get a new (used) car.

[@ReaveIdono]

I had my Chysler 200 LX 2013 I purchased in 2014 until it was totaled this year. Never had any major maintenance so that was good deal.

[@tomcannone8894]

Most cars loose 40-50% of their value in 3 years. Trade in's at dealers loose 2-3k . facts hurt.

[@GrowthMindsetProductions]

Content is always *superb* ! All I can say is keep it coming =)

[@eduardoguadarrama375]

Looking good with the cap backwards

[@TeeToes]

I got a 2003 camry ...no money pit or payments..last me 8 months so far..no issues

[@Alobster1]

late 90's to early 2000's camry's are one of the most solid cars made. That thing will go 300000 miles and still be worth nearly what you paid for it in a few years.

[@TheWizard856]

I bought one expensive car at a dealership. I only did it to help strengthen my credit, and as a prelude to buying a house once the car is paid off in a few years. I'm not sure if spending that extra money helped because I had a high score but never an instalment. In either case this is good advice and certainly how I will operate as far as car buying moving forward.

[@misaelrodriguez6089]

It doesn’t matter how much the actual price per month is when I comes to credit scores, it’s making sure you pay on time every single month with out fail. Whether $200 or $700 a month if you can pay it without fail it will go up (credit score) the same. Which is why you have to make sure you can definitely afford the payment. Hope this helps.

[@ericgeorge5483]

Used every time for me. Drive a new car off the forecourt and there's about 20% of its value (the VAT) gone straight away.

[@klefusmcdonald2644]

That wrench is should have a censored bar over it 😂

[@WhiteBoardFinance]

Lolol

[@abdullahshafi8865]

I bought a used car abs tbh the headache and torture I went through , it’s not worth just buy brand new cuz in your lifetime you will be buy max 4 cars on average

[@presleyakokewhu]

Why would I buy a used car? Looking at the huge cost of repairs.. my experience with a used Nissan I brought some years ago was no good. Ever since I brought my new car I don't feel any worries for any unforeseen repairs because my warranty is covered for 7years.

[@carlosmuniz4432]

Nissan that's why lol