The #1 Wealth Killer That Keeps You Poor

[@nataliebenne6862]

Never having a car payment/buying a used car was the best thing my parents taught me

[@AlumniQuad]

My parents taught me the same thing, but then I noticed that expensive sportscars attract the attention of both the K00L K1DZ and hot chicks, so now I'll literally pay anything to keep my precarious perch in the pecking order!

[@jeffreystanley4991]

@@AlumniQuadlol any girl worth dating doesn’t care about what kind of car you drive.

[@ryan-el9er]

@@jeffreystanley4991did he say anything about dating…..? no, he did not. you realize there are things you can do with hot girls besides date them, right? particularly the ones who probably care that you have a luxury car

[@kylechungg2140]

unless the car payment is 0% interest

[@AP_Sim]

​@kylechungg2140 even at 0 interest. Still a huge waste on depreciation

[@Browneyedgirl207]

We just downgraded our cars because we bought a house and wanted to put down an even bigger down payment. Took both of our newer cars to CarMax in exchange for a big check. Now we’re sharing an older Toyota since I work from home and rarely drive. We also pay way less in insurance now. Saved us SO much money!! Best decision ever!

[@bradtrades]

My wife and I both work from home, so we sold one of our cars several years ago. It was during Covid so we got a ton of money for it. We figured with ride sharing if we both needed to go someplace we hire a ride. I have been in a Uber exactly twice since then, she none. One of the smarter things we've done.

[@nonalisa621]

Love this!

[@UghUgh1234]

90% of the people driving vehicles that have $1000 car note could be driving something way less. But their ego will not allow it.

[@bugermcking4968]

Hey, somebody has to buy all these expensive cars that I can buy later only half used up at 15% the initial price. Stop shaming them, they are saving us all a lot of money.

[@michaelb.8953]

🤫🤫🤫🤫🤫🤫🤫🤫🤫🤫

[@Zac9]

Everyone wants to be a rapper or social media influencer.

[@elsingon7464]

Who tf told you they want something less tho ??

[@MrVerdes22]

Sweet spot: used lexus. The downside is people will think you're loaded.

[@mathehack1]

My parents gave me a used Lexus the drive-line parts are the same as my Toyota sienna. Parts were very affordable, can't beat it.

[@ExcMARK20916]

That would be an upside.

[@srl0003]

I’ve had my 2004 4Runner for 12 years with 200,000 miles, still running great and still love it!

[@TheRideshareHub]

I literally just bought a car last week on Facebook Marketplace for $5,200. I got it inspected at a dealership before buying it, nothing was wrong with it, it's reliable, and the insurance is only $60 a month. It's totally possible to get an affordable car still.

[@TheRideshareHub]

FYI the car is a 2011 Ford Escape with 137k miles. It should last until 200k miles and while the repairs may be slightly higher, it's way better than having a car payment and paying higher insurance.

[@AP_Sim]

I have a payed off truck. 2008 silverado 155k miles. Lastnight year gas and repairs. And I mean maintenance. But keeping it top-notch. Costed me 566 a month for the entire year. The truck is rotting, and I realize this truck is very dumb to own.

[@Joegolberg1]

If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.

[@Janipherlawsonkt8xi]

The first step to successful investing is figuring out your goals and risk tolerance either on your own or with the help of a financial professional but is very advisable you make use of a professional like I did. If you get the facts about saving and investing and follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits of managing your money.

[@emilydonna1]

The stock market rally run is gone, but I'm not sure if equities will swiftly recover, keep falling, or fluctuate in a narrow range for a few weeks, or if things will quickly get worse. I'm under pressure to increase my $150k reserve.

[@Kevinbrian1]

Is this a good time to buy stocks? I know everyone is saying we are in the bull market and all, but obviously there are strategies to maneuver when there is a bear >market but these strategies doesn't come common to the average folk, I'm attempting to create a portfolio for me and my children that will at least be $900k in value.

[@Janipherlawsonkt8xi]

Making touch with financial advisors like Walter James Henry who can assist you restructure your portfolio, would be a very creative option. Personal financial management will be crucial to navigating the next difficult times.

[@Janipherlawsonkt8xi]

HE'S MOSTLY ON TELEGRAMS, USING THE USERNAME

[@fasteddy3336]

The worst part is it’s $1000 a month for seven years.

[@angelgjr1999]

1k a month is insane

[@leonida9771]

This is how poor people think )))

[@elsingon7464]

​@angelgjr1999 for you it is.. for a lot of people, it won't even tickle their pockets

[@Christensend]

With my cars paid off, I think that I’m making outstanding progress with my money decisions. I put in 20k into various assets last year and flipped into six figures within a few months and still going. I’ve always been an advocate of investing because it has been rather rewarding. I hope to attain financial freedom soon. One more thing, great content brother.

[@Kanthorc]

I have some money saved from day job. I have no idea where or how to invest. How are you doing it, Leon?

[@Christensend]

It’s not rocket science. As I said previously, I got into stocks, index funds and REITs, myself but wasn't getting the results I wanted the first couple of months. Got tired of losing and decided to seek mentorship from Jonas Herman, a certified fiduciary who helps oversee my investments.

[@Heavenontheeearth]

Can you introduce me to Jonas? I'd love to learn more about his service.

[@Heavenontheeearth]

Thanks, I just left him a message.

[@Roymysterio]

I got on one of his programs too and gained a lot. Although I feel his commissions are quite on the high side for me, overall, his service is applaudable.

[@zestpeet4614]

The richest person i know (has over $100M) drives a 2009 Prius. Edit: All of my coworkers who live paycheck to paycheck drive new vehicles.

[@Himothy704]

🎩

[@minjikim2161]

Kids are like 18 year car payments they should be on the list

[@mrtt5931]

Me too. So true. My best friends husband prob has millions drove a banged up Prius and has to be talked into a new one for a couple years before purchase. Smart! That’s why they have $!

[@bean6523]

Imagine having $100M and still not allowing yourself to have fun and drive a fun car, sad really

[@johnnybrowning8663]

Being a slave to a lender is even more sad.

[@nicksmith8141]

Both my cars are paid in full.

[@GlockTen_]

I don't see anyone asking

[@German_overengineer]

Same

[@crishtianroman8486]

Congrats man, idk why people get upset over you just stating that you are doing well. But im happy for you at least

[@bugermcking4968]

@@GlockTen_ Nobody asked you to comment either. But we all tolerate you because we aren't spiteful assholes.

[@bugermcking4968]

@@GlockTen_ And......? Do you think YOU"RE tough being a dick anonymously online? Should we all aspire to be rude for no reason so we can feel better about ourselves?

[@charlielima247]

Hey Graham, could you tone down the volume of the ding at 0:54 in the future. I'm wearing earphones and it was uncomfortably loud. Thanks

[@trueloop1488]

True

[@maureenviola]

Way too loud

[@dirtbikerpro6]

Maybe turn down his voice too so he stops scamming people...

[@darlenedevegan7401]

Turn the volume down.O m g the people who comment ridiculous

[@darlenedevegan7401]

The only time you should buy a new car is when it's over 1-year-old with no miles When you bring them down on the price.And at the last minute you tell them you've decided to pay cash😂❤

[@frankthetank5013]

I have been driving my pickup for 22yrs straight now and still going! 💪🏻

[@darlenedevegan7401]

I bought a Brand new 0 Mileage 2016 rouge in March 2017. Always cheapest to buy a new car That's about 14 or 15 months old that they wanna get off the lot but has 0 mileage. Saved $8000 on my car doing that. Years later, saved over $9000 on my SUV.

[@InvestingWithAdamK]

Had a 21 year old Mercedes for a long time before started having issues that made no sense to pay. Bought the least expensive model Y since we have a 2014 S and the maintenance has been super inexpensive. We also have solar on the house so don’t even pay additional for charging. Love it.

[@domainsshop]

BE FRUGAL!

[@rosamoreno4794]

Everywhere I go, the parking lots look like new car dealerships and luxury car dealerships. Whether it's Wal-Mart, target, the GYM, CVS, the gas stations, medical buildings for appts., on and on............... Bat S#!$ CRAZY! When I see people in BMW's and Mercedes, especially the smaller ones, I automatically assume they are broke and see them as "red flags" to stay away from.

[@darlenedevegan7401]

Your correct. I drove an older car for many, many, many, many, many years and no one knew what my bank account was.😂

[@rivers8517]

You should have done this video in front of your Ford GT. LOL

[@elsingon7464]

The hypocrisy

[@qp7691]

The key is to buy assets that pay for your liabilities (cars). Not earned income from a job

[@emello4you]

@@qp7691 How do you do that?

[@DrWDvW]

I get all this, dont buy to impress others, but what if you just really a car guy. You get watch guys, house guys, travel guys, clothes guys, food guys, what if that just something you love and you prioritise it while making sure it doesnt cripple your financial goals.

[@jeffreystanley4991]

Then instead of spending money on traveling, eating out, nice clothes ect. Save the money and buy a cool car that doesn’t kill you financially.

[@joaquimrodriguez8961]

Worst there's folks out there that believe a house is an investment. It' more of a liability than an asset.

[@KeeptheChange41]

Buying a new car has a huge impact on wealth building. From depreciation to paying interest to opportunity cost, it really adds up.

[@marcusgrimes818]

Car payments are only outrageously high if you get a car you can't afford to begin with. People want BMWs and Mercedes so they can show off to the people they don't like. I found this to be true growing up in southern California. Just get a cheaper car man.

[@JohnyJedi]

Bro the fact that you have to get a loan is proof you cant afford said vehicle

[@MiguelAMH]

​@@JohnyJedi Not necessarily true. I could afford to buy my new Honda civic 2018 out right but I was offered 0.9% interest on the loan. I made more money investing the money into stocks.

[@tharpeaddy]

Brother as soon as you sign for payments and drive off the lot…the vehicle depreciates…but your loan stays the same… Every single mile you drive and that’s all you can do with vehicles is put miles on them or don’t and put those miles on your feet and walk everywhere Then you have interest rates So you by the time it’s paid for you will be upside down You will never get what ya paid for them… Interest rate means you paid extra money in the vehicle… So by the time you pay it off you’ll want more loans lol especially if your vehicle isn’t messed up Keeping you a dedicated loan signer for life and interest rate prince or queen

[@Cinthia-gk3ip]

I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks this year. Hope to make millions in 2024.

[@MablePauls]

You're right mate! I’ve been using a fin-market expert for two years now and I own a 7figure diversified portfolio from investing in stocks. Currently, my portfolio is worth over $800k.

[@MablePauls]

Just research the name Angela Lynn Shilling. You’d find necessary details to work with a correspondence to set up an appointment.

[@arunbenny808]

Do not put your money into stocks! Open a high yield savings account instead. Make sure you try to go with a bank that’s FDIC or NCUA insured. Sometimes local brick and mortar banks will also have other options like Certificates of Deposit (CD’s) with slightly higher interest. Online banks can also offer slightly higher interest on their high yield savings account because they have less overhead.

[@brianwashere7966]

I have not had a car payment in over 20 years. Only pay cash for them....but there's something else. When choosing a new vehicle look at depreciation. As an example, my last vehicle was a RAM 2500 diesel truck. I paid 42k for it in 2017. I sold it last year for 43.5k. If you do your research, take care of what you have then once you pay for the first one in cash each subsequent one will be very little out of pocket.

[@PortfolioAutomotive]

This exactly! This tactic is how I've owned over 20 cars (not expensive ones) and only lost money on two... diesel trucks and 90's/2000's Acura Integras basically don't change in price after their primary depreciation. Integra's have actually appreciated significantly, recently... but I don't think that's going to last long term.

[@dluff]

Dave Ramsey has a great video staying out of auto loans by buying a beater, save, upgrade, save, repeat and within a few years you have a paid for auto. The video does better explaining the process.

[@MuahMan]

I have a car payment, but it's only $197/month for 48 months. 2017 Miata.

[@mrtt5931]

My best friends are super smart with money and always buy a new car with cash BUT then they keep it for 15 years plus!

[@pavelvesely2518]

Dave Ramsey talks about not buying cars on payments

[@liam1902]

So many finance youtubers I'm subscribed to make this exact video every single year 😂

[@timmydough]

Graham, Can you make a video addressing the situation with Synapse, Evolve, and Yotta? I'm sure users with frozen funds would appreciate more visibility on the issue. Especially considering many of us signed up because of your endorsement.

[@darlenedevegan7401]

You're absolutely right, Graham.Spending over 25000 is even ridiculous.It's a waste of money

[@Potato5auce]

I bought my car new in 2019, paid it in full and even got $5000 knocked off the price since I told them I was cross shopping nearby dealers. My policy is to NEVER pay interest on a depreciating liability (and no your car is not an asset, it takes money out of your pocket).

[@cur244]

I live in the south and basically everyone I know does this. Buy a new car and a few years buy another new car and rollover the balance. The same people willl say they can't save 15% in retirement. They all wonder why I drive a car with 230k miles.

[@Jill_Horvath]

Huge sigh of relief after the 1st 20 seconds of this video. I paid cash for my car years before co*id. It’s 9 years old now and still has a lot of life left.

[@V8Brah]

Buying a new car makes sense when you have money (cash) and are buying an enthusiast car (you don't want a car that's been abused).

[@alyssaolivo6112]

This is me! My car payment is too high, but my car broke down a month after getting married. I have some debt from the wedding we are working to pay off (some last minute expenses we didn’t realize we needed to pay for) and my car breaking down could not have come at a worse time. My car broke down the day before I was going back to work (I’m a teacher) and I was so frazzled and so desperate I purchased a car that same day. Big mistake. My old car was used and I had paid it off in a little under two years. I decided to buy a new car this time because I had so many issues with my old car. Now I have high insurance, a high car payment, and a high interest rate. My loan is for 84 months, which I think is crazy. First month was a struggle but I picked up some overtime at work and I do Uber on the side. I can manage it more now, but money is still tight. But my car will be paid off much earlier than 84 months because I know myself. I was aggressive with my student loans and I’ll be aggressive with this loan too.

[@CarimboHanky]

in 2004 i bought a used 1994 hyundai, i drove this car for 17 years, with minimum maintenance, in the mean time i bought a new car for my wife in 2012, paid off by 2017. by 2020 i decided to upgrade my 1994 hyundai for a more modern 2000 toyota echo 😂 which is what i drive to this day. with that said, chances of me ever going through the pain of paying for a brand new car are rather unlikely. i do have a toy car which is my dream car in the form of a 2006 subaru wrx sti

[@Blueskyredrocks]

Just got a 2015 pilot touring for 11k with just 82 thousand miles should last me a decade at least.

[@RepuBlicOfChaD]

Spent $3,000 replacing my timing chain. Waterpump, tune up, brakes, battery,and tires . Won't have maintenance issues for years. Gonna drive it till the wheels fall off.

[@jeffreystanley4991]

When was your starter and alternator replaced last. Those could be the next thing to go.

[@RepuBlicOfChaD]

@jeffreystanley4991 when it's time, I'll replace them. Cheaper than a new car.

[@zyciewusatvbygosia8880]

I bought used car 2012 with 167 k miles, had to change brakes and battery and then lately some pipe near engine for 380$ hope its gonna be fine for some time

[@Libertaro-i2u]

Trouble is that in the vast majority of North America, a motor vehicle is an almost ABSOLUTE necessity! There's no reliable public transportation in any part of the continent except for the largest of cities, and everything is usually so far from where people live that walking or biking isn't viable.

[@jonathanmcgovern2464]

Sad how renting is seen throwing money away, yet no one ever says car payments is throwing money away.

[@YobYm2]

Problem is right now renting is the only option for many ppl and it’s cheaper (significantly so in many markets) than purchasing a home. With the high mortgage rates right now you likely wouldn’t even break even until the first 7-10 years is up unless you had a massive down payment. Interest is front loaded in a loan.

[@asoldierstwocentsrawuncut9611]

Probably because you get to keep the car at the end..

[@TL-rh1lf]

@@asoldierstwocentsrawuncut9611and it's worth 30% what you bought it for

[@bugermcking4968]

@@asoldierstwocentsrawuncut9611 Yeah, you get to keep a 200 dollar piece of scrap metal. Cars stop making sense to repair after most of their components are mostly worn out and something big dies. Operating a used car is a game of investing in repairs to maximize return on investment before you loose the whole investment, while simultaneously hitting targets for required reliability. The whole thing is based on planning for the car's death.

[@James.Bond_RPG]

No one huh? No one lol

[@christianchellis9057]

Also consider other expenses like insurance, taxes, and gas. Those are all significant.

[@chaser595]

I've driven the same car since high school. Bought with low miles and is 20 years old now with under 200000 miles. I have never had a car payment.

[@donyee8970]

Great advice here. Also, regularly maintain your car to keep ownership cheap as possible.

[@elisabethbuettner2342]

I drive the same Camry I got in 2010. Runs like a dream. My kid will drive it in a couple years.

[@DrakeNAllen]

My wife and I paid off both of our cars, and it’s a great feeling. We’re about to put all that money toward our down payment savings

[@TheUrryx]

I have struggled with dealers for a decade, since my first kid was born and we decided to buy a "good car" to have a reliable transportation for our family. Finally I started engage my brain and paid off my wife's car three years earlier and have left with $19,000 with no interest car loan to my second car, which I'm using as a side hustle Microgreens delivery for my customers and Uber driving.

[@adinchina1]

It might sound bonkers, but I never bought a car that was more than what was my total monthly income. In my teens I used to drive cars that would cost no more than few hundred dollars. Only paid cash. I slowly upgraded over the years. At the age 36 is got my first new car and still followed my principals.

[@52CA]

I’ve been saying for years now try to find a five year old car in about any parking lot anywhere. Every single car in the high school lot is better than what I drive. I’m 61. I still find great deals on used cars for 3,000.00. Also the insurance on 15-20year old cars is really cheap.

[@PassportBrosBusinessClass]

What you are all witnessing is inflation. Housing prices are now costing what mortgages for mansions used to cost. Car prices are now approaching. The cost. A mortgage used to be. We will be lucky if hyper inflation doesn’t put the monthly cost of a cell phone where a car used used to be. But considering cell phones now exceed $2000 in some cases, perhaps it’s too late?

[@Ndasuunye]

if you want to buy a used car. DO NOT buy a 6 year old car. at the time of this writing, that's just a 2018 vehicle. still too new. especially if your looking at a Toyota or a honda. they are still PRICY. we're talking well over $15K. your better off 2014 or below for a decent price....and your still talking over $6K on average.

[@Hajibaba500]

It’s like finance related KZbinrs are repeating the same topics and videos, and pretend it’s something new

[@PassportBrosBusinessClass]

My neighbor bought a Honda Accord with 86,000 miles for $8000 cash. Too bad his insurance is $600 a month.

[@cbell5017]

At age 51 I’ve never had a car payment. Always paid cash.

[@tomdrummy4984]

Yep, the never ending car payment. When you make the last payment, you trade it in and continue with a new payment 🙃

[@JFox29]

I love that voice that Graham does! I always watch his videos while I am on the thrown.

[@chargermopar]

I have never had a car payment. One of my cars I still drive I bought for 200 bucks in 1986!

[@cgjohnst45]

I never planned to buy a new car, but in 2020 a new Camry was cheaper than a used Camry with 33k miles. The new Camry also had 0% interest.

[@JD78CN]

I remember buying a new 2018 mustang gt fully loaded for $38k was crazy. Now I can’t even get a base model gt for that price.

[@successwithstacee9290]

I’m an insurance agent and talk to people every day that can’t afford their insurance because their car payment is so high. Sometimes I ask if they can buy a cheaper car if they haven’t purchased yet and they always have a stupid reason. I know it’s because they are not educated. I do try especially with the younger people.

[@macberry4048]

My only problem with driving a car into the ground is that who wants to buy it once you drive the car into the ground? On the other hand you could drive the car until you reach around 150,000 miles and then sell the car.

[@sprinkle61]

There are junk dealers that buy junk cars. You won't get very much money for it, but then again, you wait till a huge repair comes up, and then you sell it for junk, and you dodge that and get something for the husk.

[@miragexl007]

And the whole Reliability issue towards the end

[@macberry4048]

@@miragexl007 if you take care of a Toyota or Honda the right way it will always get you home especially under 200,000 miles.

[@macberry4048]

@@sprinkle61 the problem with keeping a car to long is the paint and the interior. Windows stop working, paint starts to fade, and the seat starts having problems like maybe a spring is poking you or the cushion has flattened but the car might still be going strong. This used to be a good first car for a kid but kids don't want to drive as much as the older generations

[@sprinkle61]

@@macberry4048 Yes, parts will gradually break, easy things like door handles can be replaced, but it probably wouldn't be worth replacing a seat in an old car. I just deal with non-critical things, I do a lot of fast, cheap, and ugly repairs. I'll zip-tie anything that falls off back on, and I have had a bumper held on with wood screws before. Since I use my car for delivery business, I put a ton of miles on it, and it doesn't have to impress anyone.

[@ft9kop]

This is why pedestrian centric and micro-transportation infrastructure is so important!

[@PassportBrosBusinessClass]

There are two issues that I see here Because mortgages and rent are so difficult to afford you have a lot of people who can’t afford to buy a house and can’t afford to even get an apartment. Perhaps they are living with their parents? They have extra money in their pocket that they will splurge on luxury vehicles since they don’t have anything more expensive to pay for, and that money is burning their pocket. The other issue that I see is that people want to drive to their money even when they have nothing at home to return to. Even if they live in a crappy apartment, would you see them on the road with their Mercedes or BMW, they want you to believe that they are wealthier than they actually are. That is the real tragedy of luxury vehicles. Meanwhile, the super rich like Warren Buffett drive around and used Cadillacs or regular looking SUVs that no one would even realize who’s inside.

[@financeabcs]

The guy doesn’t factor in any savings when calculating how much you can afford in car payments

[@ssjrose9641]

Savings? Like what type of savings?

[@dustintobler9840]

Had my 08 prius since 2010 and it's saved me over 40k on fuel alone and only use as a commuter. With all the savings I bought sweet toys to offset the fun I'm not having in a prius. Prius only has 280km on it

[@bambuu4a]

I am driving 20 y.o. Skoda and having around 70k on my investments account. Proud of myself

[@priestesslucy]

8:30 I would argue that lost value doesn't matter. What matters is how long it will last. If you ammortize a 40,000$ car out over 20 years of use, it's not bad. (Though if you financed it that interest during the term is gonna suck)

[@toddw.8277]

My truck was 39k in 2014. I keep my cars until they fall apart. I told my wife we probably will not get another truck because I refuse to pay 80k or more for a truck. Not going tot do it.

[@nancyviolante7861]

Good advise very true, my first car; a used Mazda 323…hahaha. Drove it to the ground, and no doubt my little donkey took me everywhere. I never felt/feel or needed to impress anyone…the financial freedom and money I saved…soooooo worth it. Thinking short term and long term, wealth is possible if you have your eye on the prize.

[@financeabcs]

Another thing dealers do is offer financing that has a huge residual payment at the end in order to offer lower monthly payments in the beginning!?!?

[@gilbertnicholas1582]

Car payments are Dave Ramsey's mortal enemy and they're saying no one talks about it 🙄

[@jaykua6193]

i use to drive a 2006 honda. my car expense for that car was over $400-500/mo with fuel and car insurance. i ended up upgrading to a 2024 Prius. I now get 48MPG but i do have a $650 car payment.

[@YouSoundButtHurt]

You have a 2024 Prius that you pay $650 a month for?

[@ryankemp3602]

Putting your money in Yotta is worse…

[@Naysayerx0]

Everyone milking this subject lately...

[@ajh.4131]

If there’s truth to it, I don’t see the problem.

[@sootuckchoong7077]

In certain country, it's mostly impossible to buy an old car. Its not allowed.

[@irvinjramos]

Everybody talks about investing but they never tell how or where & they talk about like if it was easy

[@PsychRick]

My friend still lives with his mother and drives a fully loaded jeep that he pays 800$ a month for and cry’s about it but doesn’t do anything about it

[@noushb.5748]

Would love to see you two discuss finance. Best duo!

[@baishstop]

I drive a 2010 that I bought for ~$12k in 2014. It's old but it works. My wife has a 2020 that we only bought because someone hit her and totaled her 2014 (which she loved btw). We payed cash in full in 2022. We have no car payments. We don't need cool cars

[@brianbaker5140]

Right you are Mr. Stephan. Automotive Jealously is a sickness. A car is transportation. A car is rarely an appreciating asset...Very Rarely. It is as you say a "Wealth Killer."

[@name_unpickable]

Agreed on people starting to think of cars as investments and not depreciating assets. A few months ago there was a commercial (I think from Carvana?) where this couple was looking to sell their car, but one of them kept saying "HOLD" and waited for the price to go up on some older minivan... like just absurd. Maybe it's just a dumb commercial though, I feel like most people I talk to at least realize their Prius isn't normally an appreciating asset.

[@mikeyaguilar4336]

Big facts, everyone ik who gets a lease or finance a car regrets it in a year or wants something different

[@nohero178]

Car prices are VERY dependent on where you live but you can definitely get something good for $20k. $15k might be pushing it some places.

[@ThreatQueen]

I bought a car in 2019 and today I could sell it for almost as much as I paid for it. Car market is crazy

[@MT-gi8wp]

i have never owned a new car. i drove a used 1997 Corolla until I sadly had to scrap it at junk yard with 290,000 miles in 2018. I then paid $13,000 for a used 2015 Corolla with 19,000 miles. I now work from home and it will take me 40 years to put 290,000 miles on this car..lol I am the only person of all my siblings who have never owned a new car and I am also the only one who is a millionaire. Cars are the biggest waste of money.

[@JohnSmith-ij4xe]

This is a person that has a ford GT talking about you shouldn’t buy an expensive car 🤣.

[@fh5937]

You can buy a nice car if you can afford it in cash😉

[@RoyaleExtreme]

Investment (Ford GT) vs depreciating asset (luxury cars)

[@ryanviningtube]

Tesla is cheaper than prius in total cost of ownership. Longevity, safety, reliability, handling, etc, etc

[@CYCO1631]

Until the Tesla's LI Battery bursts into flames.

[@ryanviningtube]

@@CYCO1631 Gas cars burst into flames 10x more often than Teslas, the stats are out there, but the media keeps misleading people like you with bad info to spread around Edit: not defending chinese EVs, they seem bad, but data for them is unreliable

[@asoldierstwocentsrawuncut9611]

@@CYCO1631more has cars burst into flames than Teslas

[@KK-tt6ui]

Debatable

[@ryanviningtube]

@@KK-tt6ui time will tell

[@JAM2USA2018]

Stay away from car payments and Credit Cards. If you can avoid those two then you'll be on your way to financial freedom

[@fkcoolers2669]

Not really a car guy to begin with which helps - even luxury cars don't even make me blink. Early on I would just get used car and stick to pretty reliable models like a Honda Civic. Later, I've bought new but stuck to the same strategy and just get 10+ years out of them because I don't drive too many miles per week. I'd go zero car strategy if I could, but doesn't quite work yet.

[@ambientgamesound]

It’s true, I have a Honda accord 2015 and Honda accord 1999. It takes me from A to B and fully paid. My siblings think my cars are junk as they rode new Audis and Teslas. But my investments are hefty and I go on vacations 4-6x a year. Unlike them trying to keep up with the Joneses

[@provosta]

Doesn’t take repairs (or down time/attenuating consequences) into account: Used cars break down, and those who wish to minimize that risk must pay accordingly-to the degree that, in some cases, it’s more cost-effective to buy or lease a (practical and relatively inexpensive) new vehicle. Add incentives, warranty, free/low-cost maintenance plans, etc. & some new automobiles can be quite economical. I need a highly reliable, fuel-efficient, low-drama car that lasts at least a few years before major repairs will come out of my pocket; if you’re a retired couple with minimal transportation concerns-and some DIY auto mechanic skills-do what this video says

[@ICEDB4nk]

Bought a 2009 lincoln MKz ( Fully Loaded ) for $10k with 40k miles on it. The only complaint is the amount of gas i have to put into it. This was 2018, it was paid off in 2020. Intrest rate was around 12% ( shitty credit back then. )

[@BryanEdwardArmijos]

Get a used Toyota Corolla. Bam your good for 10+ years with cheap maintenance and no headaches

[@pabloescabar1038]

I have two car payments, they both equal $400, I work in the auto industry and I will never buy new car.

[@ajh.4131]

This is why I’m a bike commuter 🚴🏾‍♀️

[@Stil1_loading]

Yeah it’s not the increase price in food, gas, taxes and insurance.

[@yb9355]

Mostly poor or ridiculously reach ppl buy new fancy cars and expensive brands clothing. That is true. The middle class millionaires drive old, reliable Japanese cars, as I personally do.

[@kidlo2050]

Toyota reliability is going down. They keep turbochargering the smaller reliable engines and sticking them in bigger vehicles now. Thats why the 4th gen tacoma sales not good. Thank god I own a 3rd gen.

[@jeremyrobinson1458]

very true

[@BrianPurcell72]

I hate, hate, hate haggling and know I'm terrible at it. I much prefer going to Carmax where the price is the price and there's no haggling. If you don't like the price, don't buy it; it's that simple. They have also given me by far the most reasonable financing options. I'm not sponsored by Carmax nor work for Carmax. I just like their business model.

[@-Jason-L]

You can do that at literally any dealership - it's called paying sticker.

[@jon6309]

No wonder I can save so much money. I don’t drive by choice and always relied on public transportation which is subsidized by my employer. Also thinking of getting an electric scooter for short distance travel.