The Secret Hacks Rich People Use to Buy Cars

[@richards4219]

Nolan's been picking things up and putting them down again. Good for you lad, you're looking healthy.

[@Donut]

Much appreciated

[@FJB2020]

@@Donut Maybe you could pick up a better sponsor and not let your viewers participate in a known scam company like Omaze...

[@richards4219]

@@FJB2020 let the man have a compliment without making it about you.

[@FJB2020]

@@richards4219 It is NOT about me.. It is about the viewers not spending their hard earned money on a scam like Omaze... I am spending my time letting people know.. Yeah.. Super fucking selfish of me...

[@julianfernandez550]

@@FJB2020 more like you're spamming comments with nothing to back up your claim, maybe go find something that will substantiate them, then you can come back

[@MrDmitriRavenoff]

Totally walked out on a deal, right at the end. The salesman and dealership panicked. We weren't even a block away before they called us on the phone. We went shopping for an hour. They called twice more. Managed to get a few thousand off the car and we've been happy witg it ever since.

[@DavidRamseyIII]

Wow, what a winner. Your wife is very lucky

[@CrazeCracker79]

It's the "END OF THE LOAN SALES EVENT".. right at the end of the month.. you know the ones.. lol

[@stiggy60426]

Took me 3 months to buy a car, but I called there bluff and saved 10K off their original asking price

[@SgtJoeSmith]

i sat with a car salesman till midnight 1 night firm on my price until they finally said yes so they could go home. another time i made and offer. they wouldnt budge. i was halfway out the front door and they hollered DEAL!. another time they turned down my offer but called next morning and said they would accept my offer.

[@tjnucnuc]

@@SgtJoeSmith My time is more valuable. Sticker is quicker!

[@theethee3886]

I cannot say how much my heart appreciates the return of the yellow advertisement progress bar. It embodies the capitalistic transparency that I have come to appreciate about Donut Media. Y'all are real and think about the viewing experience of your subscribers. I own Thanksgiving.

[@edsida]

I own St Patrick’s day

[@5frogfrenzy]

@@aarons9459 are you illiterate? he said that in the first sentence

[@Zentrify]

Capitalism is when the yellow bar?

[@thatnicklongo5939]

I own *capitalism*

[@trekot7791]

I own Groomer™

[@drewengles4477]

Owned my own company for 16 years before covid destroyed it and yes this was one of the best benefits of owning your own company. Long as the vehicle weighed over 6K pounds you had huge tax breaks. I was able to buy twice what I could really afford based on tax code. They even reduced the weight requirements a few years back. I miss being a business owner for those perks.

[@anthony64924]

If you don’t mind me asking, what business were you into?

[@succulenttrash3343]

Nolan and James looking so healthy recently, it's giving me life man congrats y'all

[@chefdon21]

Fr tho, I’m loving it

[@BenDunlop]

Their sprung weight reduction strategy is working

[@CardinalKaos]

No longer big bois now they be slim bois

[@pimpampet9202]

Camera is closer, look ik up, dolly zoom, turns you form a crackhead to a chubby fellar

[@JonJon-it8kk]

kzbin.info/www/bejne/rZ67mmmwdsyrfq8

[@Mhussein02]

"Being poor is expensive" Nolan Sykes- 2021

[@camogap7392]

Not very illogical if you think

[@nishant54]

@@camogap7392 not very illogical wtf. It's a fact. If you buy 1 kg of wheat and 100 kg of it, which will be cheaper. That's why rich have to pay less for the same thing.

[@m.f.3347]

​@@nishant54 Terry Pratchet's play Men At Arms explains it well: "The reason that the rich were so rich, Vimes reasoned, was because they managed to spend less money. Take boots, for example. He earned thirty-eight dollars a month plus allowances. A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when the cardboard gave out, cost about ten dollars. Those were the kind of boots Vimes always bought, and wore until the soles were so thin that he could tell where he was in Ankh-Morpork on a foggy night by the feel of the cobbles. But the thing was that good boots lasted for years and years. A man who could afford fifty dollars had a pair of boots that'd still be keeping his feet dry in ten years' time, while the poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet. This was the Captain Samuel Vimes 'Boots' theory of socioeconomic unfairness.”

[@canihave1dab724]

@@nishant54 that’s two different things though. 1kg is not 100kg. Pretty dishonest argument. Economies of scale exist, obviously, but rich people pay the same for 1kg of flour as poor people, they can just afford more because they have more money. Rich people pay for everything in the west anyways so god forbid they get a few kickbacks. Want equality, make taxes equal with no loopholes. Taxation equals representation and poor people are taxed far less than rich people. Poor people want to blame rich people for everything bad and rich people want an easy way to absolve themselves of whatever guilt comes with being successful, that’s how the system exists currently. Finally, rich people are the only ones who put their money where their mouth is consistently. They actually buy / invest in stuff that contributes to innovation, unlike poor people who rarely can or do.

[@dustinjames1268]

@@m.f.3347 That's a bit of an oversimplification but your point isn't necessarily wrong The rich get rich through the economics of scale. When I purchase 1kg of sugar, that costs 5$ If I were to farm sugar cane and have a facility to process it in, that same kg of sugar would cost mere cents

[@herptonherptinson8121]

"The good thing about being rich is not the money, its the convenience you can afford"

[@kokidchaz4790]

tellem they dont know the feeling between floor seat and top seat at a basketball game, you cant go back bro.

[@eastcoastmountainbiker1290]

Nolan wearing a Fitment Industries t-shirt has made my day. It's good they're supporting a lesser-known car channel.

[@djhero0071]

I stared at that fucking logo for a good while and my two brain cells couldn’t make the connection. I’m subscribed to FI and I STILL didn’t recognize.

[@nesbittracing1081]

"29.98, which is way less than 30 dollars" these jokes about marketing tropes get me everytime

[@dustinjames1268]

It is a real phenomenon though When you see 29.98 your brain SHOULD be rounding it up to 30$, but most people dont

[@neeljavia2965]

@@dustinjames1268 I think it's the opposite. If the price is 9.99, then I immediately think it's 10.

[@0Lucaas]

@@neeljavia2965 It's been proven to work with some. Some brains out there just act like 0.02 cents is way cheaper than it should.

[@JonJon-it8kk]

kzbin.info/www/bejne/rZ67mmmwdsyrfq8

[@neeljavia2965]

@@0Lucaas They need financial education then.

[@ZensCollectables]

I sell Lincoln, Alfa Romeo, Genesis, and Maserati. You’d be surprised how many people buy $100,000+ cars just to save them on taxes. That code 179 is no joke. As long as the GVWR IS OVER 6,000 lbs it usually qualifies.

[@griffinlitz4075]

Exactly. My dad recently got a BMW X3 and somehow it was included even though it’s around 5000 pounds

[@ZensCollectables]

@@griffinlitz4075 I have absolutely no comprehension of how much a pound is lmao Edit: I thought you were referring the the currency then I just read it again

[@EyePatchGuy88]

Another thing about G Wagon's, at least in my neck of the woods, almost every single one that I have seen has a personalized license plate.

[@edew9180]

What "neck of the woods" are you driving around in. I've literally never seen a G wagon near any woods...lol

[@giovanni8943]

Personalized plate means the car isnt a business vehicle, that means your neighbors are rich af

[@hondaservicecenter]

@@giovanni8943 i got personalized plates on a 200$ car

[@x11xphantomx11x]

@@hondaservicecenter same lmao

[@Fgjmnz]

@@hondaservicecenter I got some on my $800 crappy XJ lol

[@RumHamwich]

The whole Donut Media team is so stacked full of talent it's insane! From the hosts to the graphics to the editors, it's nuts!

[@rynobucket]

It’s Do-nuts!

[@FitmentIndustries]

Thanks for rockin our shirt, Nolan! 🙏💙

[@MrAhhsum]

It is a sweet shirt! I should get one!

[@RandyAugustus]

@@MrAhhsum it’s really not

[@MrAhhsum]

@@RandyAugustus okay

[@tcb_666]

I love that y'all collab in such small ways you two are so fun I love you both

[@kostygarage4328]

I've actually heard the opposite, they don't like it when you buy with cash because they make money off the loans

[@Potatorq]

This was my experience at a dealership too. I told the guy i was going to buy a newer car cash during negotiations and he straight up told me they don't even want my cash, they want financing because they get commission. Private sales in the other hand are completely different. If you have cash then you have massive leverage. All the cars ive ever bought were private sales and Ill never go to a dealership again unless I was buying brand new.

[@AkioWasRight]

What they said is nonsense. Yes, they want their cash, but they get their cash from the bank when you finance! Paying cash doesn't save anyone a penny.

[@johnmcvay4403]

From what I've heard from dealership insiders is that you never tell them you're paying cash. You negotiate the price and if they think you're going to be paying over the next 72 months then they're going to give you a better deal because in the long run you would be paying more. You pay it off in you're first payment.

[@ThePegasusAirforce]

They were actually wrong about that. Buying a brand new car in full is almost always a waste of money. Pretty much any brand new high end car is going to depreciate very quick, so having money tied up in a depreciating asset is never a good idea. Depreciation can be used as a tax right off, but a much better option is to finance/lease the car, and then invest the money you would have spent on the car elsewhere, at a higher return rate than the interest of your loan. Ideally that way, your investment will be covering a bulk of your car payment (if not more + profit) and at the end youll have both a car and some other form of asset, rather than just a single depreciating car. The only exceptions to this rule are used cars, in which case interest rates are usually too high to justify a loan. Even regular people shouldn't be buying brand new cars in full though. Even if you don't plan on investing the money, you'll probably lose more money on depreciation than you will on the interest of a lease.

[@Pheatan]

@Paul S nah dude, unless its a taco they depreciate just as much as any other brand. The tacoma just holds its price because its hard to get new still.

[@rommel5157]

The costs to the dealership to carry inventory is called “flooring.”

[@tbash96]

Nolan looking like hes in better shape. Congrats bro!

[@Mr420tripmofo]

Working in the industry it always frustrates me when people say/think paying cash will get you a better deal. That's the exact opposite the dealership makes money from you financing. Why would we ever want to give that up? In fact we would be more likely to discount the cost of the vehicle if we know we can pick it up more on the back end.

[@joeg5414]

Yeah I've gotten some pretty shitty responses walking into a dealership with cash. Then they try to convince me I'd be better off using my cash as a down-payment on a new car I can't afford instead of paying cash for a used car.

[@lordwalrus8615]

Maybe sketchy used car dealerships want to avoid taxes and offer price reduction when paying with cash

[@LeyliaFireheart]

It depends on if you finance through the dealer. Which i don't.

[@24Osx]

The new shirt looks sick!!! Good job designers!

[@Davidxito7]

Thats from Fitment Industries. Another KZbin channel based out of Wisconsin

[@germannerd1]

Recently bought a car paid in full up front and they would not budge on price. The dealership said paying in cash doesn't actually help because the more people that do loans, the easier it is for the dealership to get better loan deals (more diversified, risk spread amongst more people, etc), which allows them to sell more cars to even more people.

[@ctownas]

Nolan - your piece on the 179 deduction and the hummer loophole made every CPA's skin crawl.... to take 100% bonus depreciation you have to use it 100% for business purposes in the year of purchase and >=50% business purpose in the future. Additionally, when you sale it you'll be taxed on all or a portion of those proceeds as income. *not tax advise*

[@kacolorado]

THANK YOU. It’s not a free lunch.

[@2sided963]

Its cool to see how donut and fitment are such friendsto even wear their merch

[@ospr3y]

I'm looking forward to a crossover episode!!

[@pedroc9852]

"Being poor is expensive" a sad truth

[@Bangers_mostly]

I see the Fitment shirt & i gotta say I love the colab between the auto channels on youtube

[@dockterperoxide1768]

I was scrolling to see if I was the only one who noticed. I like it too. I definitely heard F.I. shout out donut before too.

[@remmyodhiambo8850]

My non car friends: How do you know so much about cars? Me: Donut Media

[@nickthenoob5144]

Love this channel so much ❤️

[@FJB2020]

Omaze is a bigger scam than these bots!

[@FJB2020]

@@Dan_R I report them all the time, but I think these creators like them, because the more comments they get (spam or not) the more money they get for the video.. That is why, even after asking many many times, they will not block links...

[@JonJon-it8kk]

kzbin.info/www/bejne/rZ67mmmwdsyrfq8

[@ljphoenix4341]

@@FJB2020 how do you know if Omaze is a scam? If it is a scam, then how come they are so prevalent? They've worked with major channels like Donut Media and Hoonigan, so you'd think that if it is a scam, people would know by now. I'm not defending Omaze, I'm just curious as to what your point is, and if you can expand on it.

[@tailormademusic3296]

Just finished work on a customer’s M2 with Montana plates for this reason! And people complain when they hear “Amazon paid $0.00 in taxes?!” …have you seen their fleet of vehicles?!? Each one is a deduction!

[@AkioWasRight]

The rich are actually poor on paper, and that's all by design. That's why taxing their income is idiotic.

[@JonJon-it8kk]

kzbin.info/www/bejne/rZ67mmmwdsyrfq8

[@DavidRamseyIII]

Your understanding of taxes is so incredibly poor. Please don’t vote or have children

[@tailormademusic3296]

@@DavidRamseyIII I mean, I only worked for a CPA for 6 years filing taxes for business owners that use these tax strategies. But you’re entitled to your opinion.

[@Moose1776]

@@DavidRamseyIII 😂😂😂

[@tjnucnuc]

The part about “cash is king” is a total lie. Dealerships want you to finance. That’s how’s they get additional rebates and incentives to pass to you. They’d prefer you keep a loan for 84 months if possible and make every single payment. The tax write off/business purchase is legit and a pretty cool loophole. I just sold a 70k Genesis to a dude who bought it for his wife under the company name. He buys a bunch of cars that way apparently. There is many loopholes like that.

[@---cr8nw]

Absolutely. And his point about dealerships needing cash is irrelevant. When you finance a car, dealerships almost always use outside lenders or pass the loan off on assignment. That means the lender gives the dealership cash and takes on the risk and the benefit of the loan.

[@tjnucnuc]

@@---cr8nw yeah I don’t really follow donut anymore as it seems to be the TikTok era of “car facts” for tweens but I did have high hopes for this episode. Unfortunately the amount of misinformation about car buying and how dealerships operate is pretty staggering. You’d think after being around for 100 years people would have got the basics down but thanks to stuff like this and randos on the Internet misinformation is still all over the place.

[@NinjaSushi2]

@@tjnucnuc cash is king. If I walk in with cash I can get a discount where as if I financed it I'm not getting shit. If I can cut the middleman out both the dealership and I make out better.

[@AbendscheinLGN]

Dealers don't finance. They get their money in full. Either from the loan that a financial institute handles, or full cash from the customer.

[@AbendscheinLGN]

@@NinjaSushi2 No, you can't. Because cash isn't better than a loan. No matter what - the dealer is getting all of the money for the vehicle at the point of sale.

[@jonlamontagne]

I was buying Navigators back in the early 2000's and wrote them off because they were over 6000lbs. Not to mention all my LLC leads to my trust which means I also hold no liability! Make sure you have a great lawyer, good business manager, and good accountant you will be a happy person! Not to mention all my private cars are in a trust out of Montana.

[@wafflehorse1423]

When my family was going to get a ride Volvo my parents went over there and my dad told my mom to try to convince him not to get the car infront of the sales men we got 11,000 off the car those were the good days

[@ShortArmStrongArm]

🥰😍😘 Thats working together for the better. 👍🏻👍🏻👍🏻

[@knight2988]

Love the subtlety of the shirt

[@SteeveohRising]

Great channel! But... your lead-in premise about "how rich people get super cars for super cheap..." doesn't really hold water. Expensive cars (or anything over valued, really) are made expressly to sell to those rich types that want prestigious items. And if prices are discounted, it ain't by much and certainly not because they're paying cash. Buying the car as a business write-off also doesn't affect the price at the dealership. Dealerships do not cut deals to cash buyers for two big reasons: 1. dealerships get paid in full on every car sold because they're not carrying the note. 2. They get paid a kickback for shopping you around to a list of "preferred" lenders. Also, modern dealership business models rely on packing the financing portion of the purchase with a half-dozen or more fleecing techniques that increase the profit margin on each sale. Cash buyers eliminate those opportunities and the only way to make up for that loss is to sell at the highest price possible. Cash buyers are the last people dealerships and sales people want. Need proof? Pull up to the sales rep porch at your local dealership, get out and ask loudly "who wants to sell me my next car for cash money?!" They will scatter like roaches. ...or you could just "research" YT for what not to do when paying cash.

[@connorbunch3577]

I've heard the exact same thing. It's pretty sad how the way selling a car is most profitable is by selling the debt instead of the car itself. This makes me like dealers even less. It's stupid that we have to go through a dealer to get a car in the US. You should be able to buy direct from the manufacturer.

[@billyshea2405]

Yup

[@Peanutdenver]

I think he was addressing the tax benefits of being able to write off, let's say 60%, of the initial cost when buying a vehicle. For example: I go to my local Mercedes dealer and pay $150k for a GWagon, but I work for Microsoft and don't own a business and therefor no LLC. Now come tax season I can't write off any costs for purchasing the GWagen as it's a personal vehicle. Guy 2 also heads to his local Mercedes dealer and buys the same car but he's created an LLC for his side business that makes beer coasters(he also writes this off, but that's another story). Dude claims the GWagon is a company car and with the tax deduction writes of 60% of the cost. He's still paying the $150k like me but he's getting $85K back because it's the "company car" with tax break A BC and D. He also puts all his dough in the market and borrows against it for his spending cash. This is so he doesn't pay a much higher rate in interest for capitol gains taxes. You are 100% right about paying cash for a car. It carry the same weight as a bag of wet mice. The idea is to write off as much as legally possible to offset your gains. It's percentage rate vs percentage rate and when it comes to millions or billions 3% is a lot better than 11% just for example.

[@afailinq]

@@Peanutdenver Write off would only be the tax on the money saved so its far from free.

[@Peanutdenver]

@@afailinq Exactly...you are only getting a portion of that money in savings. But it's better than paying for the entire msrp on the car as they're all depreciating assets...unless it's something like a 911 R or La Ferrari, etc. The super rich make so much more elsewhere. This is just the cherry on top of their sundae.

[@elishmittywerminghanjensen1264]

Looking awesome my guy! Hope you, the family and whole Doughnut team has been happy and healthy :) Thanks for the content as always ❤️🙏

[@helpmereach45ksubswithoutvideo]

Fun fact: these videos makes our days better

[@FJB2020]

Fun Fact.. Omaze is a bigger scam than these bot posts...

[@kevinmiller7105]

everytime u end a video and say “be kind” i always think “and rewind” is coming next. old blockbuster moto lol

[@irv4659]

I saw the Genesis Video on Fitment Industries and it's cool to see you guys gave them a shout!

[@eliwilson3902]

The section 179 is also the reason you see relatively new limo companies with brand new navigatiors and escalades. My dad was actually going to do this when he was buying his car, but he didn't want anything that big so he ended up just buying a used car and still registered it under the business. It still saves money and he hardly drives anyway since he works from home.

[@M54B30_fan]

The first method isn’t a rich person, just someone smart with good credit score or saved up prior

[@MrMikeGuida]

Maybe, however, I think it may only be the luxury brands that this might work with. My son had saved the $30k to buy a Honda outright and it got us nowhere, even showing the stack of $100s to the dealer did nothing. They told us that if we want to save money, we'd need to finance. They would only take $1k off if we financed.

[@dustyrogers6652]

Donut should do a segment about gear ratios, breaking down the variables of wheel size, differential ratio, and transmission gearing. Maybe a HighLow??

[@DeeJay-iz3ts]

I like how he says "rich people" when in reality, literally everyone in construction does this and knows the rules, and none of us are necessarily "rich", this is common knowledge and is available to anyone who files under a sole proprietorship. It's nice to be in the trades.

[@christianramirez7885]

Right… however your average person/majority of Americans do not have a sole proprietorship or business. Contractors own their business so I’m sure they’ve learned about these loopholes as their business grows. I’ll add this too, most contractors I know are actually quite wealthy tho and make a great living so perhaps do better pal lmao

[@DeeJay-iz3ts]

@@christianramirez7885 Most business men I meet don't even have a degree or anything, they just figured it out, like everyone should. I'm doing a lot better financially than others my age, don't care to flaunt it to you though, most contractors I know are doing very well, but "rich" is too broad.

[@benjamin3290]

Yea but you’re kind of the target audience of that tax deduction. I think the point of the video is that suits are using the same deduction to buy luxury SUVs

[@RayquazaKing04]

Nolan: Lets expose how we can buy new cars for cheap! Rich people hate him!

[@TheRenegade.]

You can also write off multiple expenses with your “work vehicle”. Obviously if the vehicle is over 6,000 lbs you write off the first year of ownership. If you have a loan on that vehicle you can write off the interest, and you can deduct registration and insurance. Also any maintenance (oil changes, tires, etc) You can even deduct silly things like a car wash membership if so chose to get that.

[@meegstomtom]

Yep. All maintenance gets written off.

[@DavidRamseyIII]

This comment didn’t need to be written

[@TheRenegade.]

@@DavidRamseyIII Your response didn’t need to be written. Why would this not need to be written? It has clear correlation with the subject of the video, and it points out other ways to enjoy this tax loophole moron 🤦‍♂️

[@reheatedpizza7292]

@@TheRenegade. fr i didnt know that lmao

[@TheRenegade.]

@@reheatedpizza7292 Thank you! That Jacob dude is incredibly dense.

[@speedracer2please]

Damn, I've been told I should make an LLC for my freelance work, but not that it could get me a free Hummer lol Loved this video

[@DJAizakku]

Gonna need a car to get to certain projects and jobs, right? 😉

[@DavidRamseyIII]

You don’t make enough money for the tax deduction to be worth anything to you

[@georgejones5019]

@@DavidRamseyIII You know how much he makes? Some side businesses are very lucrative.

[@nerdingaround4038]

@@DavidRamseyIII Can you explain that? I'm considering registering as an LLC for a couple gaming machines I own and I have in my friends arcade/video store. I make a couple hundred a month off them. Technically, couldn't I write off my loss as a pass-through (cost of machines is more that I made). Couldn't I also in theory buy/register car through the LLC and benefit from this Hummer Loophole? What am I missing?

[@DavidRamseyIII]

@@nerdingaround4038 a tax deduction is only valuable if you have income to offset. The tax savings is limited to the bracket you are in. If your income tax rate is say 15% then if you buy a car and could claim all of it (you probably can’t) you would spend say 10k of real money and save $1500

[@Marcnice193]

Anyone else notice Nolan looking way thinner??? Great job man… healthy life better life!!!

[@iamthelaw69]

I remember talking to a guy on one of my track days. He owns a company, and was bragging about how he swaps track day cars practically every year, using corporate write-offs and huge tax deductions so he practically paid nothing on them. Guy was a big Corvette fan, and at the time he was racing a C7 ZR1, and showed me pics of a Callaway C7 that was already in the garage waiting for mods. The rich only gets richer, as the saying goes.

[@1IImrxII1]

Except right now 😂 since there is a shortage of new cars even if you walk in with cash your not getting incentives, dealers are not begging anyone to take a car off the lot

[@C-M-E]

Ed Bolian, I know you're nodding while quietly chuckling "Amateurs..." 👏

[@sebastienriendeau5750]

Here in Canada, actually having money upfront doesn't get you rebates. The dealers actually get kickbacks for financing. If you ask to finance, they give you a substantial rebate, but ask you to payback the loan only after 6 months, if not, the bank will not give them the kickback!

[@steve9021oh]

5:31 and this is why i love my TRX!

[@Sweetness_01]

I'm driving a 2006 Monte Carlo that has engine power reduced, a rusted through exhaust, a transmission that is slipping, no abs no traction control, a rain leak in the driver side door, 220k miles. You get it, the car is crap. I have to pay $450.00 a month for it, for 2 years. And it's because 1. I can't go to dealerships have "null credit" because I'm 20 yo and have never done anything to affect it. 2. I haven't worked at my job long enough(7 months) for dealerships to accept my pay stubs. And I haven't lived in my apartment long enough(1 1/2 years) to use it as a reference. 3. I don't have a co signer. Etc. So in order to obtain a car by myself, I went to a buy here, pay here. I can't afford to blow $3000 on a car. The cheapest apt in my town is $500/ month, with no utilities included. I make about $900 a month and all my bills together is roughly $770 with insurance, internet, groceries, and utilities included. It would take a while to save up $3000 for a half decent car. And seeing people drive brand new 2021 Camrys, and escalades, and tundras, and f150s and Camaros, makes me want to fkms. And there's a guy here in town who drives an all black g-wagon, and occasionally drives his all black, slammed skyline gtr. I'm frickin done

[@trickmiller8169]

Really is a shame, because you're paying for a car that probably has almost no value once it is paid off. Those buy here pay here places are notorious for making a car barely drivable and throwing a big sticker price on it for someone with bad/no credit to buy. If you pay it off, they make a bunch of money. If you default payment, they didn't really sink much into it. Only advice I can say is get a credit card and pay off bills with it to open a credit line. Don't spend more than you make and always pay it off to never get behind. This will help you with purchase power when buying a car and a house with lower APR. Buy a used Japanese car that has a good reliable track record. They are generally more reliable than American. You should start watching some car repair videos to accustom yourself with car repairs in the future. ChrisFix is a good youtuber with the most in depth and user friendly videos.

[@Sweetness_01]

@@trickmiller8169 I grew up in my old step dad's mechanic shop, and I've been fixing what I can on my car, I don't have access to a lift or any tools to pull anything out of it. I've replaced the throttle body, gas pedal, driver side mirror, radiator, and replaced a o ring that was causing steering fluid to leak. I can't take out the motor/transmission to fix the slipping issue because I don't have the tools required. But if I did, I could fix it. I got a credit card about 6 months ago, and I've been using it for my gas station stops, and the internet bill. I've been wanting a Toyota Camry or a Corolla because I know how reliable they can be

[@trickmiller8169]

@@Sweetness_01 Word to the wise, don't buy a brand new car. You will get a higher apr with newer credit and by the time your car is paid off, your car is worth less than half of what you paid. A car can lose up to 60% of its value in the first three years. Also keep in mind the cost to repair your vehicle compared to the total value of the vehicle. If it comes time to replace the transmission in your Monte Carlo, you have to ask yourself is spending the money worth it if you won't see the value added back into the price of the car.

[@kichigaisensei]

Never, NEVER, walk into a dealership and tell them you're going to pay cash.

[@dailypovs7800]

Why not

[@Psi-Storm]

@@dailypovs7800 They get a cut on the financing deal. So you can negotiate a lower price by letting them think you have to finance, and they earn the rebate back with the financing deal.

[@SamuelTrevino]

@@Psi-Storm I'd negotiate with the finance manager and ask for $x,xxx.xx off what I negotiated to with the sales person. I'd tell them I have a great outside financing deal already but I'd be willing to consider their in-house or preferred financing if they offered me an incentive like a couple more thousand off. If they did I'd use their financing then be sure I understood any clawback provisions on incentives; typically 90 days before you can payoff the loan. Then I'd pay off the loan. If done correctly this can save you more money.

[@The21stSense]

I can say that dealerships in our current day and time are not pushing to make you buy right now for fun. Inventory shortages cause us to apply pressure because if you don’t buy it my fellow sales associate will sell it to someone else after you leave 😅

[@steveturnbull9542]

I bought a new car with a known recall off the lot (parts on back order) and I knew they were, Gave the dealer my part ex then waited 3 weeks checking all places for my part ex to show up for sale. When it did I went back to ask when new car was going to be ready? They didn't know, So told them deal is off give me MY car back......Terrified look in salesman's eyes they did not have my car (I knew I had found it with another garage). Suddenly got a MUCH better deal on the new one.

[@IdealMediaChannel]

Awesome list! Now it's time to use these tactics and go buy another car!

[@danb.709]

This is a seller's market, not the best time for most people to buy a car. Everything is like 30% more expensive than it should be. Bad advise.

[@JonJon-it8kk]

kzbin.info/www/bejne/rZ67mmmwdsyrfq8

[@tarouyamada2686]

Ah, such a well oiled machine... Taxes and the Healthcare system really boggles my mind.

[@georgejones5019]

U.S. Government and crony corporatism. A bunch of rich assholes scratching each others' balls. I'm all for working and being successful, but creating artificial blocks and passing things as laws to hurt the middle class/impoverished to keep them down is cruel.

[@shatter71]

Dealers don't want you paying cash for the car, they want you to finance the car. The dealer gets the cash plus a kickback from the lender. Cash buyers don't carry weight like they used to.

[@Suavemente173]

Love these series. My daily dose of knowledge. More mech!!! Sweater , hoodies, decals, toddler shirts, hats, car accessories . . . More Powa!!!

[@xXcashXx3]

My favorite line is if you can afford the car you can afford the depreciation. If i can afford the car i rather wait and have NO depreciation and more money in my pocket

[@lynnmckenney1987]

*this man's playing 3d chess while people shopping at the dealership are playing checkers*

[@markalba3174]

Nolan: the most reliable host at donut

[@jesmondo5785]

I worked in accountancy for a couple of years in the UK unless it's a car it'll be 100% tax deductible. So vans, pick ups, 4x4s are all tax deductible. You'd see somebody who runs a computer software company claiming some swanky 4x4!

[@clarksonoceallachain8536]

I just remembered that business owners in Netherlands get a hard tax reduction

[@wizardsinfo7950]

Donut need to make a video on Nolan's Imperial

[@duck8508]

Collage students who wana impress: *write that down write that down*

[@kostygarage4328]

If you want to save money in a dealership ask to see the invoice and then you can work on negotiations from there

[@silvermediastudio]

Not necessary when you can just look up book price. Add the basics (documentation, tax, delivery). It's no secret any more what their profit is. Be reasonable and get the deal.

[@terrugd8660]

I'm a finance/sales manager at a huge car dealership... its total bs that a dealer gives better to deal with someone paying cash or that has good credit😂 if you have good credit it means that the dealership can charge you more for the car and you will still get approved!

[@halvorbotnmark449]

The editor(s) on this did an amazing job. Love it

[@phillytaylor]

UNDER 10 MIN!! Love it. Thanks Nolan

[@FJB2020]

Omaze is a bigger scam than these bots...

[@1leggeddog]

@@FJB2020 yup. it really is

[@pancake5830]

what do you mean? its 10:31

[@JonJon-it8kk]

kzbin.info/www/bejne/rZ67mmmwdsyrfq8

[@phillytaylor]

@@1leggeddog I watched this vid with "Posted 1 minuit ago" 60 views and 16 comments. So I got to the video in under 10 min

[@Nontosee]

Can we all agree that we need High-Low back

[@michaelterrazas1325]

I have had to defend a few clients on audits when they didn't recapture the 179 deduction on the return when they traded in their heavy vehicle. You can always deduct the whole cost of any company car. Section 179 just takes it in one year, rather than 5. But you must also recapture it. AND you have to recognize any trade-in value that you receive. It's not just for the rich, and it's not as simple as you make it sound.

[@abrahamk9]

It sounds like great advice for the pre-covid world. Now with supply shortages dealerships are marking up the price of cars.

[@lucasramos6963]

Wait so if you are in the 35% tax bracket, purchase a vehicle with a GVW over 6,000 lbs using your LLC you get $25,000 deducted off the car?

[@jsquared1013]

No. With the example cited, the person was in the highest tax bracket and bought a vehicle that fits the weight (and other) requirements for a "full write-off" (i.e. the entire cost of the vehicle is a tax deduction). Deducting that $95k (reducing the "taxable income" portion of total income by $95k) results in the buyer owing $34k less in overall taxes, than he would have if he didn't deduct anything, which in the end would "feel like" he paid $34k less for the car (net spend). It's slightly oversimplified, but the idea is sound.

[@yug0629]

Yeah i think he got $33250 by taking the $95k of the price x 35% to get to the net tax benefit. Agreed it’s oversimplified and i recall seeing the entire section within sec 179 about the business use requirement of the vehicle, SUV-specific rules, etc. so also agree with lots of comments recommending you to have a good lawyer and accountant on your side before taking this approach lol

[@matthudak3485]

The first example isn’t entirely correct, many dealerships make most of their money off buyers that finance. That being said, you should NOT disclose that you are buying outright because the dealership is losing out on profit. If you want the best negotiation possible, tell the dealership that you are considering financing the vehicle through their dealership, and then buy the vehicle outright.

[@itsjamilagain]

That doesn't necessarily work either. Finance incentives typically come from the vehicle manufacturer and are pretty cut -and-dry. If you pay cash, you aren't going to get that finance incentive, no matter what you tell the dealership.

[@itsjamilagain]

@@Pi4zza that's not what he meant, but yes that's the only "true" way around it. Usually they will require a term of 4-6 months minimum.

[@jeffreypierson2064]

If they give you a 0% financing, take it. Put your money in a mutual fund for the 72 months.

[@maevethefox5912]

Ohhhhhh my uncle rebuilt one of those GTOs over the span of like 20 years, sourcing all original parts. Such a gorgeous vehicle, with a roar that matches.

[@killerdarkassassin]

for me, Donut's the only channel that puts a lot of effort in there ads and merch ads. like it's entertaining and much love tothe editors and writers of Donut

[@mrspeedobandit1113]

i swear y’all only post videos when i’m shitting 💀💀

[@camogap7392]

Well too bad

[@mrspeedobandit1113]

@@camogap7392 man if you wanna watch videos while shitting together just say so

[@ubecheesepandesal]

@@mrspeedobandit1113 I do right now bro

[@mrspeedobandit1113]

@@ubecheesepandesal come to kentucky boy😂😂

[@ag135i]

That's why rich gets richer and poor gets poorer each day because of the flawed system with many loopholes in it.

[@oldtimefarmboy617]

It is not that simple. What he is talking about is called depreciation and you have to have a legitimate business that you are trying to make a profit with. If you buy what is classified as a capital investment, like a vehicle, you are not allowed to take the entire purchase price as an expense, which reduces your profit, in the year you buy it. You must spread the expense over a period of years. For a light vehicle, that is five years. But then they put in place rules that allow you to take up to one half the purchase price the first year and then spread the rest of the cost over the next four years. But if your revenue is above a certain amount you can not do that. And you can not claim depreciation greater than your revenue. And if you use it for personal use you can only claim depreciation on the percent used for business and the same is true for any expenses for maintaining the vehicle. And the vehicle must be appropriate for the business use. And the amount you spend on it that you can depreciate is capped depending on what type of vehicle it is and is used for. And then there is about a dozen other rules that must be complied with. So if you want to do what the rich do all you have to do is do what the rich do. But remember, if you do not start making a profit with your business in about five years, the IRS will be sending you a letter asking you to explain why. And you do not want to go there and face an IRS agent by yourself which means hiring an accountant or tax lawyer which is another expense. So go knock yourself out and good luck with it.

[@graham1034]

As someone looking for a car right now there are some issues with trying to get a deal. First, the used car market is insane. I was looking for a 3rd gen V6 Rav4 and the prices are nuts. I'm in Canada and people are asking $15-20k for a 2007 with 150,000+km (and all the cheaper ones are garbage). A brand new Rav4 starts at $28k. Second, inventory is a major issue. Given the pricing, I decided to go for a new Rav4 instead. I wanted more power (why I wanted an older V6 in the first place) so I wanted a Rav4 Prime that has around 300hp (nearly 100 more than the others). Went to the dealer and found out there is a 2+ year waiting list. Good luck negotiating on a car with a multi-year wait list. So if you want some vehicle that no one else does then I guess you can negotiate, but it seems like for anything in demand you basically wait to get whatever you can and be happy with whatever you're told it costs. Currently I'm just hoping my G35 lives long enough for the market to get back to normal.

[@caseynotgonasay237]

Hey Nolan I am a salesman at a toyota dealership here in northern California cash buyers no longer have an additional advantage because the loan companies offer us "incentives" to have them take a loan through us. I'm not shure about other dealerships but everything else you said is true. Also I'd be happy to give some inside info on some of the new toyota products coming out. -Mr. Toyota salesman

[@mitchellsnider4198]

I'm building a garage for all my sick builds and I want that HRSPRS artwork in it, it's exactly the vibe I'm looking for. Can you guys start selling poster versions?

[@RECTALBURRITO]

That editing was excellent.

[@patrickrushing5640]

Current car salesman of 5 years here- best way to get a good deal is to deal with a good rep. If the guy, or gal, you’re working with continually avoids a direct questions then you might want to consider talking to someone else. Also, please for the love of all the HRSPRS don’t be petty and rudely as to talk to a manager when you don’t get your way. Most sales reps, even the shady ones, will help more before and after the sale if you’re respectful. You might be able to save a tiny bit being petty but you get what you pay for in the end.

[@brettknoss486]

The first one doesn't work when you factory order, but the heavy truck through an LLC us really good if you get C or F plates. In some jurisdictions F plates mean using commercial diesel.

[@lordshrek_]

The opening sentences are of the truest in the 21st century

[@algorithmicalychallenged.291]

That's not a loophole...those are accounting options and none of them require wealth. All of this information is public knowledge.

[@FJB2020]

Thank you! Anyone can do this...

[@gpromburgh]

I want a shirt with that buff horse & "more power baby!" 😆

[@PradigyMusicman]

Here are the steps - it’s not about being rich 1) open a single member llc with your state 2) car must be used for 100% business 3) lease a car - so you can write off 100% payments 4) Start a KZbin channel about your car Yea it’s that simple. For the 179 bonus deduction you just need to finance a vehicle over 6000lbs and you can use bonus deduction to write it off in one year, but it needs to be 100% used for business The point is just follow the tax rule and you’ll be fine. It’s there to help all small businesses succeed not just for rich people.

[@Twick_Stick]

Great video donut! And that Pontiac is soooo beautiful

[@FJB2020]

Too bad no one will ever win it because Omaze is a total scam company who just takes your money and never gives anything out....

[@kczcb4697]

Pretty soon Nolan will be featured on more plates less dates. Looking fit and thanks for the great videos.

[@commandohazelnuts]

Grateful you guys made a 10 minute video where Nolan only talks for 7! Good work guys! Aiming to watch 40% ads by this time next year!

[@koenigseggkid1678]

I live in Delaware and no sales tax is one of the few great pleasures here.

[@z0sick87]

Also buy your cars at the end of the month when they are desperate to get rid of em

[@BionicBurke]

Fitment Industries makes a James reference... now Nolan has one of their shirts on... Is there some kind of colab coming?!

[@elijahdaniels5542]

They already have over the summer check fitment industries’ channel

[@DJPleasureSeekingMissle]

Nolan representing Alex and the guys over at Fitment.

[@Darthux]

Nolan went from talking about all the stuff in the donut shop to saying save your money lol.

[@averyschottler1986]

I would disagree with the cash offer theory. Especially in covid times. Dealerships have a bigger incentive to sell manufacturer financing than allow you to pay cash.

[@jacobfalk4827]

I've heard the opposite. Dealerships make money by having you pay interest. So when you buy it outright they don't get to collect interest and there is no incentive for them to sell it to you at any discounted price.

[@JonJon-it8kk]

kzbin.info/www/bejne/rZ67mmmwdsyrfq8

[@itsjamilagain]

Dealerships do not make money off of your interest, the banks do. The dealership will get a kickback of a few hundred dollars from the bank that incentivizes that.

[@jacobfalk4827]

@@itsjamilagain interesting. It would be a good video if someone could breakdown all the earnings from OEM to dealer to consumer.

[@itsjamilagain]

@@jacobfalk4827 Agreed. The problem is it all varies. Each bank is different, manufacturers are different, incentives differ on a month to month basis. But it would clear up a lot of the "go to a dealership and do this to save money" stuff that usually doesn't work.

[@jacobfalk4827]

@@itsjamilagain What background do you have that gives you this insight? My personal finance teacher is highschool said that to get a good deal you go towards the end of the year when they're trying to get rid of old stock and if they ask you about the payment method you just say "don't worry about it" to try and settle on a number before you let them know you're paying in cash.

[@datmurphey965]

one thing I realize is that because my work has me in San Diego, I am not that far from LA where Donut works and its crazy for me to think that these great people are in the state that I'm currently in. Also the Coronado Island gets pretty chilly later in the afternoon

[@jalenad11]

It's actually smarter for companies to lease. Tax code is very particular about ownership depreciation and property tax. Leasing puts the depreciation on the lender. You can write off 100% of a leased car but not a purchased car.

[@llama_wehraboo7274]

Mornin' lads, how's going ?

[@aniruddhkamath5883]

I watch a LOT of donut and I love it!

[@Indskret]

Agreed man. Donut Media is a nice outlet

[@kevinnorris6558]

Here in New York, you tend to see a lot of cars with Pennsylvania and Florida plates. I figured it was mostly for insurance purposes.

[@Morderisch97]

Now it makes sense to me the kind of truck my boss have. Thanks