How Cars Keep You POOR!

[@laxfan727]

Why do I learn more about finances from youtube than when I was in school?

[@RhinoXpress]

The american public school system is broken and has been for decades now. Norway for example, teaches students finances beginning in the 3rd grade. American public schools systems on the other hand are like you'll figure out how to do finances the hard way once you get in debt. Good luck...

[@oragonako4192]

laxfan727 because the school doesn't teach financial education. They teach students to be slave for money in the future.

Because the far left democrats that have run all the big cities in the USA have bee dumbing down education for the last 50 years!

[@Carlinisalive]

Because school was made to make people into skilled laborers with just the right amount of brain power to be another cog in the machine and that's it.

[@mwilliams82684]

Corporate America needs you to get on that rat wheel. That’s why

[@konakoffee5262]

"How cars keep you poor" KZbin ad: The all new 2020 Camry!

[@Timbone07]

Haha

[@jesusgarcia9950]

Lmao they are talking about chevy and bmw in this video. Buy a toyota and in the future you'll get most of your money back if you sell it

[@Timbone07]

@@jesusgarcia9950 Not the point. You seem to have missed the point

[@RedLine4v]

🤣🤣🤣

[@mopiktm9480]

Get the Cherokee limited. ☠️

[@aldojansel9439]

I saved a lot of money on my car insurance by switching to bicycle

[@ginsederp]

"100 minutes a day could save you 100% or more on car insurance." - Bicycle

[@okay_ic]

Car insurance? If you regularly ride a bicycle you save a LOT MORE on medical bills in future than car insurance :)

[@StormyFMelodies]

😆😆😆

[@jamieshah3501]

I walk

[@jburckhardt]

😂👍🏻

[@ba2tripleO]

It is impossible to find a five year old car that sells for 63% less than its original value. Dealerships are fuckin outrageous and shameless

[@hankjones3527]

True, buy private. Dealers are a rip.

[@rebelusa6585]

Back in 2003 , I bought a 1996 Subaru svx for $7000, original price $30,000. I saved $23000, buy a good car that no body want. There are car out there that are like that, so do your research.

[@bravenewworld9319]

​@@rebelusa6585 "Back in 2003" dude it's 2024 on the date, times different now

[@overcomeego3893]

It's true. They hardly depreciate the value

[@samkitty5894]

This video is 6 years old. Things changed dramatically over the last couple of years.

[@DagoRuiz]

Can I think of anything that depreciates as fast...? A smart phone.

[@lifepresent3183]

@@DagoRuiz HAHA HA Anyways

[@AA-BB]

A marriage

[@abbreviateTome]

Samsung phones in particular. Don’t know why 🤷🏻‍♂️

[@DrFuzzyxFuzz]

Seriously... I bought the Note 9 for $1,000 and it's already selling for $800 since 1 month ago. Pff.

[@arthursalas8010]

Definitely but technology in general

[@odess4sd4d]

They should start manufacturing five year old cars.

[@ongmoto]

Now that’s funny 😆

[@Aminoquiz]

Good job you made me smile

[@crocop1582]

Redesigning costs and a markup price would make it 20% more of the initial cost to buy a 5year old car.

[@jesseroel8362]

I'm sold. This is a billion dollar idea

[@DutchBane]

@Steve Terry i think id rather buy chinese than american. More reliable

[@Crazy123Kidz]

Smartest thing I've ever heard. "If you cant save 300 a month, you can't afford a 300 dollar car payment." I've really never thought like that. Great video!!

[@manictiger]

If you can't afford to throw a grand away, you can't afford a car AT ALL. I don't understand people and their incessant desire to enslave themselves. And the people that buy stupid overpriced cars are the same that don't take care of their house because "they don't have time" and whom won't rent it out because "they like their privacy". Psh, they'll have time to get FORECLOSED ON at a fraction of the home's value and they'll get the privacy of living under a bridge.

[@brianospina4387]

@@manictiger lmao you good? I bought a car brand new (2020 toyota corolla) and yes i owe around 300 dollars a month and i don't see myself slaving around nore find the need to do so. Stop making sad assumptions about others lmao. My house is spotless btw and currently renting 2 homes which in one of them i did rent out a room when i used to live there.

[@manictiger]

@@brianospina4387 3600 bucks a year for a depreciating asset, plus the higher insurance, if it's covered for full value. Good for you.

[@MaddMan621]

@@brianospina4387 toyotas are solid though because at least it’ll last you a long time without bullshit maintenance

[@darealliljable]

@@manictiger well there is a portion of society that wants your finances soo much that they will directly and subliminally suggest that you need things. What dosnt help is when the segment of the population these tactics hit or are targeted towards are the undereducated and poor. Thats why this exist. Purposely misleading people why many people appear to enjoy enslaving themselves. Its really not that hard to understand whats going on here really.

[@backroom12]

In 2024 no car that is 5 years old is being sold for 63 percent less than it was new . Maybe 20-25 percent . Car prices are ridiculous and have always outpaced what a dollar is actually worth .

[@AnthonyFerna]

you are on point.

[@eriksjoeberg2197]

Yes, it is like this in Sweden as well and probably the rest of Europe. It is disturbing to pay such a high price for a five year old car in which rust and other signs of misuse has started to shown. I'm beginning to think that I should have taken that car loan/finance a new car in 2018.

[@RG-si6dy]

You're probably just better off buying a car that's a few years old. I was looking at Traverses and a 2019 one was just a few grand less than a 2022. Might as well get the newer vehicle.

[@agymosott09]

Maybe too much people watched this video.

[@cristianandrei5462]

Idk, here in Romania a car that would sell for 20k new is sold for 7-8k at 5-7 years old and 100-150k kilometers. I'll say for the average Joe that is the best option, still low maintenance, not that much use on the car and a steep discount. Of course, you sould check it for correct milage, accidents, even maintenance if the previous owner can provide that to you, 8k is a lot of money. For me personally, I am a self thought mechanic, I would never spend more than 2k on a car, that's where the best band for the buck is if you don't pay for labor (and probably get ripped of by a service) and know how to source some of the more expensive parts for cheap.

[@PhotonTheta]

You didn't even touch on the cost of insurance.,.

[@Kur0y4m4]

Kevin Korson Or repair (outside of regular maintenance). A 5yr old car in 2020 is going to be a bag of headaches.

[@ZergforLoser]

And reliability? What is your overall opinion about this video?

[@noelio67]

In Ireland.....its extortionate 💥

[@weeniehutjr.3152]

I'm actually glad car insurance is a thing that way whenever I feel like a buying a car I remind myself how much of a scam car insurance is

[@mohamedms2472]

I got screwed by the insurance of my car, it represents 20% of my spending

[@TheBskids]

Being smart with your money is way cooler than having a hot new ride.

[@ScatPack123]

@@ernestochang1744 they mean regular cars. Everyone that knows a little bit about cars knows that cars like the Dodge demon will increase in value because there aren't many of them. They just mean Nissan Versa's, Nissan Altima etcetera.

[@ProFow]

Nah having a nice ride is fun, you gotta try it once in your life. I bought a 40k sports car and it takes me 1.5 years to pay it off aggressively. Is it a waste of money, sure but is it worth it? Kinda not gonna do it again though

[@gerRule]

*True!* I was very nearly convinced a few months ago to spend 15k on a really nice second hand BMW but I just kept thinking how often that car is going to break down and how expensive it will be to fix so in the end I just said fuck what everyone else wants me to do and bought an ok car for 3k and stuck the left over 12k back in my pocket

[@coasteyscoasteys]

@@gerRule very smart You can rent a car you want from someone for a week to get your jollies from it then be done with it.

[@gerRule]

coasteys coasteys yeah I already looked it up and it’s cheap to do

[@Miatalustrium]

Tip as someone who sells cars; (I know this video is old) When you get your car CASH, Do NOT tell the dealership. Haggle them for the best price and they'll make up on the back end with interest. THEN pay off the car when the first bill comes in. You paid $1-6 in interest and saved some extra cash on the front end of the car, too

[@angelica437]

KevinAlustrium mhm this is good to know 🤔

[@DC9848]

Great insight mate!

[@OGaurabless]

Good tip, I'll keep this in mind! :)

[@superpeluso1]

Never pay your car cash !! Always finance. Now if you have shit credit that’s your problem, always do tt&l as down payment and then pay your loan a year ahead, you save your interest. If you pay cash for your car and something happens like an unsuspected total loss you’re out of your money... always finance with minimum down payment and pay ahead and don’t forget your gap insurance.

[@deer224]

@@superpeluso1, you should fully insure the car against total loss even if you paid cash, especially if the car is new and costs more than a few thousands. Not sure how getting a loan will ensure that you're not out of money in case of total loss.

[@solidussnake2567]

I was in the car market in February 2024, and no 5yr old car depreciated 63%. At MOST it was 25% depreciation, which is what I bought my car at. Did weeks of research so I know that 63% depreciation at 5yrs is CAP.

[@bjn3232]

This video was made pre-pandemic...

[@Mamika_AFK]

Yeah, 6 years ago but the advice still helps

[@TheUnshelteredHomeschooler]

The car market is very weird right now. I bought a new car last year because it was cheaper than buying a used car (3-5 years older) of the same model. Never in my wildest dreams did I picture myself driving a new car, but here we are. I'm hoping this isn't the new normal.

[@solidussnake2567]

@@TheUnshelteredHomeschooler yeah I saw that too

[@tonini2258]

bottomline, live within your means and in an appropriate lifestyle

[@brianletterman3531]

Dave Ramsey tru

[@arkaddong8675]

Poor mindset

[@VinyZikss]

@@arkaddong8675 Poor mindset? Actually that's what most people, who got rich on their own, did. Always, ALWAYS live below or at least within your means. Focus on growing your income + Living below (or within) your means = Long-term Success

[@tenhundredkills]

@@arkaddong8675 How is that a "poor mindset"? Is it a "poor mindset" to NOT be broke and be financially independent? What a stupid thing to say.

[@Juliooo63]

*live below your means

[@stephenmaxwellfuks3484]

As a car enthusiast, a car is a tool for regular people. One of the biggest things they missed is reliability, you’ll save thousands by getting a car that lasts and you’ll save by not having to buy another car, generally stick to reliable brands (Japanese, American, Korean) but also look at the individual brands and models, as some reliable manufacturers can still make a bad car. Use consumer reports to check on reliability, they tend to agree with what I’ve seen firsthand in the real world. Another great thing to check is what common issues the cars that you’re interested in have, how often/likely is it? How much will it cost to fix? Are replacement parts available? Etc. Another very important thing to look at is the condition of the car, even as a wannabe expert I always make sure to have a 3rd party mechanic do an inspection on a car I’m about to buy, even if it is a dealer you should do this, it doesn’t matter how reliable a car if the previous owner ran it into the ground. Lastly if you need an easy choice, just buy a toyota

[@IInspireVerse]

Cars are happines for me

[@RichyN25]

Toyota or Hondas are always safe and reliable choices for a little daily driver/gas saver, I like old Chevy/Ford trucks too from the 1980s and earlier, easy to work on and lots of aftermarket support

[@arthurhq5741]

I don't think the brand is that important. It matters but how people care about the car is more important. But I don't think reliability will save a lot of money. However, choosing a smaller car or a sedan instead of a SUV will. Because it's cheaper to buy, gives you better gas mileage, causes less load on the engine , can have a less powerful engine for the same performance (more reliable and cheaper insurance), has cheaper maintenance and lower repair costs.

[@wesleyrichards8027]

Also, some cars hold their value for longer. In New Zealand we recently bought a 2016 Toyota Camry with 132000km. A similar spec Rav4 costs literally twice as much. Camrys aren't popular here so you can find them very cheap. They would usually be owned by older people so they wouldn't be driven as hard. Rav4's are very popular so dealers charge a premium for them. And they both cost nearly the same when new.

[@axlaxl3661]

Buy a volvo it'll last you lifetime 😂

[@jonm.678]

*Dave Ramsey has entered the chat* "SELL THE CAR"

[@jessieharbinjr.6589]

Jon M. I can hear Dave Ramsey screaming “you’re driving your FREAKING retirement folks!“. 🤣😎

[@channell11]

Sell so much the kids think they're next!

[@mbryan3]

You should not look inside a restaurant unless you’re working there.

[@senseiadam-brawlstars9465]

Graham Stephan > Dave ramsey

[@chris-andrebrissett5208]

Get a bike😏

[@0ninetyseven97]

5 tears old car is a saver. But also consider the maintenance cost

[@GG-hi5if]

Second hand japanese or korean cars - you’re fine!

[@stevep4131]

Need to consider top price dealership maintenance costs to keep warranty valid on shiny new car.

[@ArekDev]

It also completely ignores the fact that after 5 years you pay off the car and use it free for next 5+, while the used car maybe need to be replaced again. New cars have better financing options. Not very well researched video.

[@ProfessionalCleancutguy]

​@@ArekDevYup! Very pedestrian. I'll trust a car I used from a brand new state and I can use for years vs one from someone I don't know if he was doing drifts every weekend.

[@rouchar]

Get a well-kept Toyota or a newer Tesla.

[@cheffington999]

New cars are for the filthy rich. I've had my 95 Lexus for the last 7 years and it barely costs a dime to insure and maintain

[@patriciomunoz2830]

*or idiots

[@dhanarizky1657]

@@patriciomunoz2830 Or Idiots

[@williamjacobs]

Seriously. This video needed to be called "How NEW Cars Keep You poor!" Ramsey screamed about mobile homes, when what he hated was NEW mobile homes. Kind of click baity.

[@Soda_boy21]

Which model? Looking for a Lexus to replace dumpster fire current car. Not the first time someone said their Lexus has lasted quite a long time, so I’m always curious which models are doing so well

[@bobsteve4812]

N S Honestly wouldn’t recommend a Lexus if your finances are tight because all Lexus’s have timing belts which are expensive to replace and, if not done in time, will cause the engine to, practically, self destruct. Most 4 cylinder Toyota’s or Honda’s do not have this issue, especially if they were made after the year 2000-2001 when both companies decided to do away with belts in favor of much longer lasting metal chains in their four cylinders. Sorry for the long response but I would hate if anyone found this out the hard way!

[@bussin9913]

Been using my bike, getting lots of excersize, staying healthy, and no traffic can halt my route. Savings thousand's every month.

[@kennethgrener]

This sounds very similar to "i just stay home. There is no need for cars you can order food to deliver!"

[@goldstein10493]

That sounds familiar to "I live alone, I don't have a wife and kids".

[@davidchavez4464]

I drive 50min to work everyday. Imagine me biking

[@brownstonecustomcabinetry5309]

New infrastructure bill should have sidewalks/bike lanes on any road built/repaved in any urban/suburban area. I worry about you vehicles that don't have bumpers.

[@pleaseenteranamelol711]

Cars shouldnt even exist, change my mind.

[@timp7412]

And to everyone who says "5 year old cars aren't reliable," or "the added maintenance costs offset the savings." That is simply not true. Do some research. Read some articles. There are many, many cars that still run perfectly fine 10 years later. I had a 1999 Honda Civic from 2012 to 2018, until someone ran in to me and totaled it. I had maintenance that had to be done on it, sure. Things had to be replaced over the years, power steering pump, front brake calipers, and some other things, but I never had any serious problem that left me stranded on the side of the road. Compare that to a family member who bought a brand new car in 2013. 4 years later the transmission went out on them during a road trip, leaving them stranded on the side of the road. They had to walk several miles to the nearest gas station to call for help. The point is: New ≠ guaranteed reliability Used ≠ automatic problems Car problems happen to everyone. I bought mine for $3,000, they bought theirs for $20,000. Maybe I've had to put more money into maintenance for my car, but nowhere near $17,000 (more like $2,000).Having said all that, making a decision isn't only about the math. They had a nicer, newer car, with leather seats, bluetooth, and other bells and whistles. I had a simple, basic car that got me from point-A to point-B reliably. It was clean and comfortable, and I loved it (RIP). IF (big IF) you can afford a new car, that's your choice. But don't fool yourself into thinking that you need one when you can't afford one.

[@TwoCentsPBS]

You read our minds, Tim! The most common critique we received when this originally aired was the "un-factored cost of maintenance" on used vehicles. Research done by Edmund's showed the average maintenance cost on many commuter cars was a relatively tiny factor from years 3-10 of the car's life. Thanks for jumping in on this one early! -- Philip :)

[@aaronsmith5864]

Good points my one gripe is that the mileage of said car is much more important than its age in years

[@ClutchSituation]

I still think that not explicitly doing an overview of maintenance costs is a bit disingenuous to the argument. Whether you intended it or not, it feels like cherry picking. If the goal of this is to truly help people, not including relevant variables is not fair. I also find the tone of this video to be a bit too judgemental.

[@TwoCentsPBS]

Clutch, that's a fair critique. We did omit the factor of maintenance in our example scenario. However, we also omitted the factor of insurance (much higher with a new vehicle). When both of these add'l factors are added into the mix, we found that the argument against new cars becomes even stronger. Frankly, the main reason we didn't include every relevant variable is because we aimed to keep the episode under 5 minutes. We'd love to explore the variables you mentioned... plus Electric Vehicles, selling a used car, different makers and their maintenance costs... etc. Alas, maybe on another episode! -- Philip :)

[@gregorysteffensen3279]

Most reliable car I've ever owned, barring a couple days when I had to clean the carb out, was a 1984 Subaru. 24 years old so that car has a decade on me. Bought it for under $1500, got fresh tires and a few other repairs, and had the time of my life before I had to sell it a few months ago to go work abroad. Quality is timeless*. *(so long as you can keep it rust free and make sure the mechanical clearances stay to spec)

[@MARINOPACORITRUNKROADTRAVESTY]

Many times I bought a 7 year old car and keep it for seven. Back then cars were easier to work on and I did all my own maintenance beyond service. That helped. I have spent less in my whole life with 2 cars than a new top of the line truck. That is a fact. You are buying with after tax income and if you finance you are giving yourself a triple whammy. No money to move up in assets.

[@pablov4449]

Most of people buy new cars just for the status, sadly many people believe that owning a brand new car is a symbol of success.

[@krajmutfak8940]

My friend drives a 1967 Morris Minor.

[@ishaan2947]

It might not be symbol of success but it sure is a status symbol

[@a.t.1894]

It is a symbol of success..... It measures how much you can spend ... And you can only spend a lot if you're making a lot

[@stayathomemarine]

@@a.t.1894 Warren Buffet drives a used car.

[@johnwhodat8135]

@@stayathomemarine ..he's not into cars. He tips 100 dollars at restaurants though.

[@thomashansknecht1898]

I’m so glad my father convinced me not to take an $18,000 car loan for this new SUV I liked. Instead I got a used car with cash and am much better off. These car dealerships are predatory and tried to make me think I could afford a vehicle twice my budget with debt. Not making that mistake again. Student loans are already frustrating enough.

[@RoggvirTheGreat]

Good for you man. Bought a 2012 F150 with cash so I didnt have a monthly payment. Avoid being in debt if you can.

[@blackholeentry3489]

@@RoggvirTheGreat I've never bought a new car in my 81 year old life......"Let someone else take the beating" as my wife's uncle often said. I currently drive an 88 Pontiac Fiero 5 speed which I paid cash for seven years ago, and had only 20K on it. Now has over 70K trouble free miles.

[@comdrive3865]

right on!

[@jamaly77]

Student loans are an American problem. Its clear to me that the goal of the US government is to keep as many people as dumb as possible.

[@mementovivere2]

That is why I am staying in Europe, where education is free and the developed rail network makes owing a car obsolete

[@binks3371]

63% depreciation after 5 years ? Ahh the good old days. Try buying a 5 year old car in 2023 and see how much it depreciated.

[@xjunebug1452]

I immediately went to the comments once I heard that too. Seeing cars in my area still costing way higher percentage even after 10 years. Not to mention the fact that average APR has gone up more than twice since this video SMH...

[@binks3371]

@@xjunebug1452 it's like that all over the globe. Maybe in places like the UK this depreciation rate still holds true somewhat.

[@tranceyy]

They depreciated for sure in comparison with new cars prices. It held true and will held true in the future, it's a depreciating asset, not an investment.

[@francoestrada8656]

@@tranceyydefinitely not 63%

[@MrAsjobeN]

Lol, I bought 6 yrs old Mazda 6 for 6750£. Awesome car

[@circle11111]

USA needs more walkable streets

[@Eunpakim7154]

Surprised more people didn’t mention this. That and buses and bike lanes so people don’t need to own a car.

[@thesalamilids]

car guys: i’m gonna pretend like i didn’t see that

[@hughjassstudios9688]

Nah it's about new cars. True car guys always buy used

[@AnonYmous-zt6kr]

@@hughjassstudios9688 Car legends buy wrecked and fix it themselves

[@themaus3847]

1366 overclocker he’s talking about the models 1 or 2 years old.

[@user-bm9cv9vn2k]

Not if you get rich

[@noahseversike8592]

Nice profile pic

[@kamalei79]

Calling it a “Asset” is the first mistake.

[@mdmjeremiah]

I got into an argument with my economics prof at college because he kept insisting that a car was an asset and I flat out told him that anything that does nothing but take money from you from day one and even costs you to get rid of it is NOT an asset. He even said this right after saying assets appreciate in value!

[@kurtdanielson9862]

When my car was the only way to get to my very well paying job, I do call it a very valuable asset.

[@SuperIRON1000]

@@kurtdanielson9862 I totally agree. This is especially true in life insurance sales where imagine is a big deal.

[@khaiophirgrad7717]

1:43...."Calling cars a 'bad investment' is like calling a honey badger a bad heart surgeon"....thats idiom show how nightmare worst was situation...😷😷

[@mdmjeremiah]

@@kurtdanielson9862 Yes but that is a different kind of asset. While it was an asset to have a car it wasn't an asset in the economical sense. Assets gain value over time. Unless you own a 57 Chevy I don't think your car appreciated over time.

[@thejesuschrist]

I've managed just fine in the modern world without a car. Nothing against cars, I love to "take the wheel" now and again for fun, but I don't own one. Public transportation and ride share for the J-man. Thanks for wisdom.

[@TwoCentsPBS]

Thanks J-Man. I'm surprised you don't have a bicycle, though. Better for the environment, your body, and it's fun too! -- Philip 👨🏻

[@thejesuschrist]

As a matter of fact, I do have an use a bicycle!

[@Megadriver]

Don't you just teleport all over the place? I mean you can do pretty much anything. Why bother with vehicles at all, unless you are a secret petrolhead... I bet you have a motorcycle... The son of God is definitely a biker.

[@Blinker_Fluid_Supply]

I found Jesus ! Once again 😁

[@danielday36]

I drive an 18 wheeler for a living, and I don't own a car.

[@coldjourney]

2:45 “All pain, no gain” more like “All pain, weight gain” I’m sorry. 😂

[@tomstickland]

Yes. They want you to think it's about freedom. Freedom is living somewhere you can get around without a car.

[@anotherprofile7954]

problem is that the us never learned like the rest of the world so you pretty much need a car since there is no great transportation system in the us (except in big cities etc) europe is a prime example for freedom, in switzerland (where I live) you can come around without a car because there are trains, buses, trams and so on...

[@victorhinojos3050]

@@anotherprofile7954 Actually, America did know about public transportation but car companies and oil companies bought it and then proceeded to get rid of it so that everyone needed to have a car (or two). Then they called this dependency on cars "freedom" and the rest is history.

[@Fuar11]

50$ a month for unlimited bus tickets vs. average price of gas per month

[@fredflintstone2234]

Not quite. See NYC rents.

[@eugenezoica9476]

@Austin Martín Hernández You are right, freedom of transportation is a relative concept. Public transport is not freedom as you are dependent on a fixed schedule and the quality of service from the bus/train company. A car means a bit MORE freedom. You are not dependent on a fix schedule. you can drive whenever and wherever you want but it comes at a much higher cost. Plus spending hours in traffic jams, while trains are passing by, its not exactly freedom ( it could be amuzing to see this in car commercials)

[@PaulsWildLife]

Sure the depreciation curve is flatter at 5 years... but the maintenance and repair curve starts to drastically increase.

[@kennethgrener]

I feel it starts a bit later like 8 years so yeah 4-8 is the place you want to own a car. Although some cars are not expensive to maintain. One that i had had an expensive service after 8 years and from there it could be normal service for many years but yeah the handles started to fail. Here and there.

[@T1Oracle]

In 2021 this isn't much of an issue anymore unless you really need your Bluetooth, GPS, and radio just to drive from A to B. A little bit of research you can avoid most issues that would stop a car made in the last 10 years from driving safely. Unless of course, you insist on driving something exotic. Then you're on your own.

[@MissySimpleM]

This! Old cars are great when you buy them but soon they start to have problems and then you either start funneling money into fixing it PLUS you can't use the car when it's being repaired and then you either have to sell it or to the junk yard it goes when it gets bad enough. With a new car, you don't have those worries for a looong time. I'd say it's like buying any appliance. You don't buy it for it to make you money.

[@ishortedenron3668]

Yup. But based on these comments, apparently people -have a crystal ball- did a little research and bought a perfectly maintained used car with no problems.

[@Bellabaddi]

Yeah, most cars start to break down in 5-7 yrs.

[@davoinshowerhandle3302]

I bought used broken cars, I fix em myself then I drive em or even sell em back. Never had to go to a dealership ! Ahhh feels good to be mechanically inclined.

[@Dankyjrthethird]

Nicollo Malik Lavelle It’s a serious blessing, just being able to change your own tires and change your oil will save you a ton

[@혼패리음]

Teach us your way

[@coettahannah8110]

Doing your own mechanic work is a great skill.to have.

[@flopsinator5817]

It does depend on where you live though. There are plenty of countries and regions where you're not allowed to just pop the bonnet and start changing your oil (or for that matter do any other maintenance).

[@bland9876]

Why not just buy 2 electric bikes and weld them together seems cheaper than even repairing a car. also i think if done right we could make all roads have more lains just because the new mode of transportation is so small kzbin.info/www/bejne/jGfOe4KOp5h7sKM

[@4XLibelle]

Brilliant!! I was fortunate to have an aunt who, when I was a young boy, remarked to me that the difference between wealth and poverty is interest. She explained to me in short order the difference in paying interest and earning interest and it is stunning. Great video!!

[@Toryboy1807]

Will Rogers - 'Too many people spend money they haven't earned, to buy things they don't want, to impress people that they don't like.'

[@AK-47ISTHEWAY]

I thought Tyler Durden said that?

[@oddeven327]

I guess George Carlin said that

[@bothelldeliandgrocery4883]

Lol depreciation doesn’t exist if u drive a 96 Toyota Tacoma

[@JJs_playground]

Or first gen Acura NSX

[@Anirossa]

Or a 80s BMW

[@PapaButchaa]

Gotta ask for the water pump gasket and get them to explain what it looks like to you 😂😂

[@bigvalley4987]

2011 Volvo bought in 2012. I bought an extended warranty, that did not cover me one month over. The mileage was within range. But I past the 36 month warranty, shy of a month. My best experienced was leasing in my twenties and thirties. Depends no on age and where you are stationed in life, at any given time. Pick a cost effective way of managing your monies.🤔☑️

[@josephprem8861]

My scat pack value is going up due to this pandemic.

[@plumpus1634]

Schools: this is too usefull to teach.

[@SisypheanSeas13]

They don't teach personal finance and philosophy for a reason. They give you access to very important things, like money (power) and reason.

[@jcrowley1985]

Noone would be fooled to take out huge student loans for worthless degrees if they taught this

[@ronnieDshman18]

I actually had to watch this for a class

[@plumpus1634]

@@ronnieDshman18 What grade?

[@ronnieDshman18]

@@plumpus1634 senior in hs. It was last year

[@tanalson]

Cars is just a way of donating money to corporations(faceless people) just for a moment of comfort while you're driving in it. Where's the comfort when you are out of your car? Financial burdens,driving to workshops for regular maintenance, people around you taking advantage of you and using you as their free chauffeur(even your own wife treats you as a free chauffeur)

[@garyr7027]

When automobiles first came out, only the rich drove one and the poor rode the horses. Now, only the rich ride the horses and the poor drive the cars.

[@amasad4915]

No rich people still have cars wtf

[@garyr7027]

@@amasad4915 why so serious?

[@jbrown8601]

False! Rich ride the poor.

[@garyr7027]

@@jbrown8601 lol

[@Gadavillers-Panoir]

I'm poor and I don't even have a car 😢

[@Eclyptical]

Only one thing to add, while buying a car with cash sounds like a good idea to avoid any interest from a payment plan, a lot of dealerships will actually charge you more if you pay in cash because they know they'll be missing out on their percentage of the interest that you pay the loan company. Usually the best thing to do is to agree to a payment plan (make sure there is no clause that penalizes you for paying it off early!) and then just immediately pay the car off.

[@GazzaDazzle]

That's no how car dealer works, they will still charge you just coz you wish to pay more for the loan.

[@kunalsen2123]

The problem is banks are wise to that. In India, for example, pre-payments on car loans are not possible in Year 1 under the loan terms.

[@GazzaDazzle]

@@kunalsen2123 yea that's how banks make money.

[@byronlocklear91]

@@GazzaDazzletell them you want to finance for 6 years and you will likely get a lower out the door price but higher interest rate. When the first payment comes, pay it off. That’s the best way to buy a car.

[@GazzaDazzle]

@@byronlocklear91 they will still charge u extra from the interest, even if u pay it off at once.

[@AlphanumericSoup]

Car enthusiasts: "I know, and I'm getting another one"

[@mafus6116]

Yes🤣

[@zaki7108]

Hell yeah

[@bishop51807]

Yeah, but real enthusiast pay cash.

[@areguapiri]

Car enthusiasts make continual car payments all their lives, completely enslaved to debt.

[@bazil4146]

Car enthusiasts usually prefer used cars as well

[@cautarepvp2079]

1:45 we need cars, this video is all about buyung new car you can't afford, how about getting yourself a SH car and enjoy the benefits and utility a car offers?

[@nashe7372]

50 years later- How Uber Keeps You Poor

[@sugarmcdoodles8462]

Nashe 😂😂😂

[@bencrosbie]

😂😂😂😂😂

[@nighthoodlupin3500]

If Ride-sharing services end up going the way they are planned to go in the future, they'll save us a lot of money. Too many people will be against it (people who are stuck to the idea of driving and owning their own car), but if the idea that driverless, self-driving cars can be ordered like taxis to take us where we want to go at any time... if that really takes off and people buy into it, we wont need as many driveways and parking lots anymore and less people will need to buy and take care of cars. We'll only have to pay when we need it, and like buses maybe they can give monthly or annual passes or even student and senior discounts. It'll also potentially be a lot cheaper than what we pay for services like Lyft and Uber now. People would only need to drive their own cars for recreation, not to get to work or school. Cant happen until 5G happens though. Also, it'll mostly benefit cities and suburbs.

[@KenTheAdventurer]

How self-driving cars make us poor

[@someguywithabirdface2583]

Bicycles : allow us to introduce ourselves

[@davidjikia9522]

Buy a 3 years old Toyota with 60 000 miles, change oils regularly and ride forever. Scotty Kilmer 🕴

[@rightconditions2010]

Do you watch that guy?

[@davidjikia9522]

Yes 🙂

[@StormyFMelodies]

Thanks alot

[@rightconditions2010]

@@davidjikia9522 he gives good advice but I wouldnt mention him. he is WAY BASIC.

[@Ammut6]

@@rightconditions2010 please elaborate

[@Danik2028]

The title should just be called "how new cars keep you poor"

[@sanakiyamam1987]

a car is a car :0) new or old

[@amapparatistkwabena]

You clearly didn't watch the video.

[@Danik2028]

@@amapparatistkwabena ),:

[@sanakiyamam1987]

Austin Martín Hernández depends on which old car!

[@mohanadhmd]

“Buying a new car and buying from a dealer” individual owners can hook you up if you know how to navigate them

[@TWARDOWSKY.]

1:25 the decrease in the value of the car as it turns out is not current, we see it after COVID 19……. and when in Europe they introduce a ban on the sale of cars but combustion ones from 2035, the cars used will be even more, in the days it will increase even more

[@youtubefanadvanced3679]

As Scotty Kilmer rightly said Luxury cars are endless money pit

[@cswang2136]

I subscribed him just now 👍

[@djbhe]

Unless it's a Lexus. Lol 😂🤣😂🤣😂🤣

[@austin_bennett]

@@djbhe toyotas in general. As real car reviews said when people ask 'what new car should I buy': "if you're only goal is to get to point A to point B get a Carola or Camry. They're not flashy but they get the job done & they do it reliably but nobody wants to listen"

[@Xaider1026]

Scotty fan here too.

[@mobius7927]

@@Perceptence I mean if you're swimming in money then this video can be disregarded lol

[@helloworld7818]

Everything keeps me poor. Even breathing. Now I need a mask to breathe in the street.

[@raymondcordero4876]

Hello World I work and get it for free in my job

[@henrymccomments]

Hahahahaha bro you got a point Thank you for the laugh

[@mansooralmahruqi885]

I kep saying...this world we shall by oxygen one day

[@JavierRodriguez-mc5fj]

$500 dollars for fresh mask, renovation, maintenance, insurance total $5000 and if you call now will give you a special bonus of a kick in the behind! 😂 lol

[@mavenfeliciano1710]

“We can't afford the life so abortion rised Can't afford the truth so we told a lie Can't afford a funeral cause the cost is high GOD DAMN we can't even afford to die” -Papoose: Monopoly

[@MegaMiir]

This should be titled "How new cars keep you poor."

[@MegaMiir]

@@p12jacob So it should be how all cars keep you poor?

[@anotherprofile7954]

MegaMiir no, old cars are cheaper but will cost still a lot (maintenance, taxes, gasoline etc) so better use the public system (if there is one in you area)

[@faithrada]

@@anotherprofile7954 OR... start a carpool.

[@darryljones3009]

@@MegaMiir It depends on your location really. A car will certainly help you a lot if you live in the middle of nowhere but if you live in a city with good PT and/or amenities within walking distance, it's pretty pointless.

[@nora_nayeli]

All cars can still keep you poor even the used ones. Depending what you get. I know a couple friends who have Chrysler’s cause they like them even though it’s costing them extra $$$ on maintenance.

[@High_7]

Its not about money. It's about convenience and flexibility to travel anywhere whenever you want. Also in case of emergency having a personal vehicle is indispensible. You cannot judge everything by monetary gain or loss.

[@SupaMegaBigHustle]

💯

[@Ken_Mags]

so true

[@Ken_Mags]

so true

[@eduardogm8236]

Wasting your time. This is propaganda.

[@lynic-0091]

Nope, its a luxury. Did you ever need a car as a kid?

[@ginr67]

Happiness with a “new car” only last as much as the “new car smell”. It’s a Blessing that becomes a curse.

[@miluplisken7290]

Funny people

[@brunellecooper]

I bought my car new and don't regret it but I definitely don't think I'd do it again. I feel like you have to do it once in a lifetime just to get that new car smell lol

[@ginr67]

cooper I actually agree with you on that

[@tonyhamilton7785]

@@cybersamiches4028 You look like a blessed curse...

[@Libertino]

Therefore, you should get a new car every 2 years or so and you'll be happy forever! 🤣

[@alexcarter8807]

Owning a car is like supporting another person who has to have steak every night.

[@None-0n3]

Unless you own a 99 civic. Costs me near nothing and the manual trans gets me 45-50 per gallon

[@weler2491]

It's also supporting animal abuse, that "steak"

[@SunShine-oe4rt]

Weler Martins indeed

[@DamianSzajnowski]

@@weler2491 Not sure if slaughter can be encapsulated in abuse.

[@weler2491]

@@DamianSzajnowski With this way of thinking that you have, i would never let you be close to my children.

[@izio4408]

The only issue is that used cars are hella expensive right now

[@wvance0316]

so is everything else

[@fieryjalapenos4442]

Yeah it’s scary how volatile the used car market is. Anything from the last decade is going to be at least $12k unless it’s has a ridiculous amount of miles on it. And even if you get a decent deal on it, you could just be buying someone else’s problems.

[@TheIronChainMaster]

That's why you dont buy one till the craziness goes down

[@petethemeatmeat6634]

Use a bike or take public transportation

[@onesteeltank]

@@petethemeatmeat6634 not everywhere has good public transport and not everyone conveniently as their work a 10 minute bike ride away from their house

[@michaelolatokunboh4497]

Good afternoon, Michael here from Nigeria 🇳🇬, just came across your channel & I am hooked! Your videos are so well presented in a lucid, easy to understand way, coupled with great animations. What a fun filled way to learn financial intelligence! Kudos to you both King 👑 & Queen 👑

[@id10t98]

If you think drugs are expensive, wait until you get a girlfriend and buy a car.

[@robertweide5783]

But what is my gf is the one who finance me? Modern Problems require modern solutions 😁

[@gj9157]

@@robertweide5783 It means you're her bitch. Stings doesn't it?

[@maxd3783]

@@robertweide5783 same my Gf paid my rent for 7 months

[@mr.e5791]

Gfs are expensive af!

[@Cookedfrfrfr]

Just buy a used car lmao

[@ZAR556]

Low Class,, Spend Middle Class,, Manage High Class,, Invest

[@BLAZE-vi1xo]

100% true

[@sourabhhirau6958]

@Z Rus like that profile pic. And the comment too.

[@lauromartinez8948]

Currently the middle class is spending as much

[@joedoe27]

🤫🤯

[@flipflop2445]

Because the high class has money to invest like if you would give money to a poor he would spend it on necessity like food etc because he don't have access to those things where as a rich person would invest because he already has everything necessary thing he need

[@tomtom-ec6tb]

I bought a 4 year old car at 60% from the new car price that had only 1 previous owner (old lady) and just under 9000 miles on the clock! Was like brand new as she kept in her garage. Had it for over 7 years before selling with no major repair - just normal car repairs, the odd tyre pop, new brake pads etc. You can find plenty of used cars 4-5 years old at massive discount just like new. I saved $16k by buying second hand that just looked as good as new. Invested that $16k in my mutual funds (averaged over 12%/year for last 7 years) so compounded that $16k saving has grown to about $37k ! Now I will keep the $37k invested and just take off $15k out for my next car and keep rest invested. Do this and each car is free and will be free for rest of life while rest of money continues to grow!

[@EverlastGX]

Interesting

[@ared18t]

Why not put the 15k in anotger mutual fund to prevent you from losing it all.

[@DaybreakPT]

You should take those $37k out of the stock market for the next 2 years if you don’t want it to flash crash to $17k with the next recession, that’d be super depressing.

[@justacinnamonbun8658]

@@DaybreakPT Well he said "mutual funds" didn't say he was trading directly in the market, maybe his funds are conservative and have more bonds than stocks.

[@manictiger]

​@@DaybreakPT Instead of wasting time trying to get a degree and job building someone else's business, I went into stock trading. We're not just immune to a market crash; we thrive in it. Volatility is good for traders. I want that 5%+ movement every day, because, of that, I can maybe only grab 3%+. In both directions, that's 10%+ and 6%+. Trying to predict the distant future is an excercise in futility. I just keep it tactical. When the stock turns bullish, so do I. When it's bearish, so am I. I short it one day, buy long the next and sometimes, I'm just sitting there, waiting, like a sniper waiting for ROE confirmation.

[@rzakhan]

Since when Ryan Gosling started doing youtube

[@toddsmith1617]

😂

[@ca4129]

just buy a used toyota in good shape and keep watching scotty kilmer

[@ernestochang1744]

Wait watt? hold up the phone hold up the phone!!! did they really say that cars depreciate in value?I'm about to end this whole channels career Hold my beer. AHem www.businessinsider.com/1962-ferrari-250-gto-breaks-record-selling-for-484-million-2018-8 www.motoringresearch.com/car-news/geneva-supercars-rocketed-value/ www.caranddriver.com/news/a18742019/shelby-daytona-coupe-auctioned-for-7-25m/ www.barrett-jackson.com/Events/Event/Details/1955-MERCEDES-BENZ-300SL-GULLWING-COUPE-137813 www.barrett-jackson.com/Events/Event/Details/1908-FORD-MODEL-T-TOURING-TIN-LIZZY-178648 www.barrett-jackson.com/Events/Event/Details/1970-DODGE-CHARGER-R/T-HEMI-SPECIAL-EDITION-224490 classics.autotrader.com/classic-cars-for-sale/1967-chevrolet-camaro-for-sale www.autotrader.ca/cars/nissan/skyline/ www.motor1.com/news/301460/mclaren-senna-us-spec-auction/ www.motor1.com/news/139148/most-expensive-mclaren-p1-auction/

[@hmz01_]

@@ernestochang1744 AHAHAHHAHA

[@theworldoverheavan560]

Lol

[@tonyzhang2729]

Buy a Toyota lol

[@loaderror403]

You speak truth

[@ahmadmohamad6384]

Just buy a 94 Celica. Problem solved!

[@RuFFRyDas87]

Ahmad Mohamad epic. Scotty ftw.

[@joemarchand8313]

Rev up your engines......

[@kingvibez1]

Scotty jokes love it

[@theworldoverheavan560]

I love scotty

[@freddyflintstoned913]

Toyotas rule. Scotty is weird.

[@AMARUT180]

I can normally only afford to buy a car when its at least 10 years old and 90% depreciated. But then it has also got to be Japanese because i need total reliability.

[@thenman23]

basically. i wont even look at car thats not a toyota or honda anymore.

[@jdwyer4851]

@@thenman23 I drive my Chrysler minivans into the ground. On my second. 16 years old now, got another 4 years before i consider getting yet another Chrysler minivan. Other than that, i am with you on Toyota and Honda.

[@Solid_Snake99]

I have a toyota 👅🔥

[@BarakAvinoam]

japanease old car are the best

[@Solid_Snake99]

@@BarakAvinoam italian cars are the best

[@1618bheeshma]

Cars are ok for people who need them to do their job. It is also helpful to own a car during an emergency when alternative modes of transport are not available. I have experienced such a situation during Covid.

[@JuancoPRoFlow]

I didn't know Ryan Goslin had a KZbin channel, but how refreshing. Subbed

[@Australopitecuz2]

Raúl Goslin

[@theoriginalmrjguill3803]

Reynaldo Goslinguez you mean?? Mexican version 😁

[@tigruana]

Ramén Goslin

[@Ramix09]

Ryan Gosling and Rachel McAdams

[@truthistreason9708]

Ah yes. Refreshing like a nice gulp of gasoline!

[@AH-fl4lx]

Come to Thailand, people dont know what depreciation is and will try to sell their 10 year old 150k mile junker for as much as they bought it new. Then dummies will buy it on credit. Its ridiculous here.

[@nickplays2022]

Do you have tariffs imposed on imported cars? In Ukraine we have it to "stimulate native production" which is almost absent for other reasons (and "to save clean air" although we already have lots of outdated cars on the roads). So the situation is similar except I'm not sure if there are credits on used cars.

[@nickplays2022]

@Álvaro de Bazán Is it? Thanks. Just practicing it as much as I can.

[@fiarusgaming3420]

150,000 kilometer miles? Lol

[@Iahusha777Iahuah]

When you say k at end of number it means thousands duh

[@Kimoharoun]

@@fiarusgaming3420 K means thousand, not km.

[@amekanasai]

Cars are expensive in the US. Me in Singapore: ***Laughs coldly***

[@hashvindsivakumar3479]

Hahahahaha, laughs from Malaysia,

[@dbclass4075]

At least you guys have alternatives to driving.

[@aggressor5448]

Cars aren't even close to be expensive in the US, they're cheap as hell. 🌚

[@syawkcab]

Singapore public transit is amazing though, and Ubers are super cheap. Singapore is also very walkable/bikable. In most of the US, getting around without a car is impossible. I honestly would prefer US becomes more like Singapore

[@dbclass4075]

@@syawkcab Limitations forces creativity. Similar situation in Japanese cities, South Korean cities, and USA East Coast cities (especially Manhattan, New York).

[@motormouthalmighty]

tell me about it.for my twenty one years of driving from 1986 to 2007 I was the poorest driver on the road.it was absolutely horrendous.driving whilst poor is a very dangerous combination,possibly fatal.driving!they even had to ruin that for mankind as well,just like everything else!now,for many millions,it is untenable,unfeasible,unworkable or even impossible.in the mid 1970s long haired unemployed teenagers popped in and out of ford capris and explored the open road and the world.now,millions of us are trapped in one town for life.human beings!they've always got to be a bunch of idiots and spoil everything for everybody! Karl Benz,gottlieb Daimler,Felix Wankel ,Rudolf diesel and the great early motoring pioneers gave the escape of motor vehicles to all mankind,not to corporate America or great Britain!

[@OneCheapEric]

We all need to have an appreciation for depreciation.

[@GoldenSpike300]

I bet you're the type that hands out sugar free candy in Halloween.

[@bukdavid509]

@@GoldenSpike300 or bags of broccoli

[@hunnerdayEDT]

Ha... I see what you did there.😁

[@TheDesertwalker]

I do not appreciate your depreciation remark.

[@DaybreakPT]

GOLDENSPIKE3000 HAHA I KNOW RIGHT HE DOESNT LIKE LOSING MONEY WHAT A SQUARE AHAHAHAHA JUST GET SOME GUCCI BAGS AND SUPREME $500 TSHIRTS LIKE WTF LMAO

[@DarkenedShadow89]

I bought a 2007 Honda Civic for CDN$6,300 in 2016. Best decision ever. Never had car problems. Never had to worry about breaking it down. To date I have only done regular maintenance done like oil change etc... And every time I look at it, it puts a smile on my face. I’m most content and satisfied with my purchase. Could careless of what others think. This ride never out a dent in my pocket. I’m going to stick to used vehicles and purchase of Honda’s for the foreseeable future.

[@kfreedom470]

i used have a honda as well. those cars are very reliable and easy to maintain

[@LacieWhy]

My 12 yr old Honda made the same sounds as my brand new jeep. I miss my Honda & his gas mileage. 😭

[@2legit2Kwit]

I had three Hondas in my life and the resale is great in any environment.

[@Francisco-j1e]

Same here. The my japanese box allowed me to make a downpayment for a home. Reliable and cheap.

[@gokulkrishm51]

@@LacieWhy Many call their Hondas boring and when they sell it, they miss it :)

[@yuqing2006]

For some reason my mum feel I need to buy a $40K car when my $20K car works just the way I want.

[@Machiavelli876]

Don't listen to her.

[@gerRule]

Ask her to pay for it and watch her change her tune

[@jabez571]

what a stupid mutha

[@williamsaloka9043]

Your MUM's an idiot! sorry....

[@naveenethiraj953]

Don’t buy a car if you already have a perfectly healthy vehicle. Buying a Car is like a furniture investment but only worse.

[@BrianMalibu]

I live in Los Angeles. I went on a date with a guy 5 years ago who works at a big car company (I forgot the company's name). He's a lobbyist and basically bribes the government into making all American infrastructure highways and streets so you're basically forced to buy a car. I'm 33 and I hate driving. It puts me on edge, makes me tired, and irritable. Even at 16 l dreaded getting my license. I'm working on getting a remote job so l never have to drive anywhere ever again. Great video! Very informative.

[@Sonna-pq2zx]

I hate driving too! It’s horrible and only getting worse. My car just broke down and I don’t think I’m going to replace it. Hope you find a great WFH job!

[@rohan_3128]

Public transport, walkable roads should be an option, I see so many people forced to drive even when they don't care about driving (which I understand) driving should be a choice not a forced chore

[@perrycoffey5410]

So hes a pos i hate americas shit infrastructure

[@martinparidon9056]

Yeah... Deciding to build a fully car centric infrastructure was one big bad idea. I'm so happy after I sold my car and moved into a neighborhood with good public transport and only small, slow streets. It will take decades for people to 1. learn, 2. accept that this was a stupid idea. And I'd say it'll take another few decades to build truly livable cities after that. Also considering that virtually all new architecture is trash as well.

[@AFTER_MIDNITE]

Everyone loves to blame the vehicle manufacturers. Of course they have lobbyists just like every other industry, but at the turn of the 20th century, early driving clubs advocated for roadway construction… dozens of local clubs that eventually merged and became AAA. Early car owners wanted to be able to drive on smooth roads and cross country, just like how bicyclists pushed for paving the roads prior to the invention of automobiles. Farm to market roads were built so farmers could get their produce to cities. The purpose of the interstate highway system was for efficient cross country travel of the military in the event of a war on American soil. Then it became a tool of the transportation industry. It then enabled new home construction because people wanted to flee walkable, but dirty, overpopulated, crime-ridden, and congested cities. Cities didn’t used to be the relatively safe places they are now, or rather 10-15 years ago.

[@RonghuiMrYe]

Some people just love cars. They don’t care if they lose money.

[@JB73691]

it depends, i always go for used cars and sell after 2-3 years of use.

[@najoyola298]

It’s mental poverty

[@THEBIGGESTSCUMBAG]

Najo Yola W

[@Shell.500]

@@najoyola298 It's a passion*

[@jozosaravanja1626]

@@najoyola298 it's called hobby buddy

[@NoName-te7vo]

Blonde up that man and we have a poor man's Ryan Gosling.

[@alexdimdins9564]

Norman P. I taught about that too xd

[@daveheel]

just looking at the thumbnail, i thought that it could be ryan.

[@kcdiazWTV]

Budget Ryan Gosling.

[@noadr5gon]

I clicked on the video to see if anyone mentioned his resemblance already lol

[@anju4226]

@Srdjan Kos ...Ba-HAAAAAAAAA....!!!!!!!!

[@valueStocks]

*Never buy a car if you can't afford to buy it cash. Period.*

[@milkeywhey2998]

You wish

[@wildcat67-b7n]

Bought my with cash and hey I'm still poor.

[@andrewmarasek620]

@@milkeywhey2998 why? You can buy a cheap car for cash. We bought or vw for 6k cash, and put 8k towards a 13k Yukon XL that we still owe 4k on but are paying off next month. We do however have a truck we still are paying off. We owe 15k from an 18.5k loan but are paying off it in April. The truck loan has an interest of 2.9% and the Yukon 3.5%. So the life of the loan it's hardly anything. Only reason we are deciding to pay them off so quickly is we are buying a house and when it's built, our mortgage will be high, so to offset, we are getting rid of 500mon payment between the 2 cars. Look, I'm not a money person. 5yrs ago I lived paycheck to paycheck and my credit score was 425, now it's 750 and have 3 cars and about to buy our dream house by honestly following money logic like this. It sucks for the first few years (I'm a car guy) but slowly save your money and put it towards a house.

[@DerausgewahlteNutzer]

It's not like most people, especially in rural areas, have a choice.. Without decent public transportation, you won't be able to get to work without a car. Moving is pretty expensive as well and simply getting a new job is not that simple at all. Now imagine your car breaks down after multiple costly repairs..

[@milkeywhey2998]

@@andrewmarasek620 I understand and agree with your point but with interests close to 0% I would buy a land or invest on something that wont lost its value over the years

[@rickylowry3213]

Cars are a huge wealth killer for most of those in their 20s. I am 25 and I'm an airline captain at a regional airline, I make about $155k a year pre tax. I drive a 10 year old truck that I keep perfectly maintained either myself or take it to shops if I'm unable or unwilling to do the maintenance. My friends all typically make about $50k or less and they are out there buying brand new tacomas etc. I don't judge but my personal belief is that an older well maintained vehicle and zero debt is a bigger flex than having 7 years of payments on something that costs as much as your annual salary

[@tristanolarti9671]

I watch this every time I want to go out and buy a Tesla. Can’t resist much longer!

[@xxSwaggDaddyxx]

Bree Price sounds like something someone without a tesla would say.

[@paulcuezon8807]

tesla may depreciate much faster, just think like a smartphone. Technologies change a lot faster.

[@xxSwaggDaddyxx]

Paul Cuezon its a car. Who buys a car thinking it wont deprecate. Probably someone who doesnt have a tesla.

[@paulcuezon8807]

@@xxSwaggDaddyxx Yes sir I dont have a tesla but it doesn't mean I envy who have those. I enjoy being a cyclist. as stated on this video 'How Cars keep you poor'

[@Ben-Ken]

Right now, Tesla cars hardly depreciate. A used one is almost the same as new. There are other factors to consider of course. Like all the safety features only available in a Tesla. It's up to each person to decide if it's worth it for them.

[@anonymousmobster2444]

My solution: Just buy a used car for like 4k and get it fixed up. You'll save so much.

[@miguelrobb5719]

That’s what I did. And I paid like $1200 for it. 5 years later it’s still running

[@anonymousmobster2444]

@@miguelrobb5719 Just got myself a 94 honda accord for 2k and it runs like a gem.

[@Parth-hz3bu]

KZbin taught me how to change the oil, filters, spark plugs, coolant, battery, tires etc. Getting a decent beater car (Honda, toyota, $2k-5k) is 100% worth the experience. My '09 Honda fit was a tad bit shy of $3k

[@KiM-wz9iy]

So what are new cars made for if we all buy old cars?

[@Parth-hz3bu]

@@KiM-wz9iy driver assist/ self driving tech+ advanced safety features :) but you can find a good portion of that in several 2016-2018 models in the 15k-30k range now. All 2016 and later teslas have hardware to support the full self driving package.

[@bunter_burt]

Goes to show how crazy the used car market has gotten that a 2012 Honda Civic (ie the car that was 5 years old when this video came out and are now 10 years old) are still upwards of $12-15 today, and 2017 Civics are still $20k

[@davidprodigy5833]

Agreed....horrible example

[@kalupses8514]

Thats the aftermath of covid. The upcoming recession will bring the used market back to its natural state.

[@edci9370]

Yup thx to the x demic I get to prove cars can for once appreciate

[@srikanthnarayanan]

Exactly. Chip shortages... such a weird period for the car market.

[@aidenevalt4329]

I bought a 2016 Civic EX 33,000 miles in 2018 for $15,750. Car payment was $242. Fast forward summer 2022, my wife bought a 2016 Civic LX 90,000 miles for $16,500. Her car payment is $410 (higher interest, but same term)

[@anaysunil]

For many people,cars aren't just things that take you from a to b...they are your best friend that gives you most beautiful memories to keep throughout the life🚘

[@lakshmideepu8301]

Damn true bruhhh🥹

[@codeman99-dev]

You didn't mention insurance rates. Most new cars cost more to insure than the older siblings. You didn't mention repair costs (by value). This is a major sticking point for most car shoppers. They don't want to buy used because they are scared of being hit by a lemon. So often, the real advice is more like "buy a car 2.5 to 4 years old". Because you take away some of the fear of driving a clunker, but still get the benefits of lower costs.

[@mrtechstawk]

Nope. Depends upon the brand you're going for. Getting a used Toyota or Lexus or Honda that's even 10 year old can get you a great deal with better reliability than many brand new cars

[@T1Oracle]

@@mrtechstawk Or a Jeep, Chevy, Ford, VW, Hyundai, etc.. The "only buy Japanese" idea hasn't been accurate for over a decade now. You just need to look up the make, model, and year of the vehicle and do some research. Find out what the common complaints are for that specific vehicle. Ignore the brand, it's not relevant anymore. The specific car is what you need to know about.

[@e.h.8936]

@@T1Oracle this is not entirely true, but still useful to look up the exact model and year. Because Honda has had some terrible transmission issues in some of their vans and Toyota also has had some issues with early CVT transmissions. I bought a Nissan 4.5 years ago and it’s been a dream, because comparatively for our budget it was the best choice.

[@nicksanchez8494]

@@e.h.8936 what Nissan did u buy daddy?

[@BrianBourgeois-]

Wrong. Insurance rates are set more by your age and type of vehicle. Not so much cost of vehicle. Also a newer vehicle will better safety rating lowering the potential cost of medical bills. This is also taken in to account in your rate.

[@tobibello4160]

I just discovered this channel like 3 videos ago and this channel is already my best...where have you been all my life?😭

[@TheRivle]

For real. Now in my late 30s like wtf lol

[@ernestochang1744]

Wait watt? hold up the phone hold up the phone!!! did they really say that cars depreciate in value?I'm about to end this whole channels career Hold my beer. AHem www.businessinsider.com/1962-ferrari-250-gto-breaks-record-selling-for-484-million-2018-8 www.motoringresearch.com/car-news/geneva-supercars-rocketed-value/ www.caranddriver.com/news/a18742019/shelby-daytona-coupe-auctioned-for-7-25m/ www.barrett-jackson.com/Events/Event/Details/1955-MERCEDES-BENZ-300SL-GULLWING-COUPE-137813 www.barrett-jackson.com/Events/Event/Details/1908-FORD-MODEL-T-TOURING-TIN-LIZZY-178648 www.barrett-jackson.com/Events/Event/Details/1970-DODGE-CHARGER-R/T-HEMI-SPECIAL-EDITION-224490 classics.autotrader.com/classic-cars-for-sale/1967-chevrolet-camaro-for-sale www.autotrader.ca/cars/nissan/skyline/ www.motor1.com/news/301460/mclaren-senna-us-spec-auction/ www.motor1.com/news/139148/most-expensive-mclaren-p1-auction/

[@gauravdubey6989]

I like their Partnership

[@kagayakiraion5307]

@@ernestochang1744 I really hope you are sensible enough to not actually believe that, unless you actually care about earning money on the car years after dying.

[@ernestochang1744]

@@kagayakiraion5307 its actually true, some cars you cant get anymore from the factory so they skyrocket in value rather then go down, if youre a millionaire this is the best investment you can make in your life, some racing rich guy fanatic can then buy it off you, for like 140% of the original value, and of course because there was a only a limited ammount of cars made, or the car is legendary he/she will pay that ammount

[@KenoSNeal]

YOU TWO ARE HEAVEN SENT! so glad I stumbled across this channel. I want to save money and not get screwed!!!

[@Guill0rtiz]

For the first time, since the dawn of KZbin, the algorithm has finally recommended me a video I actually needed to watch.

[@andyhung424able]

I like the fact that you pointed out the truth that leasing doesn't get you out of paying for depreciation and rather getting you to pay for most of the depreciation. People who like leasing cars often got trapped by the misconception.

[@ngauruhoezodiac3143]

Used leasing cars are usually driven more and harder than personally owned cars.

[@TheRimBrakeGuy]

Leasing is also covering insurance, service and tire changes in some places so at the end is not a bad deal to be headache free from all these things.

[@andyhung424able]

Not sure what state you are in, but at least in CA and most other states I'm familiar with, leasing agreement definitely doesn't cover insurance (unless you are talking about those monthly subscription services like the Polestars). Leasing agreement also requires you to have a minimum tire tread level left when the car is returned at the end, so if you do drive the full 30K after 3 years, chances are you will have to replace the tires before returning the car to the manufacturer or pay a penalty. Please pay attention to the fine prints on the back of the agreement. Many manufacturers offer 2 or 3 year free basic services (oil and oil filter changes), but that's same for both financed or leased cars, so that is irrelevant.

[@realemail2459]

What are your thoughts on lease buy-outs?

[@andyhung424able]

@@realemail2459it is situational. In the regular time before Covid and before the wild used car market started, I used to say never do lease buy-outs unless you are forced to (such as having a lot more miles on the car than the lease term allows so you either buy the lease out or pay huge over-mileage penalty, so buying the lease out would make sense there). However, I advised my mom to buy out her leased Civic last year because she got the lease before Covid, then 3 years later the new & used car market went nut. For her case, buying out the lease was way better than her trying to shop her a replacement car.

[@albertalbert5612]

It's simple buy a car new or used.....be rigourous on the maintenance of your vehicle from engine to tires , just follow maintenance schedule and that car will last you a long long time. Plus don't abuse your car either. I've paid off my truck and I feel free now I take my truck for maintenance very often. Take care of your car. In the long run it will save you money.

[@richardwieder885]

I love my car. I bought an 03 Hyundai Accent for $1600. It doesn't need a lot of gas, and I don't feel burdened financially. Hands down better than a new car.

[@bencrosbie]

Look after the car and the car looks after you how very true. My vw has 400k kms on the clock going strong 😂

[@jaycobcagasan7922]

This is the ultimate advice I was looking for🎉🎉🎉🎉🎉

[@jimcronin804]

My 1969 Bettle runs great. Payed off long time ago, and if anything is appreciating!

[@wald01979]

“A very conservative 7%”. If you’re starting a mutual fund with these returns... please take my money

[@twotone3471]

I've earned $20 on $10k sitting in the bank this year, which is less than inflation. I'd be happy getting 1% LOL!

[@theuscivicsnerd7070]

@@twotone3471 I recommend Ally there are some other bank accounts with some higher APY as savings. I get 1.95% APY which for your 10k could be almost $200 in interest paid a year. I was getting nothing with Chase so It feels good to move to an account that has some decent interest.

[@filupinonearts4537]

@@theuscivicsnerd7070 1.95 with 10k and you'll earn 200 in a year?.

[@theuscivicsnerd7070]

@@filupinonearts4537 You would get $195 your first year.

[@valueStocks]

Buy an ETF that tracks the market. On average, 9-10% a year over long periods of time.

[@RaghunandanReddyC]

Try living without a car in United States. Especially in cities like LA, Dallas and rural areas.

[@ModMINI]

A car in the US is essential to your employment. It's sad to see some people spending too much on a car they can't afford, and when they repo man comes for it, they lose their job.

[@daveheel]

they said nothing about not owning a car. they advise a recently used car.

[@JeeGee114]

Not only in the US. If I take the bus to work I have to walk 5 minutes to the bus stop then 40 minutes in the bus( with people with flue and other nasty shit) and another 10 minute walk. Almost 2 hours travel time. By car it is 20 minutes. By bicycle 30 minutes . Public transport ain't free either.

[@polarties6637]

Bro that's nothing try living with out a car in Wyoming, Alaska, or other nobody states you need a car in good, condition all the time and every day.

[@epbrown01]

I live in KY and there's NO public transportation here, true. But in a town with 10k people, it's also small enough to walk across in about 20-30 minutes. I walk downtown (12 blocks, a mile and change) and people act like I've run a marathon. We have a car mindset in the US.

[@Bonbonbon739]

Been my philosophy, my whole life. My most recent car I bought for $700. 2001 Nissan Sentra. Sometimes I have to replace stuff I go to the junkyard but it’s still running.

[@t.terrell7037]

Do you work on it yourself? And in 2024 where do you find cars for $700? Thanks

[@sbalak]

"The percentage you're paying is too high a price, for you're living beyond all your means. And the man in the suit has just bought a new car with the profit he's made on you're dreams." Steve Wynwood wrote the song "Low spark of high heeled boys" in 1971 when he was 23 years old.

[@cliors200]

And that's even without mentioning insurance

[@someoneishere6806]

Taxes and fuel too

[@SleepyDan]

I pay $4400 a year on insurance and roughly $3120 a year on fuel :D

[@SleepyDan]

Oh and my car payment is $700/month LOL

[@TheWalamala]

Sleepy Dan what car

[@SleepyDan]

@@TheWalamala 2017 Mustang EcoBoost Premium

[@wilburg2271]

So "New Cars" keep you poor would probably be a more accurate title. Good video, but I feel the title is misleading.

[@KundelX]

Yeah, I thought I would learn something from this video, but what they told me is just common sense

[@joshmnky]

Used cars drain your money plenty, just not as much as new.

[@grgryocean]

Fair point. Regarding used cars, however, that's the only way some people can afford to have a 'luxury' car. Instead of buying a new Civic or Accord they pick up a used BMW 3 series, which is going to be way more expensive over time.

[@wilburg2271]

@@joshmnky not really. Gas and maintenance are fixed expenses, so your initial investment will determine the overall value proposition of a vehicle.

[@brothermcqueen6029]

Its a click-bait title

[@geoffharper7460]

This is so true. Only thing I would add is that you don't have to get rid of a car after 5 years of ownership! Our cars are pushing 20 years old now and over 200k miles (both bought when over 5 years old for a fraction of new), and we just budget for a couple thou in maintenance each year - way cheaper than buying a newer car. And we also hedge our bets by renting cars for infrequent long trips instead of taking our beaters. For $150-200 for a weekend or $300-400 per week a couple times a year, we get to drive an almost new car for long trips and vacations, and often end up with an upgrade to a luxury car/suv or a convertible.

[@lanceareadbhar]

Yeah, this is how I've felt. Buying new makes more sense when keeping the car 10+ years since you know how well it was maintained. Buying used is on average cheaper, but adds more risk.

[@TehButterflyEffect]

Smart. I maintain my own vehicles so maintenance is not a big expense. Saves me thousands. My vehicles are, on average, 18 years old. My newest vehicle out of the six I own is 7 years old.

[@markbajek2541]

I used to rent for long trips often tossing 7/10,000 miles on a rental in 2/3 weeks. Back then cars were $20/25 bucks a day it was a no brainer.

[@buildmorefarms1007]

Dont be cheap!

[@justsomedude4469]

Yeah i learned so much buying my first new car. My mom was so proud but i am very disappointed with my decision

[@SykoEsquire]

Devil's advocate. While I still see a car as a general liability, it does have distinctive asset-like qualities. It's all in the quality of life perspective. Most good employers are going to need you to be punctual and that is going to require transiting from your home to the workplace. A car will make going from point A to point B more efficient for the individual, gridlock not withstanding. I go to my driveway and drive directly to work. Not everyone's residence butts right up to mass transit, and riding a bike or carrying your work supplies while getting to these places is going to be extremely impractical. On top of the time you allocate to reaching the mass transit pick up location, go through those logistics, and because it doesn't take you directly to your employer, more logistics. Wash, rinse, repeat, and a good chunk of you "free time" is spent in the rat race from your front door to the door step of your employer. And you are still having to shell out money for the mass transit. It all comes down to what your free time is worth to you, and if a car's cost justifies the improvement to quality of life. Shit, food and water are a contiuing expense. Am I a "sucker" for going to the grocery store and eating everyday? Should I skip meals? Showers? Not do laundry? Not flush my toilet or wipe my ass, because it's literally flushing money down the toilet? Because all that shit costs money, and I could "invest" it somewhere else? Bottomline, if the car will improve your way of life dramatically, then the decadence is justifiable. If owning a car is a hindrance for you, then don't get one, if you get through life just fine. The value of a car is relative. If buying a washing machine and dryer will make your life easier, do it. If the laundromat is better for you and you save money, great. Everyone's situation is different, and being suboptimal to splurge on a little luxury is nothing to feel bad about.

[@ezioauditore5616]

the point was to make it less of a liability when buying it new

[@elqueso5312]

You are very wise. Thanks for being the devils advocate, you bring up a very good point.

[@drx06]

😂 “Watch next: Why eating daily is keeping you poor”

[@twotone3471]

Its a return on your investment in improvement of quality of life that matters. if you die with that $400k, did it really do you any good? Better to preach about Smoking (30% of Americans burning something that only makes you sick and poorer)and diet sodas (water is better, and cheaper) than something that actually improves one's quality of life.

[@lucmclaughlin5917]

You convinced me I'm selling my car and getting a bicycle with a trailer. Incredible fat loss journey here I come

[@ArthursHD]

Even for business use, an electric bike with a trailer would make a lot of sense :) Scooter + public transport could be useful as well in some cases, after all, it is more efficient to use rails instead of roads :)

[@TheBryce98]

This seriously works. I have been bicycle commuting for years.

[@neoasura]

@@TheBryce98 You obviously don't live in a cold climate, good luck riding a bicycle to work in northern Michigan during the winter.

[@kushyadav8269]

@@TheBryce98 i aslo using bicycle for commuting its my 3rd bike Last two was stolen 😭

[@TheBryce98]

@@neoasura I also live in a place with winter lows in the range of 0 to -10°C. When I have to ride in this, I simply put on a ski jacket, some gloves, and an ear warmer band, then carry on as usual. Never caught a cold in 4 years of year round commuting. Sounds like you need to grow some gonads my friend.

[@rkalla]

Your tip of comfortably saving your car payment every month as a gauge of if you can afford the car or not is a FANTASTIC rule of thumb.

[@jlj5487]

Not if you could be earning more money if you could reach a higher paying job via the car. Cars aren’t just for funzies. They are for utility, especially for poor people who live in an area with high segregation and low quality public transportation. (If you drive downtown and don’t see the blocks flip back and forth over and over between well-maintained and run down, your city is segregated. If you have to rely on busses for everything, and the bus line isn’t run like it is in Curitiba, you have crappy public transportation that is only good for holiday trips, not reliable transportation to work.)

[@LancesArmorStriking]

@@jlj5487 If you've got the job offer in writing, then sure. But that isn't exactly a common situation, so it wouldn't be the best advice for the largest amount of people watching. I understand that you have to spend money to make money, but being risk-averse is just human nature. And it's not without reason.

[@KidSnatchhy]

so what your saying is that since im saving over 2k a month that i CAN afford that 2013 Ferrari FF? maintenance included. :)

[@jlj5487]

LancesArmorStriking You can’t go searching for a job if you have no way to get to the interview. So your suggestion is to starve?

[@rkalla]

JL J you might be a dipshit - definitely double check with your doctor.

[@samc3769]

Im glad i brought a 12 year old corolla for $10k cash, Low maintenance No interest and already mostly depreciated.

[@dave3657]

New car hints: 1- save up money first. 2- don't pay full sticker price, never ever. 3- don't buy more than you need. 4- drive it for a long time. If you ''run the numbers' and buy a new vs used and drive it till 100K miles, it costs about the same actually. You get a warranty, and free oil changes in a new car. The massive depreciation is off full sticker price (never pay that) not off of actually what people pay.

[@andylinkOFFICIAL]

I want to add to this. Buy the base model. upgrade models don't give you much more in resale.

[@charlesg7926]

I agree with what Dave said. And I disagree with the other person… You don’t need to buy the base model, but don’t buy the most expensive either. Buy the middle of line one

[@Diao7]

I bought a used car from a dealership for cheap...but insurance is a bitch tho. But I need a car because getting around the city here is a big cluster fuck. A car is essential to my life.

[@rm5282]

@@Diao7 yes, each person has to consider their situation. No one solution works for everyone.

[@rm5282]

@@charlesg7926 true, and buy the top of the line if it is what you want and you can afford it. You have to have a financial plan for your life and having money means nothing if you cannot enjoy some things in life. You cannot take it with you, just be a good steward of the funds you have. One new car in your lifetime should not destroy your financial goals.

[@mranderson1635]

I personally buy cars that are 2-5 years old, have depreciated already a decent amount, keep them for 3 yrs or so and then sell them. I usually only lose about 1-4 thousand. I then put that money into a another car that’s about 2-5 yrs old again. Helps me keep up with the tech and it depreciates at a much lower rate than buy new all the time or trading in. And I try to sell private, I usually get a little more.

[@dontbanmebrodontbanme5403]

The tech lands up costing you more when it breaks. I have a 2005 Honda Accord hybrid. 110k miles, still drives great. I bought it in 2008 and paid it off in ‘13. Sure, I’d love a backup camera. But as this video mentions, it’s financially not worth it.

[@dw309]

That’s great that you have the knowledge to inspect cars and know the auto industry. Most people do not. It’s your knowledge and experience saving you money, not your purchases. That being said, what types of cars do you normally stick to?

[@arishem555]

I'm curious why you are not mentioning maintenance and repairs. And do you buy everytime 100% good cars? Never had issues with used cars? There is always a risk that car had some weird incident, which can cause you to lose $$$ in repairs. Or are you just selling it and buying another one?

[@dontbanmebrodontbanme5403]

​@@arishem555 I've always bought reliable brands and beaten them til death. I had a Mitsubishi Galant years ago and got 180K+ miles out of it. I currently have a 2005 Honda Accord Hybrid and have 110K miles on it. Go for Honda, Toyota, etc, and you'll more than likely get near 200K miles out of it with regular maintenance. No car is maintenance free. But why spend $50K on a car that's going to be worth $22K 5 years later? As the video says, you lose 3 ways: the $28K depreciation, the interest you lost on that $28K when you don't invest in the stock market and the loan you took out to buy the car in the first place.

[@arishem555]

@@dontbanmebrodontbanme5403 I agree, - use car while it lasts. I decided to try myself with "tesla marketing". let's see where it will lead me.

[@foxxygearreviews7754]

A vehicle is an investment in the sense that having private transportation opens up a lot of different job oportunities.

[@howdlej123]

The point of the video wasn't about not buying a car, it was about buying something that's a minimum of 5 years old so you are actually getting your moneys worth instead of buying an asset that's worth 10% less the second you drive it off the lot and paying larger amounts of interest.

[@mesonofgib]

Convincing people a purchase that may enable some other activity is an "investment" is one of the great cons of sales tacticians. Depending on what you're buying and what you want to do with it the item might be a "necessary expense" but it's certainly not an "investment".

[@dailyactivities2610]

@@mesonofgibhow is it not an investment when it's providing you the mean to so many more money making opportunities as opposed to not having one

[@mesonofgib]

@@dailyactivities2610 Because that's not what "investment" means; an investment is something that will appreciate in value.

[@unknown3158]

@@mesonofgibIt is an enabler, which is also an investment. An investment is sth that will (potentially) enable you to make more money or turn a profit, so a car is an investment, an expensive car isn’t.

[@danielpledger7445]

My wife has a garage full of beanie babies too! Where I live you have to have a car, you can't get a job, to medical appointments, to buy food or have any kind of access to any services at all without one. Due to paying for maintaining and fueling it I can't afford a rent deposit to move somewhere with public transport. Cars can literally make you a prisoner if you don't play your cards right.

[@Krismkm]

I sold my car & my life has improved. I rent a car once a month for trips I can’t walk or lyft to. I spend a third every month of what I use to pay for insurance & gas. I didn’t even have a car note.

[@ramiroperez2461]

Wow this is actually a great idea. I might do this

[@priscilamorales6997]

Hi krista! Really happy to read this worked out for you!