DEBT CRISIS: Car Dealers Can't Get Banks To Play Ball
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- Опубліковано 29 вер 2024
- Today I talk about why debt and student loans are causing issues within the car market!
Learn How To Save Time And Money The Next Time You Buy A Car: benjaminhardy....
Main Review Channel: / @benhardycars
I'm not playing ball in a game that rigged for me to lose fiscally. From ridiculous overpricing, high interest rates, and low quality automobiles.
If you think cars are bad, try boats or RVs.
People, get out of the system and stop being a slave, get out of debt and stay out of debt.
My system is simple, do one large purchase thing at a time. I recently made a vehicle purchase so all of my effort will be directed towards paying it off as quickly as possible. The trick is not letting myself get distracted doing other things. In the past year I've been able to put a solar room on my house and remodel my kitchen using credit but paying it off after it's done. When the dust settles I am back to being debt free. The temptation to use high credit limit credit cards is always there but my solution is to not carry them on me.
@@moreaufamily437Congrats on your progress! If you could postpone the next “big purchase” until you have the cash on hand, you’d avoid the debt temptation entirely, right? You can do it!
But But what will my neighbours think HAHA
Amen, Mr Shipman.
You're already a slave you just don't know it
Banks are working with the manufacturer to put dealerships out of business so we can do a direct customer model. And after the last 3 to 4 years, I don’t blame the banks at all.
Never thought of that angle. Makes sense. The dealerships ruined a lot manufacturers reputation and don't add any value to the business. Dealers inflate prices and screw consumers, makes sense to phase them out by force. No wonder stellantis isn't cutting prices, just gonna wait out the greedy dealerships
Debt isn't an issue. Common sense money management is the issue. Don't pay 6 figures for a degree that pays $40K a year. You are much better served using the CC system and getting trade skills.
ROI is literally a foreign concept to the American consumer
Or go to cheap CC to get all those credits in core you need to graduate. Theyn transfer to a 4-year college for two years as a junior and focus only on your major. Graduate with 1/3 to 1/4 the expense as someone that did all 4 years at the 4 year school.
@@JBoy340a Absolutely Jerry!
@@JBoy340athis is what I did, student loans were paid off within 5 years.
Vehicles depreciate and the prices for trucks and SUVs are staggering. Payments do matter.
I have not financed a vehicle in years. As soon as I pay cash for one, I start setting aside money for another. Remember some politicians wanted to wipe out student loan debt. Others stopped it. 😂
Thsts how we did last 2 new cars...we decide on a price..and walk if dealer wont accept our offer...last car they wanted 33k after all the fees we said 26k wife walked out i followed...we stopped when did the counter offer bs. We left in new car for 26k
@@bobwolfley2449 awesome plan!
The current car I'm driving is 19 years old and I bought brand new with cash. I have enough money saved up to buy my next car with cash.
Funny how increases in vehicle prices aren't mentioned...not one bank has ever asked me how much student loan debt I have its another excuse by dealers as to why cars aren't moving people are beginning to balk at the overall dealer experience fees add-ons and other nonsense you get when buying a car
People do not panic!!! Bidum has everything figured out!!! 😂😂😂
He's going to fall up the stairs of success. And the morons yell 4 more years!
Add $106k of debt to every individual in this country because of the 35 trillion national debt.
That's a metric to quantify national debt, but not really how it *works*. Like, you and I do not owe $106k to anyone.
Cars are just too expensive. I’ll just keep fixing my 11 year old car and Riding my motorcycle.
I've bought a new car five different times. I'll never do it again. I'd rather save up for a good used car with a lot of life left than finance a depreciating asset. Not having a car payment makes like a lot easier these days.
Yep high interest rates is one of the main reasons for reduced demand for new vehicles. Another reason is that Americans have simply become more comfortable with owning a vehicle for longer. Pre-pandemic, when new vehicles were cheap and plentiful, many Americans traded in their vehicles every 3 years for a new vehicle. This created a strong constant demand for new vehicles. Nowadays, a lot of those same Americans are keep their vehicles for 7-8 years or even longer. This then reduces demand. Throw in tightening bank requirements for car loans and it's no wonder demand has reduced so much
I don't buy this car market bull shit, I got a good friend who works at Honda selling 18 cars a month,
Not only are car prices out of hand, all costs associated with car ownership have skyrocketed as well. Insurance, maintenance, and gas. In California, Allstate got the greenlight to raise all premiums by 30% and of course my rates would have went up by the full 30% by my next renewal, even having never made a claim with them for almost 10 years. I told them to shove it and switched insurance. Barely paying slightly less now.
Both cars in my family are completely paid off. One just a couple of months ago. I would have traded in the older car(8 years old / 65,000 miles) and bought a new truck, but with the prices on everything now, hell no. I'm happy to keep my cars another 5 years or longer and put that money into my portfolio towards retirement.
FGN! FJB!
Smart decision to save instead of buying a car. Cars are a depreciating asset. Your saving and investments are appreciating assets.
People just gotta keep up with the jones. They will eat food from a box just to drive that new car. Live according to your means
So true. 99% of people driving big Yukons, suburbans don’t tow and haul a full family. They could easily get by with a minivan, but appearance is everything…
STOP borrowing money to buy cars!
You can borrow money to buy a car, it's paying for one outside your means/income.
@@juliusp8269 if you have to borrow money you can't afford it
Borrowing is what causes inflation. Banks literally lend money into existence. Prices are high because everything is being financially gamed and leveraged. Don’t worry though, debt supercycles eventually unwind 🙃
@@juliusp8269 if you have to borrow money you can't afford it in the first place
Don't buy a new car. By a 2-3 year old car and pay half of the new car price.
They need to realize a high end base truck with actually nice cloth seats and not just a sea of black and grey plastics and scratchy cloth seats. Bring back contrasting dashboards and corduroy fabrics that don’t seem like an afterthought. Make the base truck feel special
I think it's really good for a car reviewer to be talking about debt. The car industry is all run on debt, and the dealers and car companies wouldn't be in business without getting people in debt. It would be interesting if you started reviewing used cars that people don't need to take huge loans out on. Thanks Ben.
Even your baby hates debt 😩
Trash video
The problem is dealers screwed banks into giving loans that were unrealistic to the value of the car being sold. That has caused a REPO epidemic like few have ever seen. Banks don't trust dealers anymore and consumers are in debt trouble and banks are not just saying yes to anyone with a 650-credit score.
Only paid off car! No dept!
Don’t worry people, Bidenomics will save the day!!
"The Federal Reserve System is not Federal; it has no reserves, and is not even a system at all. But rather an international criminal syndicate."- Eustace Mullins.
The book, The Creature from Jekyll Island, talks about how the Federal Reserve was started and why. It should be mandatory reading for anyone.
@@gettrim73 'Fo sure!
That is just one slice of the pie, also during the pandemic people paid mark ups and now they owe $30-$40,000 on a vehicle that’s only worth Kelley Blue Book trade-in $$15,000. it is laughable of how much people are upside down and their trades so that’s why they say new cars are too expensive because they still have to roll in $10,000 worth of negative equity 😂
I couldn’t help but noticed the kiddo noise in the background. I have Bose headphones on so I can hear the background noises better with headphones. Lol! 😆
It's called karma. The dealers did it to themselves by excessively screwing the customer and the banks were left to hold bad loans and record repo rates. Buyers over the last three years will be upside down until the cows come home. The dealer sympathy department is closed.
Good or bad debt has always been the American way...Well for like the last four or five decades anyways lol....
Meanwhile at Walmart… 🤩😎🍾🍸 let’s go 🥳😱😱
When will Jesus bring the pork chops?
Jesus is king!
Stop buying new cars 😂
I got a place and student load played no part…
@The Ben Hardy Show: I guess I will keep driving my 2008 F-150 for a while longer.
i have no sympathy for dealers, I have some sympathy for the student loans but they made the decision to get the loan. no one forced them to go to that particular school. they could have joined the Army.
Yup, joined the army and have no debt at all! It’s hard at times, but it is rewarding
Did he just say it's not getting better anytime soon and just walk away lmao!!!😂
No, it’s going EXACTLY AS EXPECTED!!!
But how many were fleet sales and sales to themselves all fake sales
If it's any consolation to folks last weekend I took delivery of my new Chevy Colorado ZR2 Bison and bear in mind I have zero debt, nothing. Well today I have a single car payment to make that's the sum total of my bills. I also put down a substantial amount of cash and to top it off I have an 830 credit score so yes my credit soared right through, but I still ended up with 7% financing which thankfully will end up getting paid off within a year so it's no big deal to me. So it doesn't matter even if with near perfect credit and no debt or having tons of debt.
Lowest rate I could find was about 6-7% from Florida credit union. It’s rough out there.
Bigger discounts you betcha.
Just an aside: have you ever noticed how student loan debt was never a problem until women were affected?
And minorities.