Exactly. Why buy new when you can find a truck that’s a few years old and pay way less? There are loads of all types of vehicles out there, you just need to be patient and ready to buy when you find “the one.”
Or the 4th option, buy a cheap car with cash and save up for a new vehicle. Be warned though, when you get the money saved up, and realize the effort and time gone into making that much money, you may not want to waste it on a new car.
@@is6566 The typical new car payment is about $600 a month multiply that by 12 and its about $7200 a year. For $7200 you could replace the cars engine and maybe the transmission too. Does you're old car need a new engine every year?
@@is6566I bought my used Toyota with cash in 2020. That’s $40k saved in monthly payments (assuming $600/month). I’ve spent $2k on maintenance for replacing an alternator and fixing the A/C.
They definitely saw me coming. I just brought a 2020 Chevy Silverado. With 67 thousand miles on it.. beautiful looking truck. Let’s just say. I need a new transmission. !! I only had the truck for 6 months. !! Never again !! 🤬🥵🥵🥵🥵
Just bought a 2024 4Runner in October. I was motivated to get one of the last durable Toyota trucks before the 4 cylinder version replaces it. Now you have me wondering. Do you think Toyota made changes to cheapen the outgoing 4Runner?
@harveyhankerson8359 I can't joke with you about that. That's good Ole GM Garbage Manufacturing unfortunately. Sadly I have little faith in any products anymore.
I bought a Tacoma with 20 K miles in 2012 for 20 grand. I still have it in 2024 and I hope it is the last vehicle I will ever buy. Other than one broken leaf spring , a small electronic component I replaced myself, and tires nothing has gone wrong with this truck. I can’t tell you how much firewood and mulch, gravel, etc. I have hauled and the bed still looks great. I still have the original exhaust even though I live in the rust belt of PA. I owned a 2001 Ford Ranger until 2012 and replaced 3 exhaust pipes and mufflers. The frame rusted out as well. I love this truck! What has happened to the auto industry and our economic system that a truck like this can’t be bought today?
Most middle class Americans have little or no real wealth, living paycheck to paycheck, yet many drive around 6 figure vehicles projecting that they are living a wealthy lifestyle. But they are both house poor and car (or truck) poor. I’ve never been comfortable needing to borrow money to buy a vehicle. All new cars and trucks are junk wealth killers.
SO glad I'm not average!! I've refused to pay these stupid prices. Just had the front end of my '03 F150 rebuilt and paid cash. Just did the rear brakes on my XJ for $200. Fronts over the summer were less than $100 because I searched for a shop that would turn the rotors. If people want to buy these trucks, good for them. It's just not for me. I'd rather travel four or five times a year with that money than drive it around a few times a week.
What is crazy is the dealers are holding like they have the winning lottery ticket. I went to look at a new Integra for a sales car. It has so much rust on the rotors it looks like it came out of New York after three winters. It has 11 miles and rusted and pitted rotors. The dealer refused to even tell me how long it was in his lot. He wants sticker. Pass Lot rot!!!
The trucks I went to look at have been sitting 6+ months. I saw one that I wasn’t looking at covered in so much grime and crap….but nope wouldn’t take a few thousand more off to make the deal happen. Guess ill check back in January when they still have 3 2024 trucks and its 2025 lol
The solution to negative equity is pay off the loan, keep the vehicle and maintain it well. At some point it will be paid off, and have tons of miles. Then you can reset and look for a new vehicle.
Yeah but how do you save up for the next car when you are making extra loan payments, having to do alot of repairs and that car with alot of miles will be worth almost nothing. What about sell the car use the cash to buy a cheaper used car, stop paying the loan and live with bad credit for a few years.
The banks are to blame for most of the shit show they created. They should’ve never been financing that much to begin with that. These dealers wouldn’t have been able to sell their vehicles for as much as they did.
No people are dumb for borrowing money for things they can’t afford in the first place. If you can’t afford to pay cash, except for a house, then don’t blame banks for taking advantage of people with poor financial sense.
@ it’s easy for weak people and those with poor financial sense to play the blame game. Smart, cautious people are independent of corporations and government and don’t paint themselves into a corner in the first place, then blame whatever/whoever besides themselves. But this is the victim culture we live in. Don’t participate.
I would never put myself or my family in that position. I would never let a dealer screw me like that. Money is the root of all evilness in this world.
The economy is not as good as they talk! People are having to tighten up their budgets to make ends meet! The average working person can’t afford these high prices!
Most people don't even need a truck a five × 8 utility trailer is what I have. I use it, maybe every other month. Low maintenance, no insurance, no payments .it works for me .
Purchased a nearly new used vehicle months ago. The original msrp was $70k. I paid $45k. My apr was 6.7% on a 2 year old luxury suv. The f and i guy quoted us 8.5% apr from the same bank at the sit down. After eating crow and excuses, we had our 6.7% apr. I also put down $20k so i would never be upside down. Jason is 100% right about how to walk away from negative equity. Lease a low priced car and dump your negative equity. In 3 years you are right sided. I did it myself years ago when my cash was tight.
@flimmaytinstone8980 If you're married, add her as a cosigner. Between us, we were about an 830. I put $20k down, showing the bank positive equity that they could never lose if I defaulted. I have 44 years of solid employment with the same company. I haven't been late on a payment in a very long time. How many credit cards do you have? Are they maxed out. Are there any lines of credit out there, say 50 grand, that you could foreseeablly max out. Use bank of America. When you request a loan online, you can change the loan. Ie your money down, years of repayment, and a cosigner. The apr will change if you have excellent credit.
@flimmaytinstone8980 i put $20k down, which is nearly half of the vehicle purchase. My credit score is higher. I have 40 years of employment. My loan is for 3 years. How many credit cards do you have?
Never put large chunks of cash down on vehicles. If you have a large chunk of cash, that should be invested. If you need to burn (waste) a large bundle of cash to lessen the monthly payment, you can't afford the vehicle. Sorry, these are harsh truths but are basic wealth-creating principles that are universally recognized.
@@ericmcgrane8000 Locking your cash in a higher monthly payment will keep you from investing as well, I'd rather put down 50%, and free up that extra money monthly to do what I want + avoiding all the extra interest of financing $30k vs $15k, at the end of the day it balances out for me, just depends on your risk aversion.
i test drove the colorado and frontier the other day. i do not like the turbo colorado. the 25 frontier i test drove drove almost exactly like my 01 tacoma. after both test drivez and some more research i think im more interested in a 4runner. i want better quality
people want a new vehicle but realistic cannot afford if it cost more than one week check with insurance you cannot afford it pay for something you cannot afford will drain you and cause you more stress than it is worth
There are vehicles at the dealerships where u live in Ontario that have been on the lots for months. Some still discounted at 10k off and not moving. Let em rot
I bought my GMC midsize pick up and ended up paying it off within 2 years. I like newer style of my truck at GMC dealership, but I have no intentions of getting back to debt, i love the freedom of not having a truck loan and make dreadful monthly payment of 700$.
Umm no. Its not a buyers market until the prices hit reasonable levels. Interest rates and prices are still so high that even a $7k+ markdown still lands you at overpaying for the vehicle. We are at the point where we are waiting for the manufacturers to panic so that msrp's come down which won't happen until they get enough pressure from stock holders. That won't happen when companies like GM are reporting profitable quarters.
Definitely learned a lesson getting robbed on my 2022 Telluride... I dodged a bullet by totaling it and having gap but damn I was like 25k upside down. got the loan paid off and bought a 2018 ford raptor with extended warranty. don't think ill ever buy a new car again for a long time. even after this truck is paid off ill buy a used rho or used newer raptor. I won't buy something that depreciates quick anymore
@@bobhigh8800 you don’t know his “status “ in life maybe he is financially responsible and prioritizes his expenses, and can therefore pay off a depreciating asset like you’re supposed to do don’t be so judgmental it’s not a good look!
@@bobhigh8800 I’ve never inherited or had any type of financial help from anyone. After high school I joined the Air Force for 4 years and have been a letter carrier the past 28. I’ve got 2 grown children and an ex wife. My house is paid for and hopefully by years end I’ll have a Lexus LC 500 parked next to the 21 TRD PRO in my garage. If you work hard and make smart financial decisions it’s possible to have really nice things in life
Dealer greed and lack of buyer self control fueled the market 😒 Did the dealer force anyone to sign the contract 🤔 You made your truck bed, now sleep in it 👍
Interest rates are to high. High payments with a 6 +% or higher interest rates for 72+ months. Even with 709 + credit score unless you're a vet, pick what you want. Everyone else.Wait for interest rates to drop.
What I would suggest is buy a cheap car for cash and pay $14K/mo. towards your house. Because as soon as you pay off that house, you will feel like you won the lottery. I paid my house off 13 years ago.
I think it’d be fantastic if banks would stop loaning people making $50K a year 80K for a truck at 8% interest. Be much better for the economy in the long run. People would realize they can’t afford it and dealerships would either lower prices or sell much fewer vehicles
The problem is most people don’t need a new truck. but There are some that do, you don’t need to go by the most expensive truck when you don’t have the money whose fault is it most of the time it’s the consumer Who wants a Champagne truck on a Budweiser salary and if people cannot pay back a loan, who in the right mind would loan money for vehicle if they think they may not get there money back, this is a capital system.the American economy, is the best in the world and it’s getting better every week
I have a 34 year real estate and business finance career. I drive a 1996 jeep Cherokee on 7.5 lift on 35s. All modified from home. Wrenching on weekends. Paid $1200 for this stock Cherokee in 2009 with 180,000 miles. It now has 310,000 miles. I do not like payments with interest on items that depreciate. Just my $.02.
bought a 2019 Toyota Highlander in Sep 2022, height of used car values 72months @ 4.49%, zero down, about $34k financed am now in the black at just 26 months, go go Toyota
Rolling negative equity into a lease is good if you absolutely can’t afford the payment or can’t stand the car anymore (breakdowns, gas hog, etc) other wise you’re going to spend 36 months paying 400-500= ~15k-20k to walk away when your negative equity was maybe 5k-8k and if you would have just hung in to it you almost have a paid off car that’s yours. Just something to think about
So many of my friends complain about money, yet they have $100k plus worth of vehicles(depreciating) in their driveway and take a lavish vacation every year. It's their own fault! Their income is not the problem, their spending habits are.
My last 2 vehicles I paid cash a 2015 Ext. cab 2015 XL FX4 2.7 eco 34k including tax and license out the door including ext. warranty still own it the other a 2021 Cherokee trail hawk 38 k out the door that is the most I ever spent on a vehicle the jeep was replacing a 95 Tacoma with 299 k miles. I can't see paying over 50 k for a vehicle and being in the hands of a bank a mortgage for a home is one thing but a truck that cost 60 to a 100 k that's crazy .
I felt like something was wrong when they started offering 10 to 12 thousand off the price. If they can offer that much off, then their asking way too much to begin with. My wife drives a 2014 Chevy with 140k on it, and i drive a company truck that doesn't cost me anything. No payments. " Feeling pretty good about that."
It depends on who the average truck buyer is. If it's one who's kept their vehicle for long time but now due to miles the truck is just starting to fall apart, I feel sorry for them. If it's the one who got theirs totaled in an accident through no fault of their own, I feel sorry for them. If it's the 'I buy a new vehicle every 3-5 years no matter what', I don't feel the least bit sorry for them. And the problem is they make up a lot more of the buyers than the first two, so they enable the dealership/manufacturers with their shenanigans.
Apparently people are buying cars that are too expensive for their income. Seems simple to me. When I was younger not everyone had a high dollar vehicle. By what you can afford-period!
Shopping for a 2500 right now, even with getting 9-10k off the truck price its still wild. Tried to shaft me on my trade make some money back. One dealer was fair but even with a decent discount and fair trade it was an optioned truck and hell it was just more than I wanted to pay lol
Most people who buy new vehicles can't really afford them. Negative equity is from creating too much debt or buying things you can not afford. Buy a decent used vehicle for cash. And, most used vehicle these days are better quality than the new vehicles which by and large are poor quality.
Most I ever paid for a vehicle was 42k. I sold it a year and a half later for 35k. I took that money and bought a 10k cash truck and paid off my wife's vehicle. No payments. Trucks will have to come back down to earth for me to ever considering buying a new one again.
Seems like dealerships were getting greedy and trying to make way more than they should. I don’t blame the banks for not giving out loans. Another thing is people need to learn to stop paying for crap they can’t afford. Buy a vehicle that will get you from point A to B. Your not living in your vehicle. People paying more on vehicle notes than a house note. That should tell them you have made a huge mistake.
Pricing need to he 60% less right now. Cut executive pay by 90%. Lay off the UAW, break their contract and pay them what they deserve, not want they want. Same with the low skilled dock workers
Personally, if I can't buckle down and pay for a vehicle in 36 months or less, I move down in price until I find the right price. Anything longer than that and you end up upside down.
The Great Recession except with cars instead of houses. I have cheap cars that I paid cash for. I haven't borrowed any money since 2000. I'd rather earn interest instead of paying it.
It's no wonder repo rates are high. High vehicle prices, high interest rates, and doing loans for 72 or 84 months to put people in vehicles they can't afford.
Why would you pay 75k for a 50k car that is insane? Every car I have bought I paid only blue book price + sales tax 5-10%. There have been times where I had to buy an older used car because there was no deals and those older car did need more repairs but even with additional repair cost it was still alot cheaper than the payment on a way overpriced new car.
Been to several dealers in the past few weeks and there nobody buying cars.😂😂 salesman standing around doing nothing hoping someone comes in. Anyways I didn’t want to pay 54,000 after “all discounts and rebates”. Needed up buying used with a few miles.
2003 ford F-150 Super crew 4x4 with 123,000 miles. It's not loaded with technology but tech fails and is expensive. Purpose was to have a truck and a minivan and its worked well for me. Bought it in 2005 with 20,000 miles and paid it off in 2010. I guess i purchased it the right way. Today i wouldn't pay for a truck that is just as much as my home when i bought it.
Ford dealership wanted 15k over msrp and other random fees for a raptor ranger. One of the salesman told me "go find me another one" I just laighed at him. Meanwhile they a had a bunch of f150 raptors they were willing to make a deal on. I just walked. I'm not playong games.
I’m the average truck buyer. It’s fine with me. I can afford anything on you lot, cash. I’m good with my 8 years old truck that was purchased with cash. Runs like the day it was purchased. You are talking about fools! No it’s not a tricky world. New car smell is gone in 4-6 months. Poor financial decisions can last a lifetime.
@slimchancejw i love dealerships and the negotiating that i can make happen. If I had to buy for the same price as everyone else I'd lose my butt on resale
Just because you can buy a $85k truck doesn’t mean you should. I’ve said that to a few dealers lol unless for right off on a business or hide illegal funds lol
@akaixl83 i don't think it's my place to tell people what to do with their money. And I sure do understand wanting some finer things in life. Can't take the money with ya when you go and enjoying things that makes a person happy is never a bad thing
@@Jason-SamkoI just bought a 4Runner TRD Pro. I am 70 years old. Been scrimping and saving all my life. Decided to treat myself. I get a smile on my face every time I get in and fire that 4.0 V6 engine up.
Who is surprised? Most (not all) but most simply don't understand negotiation. Part of negotiation is preparation. So do you know the dealer invoice numbers? Out the door price? What about the holdback percentages for the vehicle you are looking at? Are you financing ? If yes, DO NOT use dealer financing. Study up!!! Never fall for dealer additions to invoice. Don't be afraid to walk, and don't be a sucker!!
LOL. Why are you "wandering around" to "take a look at stuff" when that "STUFF" is the junky overpriced problem? People need reliable compact vehicles for commuting, not these ugly over priced piles of scrap metal that have horrible MPG and don't fit in a garage.
People do not think of long term ramifications in american society today. They learn nothing from the great depression 1930's, learn nothing from the great recession 2000's. Taffifs hurt, low interest rates hurt, gouging hurts, paying over market value hurts, these things take years or decades sometimes to work through. No one studied Japan for the last 30 years? Not the same but enough similarities, people wont be spending money no time soon atlease regular folks. Forget the economic reports for a sec, lets see whats under folks Christmas tree's end of year, or whats returned or exchanged for money back. Cars are price 18 to 23% too high, wages are 4 to 7% behind what they should be adjusted for or if you believe high wages contribute to inflation, thats fair. So if thats the case interest rates need to back off another .75 base points no further or we are back to square one. Manufacturers are not realistic nor are the dealers, they never thought about the next 2 to 10 years after the covid mark ups, any dealer doing markups right now the industry should call them out by name they are making it hard for the metal to move.
Can't say I'm gonna lose any sleep on a dealership getting fucked by THEIR own greed.
I get a giggle instead 😅
Hear, Hear!!
I'll sleep better😆
I actually gain better sleep 😴
It's not about greed. It's about the worthless dollar.
88k for a depreciating asset. People are just stupid.
Exactly. Why buy new when you can find a truck that’s a few years old and pay way less? There are loads of all types of vehicles out there, you just need to be patient and ready to buy when you find “the one.”
= 1 bitcoin / appreciating asset
Or the 4th option, buy a cheap car with cash and save up for a new vehicle. Be warned though, when you get the money saved up, and realize the effort and time gone into making that much money, you may not want to waste it on a new car.
You might spend more on maintenance of that “cheap” used car than the loan repayment for a new car.
@@is6566I’d take that bet. 2010 Camry total purchase and repair cost vs any 2025 total repayment. How much? 😂
@@is6566 The typical new car payment is about $600 a month multiply that by 12 and its about $7200 a year. For $7200 you could replace the cars engine and maybe the transmission too. Does you're old car need a new engine every year?
Buy an old junk with Chinese financing...one lump sum!
@@is6566I bought my used Toyota with cash in 2020. That’s $40k saved in monthly payments (assuming $600/month). I’ve spent $2k on maintenance for replacing an alternator and fixing the A/C.
I still see idiots rolling off the lots, paying $70k plus for a stupid $45k truck.
They definitely saw me coming. I just brought a 2020 Chevy Silverado. With 67 thousand miles on it.. beautiful looking truck. Let’s just say. I need a new transmission. !! I only had the truck for 6 months. !! Never again !! 🤬🥵🥵🥵🥵
Just bought a 2024 4Runner in October. I was motivated to get one of the last durable Toyota trucks before the 4 cylinder version replaces it. Now you have me wondering. Do you think Toyota made changes to cheapen the outgoing 4Runner?
@randallsmith7885 Profit is always the main focus when selling a product.
@harveyhankerson8359 I can't joke with you about that. That's good Ole GM Garbage Manufacturing unfortunately. Sadly I have little faith in any products anymore.
I bought a Tacoma with 20 K miles in 2012 for 20 grand. I still have it in 2024 and I hope it is the last vehicle I will ever buy. Other than one broken leaf spring , a small electronic component I replaced myself, and tires nothing has gone wrong with this truck. I can’t tell you how much firewood and mulch, gravel, etc. I have hauled and the bed still looks great. I still have the original exhaust even though I live in the rust belt of PA. I owned a 2001 Ford Ranger until 2012 and replaced 3 exhaust pipes and mufflers. The frame rusted out as well. I love this truck! What has happened to the auto industry and our economic system that a truck like this can’t be bought today?
If you get denied for a loan in America, you should not be buying nothing 😂
I can't imagine paying these kinda numbers for a truck, my common sense would never allow me to
It's cheaper to fix an older truck than to buy a new one. Even if the engine or the transmission has to be replaced.
If you can't pay cash, you can't afford the truck. Buy an old beater you can pay cash for, or you'll always be broke.
Most middle class Americans have little or no real wealth, living paycheck to paycheck, yet many drive around 6 figure vehicles projecting that they are living a wealthy lifestyle. But they are both house poor and car (or truck) poor. I’ve never been comfortable needing to borrow money to buy a vehicle. All new cars and trucks are junk wealth killers.
SO glad I'm not average!! I've refused to pay these stupid prices. Just had the front end of my '03 F150 rebuilt and paid cash. Just did the rear brakes on my XJ for $200. Fronts over the summer were less than $100 because I searched for a shop that would turn the rotors. If people want to buy these trucks, good for them. It's just not for me. I'd rather travel four or five times a year with that money than drive it around a few times a week.
I Have a 03 F-150 super crew 4x4. Paid off long ago. 123,000 miles. It does what i need it to do.
@PJHEATERMAN Keep it running. Mine has 222k on it and it still pulls a 21' TT. Motor and trans are both original.
What is crazy is the dealers are holding like they have the winning lottery ticket. I went to look at a new Integra for a sales car. It has so much rust on the rotors it looks like it came out of New York after three winters. It has 11 miles and rusted and pitted rotors. The dealer refused to even tell me how long it was in his lot. He wants sticker. Pass
Lot rot!!!
The trucks I went to look at have been sitting 6+ months. I saw one that I wasn’t looking at covered in so much grime and crap….but nope wouldn’t take a few thousand more off to make the deal happen. Guess ill check back in January when they still have 3 2024 trucks and its 2025 lol
I would be too apprehensive to use a truck as it was intended if I paid $60k plus! It would be a pavement queen for sure!
The solution to negative equity is pay off the loan, keep the vehicle and maintain it well. At some point it will be paid off, and have tons of miles. Then you can reset and look for a new vehicle.
Sometimes that is the best option. Bit we live in hard times and many need to reduce the payment due to job change, pay cuts etc.
Yeah but how do you save up for the next car when you are making extra loan payments, having to do alot of repairs and that car with alot of miles will be worth almost nothing. What about sell the car use the cash to buy a cheaper used car, stop paying the loan and live with bad credit for a few years.
The banks are to blame for most of the shit show they created. They should’ve never been financing that much to begin with that. These dealers wouldn’t have been able to sell their vehicles for as much as they did.
Nope, are not blame, nobody was forced to sign the contract.
No people are dumb for borrowing money for things they can’t afford in the first place. If you can’t afford to pay cash, except for a house, then don’t blame banks for taking advantage of people with poor financial sense.
There’s a lot of blame to go around, including the government
@ it’s easy for weak people and those with poor financial sense to play the blame game. Smart, cautious people are independent of corporations and government and don’t paint themselves into a corner in the first place, then blame whatever/whoever besides themselves. But this is the victim culture we live in. Don’t participate.
That’s correct and they did it on purpose. Shame on the people for paying those prices but the banks and the government know what they’re doing.
I would never put myself or my family in that position. I would never let a dealer screw me like that. Money is the root of all evilness in this world.
The love of money is the root of all evil
The economy is not as good as they talk! People are having to tighten up their budgets to make ends meet! The average working person can’t afford these high prices!
Most people don't even need a truck a five × 8 utility trailer is what I have. I use it, maybe every other month. Low maintenance, no insurance, no payments .it works for me .
Purchased a nearly new used vehicle months ago. The original msrp was $70k. I paid $45k. My apr was 6.7% on a 2 year old luxury suv. The f and i guy quoted us 8.5% apr from the same bank at the sit down. After eating crow and excuses, we had our 6.7% apr. I also put down $20k so i would never be upside down. Jason is 100% right about how to walk away from negative equity. Lease a low priced car and dump your negative equity. In 3 years you are right sided. I did it myself years ago when my cash was tight.
@flimmaytinstone8980 If you're married, add her as a cosigner. Between us, we were about an 830. I put $20k down, showing the bank positive equity that they could never lose if I defaulted. I have 44 years of solid employment with the same company. I haven't been late on a payment in a very long time. How many credit cards do you have? Are they maxed out. Are there any lines of credit out there, say 50 grand, that you could foreseeablly max out. Use bank of America. When you request a loan online, you can change the loan. Ie your money down, years of repayment, and a cosigner. The apr will change if you have excellent credit.
@flimmaytinstone8980 i put $20k down, which is nearly half of the vehicle purchase. My credit score is higher. I have 40 years of employment. My loan is for 3 years. How many credit cards do you have?
This is the way, I put down $12k on a $29k 2023, I'll never be upside down and worst case I can sell it for dam near what I bought it for
Never put large chunks of cash down on vehicles. If you have a large chunk of cash, that should be invested. If you need to burn (waste) a large bundle of cash to lessen the monthly payment, you can't afford the vehicle. Sorry, these are harsh truths but are basic wealth-creating principles that are universally recognized.
@@ericmcgrane8000 Locking your cash in a higher monthly payment will keep you from investing as well, I'd rather put down 50%, and free up that extra money monthly to do what I want + avoiding all the extra interest of financing $30k vs $15k, at the end of the day it balances out for me, just depends on your risk aversion.
Very interesting option you presented with the negative equity rolled over into a cheap and manageable lease 🤔🤔!
Thank you
Leasing.. you will own nothing and be happy! #WEF
purchase it at the end of the lease
To Klaus and the WEF: GO AWAY WE DON'T NEED OR WANT ANY OF YOU IN OUR PERSONAL BUSINESS OR LIVES
If you cant buy it cash, you can't afford it. Seems simple.
These kids fucking nuts mortgage ur future 4 shiny object😅
i test drove the colorado and frontier the other day. i do not like the turbo colorado. the 25 frontier i test drove drove almost exactly like my 01 tacoma. after both test drivez and some more research i think im more interested in a 4runner. i want better quality
people want a new vehicle but realistic cannot afford if it cost more than one week check with insurance you cannot afford it pay for something you cannot afford will drain you and cause you more stress than it is worth
There are vehicles at the dealerships where u live in Ontario that have been on the lots for months. Some still discounted at 10k off and not moving.
Let em rot
I bought my GMC midsize pick up and ended up paying it off within 2 years. I like newer style of my truck at GMC dealership, but I have no intentions of getting back to debt, i love the freedom of not having a truck loan and make dreadful monthly payment of 700$.
Umm no. Its not a buyers market until the prices hit reasonable levels.
Interest rates and prices are still so high that even a $7k+ markdown still lands you at overpaying for the vehicle. We are at the point where we are waiting for the manufacturers to panic so that msrp's come down which won't happen until they get enough pressure from stock holders. That won't happen when companies like GM are reporting profitable quarters.
Definitely learned a lesson getting robbed on my 2022 Telluride... I dodged a bullet by totaling it and having gap but damn I was like 25k upside down. got the loan paid off and bought a 2018 ford raptor with extended warranty. don't think ill ever buy a new car again for a long time. even after this truck is paid off ill buy a used rho or used newer raptor. I won't buy something that depreciates quick anymore
Try a 2010 Camry, then you might actually see some money in your account. 😂
The 2018 Raptor sells for roughly 45,000 in Canada with 150,000 kilometres on it. Hopefully the one you bought was a better deal.
Great video! The advice for “downsizing”, financially speaking, should work with purchase as well. Not just leasing.
Very true
I think the $57,000 I spent on my 2021 LUNAR ROCK TRD PRO TUNDRA was a good deal. I’ve got 31,000 miles on it AND it’s paid off !
OK RICH GUY!!!!!!! LIFE IS EAZY!!¡
@@bobhigh8800 you don’t know his “status “ in life maybe he is financially responsible and prioritizes his expenses, and can therefore pay off a depreciating asset like you’re supposed to do don’t be so judgmental it’s not a good look!
@bobhigh8800 Don't you know being "jealous" and a "victim" your whole life is easier than creating goals and following through with them.
@@bobhigh8800 I’ve never inherited or had any type of financial help from anyone. After high school I joined the Air Force for 4 years and have been a letter carrier the past 28. I’ve got 2 grown children and an ex wife. My house is paid for and hopefully by years end I’ll have a Lexus LC 500 parked next to the 21 TRD PRO in my garage. If you work hard and make smart financial decisions it’s possible to have really nice things in life
Only way to own a vehicle is pay cash for it, but banks love borrowing. I won’t give banks the pleasure.
Dealer greed and lack of buyer self control fueled the market 😒 Did the dealer force anyone to sign the contract 🤔 You made your truck bed, now sleep in it 👍
Interest rates are to high. High payments with a 6 +% or higher interest rates for 72+ months. Even with 709 + credit score unless you're a vet, pick what you want. Everyone else.Wait for interest rates to drop.
Actually, rates thru the manufacturer can be obtained well under 5%. You obviously haven't been car shopping lately
😂😂
Dealerships in a pinch? How sad for them.
Jason, I have a $9K monthly house payment and a $5K monthly car payments. Thank god my wife works nights at Love's
What I would suggest is buy a cheap car for cash and pay $14K/mo. towards your house. Because as soon as you pay off that house, you will feel like you won the lottery. I paid my house off 13 years ago.
@dave… I am not sure about that Original Post and his intention. 😃
What he's trying to tell you is he's making $350,000 a year. Do you believe him....like I do bahaha @is6566
What a pathetic joke.
I think it’d be fantastic if banks would stop loaning people making $50K a year 80K for a truck at 8% interest. Be much better for the economy in the long run. People would realize they can’t afford it and dealerships would either lower prices or sell much fewer vehicles
The problem is most people don’t need a new truck. but There are some that do, you don’t need to go by the most expensive truck when you don’t have the money whose fault is it most of the time it’s the consumer Who wants a Champagne truck on a Budweiser salary and if people cannot pay back a loan, who in the right mind would loan money for vehicle if they think they may not get there money back, this is a capital system.the American economy, is the best in the world and it’s getting better every week
Every new car/truck ever sold is upside down. The huge depreciation hit you take when you drive off the lot has always been there.
I have a 34 year real estate and business finance career. I drive a 1996 jeep Cherokee on 7.5 lift on 35s. All modified from home. Wrenching on weekends. Paid $1200 for this stock Cherokee in 2009 with 180,000 miles. It now has 310,000 miles. I do not like payments with interest on items that depreciate. Just my $.02.
bought a 2019 Toyota Highlander in Sep 2022, height of used car values
72months @ 4.49%, zero down, about $34k financed
am now in the black at just 26 months, go go Toyota
I suppose this, along with dropping sales, is why we are seeing the return of 0 percent APR's for 60 months and 10-15,000 in rebates returning?
Rolling negative equity into a lease is good if you absolutely can’t afford the payment or can’t stand the car anymore (breakdowns, gas hog, etc) other wise you’re going to spend 36 months paying 400-500= ~15k-20k to walk away when your negative equity was maybe 5k-8k and if you would have just hung in to it you almost have a paid off car that’s yours. Just something to think about
So many of my friends complain about money, yet they have $100k plus worth of vehicles(depreciating) in their driveway and take a lavish vacation every year. It's their own fault! Their income is not the problem, their spending habits are.
Got to enjoy life a bit though
Wouldn’t it be crazy if citizens had to display their net worth on both vehicle/person. Imagine that! 😂
My last 2 vehicles I paid cash a 2015 Ext. cab 2015 XL FX4 2.7 eco 34k including tax and license out the door including ext. warranty still own it the other a 2021 Cherokee trail hawk 38 k out the door that is the most I ever spent on a vehicle the jeep was replacing a 95 Tacoma with 299 k miles. I can't see paying over 50 k for a vehicle and being in the hands of a bank a mortgage for a home is one thing but a truck that cost 60 to a 100 k that's crazy .
@2213rtx great vehicles too. Loved my 2020 trailhawk
I felt like something was wrong when they started offering 10 to 12 thousand off the price. If they can offer that much off, then their asking way too much to begin with. My wife drives a 2014 Chevy with 140k on it, and i drive a company truck that doesn't cost me anything. No payments. " Feeling pretty good about that."
It depends on who the average truck buyer is. If it's one who's kept their vehicle for long time but now due to miles the truck is just starting to fall apart, I feel sorry for them. If it's the one who got theirs totaled in an accident through no fault of their own, I feel sorry for them. If it's the 'I buy a new vehicle every 3-5 years no matter what', I don't feel the least bit sorry for them. And the problem is they make up a lot more of the buyers than the first two, so they enable the dealership/manufacturers with their shenanigans.
With the current state of the market, and the average consumer in mind, buying any new vehicle is simply a non-starter. So don't do it.
so the way to get out of negative equity is to lease a vehicle?
It's one option
Drive a new car/truck at least 10 years, paid car loan in 5 years, for the next 5 years save money for a new vehicle and buy it for cash.
If you need 5 years to come up with the cash for a new rig, you really shouldn’t be buying it…
If your car can make it 10 years without significant repair costs that a good way to go.
Funny how the advert before this video is for the 2024 Ford F-150 😬😬
How about if you don't have the money to buy the vehicle you don't buy it... financing is so damn stupid.
Apparently people are buying cars that are too expensive for their income. Seems simple to me. When I was younger not everyone had a high dollar vehicle. By what you can afford-period!
I bought an early 24 tundra. Where am I sitting today? In the toliet
@@hp7093 you are not alone
Shopping for a 2500 right now, even with getting 9-10k off the truck price its still wild. Tried to shaft me on my trade make some money back. One dealer was fair but even with a decent discount and fair trade it was an optioned truck and hell it was just more than I wanted to pay lol
Its all good for the first few months then the payment gets old. Unless you use it for a business then it makes sense.
@ 100% I’ve done the expensive payment and i just don’t want to do it again. So might be a while before i buy another truck
@@Jquick5156 Same here man, I want another 2500 but Ill wait til there are better deals.
That’s lot of future recycling after sitting for so long not being sold 😮
Most people who buy new vehicles can't really afford them. Negative equity is from creating too much debt or buying things you can not afford. Buy a decent used vehicle for cash. And, most used vehicle these days are better quality than the new vehicles which by and large are poor quality.
Most I ever paid for a vehicle was 42k. I sold it a year and a half later for 35k. I took that money and bought a 10k cash truck and paid off my wife's vehicle. No payments. Trucks will have to come back down to earth for me to ever considering buying a new one again.
I paid 89k for my house 15 years ago. 30 year mortgage
I paid 56 for my house 12 years ago too. To ppl like us we will never pay more than 30 or 40 for a truck.
@ I have 34k to go! Absolutely these prices are foolish!
Seems like dealerships were getting greedy and trying to make way more than they should. I don’t blame the banks for not giving out loans. Another thing is people need to learn to stop paying for crap they can’t afford. Buy a vehicle that will get you from point A to B. Your not living in your vehicle. People paying more on vehicle notes than a house note. That should tell them you have made a huge mistake.
Pricing need to he 60% less right now. Cut executive pay by 90%. Lay off the UAW, break their contract and pay them what they deserve, not want they want. Same with the low skilled dock workers
Personally, if I can't buckle down and pay for a vehicle in 36 months or less, I move down in price until I find the right price. Anything longer than that and you end up upside down.
And here I am thinking buying a used ‘22 Frontier king cab SV 4x4 for $23K is overkill. I couldn’t sleep if I knew I just bought a new truck for $80K.
The Great Recession except with cars instead of houses. I have cheap cars that I paid cash for. I haven't borrowed any money since 2000. I'd rather earn interest instead of paying it.
Mannn paying $400/mo for my 2023 Frontier with insurance, can't imagine paying these crazy prices
It's no wonder repo rates are high. High vehicle prices, high interest rates, and doing loans for 72 or 84 months to put people in vehicles they can't afford.
10k off HD trucks, havent seen that in quite some time, so yeah its better for sure
Why would you pay 75k for a 50k car that is insane? Every car I have bought I paid only blue book price + sales tax 5-10%. There have been times where I had to buy an older used car because there was no deals and those older car did need more repairs but even with additional repair cost it was still alot cheaper than the payment on a way overpriced new car.
Been to several dealers in the past few weeks and there nobody buying cars.😂😂 salesman standing around doing nothing hoping someone comes in. Anyways I didn’t want to pay 54,000 after “all discounts and rebates”. Needed up buying used with a few miles.
Higher cost lower quality. How many pounds of platinum to buy that Platinum?
2003 ford F-150 Super crew 4x4 with 123,000 miles. It's not loaded with technology but tech fails and is expensive. Purpose was to have a truck and a minivan and its worked well for me. Bought it in 2005 with 20,000 miles and paid it off in 2010. I guess i purchased it the right way. Today i wouldn't pay for a truck that is just as much as my home when i bought it.
Ford dealership wanted 15k over msrp and other random fees for a raptor ranger. One of the salesman told me "go find me another one" I just laighed at him. Meanwhile they a had a bunch of f150 raptors they were willing to make a deal on. I just walked. I'm not playong games.
Yep put that dealer on the list to never call again
It turns out the bed and tailgate on a $29K used Tumdra work just as well and will probably last longer.
Too many men are under the idea that the truck makes the man. Big bag truck is a real man. Being broke ain't cool.
have a happy hunting trip Jason
@@garyduenes2281 thank you
Nothing tricky about a $80000+ truck. That's always been a hard no for me.
I have 18,000 positive equity in my current Covid car… I will not be heading to the dealer to trade/buy anything….
Most people that are underwater on their vehicle they just hand the vehicle back
I’m the average truck buyer. It’s fine with me. I can afford anything on you lot, cash. I’m good with my 8 years old truck that was purchased with cash. Runs like the day it was purchased. You are talking about fools! No it’s not a tricky world. New car smell is gone in 4-6 months. Poor financial decisions can last a lifetime.
The people that are best off are the ones that are denied. Debt in a depreciating asset is a colossal mistake.
I’m one of those idiots , paying 74 G’s plus interest for my F150 Tremor 😮, but boy do I love my truck!😂
Excellent truck!
I paid 70K for my 2020 Denali 2500 Duramax. 74k for a 1/2 ton is nuts
Can't even imagine.
Dealerships are so freaking greedy!
Not to mention the tax on top of that 88k truck
Nows the time to buy ,right ?
@@fredperry3574 yep now theu end of the year
Why do we still need stealerships!? Manufacturers should put more money into service and sell straight to the customer
@slimchancejw i love dealerships and the negotiating that i can make happen. If I had to buy for the same price as everyone else I'd lose my butt on resale
Just because you can buy a $85k truck doesn’t mean you should. I’ve said that to a few dealers lol unless for right off on a business or hide illegal funds lol
@akaixl83 i don't think it's my place to tell people what to do with their money. And I sure do understand wanting some finer things in life. Can't take the money with ya when you go and enjoying things that makes a person happy is never a bad thing
@@Jason-SamkoI just bought a 4Runner TRD Pro. I am 70 years old. Been scrimping and saving all my life. Decided to treat myself. I get a smile on my face every time I get in and fire that 4.0 V6 engine up.
@randallsmith7885 perfect! Congratulations on such an amazing suv!
Dealer greed! Banks should have never financed that much in the first place. Now that repos are happening, they say no...
Anything made or built afyer 2010, PLANNED OBSCELECENCE..
Suddenly I don’t feel bad paying $52,800 for my 2023 trd pro Tacoma last year 😂
It’s nobody’s fault but the consumers who agree to buy these vehicles.
Most of these guys only use the truck for about 2 to 3 percent of time for what was built for
Who is surprised? Most (not all) but most simply don't understand negotiation. Part of negotiation is preparation. So do you know the dealer invoice numbers? Out the door price? What about the holdback percentages for the vehicle you are looking at? Are you financing ? If yes, DO NOT use dealer financing. Study up!!! Never fall for dealer additions to invoice. Don't be afraid to walk, and don't be a sucker!!
Well said and fantastic points
You should buy a car based on need, not want. If a 7 year old used vehicle will get the job done, buy it instead.
LOL. Why are you "wandering around" to "take a look at stuff" when that "STUFF" is the junky overpriced problem? People need reliable compact vehicles for commuting, not these ugly over priced piles of scrap metal that have horrible MPG and don't fit in a garage.
My 1995 ram 4x4 is paid for .
$200 leases, that was like 10 years ago
Yet they are still available today if you catch them right. But you are spot on, even lease prices are crazy
People had to see this coming
100% knew it was unsustainable....how can you not
Borrowing money to buy a car is just dumb.
It cost 1000 dollars a month to keep one these trucks
I’ll never feel bad for some clown who drops 80k plus on a truck.
No damage truck worth 80k.
I could buy a used truck every year for the rest of my life and still not spend $80,000.00
People do not think of long term ramifications in american society today. They learn nothing from the great depression 1930's, learn nothing from the great recession 2000's.
Taffifs hurt, low interest rates hurt, gouging hurts, paying over market value hurts, these things take years or decades sometimes to work through.
No one studied Japan for the last 30 years?
Not the same but enough similarities, people wont be spending money no time soon atlease regular folks.
Forget the economic reports for a sec, lets see whats under folks Christmas tree's end of year, or whats returned or exchanged for money back.
Cars are price 18 to 23% too high, wages are 4 to 7% behind what they should be adjusted for or if you believe high wages contribute to inflation, thats fair. So if thats the case interest rates need to back off another .75 base points no further or we are back to square one.
Manufacturers are not realistic nor are the dealers, they never thought about the next 2 to 10 years after the covid mark ups, any dealer doing markups right now the industry should call them out by name they are making it hard for the metal to move.