People STOP MAKING CAR PAYMENTS! They Are MAD...and BROKE!
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- Опубліковано 14 жов 2024
- People CAN'T AFFORD Their Car Payments Anymore!
Our latest video helping you buy cars is all about TITLE/DESCRIPTION. We're breaking down the situation so you can buy your next car with ease. If you're out shopping for cars, SUVs or more, this video will help you with DESCRIPTION.
Oh yes, and don't forget to SUBSCRIBE for more car lovers lifestyle: / @markholubetz
So many people don’t even enjoy driving, they’re rushing, pissed off, sitting in traffic with their high payment units
That’s true. And it’s a lot of money tied up in over priced cars.
So very true after the thrill is gone! Get real people!
I am 78. I bought ONE new car in 1973, Buick Century. Big mistake! Since then I have NEVER had a car payment. I kept expectations low, bought cheap in those days. Edged up to better cars over time. 380 Mercedes SL, Camry, Rav 4 etc, ALL used...ALL CASH! Plus for my business I always had a truck..........BOTTOM of the line. GMC 2 WD , six cylinder WTs. Sadly no such truck exists in Canada today.. I bought these trucks 6 - 7 years old and ran them for about 8 years .. The last truck I had was a Tacoma, about 6 years old. I drove it for about 10 years and sold it for $2000. CASH ONLY! Get real and do not take on debt and interest!
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after receiving hand me downs, I have bought the last two used cars cash. little older but no bank or payments and I owe people nothing. never bought a new car. not sure if i will.
there was a time when buying a house you had to pay cash or pay 90% and get a small loan for the remainder...those times are long gone as are the times where buying a car cash is possible...used cars are now thousands...money someone looking for a used car just cant come up with.
Debt is tax free tho. The only time I will take on debt is to make money using it. If it pays for itself it's a deal. I borrowed 3500 July 1st and I'm up 2500 and 3 payments ahead.
Cars are the worst investment you'll EVER make in your life.
I always thought so. Until I owned a boat!!
I agree but a 2011 Tacoma I bought used in 2012 is still runnin’ strong and I hope it outlasts me.
99% of cars are liabilities
10 yrs. ago I bought a 2006 Pontiac GTO for $12,000. Today that car is worth almost double that amount. There are exceptions but you are right.
Vehicles should not be considered as investment opportunities. They are depreciating assets that may occasionally hold some equity value. Viewing vehicles as investments is not a sound financial strategy.
'04 Corolla. Bought in 2022 for $3000 w 70k miles. Bought a decent set of tools, jack and jack stands and a factory service manual. No payments. No breakdowns. Just maintenance.
I did the credit roll over back in 2010, before going belly up. The company I worked for went belly up and I was stuck with a Pickup Lease Payment.
Finally looked at income coming in and credit owed, walk in to a Bankruptcy Trustee office and got rid of all debt.
Now pay the credit card off every month no matter how much I spend.
Put aside savings etc.
Planning for retirement.
My advice is to get rid of credit cards, keep 1 absolute max limit $6500.
It's a nasty circle to fall in to.
Dude i make 20k more then i did 5 years ago but am still struggling. My home and car bills are small compared to the average person but i just cant catch up. Cost of living crisis is real.
Mark is right on. That's why you see so many new big money vehicles on the road. Most are leased. Our consumption culture is broken. If a vehicle sucks up a whole paycheck could be very tough to manage. Self discipline is in decline
I’m a senior. My car is 21 years old. A new car…..NOPE!!!
I'm a senior, too. My truck is 54 years old! Last new car...my 2020 Camry. That's it!!
thats the thing who....ppl went stupid at the covid era....they bought cars like they were going out of style now....its biting them in the ass...i myself would love a new car but im not willing to pay the price of a house for a vehicle....or the price of my rent as a monthly payment on a car.
I work at a Hyundai dealership and i always ask myself how the hell are ppl affording these vehicles?!?!?! We sell 2-3 vehicles a day....and i just cant figure it out how they cam afford to pay 800+ a month in payments!
I used to go to the BIG city every weekend or so...now.....maybe once a year....if im lucky, the price of gas and how expensive everything is i cant justify it.
When your neighbor is unemployed it is a recession and when YOU are unemployed it is a Depression! Car prices are simply too high.What you are paying for a car today, used to be the down payment on a (small) house.
Its totally ridiculous
My dad bought his house for $32,000.00. It's a nice house too.
No one can say “you didn’t warn me!” You are waving the lantern for an oncoming train!! Thank you!
You are welcome
One thing anyone can understand by watching you videos is that you speak the truth. Thank you. Love the Dodge Ram
Thank you so much and I am that friendly neighbor who has enough experience and knowledge but take a personal exception to dealers and the big players playing g hardball and nasty with consumers. I hope you have a wonderful week. Cheers
Just put 6 grand American into a 2013 jeep wrangler with 201K miles on it. Why? Well in fact the new equivalent wrangler is really not any better than the model I have in terms of performance or capability. But a new replacement vehicle would be $41,461.20 which includes tax but not delivery or destination fees. That's the cheapest model with an automatic. The repair was for worn parts basically. That's 1/7th of the cost to replace the vehicle, and so I still have the remaining 6/7ths cash in hand. Because I always buy outright. I don't finance.
Sadly, even the cost of replacing peripheral stuff like that has gone up a lot.
@@donmarek7001 Yes it is awful, and there are fewer and fewer techs are out there, and I can tell you from experience, dealer techs have not known how to start a car with a carburetor for a good 15 or 20 years now. They think you merely turn a key.
Still, all I am after is getting another forty to sixty thousand miles out of it. It's a bit of a gamble. Plus, I hate paying them sales tax on a car purchase. Best wishes!
Holy cow man. I have been to Canada in the past and I never saw people in the streets like the US. That looks like an economy that has collapsed.
I just returned a 3 yr lease Silverado. Absolutely beautiful till you figure buy back of 53 k plus bank interest. I said no fn way. Found a low miles Silverado, great shape and NO monthly. Wife and I feel great !
In this economy it’s better to fix a transmission than to buy a new car
The high cost of housing is driven by foreign cash buyers and large private equity firms purchasing a significant portion of homes in communities. US and Canadian residents are struggling financially and can not afford to buy a house.
Since 2020 there is a rampant wealth disparity that continues to grow by the second. The rich get richer, the poor get poorer! Corporations are in for a reality check trying to sell 100k Ram trucks or 95k Jeeps.
My car got hail damaged and I was so thankful for the hail I was able to total it out and got rid of a $443 payment
Sounds like a blessing in disguise
Yes is true that there is a cost of living crisis but that’s only half of the story. These consumers who chose to buy brand new homes, cars, boats, and toys - that is their decision. Cost of living crisis or expensive lifestyle crisis? Can’t feel sorry for any of these people who are living on a line of credit. Cash is KING.
Cash is definitely king
The government says the economy is doing good that means Wall Street not Main Street.
Sadly, this is something I constantly have to explain to people who don't have the ability to think for themselves and are thirsty enough to drink the Kool aid provided by mainstream media.
I saw a superduty diesel crew cab for $2000 yesterday. I tried to grab it but it was already sold. Keep your eyes out for low mile cars and trucks being sold for pennies on the dollar.
They are out there, gotta shop around
I'm making more money than I ever have in my life, yet worse off financially than I have in what feels like forever. Absolutely crushing feeling.
What's been really killing us is the cost of groceries and household items. We went from $150 a week comfortably buying everything we needed to $180 a week barely covering the basics. The lease on our 2019 civic is up and the dealership didn't even bother trying to negotiate the buyback. They knew I wouldn't be able to replace it for the $10K buyout, and they had nothing even close to our price range available on the lot. Mostly $65K Pilots and Odyssey's.
That’s pretty crappy and clearly the pandemic generated a new world of sharks who are ruthless. This new economic condition has set many people to failure. I wish I. Old Cantonese’s but that market is pretty built these days too so unless you go really old as in over 10 years, prices are stiff there too.
I daily a 2001 xterra. It's what I can comfortably afford these days.
another EXCELLENT VIDEO for the middle class , thanks
Thank you for watching
Drive a 2000 Ford F-150. Just rebuilt my transmission due to transmission cooler inside the radiator broke. Runs and drives fine. See nothing preventing me from driving it another 10 years. If i need a new motor I'll just drag one out of a wrecking yard.
Exactly and even a crate engine may only cost 7000 and it’s a new lease on life
I live in eastern PA and 100k doesn’t do much! It is VERY expensive to live here! I make north of 150k/yr and I drive a 2k 10yr old car with 170,000 miles on it….
As much as the cost of living is high, I see no changes here where I live. Restaurants are filled, homes still selling quick and over asking. I watch all of these channels selling a slow down/collapse but if I didn’t, I’d think everything is just fine.
I will never understand people like you 150k and finding it tough. I have never in my life made over 30k . I own my own home that sits on 160 acres of land and I drive a brand new car. I am not bragging but I do wonder what you do with your money. Oh and I might add all of this was bought and payed for with my own two hands no hand outs.
What city in eastern Pennsylvania?
@@dog_guy-c8x Of course it matters WHERE someone lives here in the USA. Your $30K, new car, and 160 acres...where is that? Sounds like BS to me. The poorest parts of Mississippi...Alabama? Your $30K wouldn't go too far anywhere else!
@@dog_guy-c8x you couldn’t afford a tool shed here. I never said I was broke, I said I make a good wage and drive a cheap car. I invest for the future and save. My complaint is how far money goes in my area. An acre of land slightly south of me can be 100k. In my specific township it’s 50-70k for an acre of land.
If you made 30k/yr in my area, you’d be so far below the poverty line you’d be lucky to get a roof over your head. Obviously you live in a very cheap area to live.
@@azmike3572 Lehigh valley area.
I am elderly and on a fixed income, so inflation has made me suffer more than a working person. Things are tough. I have stopped everything that isn't essential (newspapers, magazine subscriptions, internet service, cable television, etc.) Of course, this behavior affects other people who used to depend on my business. Does this action on my part and on the part of other seniors in a similar situation help lead us to a depression?
~Love your videos. ~Watching from PA! So sad showing the homeless & people on the street while others are considering $70K new cars they clearly cannot afford. Stay out of the car lots & save cash!👍 ~Outrageous!
I totally agree! Thank you for the support and I agree
, these prices are brutal and people in general need a break
I like and WOW amazing TY so much ,,Keep up the great work
Thank you very much
You are spot on I just bought a house its better then living out of a suitcase but wow I am hoping I don’t regret it.
The Bank of Mom&Dad will be hit the hardest. Seniors on a fixed retirement income will have a tough go as wages will keep going up.
Thats about right
People make Faustian deals with themselves, thinking they will cut back on other expenses, the "brown bagging it" idea to fit the financing of a new/used car into an already stressed household budget. Forbes reports an average credit card debt of $8K per US household, an average of $15K credit limit. People use credit cards for down payments on new cars, paying 24% average interest on the card and then add the 7.9% on a new car or 11.8% on a used car loan. And you have to have insurance on any car financed, beyond just liability coverage.
Yes that’s a great point and people often use credit cards as leverage rather than a short term convenience and end up spending way too much money
for a time our '18 wrangler was worth more then we paid new....it's still holding it's value well...dealer wants us to trade on a new one...not right now..i hate the dealer experience..not doing it anytime soon.
It would be nice if some people from the Automotive industry leaked out actual production costs for various models and makes.
Just like we know iPhone avg cost to make and ship is $150 usd
I just quit as an electrician at Jefferson North Assembly after 5 years. That's where the Durango and Grand Cherokee are built. I couldn't tell you the exact costs, but I can tell you the entire auto industry is ass backwards. We re-tooled in 2022 for the new gen Grand Cherokee. I got put in charge of a line that put the sides and roof configurations on. In the body shop part of an assembly, electricians oversee each line in the process. We clear faults, adjust parts, etc. Basically everything but electrical issues. I told you, ass backwards. We got to a point where we had an issue nobody could track down. I asked my boss where the hell are the drawings at, this thing is brand new??? I was told we had NONE!!! We didn't get a set of drawings because those cost extra from the builder. Some of the components used on the lines are ridiculously expensive. I had 4 laser head weld robots on my line. Each one has this little glass disc called a cover slide. We change them out around every 1 to 3 shifts. Each one of those costs $700. Remember I told you I just quit??? While there being in the UAW, I didn't pay for my health care premiums. My new job is $100 per check. The union will tell you the wage and benefits only take up 5% of the cost, but I don't see how. Not with how much health care costs. The auto industry is an industry based on a whole lot of bull$hit. There's plenty more I could tell you.
Sometimes it's not worth the headache to stay in a job.
Auto makers need to start working smart and cost effective.
@@Technocrat. my friend Stellantis really doesn't understand that. Even when it was still FCA they didn't understand it. During the re-tooling I noticed all the managers were wearing fancy high visibility vests with their names embroidered on them. One shift we needed a new part, but the crib wouldn't give us one because they only had 2 left and I was told it would be too expensive to order more right now. I get back to the line and one of the visiting engineers from Canada was there when I told the guys we couldn't have it. Then I said it's amazing we got money for fancy vests, but no money for parts. The manager pipes up with "it came out of a different budget blah, blah, blah." I looked at him and said and you're missing the effing point. When the big wigs from Stellantis came to visit and tour the plant, they spent $275,000 to repaint and epoxy the floor. The big wigs asked the plant manager why would you spend so much money for that??? Craziest industry I've ever worked in.
Well for me all my life I have never made really great wages . I have always had to wait to perchase big sticker items . Because of this I have never really had any huge debt hanging over my head so having lived this way forever I do not find it all that diffacult now. I guess its called live with in your meansl
I'm seeing 5ish% for 84mo for Silverado's and 0% for 84mo for some Dodge vehicles. A 70-90k truck, even with those terms, will still be a hefty 850-1000 monthly payment.
We occasionally sell a used car here at the shop and they seem harder to get a decent sale price now vs a year or three ago...
Yes used prices are strong right now and deals are few and far between
If someone thought…
How many hours/tasks per month do I HAVE TO DO each month for this item .
Maybe.. just maybe they’d think twice
More Repos than sales.
Indeed
I work on my on cars . Haven't bought a new since 2007. Never have a "NEW" CAR AGAIN !!!
Live below your means and prepare yourself for a rainy day. A used 2022 Toyota RAV4 was selling for $50k. Come on Toyota. They are part of the problem and yes I had a Prius and it burnt oil so reliability is meh. That’s why I bought a 2023 BMW X3 for less and I able to do a lot of the routine services myself in between the dealer ones that is recommended in this channel. Paying it off in 2 years versus 72 months because I planned for a rainy day. I do own a 2003 Tacoma and also service that myself unless it’s a big job. Saved lots of money there.
If people in America Don't know about Florida being a hurricane magnet, then they deserve what they get
If nobody pays its debt, nobody has debt.
Buy the car You can afford, not the car You want!
Buying a 2 tonnes 4*4 and complaining about gas prices is hubris
Hi Canada! Get that XL Keystone pipeline going!!!
Its funny I was watching this video and I was thinking that you look like James Brolin when he was younger. You look nearly identical to him!
If you look at the payments for a new car in the US you looking at 600-800 hundred dollars on average per month unless you have an HRV or a Chevy Trax.
Yes but over 11% of car loans in the US are now OVER $1000 per month
ha, try 1200 1400 1700.
You did not mention the fore-thought of: You also have to FEED & Clothe the beast.....Big oversight OPP's
Cost are rising but pay isn’t….thats a greedy corporation issue. You say it yourself when reviewing cars and these high prices.
Kroger has 80% ground beef for $6........the SALE PRICE ! ......Tyson, Hormel, and Kroger's earnings are 20% - 50% less. Where is the $$$ going ? ?
in toronro nobodys paying rent it will take years before they can evict save a fortune
The consumer is strong, they are spending more than ever!
Ya, they have to because the cost of living is insane
i don't understand when car experts claim the used car prices are collapsing. if you can't afford a new car, you will look for a good used one.
i agree. $99k dodge rams. $85k 4d wranglers. who has that kind of money? these prices are chasing people away from new cars. they will switch to used cars. 07 camry 150. runs like a top. will drive it into the ground. keeps me out of this insane car market.
@@subaruamazon my paid off 06 Mustang GT keeps roaring on.
I just looked, one dealer had a '12 1500 reg cab sport for $30K.. I bought my '12 1500 Laramie used in '15 for $36K.... that's nuts. The "new" version of my truck is $95K-ish I was told at 6% that would be $700 bi-weekly... hell no.
@@polycarphunter2257 after 7 years of talking about it, i bought a 01 gt conv auto. two years ago. 101k new top. i love it. my next one will be an 05 09 gt manual. they are the best looking I think. is it me or are stang prices on the move?
@@gold5th 1400 a month. dont forget ins. take care of your truck. change oil every 5k or less. keeps you out of this market like my 07 camry.
I have 24k on my car loan. But im already at about 10k in savings to pay back the loan.
cheers
It will work out not money tree is gone nothing left
Ima keep my 86 benz thank you very much 😂
Keep it going as long as it runs
Man it is what it is and I get it I see what's going on it's not good that's why I invested in a used vehicle it's worth it😊😅😂
People love the new car for status over common sense, they are stupid, crazy and irresponsible. I would rather have a great used car and have $$$in my pocket and in the bank, than constantly worrying about getting it repossessed and going bankrupt
Car industry did it to themselves All Greedy. With new President in States Canada's inflation will come down. Grocery stores should be investigated also.
dont forget to coca cola, pepsi and all other food companies.
@@subaruamazon Dream on Trumper. He is already spouting about tariffs. Who pays that tax?
@@sgtcrab2569 they can act as a deterrent.
Borrowed money and borrowed time.
Indeed
Are those seagulls we hear
Haha yes it is
I don't want a Mercedes or a Kia
People want to be stylish and copy everyone else and get a high cost SUV then complain about there car payment. People just want to complain and get sympathy. No one has to be in an over priced SUV when they had plenty of roomy sedans for under30k to buy that is big enough for a family. they are camceling the Nissan Altima and the Chevy Malibu in 2025 because people are not buying them. Just like they canceled the Fusion, Taurus and many other nice cars.
It the same thing that happened wiith the housing crises. People sweared that they need big expensive houses they could not afford then they got foreclosed.
People just like to make stupid decisions. Then try to place the blame on something else when things dont go their way!
👍👍👍
This is new world order stuff, all this is on purpose. Most people will take the mark of the beast without a second thought. Keep your cheap vehicles that rust in 2 years, I'll keep my money.
Damn
This guy is painful righ 👍
Thank you
Investment? Go drunk, yer home.
You are straight up lying about things in your video. Wages have not gone down! Zero evidence to support that. I fact it’s quite the opposite, wages have gone up over 15% over the last 3 years. The statistical numbers don’t back up you same nonsense you say in EVERY video.
Number may climb but when adjusting for inflation almost everyone is losing ground. Yes it’s clearly stated and the bottom
Line is your money does not go as far as it did 5 years ago. Thanks fornwatching
I’m loving it !! I warned people that this was going to happen.. I built my home during COVID I have a Miata with 20000 miles an old Chev 2500 2005 with 50000 miles f150 2018 with 100000 miles and a 2018 Kona with 60000 miles no move no loans and no debt I make my own lunch and dinner every day go out once a week for a coffee or ice cream and once a month to dinner … I’m going to what it out I’m thinking til 2029 /2030 I feel bad for a lot of people but a lot of them dug there own grave!!!
Cost are rising but pay isn’t….thats a greedy corporation issue. You say it yourself when reviewing cars and these high prices.
Nope. It is a government spending using fiat currency. If you don't like a company don't buy from them.
@@scottthompson5855 incorrect…. Government doesn’t pay you… company do.