This Is The WORST CAR REPO CRISIS EVER
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- Опубліковано 24 бер 2024
- This Is The WORST CAR REPO CRISIS EVER
In this video, we're talking about how the auto loan default crisis could destroy the economy. Dealers charged too much and banks allowed too many bad auto loans. Repos are spiking and people are looking for ways to get out of their car loans.
My name is Brandon and I am a used car dealer. I created Car Questions Answered to share the ins and outs of the used car market from my perspective. I share with you updates on car prices, what's happening at the dealer auctions, and what it's like being a dealer. My goal is to share information to help you make the best decisions while buying a car to save you money. I do not want car dealers taking advantage of you.
Thanks for watching and please feel free to leave any comments you may have in the section below!
And make sure you don't forget to LIKE, SHARE AND SUBSCRIBE FOR MORE!!
*None of this is meant to be construed as financial advice, it's for entertainment purposes only.
#UsedCarMarket #CarPrices #carmarket #usedcarprices - Авто та транспорт
I just paid my car off,got the title today.i feel like I was released from federal prison.😂🎉🤠😎🍺🌭✈️
How much did you fininace for how long and what was your monthly payment?
@Cozydrone good for you! {The rich ruleth over the poor, and the borrower is servant to the lender. Proverbs 22:7 KJV}
Same. Great to take that payment and put it toward investing or vacation
Good for you. A great feeling to shake the hook out.
Welcome to the free world my friend. It’s a beautiful thing.
Don’t want a repo?, don’t buy used. Don’t want to get ripped off?, don’t buy new. Keep what ya got, don’t buy anything…
We used the expression 'drive it into the dirt'.
per government --- you will own nothing and be happy, wait till they pass the per sq ft. (Rain Tax) on everyone's property.
I swapped mine last year when I decided a litre of oil every 700 miles was slightly excessive. I need a reliable car for commuting. Someone else's problem now.
p.s. At 107000 miles the interior was still perfect.
I need to sell my truck and I think that’s all I will do. It’s not worth buying anything right now
I’ll take the third option. Just hit 100k on my 2014 Honda civic. Still can’t hear the engine running. Premium gas and seafoam for the engine. I plan on driving it till the wheels fall off.
I have had 2 car repossessed in my life. Both times I lost my job for a long period, both cars were ~250 month. I tuned both in with both keys and in clean condition. They both had regular oil changes and normal service done. After being behind for 90 days, the banks wanted them back with no delays, not even trying to help me keep it. Not everyone is a deadbeat, some times shit happens.
True story
That's how I know you bounced back ❤
I had 3 repos. The first 2 was the same car and I got it back both times before getting sent in to the auction. I was young and foolish with my money. Instead of calling the lender and having them work with me, I just missed the payments and prayed. I ended up keeping that car until it died and towed it to the dealer when I traded it in. The 3rd time was during a divorce and my ex stopped paying on the car. She finally gave it back but it was so far behind, I could catch it up and I couldn’t afford to pay for my car and hers.
That’s why it’s tough financing, everyone says I can make the payments, then a job loss and you get behind….but if everyone had 6-12 months of monthly expenses in the bank , that wouldn’t happen…we as people need to have a emergency fund, before we go out and finance a car, go buy clothes , go on vacations,etc…no one want s to do that..saving and having no life is boring extremly boring , but when bad things happen you have a nest egg to save your butt…car payments suck, they will keep you broke…
Same here. I lost my good-paying job & by the time I found another it was at 1/2 the pay. The 2.5 year-old car I turned in was in great shape, very clean. It was a lease. BTW, a collection agency called me & wanted the balance of the lease, which I couldn't afford. By law they had to give me a line-item bill proving the debt. They couldn't, so I ended up not having to pay it : )
I also lost the house I'd built & paid for for 5 years to the bank because I couldn't sell it fast enough. After years of struggling & poverty I now have a modest house & car that are just fine, car almost paid off, house payment very low. I guess we learn to survive. Thank God for family that helped me through!
@@toddprater14 If you make good money, YOU can do that. Not everyone makes enough to put money away, many live paycheck to paycheck and need something reliable to stay employed. Ideally everyone should have enough money to not live paycheck to paycheck if they only have basic essentials. That just isn't reality though.
Not to mention that oil changes and other maintenance were likely skipped which makes it even more unwise to buy a repo.
There are even people trading their cars into dealerships that are supposedly good used cars but ARE NOT. Most people don't do their oil changes on time. I believe that a majority of people never bother to change their transmission fluid and coolant. Probably 90% of people NEVER bother to change their brake fluid and power steering fluid.
great point!
I get my oil changed twice a year and I only put around 7500 miles a year , I had the tranny fluid changed at 40,000 miles and I have the brake fluid changed every two years on my Maserati
You’re better to buy a rental
But dealers sooo overcharge
I used to work for an auto auction, and honestly the saddest repos were the ones that had kids toys with car seats in them, and the ones where clearly someone was in such a financial situation they were literally using the car to live in because their circumstances were that bad, where they only had the car left for shelter.
Harsh realities of life, Sometimes person has no, Where to go.
@@Bseries-rk7gwp I relize this country isn't home of the free more of the home of the greed
Cars are a tool to help us not a money making thing same with a house
This was inevitable. Who can afford car payments leveled at $700 to $1200 a month? The banks are just as responsible for this mess, just like they were during the '08 housing debacle. History repeats itself.
It's only money, can't take it with you !
@frankm2145 funny that you use frankm as your handle. My given name is frank Miranda.
@frankm2145 No but you can leave debt behind for your family like a scumbag
Banks don't make people barrow money.
@@frankm2145 I contacted an offshore lawyer who assured me that, for $10K she'd make it so that I COULD take my money with me. Sent the funds, but never heard back from her. Strange.
$4.5k for that repo Hyundai is insane. Interior looks like a bear got in.
I have a 2015, the motors are questionable after 100K, crappy 2.4 engine is garbage
Dirty Mike and the boys got in there lol😅
The only hope is change the oil every 3k, and don't overheat. @@senedal
Had an 07, Sonata bought it from enterprise with 32K.
At 177 k the alternator went, fixed that. At 184 K, the motor gave up the ghost. I had been religious about changing the oil.
If I buy another Hyundai or Kia, somewhere between 130 - 150 K, it's got to go.
The 0708 and 09 Hyundai sonatas were good.Cars the current crop not so much
Buy used, pay cash. Never worry about a repo again.
This
Just worry about maintenance and parts lol
If gadgets bore you, get an older car, maybe 60-80s era, and it will never lose value. Vintage now, antique tomorrow. And the high miles just add to its splendor.
@@william6534 before you buy any car you should know how to maintain
How about those used car prices?
3:11 these repos look like section 8 renters. Destroy the house or apartment before being evicted. Basically call these section 8 repos.
Im poor
There are people that aren’t poor and section 8 and their vehicles are gross…if their car’s nasty inside, what’s their home look like ? Money has nothing to do with it-your either a clean organized person or your not.
@@toddprater14 you ever seen section 8 renters get evicted or move out? They trash the place when they leave.
@@blaakrosewhere I'm at many of those getting evicted will burn the house and all the stuff to make sure nobody gets it
If these blanket statements could be applied to ALL section 8 renters, they’d have been gotten rid of the program.
These are your experiences. Stop generalizing
Car prices increased 30% in the last 5 years - yet banks still gave loans on overvalued assets.
These are surely considered liabilities
Uhh duh banks love over priced garbage the larger the loan the more interest and liabilities.
I worked as a floor plan auditor for over 20 years and walked away from my career in early 2019 just before the pandemic. I saw the writing on the wall back then with where these dealers and the industry were heading. Longer financing terms, more negative equity getting rolled over…and more dealers treading water using floor plans. I knew it was only going to get worse and could never have imagined what we’re seeing now! The ridiculous escalation in prices, since I left the industry, has only compounded all the problems. I’m here to tell you that the automotive industry is in deep doo doo right now and there’s going to be some serious fallout over the next few years. Forget about EV’s…this is a complete industry about to implode. Guess what shoe always falls after the automotive market? I’ll give you a hint….you live in it….and likely have a mortgage. Well, I’m here to say, you better not let the repo man take your car…cuz you might end up living in it real soon!
Most banks in the town I had my lot stopped doing used car lot floorplans. I was thankfully an exception, because I only drew what I needed to buy the car, made any repairs out of pocket and paid off the floorplan draw the day I sold the car. But by 2019, I was out of the business and went back into what I was trained for, college degree in. Accounting. Just got too risky as the large chains were playing with "no down payment" plans. I just refused to sell without a decent down payment. Gotta have some skin in the game. I tried my best to make sure the vehicle was road ready so they would keep it, maintain it, and just make their payments to me on time.
People don't understand how interest rates will affect your payments. How easily a 30K car can put you at 700-800 a month in payments.
Car loan interest is supposed to be simple interest. These companies pull a lot of fuckery. Lets say you finance the full 30,000, and you have a crazy high rate of 25%. Thats 37,500 for the total, call it 40,000 with taxes and fees. 72 months would be 533/mo, 60 months, 666/month, 48 months would be 833/mo. Most people are going to take the 72 month option. You'd have to have a super high interest rate, no money down and a shorter term loan to be paying 700-800/month. Which isn't likely.
@@chrism8180 Not to mention gas, tires, and other service-related costs on top of that.
That's why spending money you don't have, to buy something you can't afford, is really really dumb. If not completely insane. Good way to destroy your credit I might add.
@@brianasbury8315Been there done that. Now I’m spending a lot of time cleaning up my mess so I can start over and be wiser this time around.
My boss had a brilliant way to get his "repos" back before they became repos AND it got him many more sales. He told customers if they couldn't pay to bring the car back and he would not hold it against them when they finally got money for another ride! This was pure genius because we rarely had to repo and he sold cars to multiple generations of the same extended families. Tom Henry (RIP) taught me much so I'm passing this on. He also never "financed" purchases which is a ton of paperwork. Vehicles were sold for a flat price with no bonus for early payoff (though he would cut folks a break if they were reasonable people) so he technically was taking payments but NOT extending credit.
If payments aren't enough, fuel is going up and insurance is almost doubled from same time last year.
If you can even afford a beater with a heater, your doing better than half of America.
I'd like to know what happened with insurance. I'm 57, driving the same car I've had for five years. No tickets for over ten years, no accidents for 30. Yet when I renewed my policy it jumped by 90%, almost doubled.
My insurance doubled it’s ridiculous
You’re paying for the 30% of uninsured motorist on the roads who leave the scenes are accidents. Welcome to socialism.
@@christopherconard2831EV cars. The cost to repair EV cars- even in minor accidents- is driving up insurance for everyone.
Some of those cars are bio hazards
Haha
😂😂😂😂, KING
Really?!?! A Dodge Dart with 221,000 miles...(call Ripleys😊) and possible head gasket still$1,100.00 P.T. Barnum would be proud.
I bet they moved the odometer forward!
Makes me wonder a) Who couldn't pay the loan on that, and b) Why did they bother repossessing it. If I was a car dealer or a bank and somebody couldn't pay the loan on that piece of shit, I'd let them keep it. Why make their life even more miserable than it already is.
"Unbelievable? Believe it".
Ripley's was one of my favorite shows to watch.
@@peterwilson8039to make a point and keep their BS debt system afloat that keeps them in power. It's all about power, it was never about money.
@@peterwilson8039to make a point and keep their bs debt system afloat. It's all about power, it was never about money
Even if I knew a vehicle of mine was going to be repossessed I wouldn't treat it like that. These people weren't raised well. Which is probably why they buy things they can't afford in the first place.
Bloody hell! That blue Sonata looked pretty good on the outside but the inside was shocking and they paid over $4k as is for it? 🤦♂️🤦♂️🤦♂️
Better that motor consumes large quantities of oil
Nothing a $275 detail couldn't fix
I'm near Detroit and I have a repo lot at the end of my street. They have tow trucks lined up to drop off cars at 3 am.
Seeing less of the charger and challenger Repo and more of the "normal" car repo. Bad sign for the economy for sure.
that is definitely not a good sign
The "normal" repos have always been out there, the charger/challenger vids have run their course. It's all about the views.
"Normal" cars have always been repoed the most. Thing is, many of y'all hate people with nice things, so these content creators feed y'all stories where the bad thing is always happening to the person with the nice car, the nice house, the nice clothes. Otherwise, I've looked at data and over the last 5 years, the most repoed cars have always been regular cars.
@@IM-qy7mf Whoa mang, you ain't gotta prove to the world you drive a nice car. Did you look at the last 10 years of data what about the last 5 months? Sounds like you need more data and a better car. lol
@@Dobbs6651 Where did I say anything about what car I drive? Seems like the truth triggers you, but it's okay. You will live, "lol".
Even if my car was going to be repossessed I couldn't treat it like you have shown Brendan
When sold to the public around 1913, the Federal Reserve was "going to stabilize the economy".
Since then we have had around 60 recessions and two Great Depressions.
Preach brother
One of the biggest lies ever told. It was about currency manipulation and control. The Federal Reserve needs to be abolished and we need to return to the gold standard.
The economy has been cyclical long before the establishment of the FED. Keep in mind, there’s two parts to managing the economy: fiscal and monetary policy. Monetary policy is the responsibility of the FED but Fiscal policy is the job of our representatives, much of which they’ve abdicated to the FED to control through monetary policy. No politician wants to tell anyone no because the next guy will only say yes to get voted in. Let that settle in before you blame the FED for everything. I think the FED has been asinine since the pandemic started (before that too but not to the same degree), but it is in some part because the people on Capital Hill can’t make fiscal policy that works.
Just another means of wealth transfer from the lower to upper classes, along with leaving the gold standard. Most people I point these things out to laugh like I'm crazy. "It's the greedy corporations" they say. Everything is going exactly according to plan.
Finally a Smart comment!
Many years ago I knew a woman who needed a car. We went to the used car lots to look. In the back of the lot was a yellow Ford LTD in nice shape. They were slated to go to auction.
I asked how much it was, he said $1200. I told him it was for her, he sold it to her for $250 cash.
When we got the title, it had already been sold and repo’d three times he said. He already made his money on it. 😇 She was very happy with it.
Good dude to help that person out 👍
Women ☕️
a car's good ending, after an awful character progression...
He went from 1200 to 250
Times are hard,economy sucks, inflation is high,rent/food/gas/insurance,etc. are up. People can’t afford to live !
Yep this country sucks now
Wow people spend so much time inside their cars, buying one of those repossessed cars is like buying somebody else's dirty laundry.
That Sonata from the first half of the video... hopefully they were able to decontaminate that guy who had to drive it down the auction lane. Dude needs a biohazard suit 😆
Same as the housing industry on 2008 2009 2010. There needs to be tougher penalties for not paying.. also this was a case of the industry shooting itself in the foot. 2020 2022 car prices were driven to a stupid high by the dealers. You reap what you sow.
Lending on over valued vehicles.. price gouging by the dealers in the lenders giving stupid dollars to pay for these high gouged prices
It takes 2 to tango. People buying new cars they can't afford with the blessing & sleazy smile of the bankster. What could possibly go wrong...
Seen from Europe it's madness: We save for years then buy cash the new car for 25 K €. Loan is only to buy a house & we try to repay it as fast as we can.
Owned all of my vehicles for five years. I do want a new truck but I’m waiting for maximum pain then I’m gonna pounce.
No way. The prices are to high for the junk !!
I've also seen Mortgages defaults going up by a huge margin...
2008 all over again?
@@EllieMaes-GrandadWe are practically already there. The media is just going to downplay it much more this time around, I suspect.
I have absolutely no sympathy for these dealers. They've been rolling in dough and ripping consumers for the last few years. Now they can't move cars..... Too bad
Sleep in that bed you've made
Those cars are trashed and the bids are crazy high on those turds.
I recently bought an absolutely spectacular repo. A 2019 Honda Pilot EX-L (leather). Love it love it love it. Exceptionally clean. New car smell.
Where did you got it? Auction or dealer
@@esau1620 A guy that sells repos for banks. Kind of a dealer but a specialized dealer. Represents banks exclusively.
@@DMS20231 "banks exclusively"... aren't they are the only ones who ever had a titled interest to "repossess" cars anyway?
@@inTruthbyGrace Yes. What’s your point?
His only business is representing banks.
I didn’t say he represented anyone else on repos. Just that he only represents banks (without saying repos).
Grow up. And learn English.
@@DMS20231 I was just asking, maybe there was some other layer you knew about or were avoiding. Enjoy your new car!! Safe travels! :)
Our local Repo Depot went from getting the "toys(Chargers/Challengers) to Audi, Lexus, work trucks, and "Normal " daily drivers. This is gonna be bad! Credit for using the ratchet strap for keeping the trunk closed!💪👍👍
Paid my four-year car loan off six months early with my stimulus check in 2021 while friends/family used their stimulus checks to buy more shiny baubles/things they want, but don't need. They are still in debt while I have been out of all debt (home and car paid off and no credit card debt) since May 2021. It feels like a load off my back no longer having any debt.
you got a stimulus check in 2011? Are you from the future? Or the past?
@@drewmcclintock7034 Thank you for pointing out my typo.
What are we supposed to take away from this self-congratulatory comment-that your family and friends represent most people that are in this situation, therefore most people who are facing repos are irresponsible?
@@IM-qy7mf Pretty much, Yes. People who are having respo's certainly ARE irresponsible with their money. if they weren't, they'd not be facing the repo!!!!!!!!
I'm glad they never perfected "smell-o-vision" videos, some of those repo's stink to high heaven.
Oh the smell of vision is still coming! Lol!
Sweet. Cant wait to buy some of these for super cheap when the dealers can't unload them.
Pay attention to what is not there. Some model simply never appear. Why? They are the quality vehicles you want. Forget anything you see here. Simply reject it.
Didn't see a single Merc or BMW.
I will always maintain that recession doesn't affect rich people. Being poor is a choice.
Admittedly perhaps not a conscious one but a choice non the less.
You are poor because you make stupid decisions, you will never get ahead with a repo man chasing you.
Life is a lot longer that the couple of months you get to drive someone else's brand new car for "free"
Very valid observation. You can really profile people by what kind of car they own or use. Budget conscious disciplined folks and real wealthy people both treat their rides well & won't send their cars to auction hell.
no Toyotas
@@MrMrKeeg Toyotas are run by people like Scotty Kilmer.
Would you go anywhere near his house?
No Toyota Priuses in sight! I own my 2017 Prius, title and all. I bought it used for 12k, and it was one of the best deals I ever got on a purchase. It runs like an angel on wheels.
so glad I don't have an Auto loan right now. I don't have a car anymore unfortunately, I totaled my car in January. I am a bit board and disappointed at myself but, I took the money from the net payout.
The money insurance paid me after they paid off my bank and, Invested the difference.
Much more wise Financial decision!! Paying Myself Interest instead of the banks 🙌
Hello. That is what is going to happen repos are being repossessed because payments are too much and some people just do not want to make the payments anymore.😊👍
Not all repo's are trash. I have bought several from the banks over the years. They're just like any other used car, you have to check them over before you buy them.
That nasty Hyundai was cleaner than the Nissan Rogue with 70,000 miles on it Hertz tried to rent me last time.
I’m sure that means banks are losing their butts off also with this.
BUT, they write it off as a "business loss" and sell it to a 4th rate collection agency who WILL haul you into court and have your wages garnished. So everybody (except you) comes out way ahead.
the owner is still responsible for the difference in what it sells for and how much was still owed. It never ends well for the original buyer.
Not gonna lie, my Ally Bank account is making me nervous.
@@MrTommyboy68 file for bankruptcy?
@@Number3boyz It's not as easy as you might think. And if you are a middle aged person and apply for a new job, they CAN AND WILL use that against you. I know many people that were denied jobs because of a bankruptcy or bad credit.
Repos should be known to the buyer. I would NEVER knowingly buy a repo vehicle. Guaranteed they never changed the oil or did vital routine maintenance on them. 😊 Thanks for the auctions I really appreciate the market updates 😊
You are spot on. Knew an ahole that knew his truck was going to be repoed and intentionally trashed it including overreving the engine to the point of disintegration
they are if you pull the carfax. these are dealers buying, not normal customers. most pay for unlimited reports so they know ahead of time, or could if they wanted.
Not true. My husband works in the oilfield and in 2008 we had a bad ass Dodge truck and a nice Chevy Tahoe, but unfortunately when Obama got into office the oilfield went to crap and my husband got laid off. We could only afford one payment and with kids, we made sure to keep our Tahoe payment made. We took great care of that truck and it ended up getting repoed. It was in such good shape that when it was auctioned, we broke even, so we didn’t end up owning the bank anything.
Those that know they cannot make payments and destroy the car in the process should be liable
I would’ve named the bugs 🪳 Curly, Larry, Moe, and Shemp 😎!
You know I often see new cars coming out and want to buy one like the new Charger with the 6-pack, but also I like the fact I outright own my 2 cars and don't have to worry about payments and such.
Bad economy for sure ! PAWN shops are really busy !
I work for a Dallas repo company. I locate the cars. Sometimes the drivers return to the cars before the tow truck gets there. Every driver I've had to follow drove like a crazy person.
"Every driver I've had to follow drove like a crazy person."......well.....somebody was following them.
That's funny; but none of the people I've followed to their homes or work knew I was there. Otherwise they wouldn't have left their cars alone when they arrived. Once I reported to the tow truck driver where they were, the cars were recovered.@@yourhandlehere1
@@yourhandlehere1 ding ding ding.
If the trunk is glowing, you don't want it.
A Repo Man is always intense.
@@james-p When they cancelled the project it almost did me in. One day my mind was literally bursting....But I showed them. I had a lobotomy in the end.
The back seat of that car was not a crime scene, it was explosive diarrhea from someone. 😅🤣😂
Thanks to this video I finally understand. Many years ago due to various circumstances I went bankrupt. I had to hand my car back in. When I knew it was happening, I called them and let them know that there was no way.I could do the payments anymore. What would they like me to do? They said they'd have someone come and pick it up. Is when they got there it was spotless. I'd cleaned it inside and out. There were no marks on it at all. The repo guy was supernice and friendly and kind. He said thanks a few times. I couldn't figure out why he was so nice. Thanks to videos like this I now understand.
You are a decent person who had a bad spell come your way. $h!t does happen to everyone even through no fault of their own. Thanks for sharing.
Always try to sell first… sell sell sell…
This does matter later.
this is true. However a lot of times when a lot of times people lose their job and house at the same time many others are they can't sell for what they owe. 2010 was a great time to buy a house or car, bad time to sell one if you lose your job. @@thatguy7085
@@thatguy7085A lot of people in repo situation cannot sell because they owe more than the car is worth. Financing a car that looses value much faster than similar price/style vehicles (or has higher maintenance) is a huge mistake that many people are in because of predatory loans and lack of knowledge. I am so grateful that I own my 2017 Prius. I bought it three years ago, and it's worth more now than what I originally paid for it.
I have a 2004 Jeep Grand Cherokee with 274k miles that's been paid off since 2007 and a 2013 Chrysler 200 with 147k miles that was paid off in 2018. Bought myself a GMC pickup truck in 2020 when the interest rate was very low and that payment felt like a smack in the face since I already had 2 fully paid off perfectly running vehicles. After 10 months, I sold it back to the dealership. Can't imagine payments on vehicles now. 😅 no thanks!
NGL...I saw this coming a year ago...but it's always nice to see great content that justifies my previous thinking...
The blooper reel is absolutely gold...it shows that after a nicely polished vid...there WAS some polishing done.👍👍
There is an economical crisis in USA which hurt people much more than you think ! Homeowners are evicted from their home because of high inflation and cannot pay their monthly payments.Many have bought house,cars which they have bought which is too expensive for them.
We all saw this coming one-two years ago. suprised we arent seeing more pickups as repos here. they are astronomical new.We all saw this coming one or two years ago. I'm surprised we aren't seeing more pickups as repos here. They are astronomically expensive when new.
Never hear about it on the news!
The News is PHONY. All of them are ACTORS. Or they're COMPROMISED in some way. They will read whatever's on the screen for their paycheck.
Wow, this is scary stuff! I never realized how many repossessions are happening right now. Makes me worried about my own car payment. The part about people not knowing if they're buying a repo is especially eye-opening. Is there any advice for how to avoid buying a repo car? 🤔
if your not mechanically inclined, not really, usually if im gonna buy a used car, especially an older one. I take it for a test drive, preferably the lots where the dealer dont wanna ride along, cause then imma stop by my house, and pop out the fuel injectors stick a bore scope down the pistols to look for evidence of excess wear and tear for the year vs milage. for the average person tho, your kinda just going off traditional things to look out for and hope for the best route.
This is the result of the market leading that 'back to normal' charge immediately after the initial flux of infections, as if anything can actually go back to the way things were before 2020. Things have changed a lot and it doesn't appear to be getting better any time soon.
What really bugs me, im 30 years old, i am making the most money i have ever made, more than most. Im a homeowner, my wife has the nice family vehicle, meanwhile my daily is older than she is and i have done so much to it over the years that i cant bring myself to sell it. These modern car prices make me sick. There is no reason someone in my position should be apprehensive about buying a nice 3 year old half ton truck but between inflated prices, interest rates, insurance, and fuel im forced to keep my 29 year old 7.3 f350 with 320k miles because while it drinks fuel and rides like a covered wagon, at least i know it will drive 88 miles a day for years to come without a payment or major issues other than crying when i need to fill it up.
The new trucks arnt any better. I drive a 1995 ram [paid 700 dollars for it] it gets 14 to the gallon, was sitting next to a guy in a fancy 2020 chevy 1500. asked what that thing got city, he said about 18. I never laughed so hard in my life. I couldnt imagin flushing 90K+ down the drain for 4 more miles per gallon.
I have an 06 Volvo XC 90 and just got an 05 Buick Lacrosse (I got for $200 from a resident's sister in law) and have a few minor things to fix, but I keep up on the usual maintenance on them (insurance is a REAL pain) but have no car payments. I don't know how people do it.
Insurance is stupid. I bought a '68 Corolla for $300, I've been driving it for 36 years. My only car. I have about $4000 in the car over all that time.
I've paid over $25,000...to be "legal" and STILL have to pay taxes on it every year.
The White Honda was butt kissed Brandon , LOL
Hahaha
Why can't they junk it for scrap. Why go to auction?
@@bloodCount8895 Scrap price is probably a few hundred dollars. They will get more $$ at an auction.
The former owner of the white Hondas name was Richard
Some of the damage is malicious. Some people get mad at the folks that sold the car to mentally avoid taking responsibility for their own poor decisions. I do not take out loans. I think I only had one loan ever and it was for school. After that I pay cash for everything from houses to cars. Just save up till you have the money. I never had a new car until I was 46. I also rented until I was 46. Save early to have an easy life when your body gives out. I missed out on lotttts of fun when young and I am kind of grumpy about that BUT in my 50's I know I made the right choice.
That's a very smart way to do it. We didn't go quite that way on a house, but we had a substantial down payment. It took a few years, but we paid it off. Our last 3 cars were paid for in full with cash. Boy I hate borrowing money. It's dang expensive and it can ruin your life (and your credit)
Every time I watch your channel I'm reminded why I do not borrow money to acquire a vehicle. Buy the best vehicle you can afford to pay for in cash, including average yearly service costs for the time you expect to own it. Let's say that I want an Audi A4. They had oil consumption problems after 2008, so I buy a low mileage 2008 in 2018. My previous car was a 2000 Audi A4 that I owned since new, so I knew exactly what the yearly maintenance costs would be for an average Audi A4. I bought the 2008 because I had the price in cash, and my yearly maintenence cost since 2008 has been around $2,000-2,500, same as the old car after the warranty expired. Note that in Michigan we have terrible roads, so $500 of that is yearly suspension repairs. If you buy an average, used German car for $10,000 and hope to own it for five years, your actual price will be $20,000 or $22,500 in Michigan. I budgeted $8000 (initial price) plus five years times $2,500 = $22,500 as the amount of cash I needed to own the car until now with proper maintenance and without running into financial problems. You have to be a grown up and use the correct math. If you finance a vehicle, the actual cost is down payment + (payment amount * number of payments) + (typical maintenance per year * number of years). If you can't afford that, you can't afford the car.
*excluding insurance, but we're talking about used cars so unless you're a drunk driver that's in the noise.
The thing about privileged people is they tend to be the only ones blind to it. How long did it take you to save the $20,000+ necessary to afford the car per your own thought process? How were you getting around prior to owning the car? How long was your work commute if you worked on site at the time? Given that a car is but one aspect of an individual's life, how were you able to pour so much cash into the car while still tending to other aspects of your life requiring money? What about emergency funds-how, if at all, were you able to build one in the meantime?
Answer these questions and you will quickly see why your advice is impractical for the average American. Car ownership doesn't happen in a silo; "correct math" would consist of taking everything else in account when deciding whether buying cash makes sense for the prospective buyer (it obviously made sense for you).
Last bug is "Sven". 🥰
If a bum is not making payments, why would he bother to, say, change the oil? I would assume all repos have had really bad maintenance. No thanks.
But the consumer apparently has no way to know if a vehicle is a repo. Maybe there should be a law about it.
My local auction has one public sale which are repos to four dealer sales a month. And dealers outbid the poor working man trying to buy a work vehicle. This auction even stopped putting any MSRP on any of the vehicles.
i paid of my car on early 2020 and dont regret keeping it 9yrs strong and no more bill for now
I think one difference between 2010 and now is the crises had already happened then. We haven't even had the crises yet this time.
I was just telling my boomer future father in law that bad auto loans will be the next subprime mortgage type disaster. His confidence in the economy is pathetic
I don’t think it will, the amount of subprime loans that default in the grand scheme is low. It’s more likely CRE ruins things compared to auto loans
There are several other bubbles that are ready to burst as well. Whoever has faith in this economy knows very little
Normalcy Bias.
Your FIL is not wrong, and I can give you an example from the video itself as to why. They tried to sell the first car, the Hyundai Sonata, for $6000. It didn't work and the ask fell all the way down to $1500. But notice what happened at that point. Bids started pouring in, the prices quickly rose back, and the car sold for $4400.
That is, when the prices were falling, it is not as if the buyers/bidders didn't have the money. They did, but got greedy and did not bid hoping to score a lower price. But when prices bounced back like a V, the fear-of-missing-out (FOMO) took over, people quickly started bidding, and the sale happened at $4400, much above the lowest ask. The car sold 25% below initial ask.
The same will happen in the larger economy. Yes, there will be a downturn and prices for many things will fall so hard that it would look like a price-crash. But it would not last long, I would say no more than a day. Prices will start rising (from that low point) very fast, and would stabilize much higher, just like what happened with the Sonata. Very very few people would be able to take advantage of the dirt-cheap prices. Most poeple will have to settle for much higher prices.
He buys bidenomics
repo titles are often branded, also on carfax, hyundai looked like it had flood mud
Jeep/Chrysler is crashing .. prices have flipped 180 since last year here in atlanta area. those Repos are "Nasty"
CKQ people have to have that ride! Keep up with the Jones's. People like me, ya gotta learn to live with the old car. Keep fixing it, especially if it's paid for and runs and shifts good.
I see so many posts on reddit of younger people buying cars they cant afford and everyone telling them its a good thing because life is so short
But how can you drive a vehicle if you don't have a 52" touch screen in the dash?! How can you drive it if it doesn't have a 75 star safety rating?! How can you drive it if it doesn't have adaptive cruise control?! You *need* those to drive!
(sarcasm)
its repo season ? shoot I still have my Christmas lights up
Five seasons in a year now.
Im lucky to own three older vehicles, the newest one a 2007 model. I have NO plans to sell!
Great video. Thanks for posting this. Have a nice day.
Saw a dealer write up. Trade in 46 value, 300 down and for 49,000. 8.8% interest 7 Years, finance charges were like 28,000+. Total cost came to just over 100,000. That is why. Monthly was like 12, 1300. The cost doesn't come close to the common sense factor and the financing guys just go with it. I am just hitting used car lots and take chances with their half arsed fixed up auction cars for a fraction of a new or almost new car. Put the ego to rest. Buy a dependable beater and wait until prices drop and rates settle down a tad.
This is what happens when people buy what they can't really afford.They don't look ahead and become a slave to those payments, that is, until they can't or refuse to make them anymore.... Live within your means!!
Great Recession de ja vuuuuuuu. Origins? Sub Prime Rates. That stench is banking gone sideways.
I wouldn’t even pay more than 300 bucks for that white Honda
Most i ever paid for a vehicle was $25k for my 2012 Powerwagon six years ago and i thought i was crazy.
Sir you are so right, thank you for all the help and information. God bless you and your family and company.😊
Sadly my car was stolen and trashed. Had to sign over the title and give the tow company over 300.00 to pay the bill. Now no vehicle and can't afford one
2013 Dodge dart repo? Who gets a loan on any 11 year old car, let alone a Dart?
May have been 9K 2 years ago.
Some people are animals. Did that owner of the Sonata chew the door padding?
😂😂😂😂, king
0:30 I always love when Brandon says this because my car had 15 miles on it when I got it--and 10 of those were delivering it to me at home. 😃
But Uncle Joe says we All Good !
Looks like a scrapyard
My car is paid off 100%.
Waiting to get a decent deal on used manual.
Don't need one.
Just want one.
I can wait.
My Escalade was a repo, it showed on the CarFax. I bought it anyway because it was in such good shape. Someone did love it before me, dealer added chrome mesh grill, Billy Boat exhaust, sounds nice. Non-chipped buttons on climate control and nav unit, seats and interior panels perfect. I did buy it with 60k miles though, so it's not like it was a 180k mile repo.
I used to be really bad with money. I filed a consumer proposal and the bank that issued my car loan was actually nice enough to completely write off what I owed on the vehicle due to the fact that I had filed a proposal and turned the keys in with a good condition car voluntarily. Sometimes if you cooperate you get lucky.
It’s the greed of manufacturers and dealers and the compliance of loan companies… when everything costs more than it’s worth and repairs insurance ect all cost more on top of the too high costs … you get this mess. I don’t understand why banks don’t go ahead and refinance the loan to try and salvage the bulk of the loan and help the car owner … or just wait forever to repo
These people run these cars into the ground and don't care because the game plan is to let them get repossessed.
most of these new cars are throwaway anyway... none are built to last and none stand from the crowd.... being run into the ground is literally why they exist.
Great video as always, sir! I DO like the blooper reel; it humanizes you and shows us that even an experienced UA-camr has his not-so-great moments. It would be fun to go to an auction with you. You could sell tickets.
I live in NYC, the hood, and grew up during the last of the local junk lots era. Meaning nearby makeshift used car lots that were mere abandoned yards where a building once stood with some guy selling a few used cars in them. No office, no nothing, just cars from an auction put up for sale with a number on the windows written in shoe polish. And other folks in the area would pay to house a car there while trying to sell it off too. All you needed was a good decent mechanic to go with you to check the vehicle you wanted, test drive it with the yard owners makeshift dealer plates, make an offer cash on hand, and off you want with the title to the DMV. Never an issue aside from normal wear and tear here and there. 8 cars to date (Camry, Grand Am's, Saturns, Fords, BMW, etc). And now? Ha! Good luck finding a used ride out there at a decent value.
That Range Rover is still there. Check out that dark grey Range Rover, facing the street. Awesome videos.
Market adjustments should be called additional Negative Equity.
The worst part about buying a repo that looks like that inside; you can only imagine the lack of oil changes and basic maintenance for however long that person who was being repo'd drove the vehicle. Which will likely lead to a massive headache for the next potential new owner later on down the road.
That's a dramatic thumbnail Brandon! Love it! 😂
This is what happens when you have a mail-in President !