Car Loans Are Destroying the Middle Class
HTML-код
- Опубликовано: 27 янв 2025
- Car loans are more dangerous than ever, with rising prices and extended loan terms threatening the financial stability of the middle class. In this video, I dive deep into the shocking truth about 84-month auto loans, their hidden costs, and the devastating impact of negative equity and depreciation. Learn why lower monthly payments can actually cost you more in the long run and how car loans are eroding your financial future.
Subscribe to the channel: / @millionairemindsetclub
Join our channel: / millionairemindsetclub
Follow on Facebook: / millionmindset.club
Note: We are not financial advisors. The videos posted on this channel are for educational purposes only and merely cite our own personal opinions.
I completely agree. Monthly payments erase monthly cash flow. Dave Ramsey’s book explains it all
Car loans are destroying the dumb class.
Some smart people are paying $1200 a month in payments
@@anumalam3112 agreeing to a $1200 monthly payment makes them not so smart
IF you have the money and are planning to keep the car for at least 10 years. It may be more beneficial buying new. Some owners abuse their vehicles at low miles and then sell it back to the dealer. If you're going ti be paying alot of money for a used car that you are keeping for a long time, you might as well buy new. This is always overlooked.
In my opinion, the answer to that is certified used. it get's you 50,000 mile, 5 year warranty.
@MillionaireMindsetClub i see your point. For someone who is trying to save as much as possible it may be the best choice. I've just seen so many issues with new used vehicles for that reason, and considering this i can only imagine the issues persisting past 100k miles because of the initial wear from original owners.
Pay cash. If you have to get a loan, you can’t afford it. Simple.
I don't even have a car
Paying cash is ok. But 3 mos later you hit a deer and the insurance company doesnt give you $hit for it. Take a loan out but pay it off in half of the time.
Why wouldn’t your insurance pay for a totaled car? Your comment makes zero sense
@Costa-rs9sz pay less than its worth due to depreciation thats what i meant.
@@SkeletalMisunderstanding put a mad max bumper on the front lol my sister got rear ended in the 1st 80 miles she got her Honda new. Someone was texting. She wished she didnt pay cash. Least with payments you wait 2 to 3 years 2 pay it off. Make it a hybrid. You own half and the bank owns the other half! Gives u cash flow. Depreciation hits hard the 1st 2 years.
She lost $5500 off due just to driving off the lot
Some insurance policies have new car replacement but thats a joke
There is nothing wrong with thinking about the whole monthly cost of owning a car but the problem is people don’t do that. Let’s say we get a 12,000 dollar car and pay enough that this is the loan. The car payment for 6 years at 9% interest is 250. But that isn’t the full cost. There is insurance, and maintenance bills. Or we look at a 6k car that we don’t need a loan on. Sounds great to get the 6k car except you will need to figure 3k year on maintenance on the 6k car vs maybe 1.5k a year for the 12k one. Also the 6k one will last you 3 years max so let’s say 3 years before it is mechanically dead and you get 400 back for it. While you might get 6 years on the 12k car with 6k back. The 12k car is now saving you a lot over the 6k car. However if you only own the 12k car for 3 years then you will be better probably to get the 6k car.
I disagree here, you might need that cash for rainy day. If you have the cash put a down payment with less years on payment
No one is saying you should spend all your savings on a car purchase
Just buy a less expensive car then...
Some people can buy a new car cash without depleting all of their cash reserves.