I’m a property trader, last year had a young guy turn up in a newish Lamborghini and offer on a fix and flip deal I was selling on, we chatted about cars, his Rolex batman etc, he’s all kitted out in the right clothes etc, puts down a 5% reservation with 90 days completion, as we are ready to complete (close) there’s panic with him and his partners they can’t get the funding together and are trying to switch names on the contract etc and the deal falls through, I keep his deposit, fast forward three months and I complete same deal with a middle age guy driving a Citroen white van, all cash completion 30 days from offer. I’m mid 50’s, been in business 25 years plus, all that matters is what you and your accountant see😂. Look there’s nothing wrong in having very nice cars etc, I’ve done it too, just delay the gratification until it can be done with ease.
@@Lokey_8664 think that’s a bit of an urban myth and Americans trying to look folksy, the 8 figure entrepreneurs I know do have Ferrari, Lamborghini etc and mostly daily Range Rovers or similar, dress sense seems fairly label free. I have no issue with living any lifestyle but people will quickly burn bridges and reputation if they put out being a big one and can’t perform.
@@SonniTheDog He held up the property selling for 90 days (and turned away other potential buyers). It cost money to hold it. I'm assuming this was an expensive, luxury property with heavy holding costs.
The moment he said his income dropped from about 30k to 10k, I immediately suspected a scammer who sells expensive useless course or something to do with crypto scams
When I was 9 years old or such, I was playing Need for Speed: High Stakes. I saved up all my money racing Class B cars to afford a Class AA, Ferrari F50. My first race with it I was unused to the speed and got into an unbelievable wreck. Now the wreck when sold was not even worth the cost of a Class B car, and I had no money to afford a repair. This lesson I learned at such a young age basically saved me as an adult.
No one is coming to save you. We have all done silly financial mistakes but the important thing is to try to not repeat the same mistake again. I see it all the time. People buying flash cars and expensive clothes on credit. People getting into debt to keep up with a false image. My window cleaner is a lovely man. If you saw him, you would not know that he lives in an upmarket neighbourhood where houses start at £800,000. He doesn't brag and he doesn't show off. After a year of knowing him, he told me his life story of his career and how he earned his money in owning hotels. This completely fascinated me. When I asked him, "why window cleaning?" He replied, "I enjoy it. I've always wanted to be a window cleaner. It's a shame that I do not get the level of respect as I did when I told people that I am a hotel owner". He said that I was the only customer who treated him well with respect and manners. Moral of the story: Do not judge anyone by their job and certainly do not get into debt to try and prove something to others. It's not worth it.
Incredible that someone making $10k-$15k a month still lives paycheck-to-paycheck, but the car he has tells us why that is. Living at the top of your means is a recipe for financial ruin.
Lol you have no idea i live in NYC and would you believe me if I told you most people in high finance live paycheck to paycheck? Especially those Asians they LOVE to keep up with the jones.
When I was an engineer in the oilfield making more than the hourly employees they were driving $80k vehicles and I was driving a paid off 12 year old sedan.
@@dustind9242 that’s really what I don’t think people understand, even making that kind of money you’re still not some ultra wealthy yacht owning playboy.
Exactly, $80k or 10% of what he spent should’ve been the budget for a splurge car on a highly variable $360k/year income. He could’ve easily got himself an entry level supercar like a Gallardo, GTR, or R8 and had 90% as much of the clout to the average person.
This is madness. I used to work in a casino and I've seen countless people do crazy thing like this. this never ends well. my man still wanna keep an image. Go figure
I currently own a 2007 Audi A4 car in great condition that sails through its MOT every year. It’s a car that’s fully paid off ie no car payments and I have no intentions of changing my car anytime soon. Fancy cars are great but they don’t call them “wealth killers” for nothing! Only buy cars that are within your means.
Go back to the bank, offer to give them the car and see if you can work out a payment plan on the negative equity. They don't want you to default either. This is salvageable, but you need to act fast.
@@justinbernardo8240 How long will that take? A month? Two? All the while he's bleeding $10k a month and having to take out loans to pay rent. Selling privately is what you do when you have time. Not when you're about to become homeless.
11:53 hindsight is renting an exotic car for his social media image or different cars for his image at 10-15K per month. Something doesn’t add up. Who sold him the sf90?
Always save and spend, as if your job market / sector is going to dry up next week. They always do, even if only temporarily. You can't predict everything but overextending - even with an educated guess on returns - is dangerous.
I know someone that got one in 2022 at mecum for 720k but he paid cash. I don't think it'll ever be a collector's model with tech. Horrible financial investment!
Possible solutions without selling the car: 1. live in the car 2. go back to live with your parents 3. find a rich gf 4. rent the car out 5. go drive uber earn extra cash and cut down expenses 6. take pictures and videos of the car and be famous on youtube cause you own a ferrari
I will only buy second hand cars for less than 3k. This is why i retired at 56. A car just gets you from a to b. If you need to impress someone use your personality.
I would never consider a new car. My last car was purchased when it was six months old and lasted me over 19 years. Like you I retired in my mid 50's. I can't see the point of buying an expensive car with money you don't have to try to impress people who judge you by your possessions.
I just bought a 2022 Honda civic. Put a decent amount down (7k)- but then got convinced to buy two warranties and they rolled the taxes and plates in. Which I was planning on paying separately but they told me it’s state law you have to pay then. So I assumed it was taken out of the 7k (23k car). But I then realized I still have financed 23k. 😮 the car will trade in for 23k right now. So I’m seriously considering selling it and taking the refund of the warranty and taxes and buying a cash car.
@@hellothereyouall if you’re in the US, you can just call and cancel the extended warranty. They’ll probably do everything they can to try to convince you to keep it, but ultimately they’ll have to give you your money back. A Honda Civic will never need one anyway.
That’s a silly thing to say Cletus (awesome meme btw) Is someone can afford a Ferrari and they want a Ferrari then they should get one. This guy couldn’t afford one hence he financed probably 100% of the cost
I know a few guys that flip high end cars. Timing & THE right car is everything. Buy it new, drive it a few month/yr keeping mileage low. Sell back and make 100% of you funds or a lil profit. He just gambled and lost. Market is crap right now
I make about $95k/year(with more future raises) and I drive a Ford F150 XL that I bought brand new last year for $44k. I get the comfort, the reliability, the enjoyment and the occasional compliment. And it leaves enough money at the end of the month to build my side business, pay off other debt and have a good standard of living. You don't need a European supercar and you may not need a $5k cash beater. Just live within your means.
You're so American bought a big ass truck for no damn reason 😂 I can almost guarantee you have no idea how to use a hammer or install lights😂 Like you I own a high end car rental business at 36 and im about 500k negative equity with roughly 20+ vehicles. And I love it because I pay 0 taxes on the income my businesses generate 😂 Boy I love the American system ESPECIALLY when they teach you how to PROPERLY play the game.
same i make a touch more 125k/ year. i bought a an 22 acura mdx a spec last year. i have friends who make way less than me driving new bmws and benzs but their so upside down in them its crazy. i sold my house and moved to a dif state so i was able to buy the car outright (about 51k)
If you are paying $700,000 for a Ferrari, with 10-11,000 dollar payments AND you had to take a loan out for RENT? You need to seriously examine your priorities in life.
I bought my dream car this year, brand new Porsche 911 (992.2) in jet black metallic and Bordeaux convertible roof fully specced but I paid cash for it. I don’t understand the American mentality of financing things, there would be far less honor in owning it. On top of that if you pay everything cash then you can keep it even if your income dries up.
Lease new or purchase pre-owned certified exotic cars if you're going to play in supercars! 5-10k a month payments and another 6-8k a year with Haggerty for insurance.
Fiscal responsibility is a lost art by the masses. Same thing I see in so many younger adults today, where they are driving a brand new $40K+ car, using the newest $1K smartphone, designer wardrobe, and thousands in credit card debt while fresh out of college, and complaining that they aren't making as much as someone with decades of experience in their career field.
The guy probably think he could drive the car around for a couple years and sell it for more than what he paid for considered that was what happened during covid...what a dearly mistake!
We've all made bad decisions with cars but this deserves a special award for stupidity! Mind you, on a related issue there is a wider story about the collapsing depreciation values of second hand EV's which is going to leave some with more financial headaches.
Some people lose the ability to understand numbers when it comes to cars. A lot of my friends and coworkers over my lifetime have thrown away a substantial portion of their income on automobiles. It's a blind spot.
Jason got good advice there. No easy way out of that situation, and I'm not sure Jason will even act on the advice he's been given. He, unfortunately, seems destined to repeat this process, and end up in a cycle of increasing debt. I'd imagine he's relatively young, so I hope he can sort his life out. You make great points about the fake online lifestyles that lead young people down this road. It's sad to think of what his life could have been like, if he'd gone for an affordable car and invested his earnings while he was doing well.
The way this guy conducted business for himself happens all the time in the UK. You see guys with solid gold Rolexs , PP watches, driving 100k plus sports cars, most are brought on HP or other hired contracts. Unless you have sufficient funds to buy luxury goods, most folks will have finance the items
So insane bc during that time that he was making that kind of income, he could have really set himself up for a bright future in so many ways. But he threw it away. I hope he has learned this very expensive lesson.
What is a "good car". I have always owned a small cheap car, they have been roadworthy and get me from A to B I retired in my mid 50's. I know someone that owns a Porsche who is twenty years past his state retirement age and still has to work part time because he can not afford to retire!
Could have just got himself a 458 speciale, or an f12 TDF or 430 scud etc. and would have came out even or even made some money. I never understand people like this buying brand new super cars and loosing 100’s of thousands no matter how rich you are
It's absolutely insane but sadly ego has no match - plenty of ppl got rekt by their ego and pride. Most of us learn through pain so let him discover his own pain moments.
Give the car up and take a loan to pay off that negative equity and drive a used 1991 Honda. Or file for bankruptcy. If he is truly wanting to get out of this hole?
SF90 was a standard production Ferrari, not a limited edition, so the depression was always going to be bad. Over extending on a luxury non-essential item without any equity you're comfortable losing is crazy 🤪. And he's renting
To be honest, this guy just needs to take a step back and reassess things….just go and get a normal car, to spend about 25% of your take home pay on a car payment is just bonkers. I now have a car payment for the first time in 8 years (long story) however my car payment is just over 6% of my take home pay…I could have gotten a much more expensive car but there is no way I’m getting myself in a financial hole for a car.
Just goes to show if you can’t manage $60k a year, you still can’t manage $300k a year. Catch up on your skills and education or get caught blowing your opportunity for financial stability.
It really aggravates me how these ppl are heavily upside down on these luxury vehicles and call in trying to find a sucker as dumb as they are to get them out of the hole they dug. 11,000 a month on a car? Im laughing at the guys pain. He should’ve bought a franchise instead of an almost million dollar car what an idiot lol.
I did the same thing and bought at the height of the market. Paid $340k for a lambo because I felt like I needed one while I was waiting on my new lambo was being built. I just kind of over paid but I have money in the bank that will last as least 10 years at my current rate of burn which is pretty high honestly.
Why don't these people with these massive negative equity just buy used a 2 - to 3 years old car, especially a luxury car is still new. Let another sucker take that hit.
I have no mortgage, have over $60,000 in the stock market and am on a good income yet I still pick up coins from the floor because I understand the importance of access to capital, I would have bought dividend paying stocks to pay for luxuries
I agree, sounds like he’s been listening to one of those “financial gurus” who recommend renting not buying and leasing nice cars to fake it until you make it etc……..
I’m a property trader, last year had a young guy turn up in a newish Lamborghini and offer on a fix and flip deal I was selling on, we chatted about cars, his Rolex batman etc, he’s all kitted out in the right clothes etc, puts down a 5% reservation with 90 days completion, as we are ready to complete (close) there’s panic with him and his partners they can’t get the funding together and are trying to switch names on the contract etc and the deal falls through, I keep his deposit, fast forward three months and I complete same deal with a middle age guy driving a Citroen white van, all cash completion 30 days from offer. I’m mid 50’s, been in business 25 years plus, all that matters is what you and your accountant see😂.
Look there’s nothing wrong in having very nice cars etc, I’ve done it too, just delay the gratification until it can be done with ease.
Great comment
I've always heard that multimillionaire multimillionaire drives a 10 year old camry and wears a pair of blue jeans and a t-shirt.
@@Lokey_8664 think that’s a bit of an urban myth and Americans trying to look folksy, the 8 figure entrepreneurs I know do have Ferrari, Lamborghini etc and mostly daily Range Rovers or similar, dress sense seems fairly label free. I have no issue with living any lifestyle but people will quickly burn bridges and reputation if they put out being a big one and can’t perform.
5% non refundable deposit on a property is bonkers.
@@SonniTheDog He held up the property selling for 90 days (and turned away other potential buyers). It cost money to hold it. I'm assuming this was an expensive, luxury property with heavy holding costs.
Driving a Ferrari but paying rent is crazy work
The moment he said his income dropped from about 30k to 10k, I immediately suspected a scammer who sells expensive useless course or something to do with crypto scams
who knows. But 30K a months is nowhere near enough to buy a 800K car. If making so much why did he put nothing down?
@@executiveinvestments right I constantly get that much as a truck driver (owner) and I throw up in my mouth shopping for a 30-50 thousand dollar car.
@@craigbeats1498 Im talking about 30K a month, not a year lil bro.
When I was 9 years old or such, I was playing Need for Speed: High Stakes. I saved up all my money racing Class B cars to afford a Class AA, Ferrari F50. My first race with it I was unused to the speed and got into an unbelievable wreck. Now the wreck when sold was not even worth the cost of a Class B car, and I had no money to afford a repair. This lesson I learned at such a young age basically saved me as an adult.
High stakes... O man the memories.
This is hilarious. Loans for rent but was earning 40k a month and didn’t buy a house….. spent 3/4 million in a car. Thick as mince
classic car guy.
No one is coming to save you. We have all done silly financial mistakes but the important thing is to try to not repeat the same mistake again. I see it all the time. People buying flash cars and expensive clothes on credit. People getting into debt to keep up with a false image.
My window cleaner is a lovely man. If you saw him, you would not know that he lives in an upmarket neighbourhood where houses start at £800,000. He doesn't brag and he doesn't show off. After a year of knowing him, he told me his life story of his career and how he earned his money in owning hotels. This completely fascinated me. When I asked him, "why window cleaning?" He replied, "I enjoy it. I've always wanted to be a window cleaner. It's a shame that I do not get the level of respect as I did when I told people that I am a hotel owner". He said that I was the only customer who treated him well with respect and manners. Moral of the story: Do not judge anyone by their job and certainly do not get into debt to try and prove something to others. It's not worth it.
I love this.
@@conversationofmoney It’s called fake wealth
Incredible that someone making $10k-$15k a month still lives paycheck-to-paycheck, but the car he has tells us why that is. Living at the top of your means is a recipe for financial ruin.
@@josneaka4866 $15k/month is not Ferrari money damn
Lol you have no idea i live in NYC and would you believe me if I told you most people in high finance live paycheck to paycheck?
Especially those Asians they LOVE to keep up with the jones.
@@Mav0585 its 360 money
When looking rich is more important than being rich.
When I was an engineer in the oilfield making more than the hourly employees they were driving $80k vehicles and I was driving a paid off 12 year old sedan.
Unless you were working overtime, you were making probably the same as the 80 hour a week rough necks.
@@JB-kx9bx I remember the same of the heliport parking lots when I worked offshore
He was only making $30K/mo and finances an SF90.. He should have been shopping a C8 out of the gate at that income level.
@@dustind9242 that’s really what I don’t think people understand, even making that kind of money you’re still not some ultra wealthy yacht owning playboy.
Exactly, $80k or 10% of what he spent should’ve been the budget for a splurge car on a highly variable $360k/year income.
He could’ve easily got himself an entry level supercar like a Gallardo, GTR, or R8 and had 90% as much of the clout to the average person.
@@lucaspm98 why does he need the clout, that is his problem,
@@Chris-i4g agreed, just throwing out some realistic compromises haha
This is madness. I used to work in a casino and I've seen countless people do crazy thing like this.
this never ends well. my man still wanna keep an image. Go figure
A fool and his money are soon parted.
I currently own a 2007 Audi A4 car in great condition that sails through its MOT every year. It’s a car that’s fully paid off ie no car payments and I have no intentions of changing my car anytime soon. Fancy cars are great but they don’t call them “wealth killers” for nothing! Only buy cars that are within your means.
@@GTPLAYBOY friend of mine had an A6 with 750,000 miles on it. They go forever if you keep servicing them
Go back to the bank, offer to give them the car and see if you can work out a payment plan on the negative equity. They don't want you to default either. This is salvageable, but you need to act fast.
hes better off selling it privately for top dollar then trading it in.
@@justinbernardo8240 How long will that take? A month? Two? All the while he's bleeding $10k a month and having to take out loans to pay rent. Selling privately is what you do when you have time. Not when you're about to become homeless.
@@justinbernardo8240 I agree he’d get more for a private sale, but he still needs to fund the $200k he’s underwater.
11:53 hindsight is renting an exotic car for his social media image or different cars for his image at 10-15K per month. Something doesn’t add up. Who sold him the sf90?
Always save and spend, as if your job market / sector is going to dry up next week. They always do, even if only temporarily. You can't predict everything but overextending - even with an educated guess on returns - is dangerous.
That might be your best video yet.
Thanks
I know someone that got one in 2022 at mecum for 720k but he paid cash. I don't think it'll ever be a collector's model with tech. Horrible financial investment!
Possible solutions without selling the car:
1. live in the car
2. go back to live with your parents
3. find a rich gf
4. rent the car out
5. go drive uber earn extra cash and cut down expenses
6. take pictures and videos of the car and be famous on youtube cause you own a ferrari
He might need to dump his gf. 😅😅
I will only buy second hand cars for less than 3k. This is why i retired at 56. A car just gets you from a to b. If you need to impress someone use your personality.
I would never consider a new car. My last car was purchased when it was six months old and lasted me over 19 years. Like you I retired in my mid 50's. I can't see the point of buying an expensive car with money you don't have to try to impress people who judge you by your possessions.
this is why you people live miserable lives. lol
I just bought a 2022 Honda civic. Put a decent amount down (7k)- but then got convinced to buy two warranties and they rolled the taxes and plates in. Which I was planning on paying separately but they told me it’s state law you have to pay then. So I assumed it was taken out of the 7k (23k car). But I then realized I still have financed 23k. 😮 the car will trade in for 23k right now. So I’m seriously considering selling it and taking the refund of the warranty and taxes and buying a cash car.
@@rbir2653 Your life must be extremely boring and non-adventurous.
@@hellothereyouall if you’re in the US, you can just call and cancel the extended warranty. They’ll probably do everything they can to try to convince you to keep it, but ultimately they’ll have to give you your money back. A Honda Civic will never need one anyway.
unless you can afford to buy 10 ferrari's, don't buy 1
That’s a silly thing to say Cletus (awesome meme btw)
Is someone can afford a Ferrari and they want a Ferrari then they should get one. This guy couldn’t afford one hence he financed probably 100% of the cost
*name not meme🤦🏻♂️
I know a few guys that flip high end cars. Timing & THE right car is everything. Buy it new, drive it a few month/yr keeping mileage low. Sell back and make 100% of you funds or a lil profit. He just gambled and lost. Market is crap right now
the market has never been hot for the sf90 anyways. The f8s are the movers.
If one cannot afford to pay cash for a Ferrari, that one cannot afford said car. $50 eyeballs and a 10 cent ass will never meet.
I make about $95k/year(with more future raises) and I drive a Ford F150 XL that I bought brand new last year for $44k. I get the comfort, the reliability, the enjoyment and the occasional compliment. And it leaves enough money at the end of the month to build my side business, pay off other debt and have a good standard of living. You don't need a European supercar and you may not need a $5k cash beater. Just live within your means.
You're so American bought a big ass truck for no damn reason 😂
I can almost guarantee you have no idea how to use a hammer or install lights😂
Like you I own a high end car rental business at 36 and im about 500k negative equity with roughly 20+ vehicles.
And I love it because I pay 0 taxes on the income my businesses generate 😂
Boy I love the American system ESPECIALLY when they teach you how to PROPERLY play the game.
same i make a touch more 125k/ year. i bought a an 22 acura mdx a spec last year. i have friends who make way less than me driving new bmws and benzs but their so upside down in them its crazy. i sold my house and moved to a dif state so i was able to buy the car outright (about 51k)
Should buy 770k car only if you have hundreds of millions in the bank.
If you are paying $700,000 for a Ferrari, with 10-11,000 dollar payments AND you had to take a loan out for RENT? You need to seriously examine your priorities in life.
I bought my dream car this year, brand new Porsche 911 (992.2) in jet black metallic and Bordeaux convertible roof fully specced but I paid cash for it. I don’t understand the American mentality of financing things, there would be far less honor in owning it. On top of that if you pay everything cash then you can keep it even if your income dries up.
Congrats!
Probably one of those people that say they make £200 an hour buying Lego in bulk at Tesco
There’s plenty of high end sports cars you can buy that doesn’t depreciate that fast some even appreciate over time.
Not a good investment unless u have disposable income
I’d sooner spend $700,000 on Gold then a car, I’m afraid that young man is going to learn the hard way
It doesn't sound like he is learning at all, which is a real shame
Yep
Lease new or purchase pre-owned certified exotic cars if you're going to play in supercars! 5-10k a month payments and another 6-8k a year with Haggerty for insurance.
Fiscal responsibility is a lost art by the masses. Same thing I see in so many younger adults today, where they are driving a brand new $40K+ car, using the newest $1K smartphone, designer wardrobe, and thousands in credit card debt while fresh out of college, and complaining that they aren't making as much as someone with decades of experience in their career field.
My Man was totally oblivious?to the mess he was in. 😂 He Is in a Titanic situation now?😢
sf90s in canada were going for 950-1m cad at the market peak. Now its going for around 600-700k.
The guy probably think he could drive the car around for a couple years and sell it for more than what he paid for considered that was what happened during covid...what a dearly mistake!
A car shouldbe at max 35% of your net income. The only exception is leasing a car.
He purchased the car at totally the wrong time, they've been coming down ever since!
people simulate success and others emulate the simulation
We've all made bad decisions with cars but this deserves a special award for stupidity! Mind you, on a related issue there is a wider story about the collapsing depreciation values of second hand EV's which is going to leave some with more financial headaches.
very true, the depreciation one some of the porsche taycans is eye watering
Some people lose the ability to understand numbers when it comes to cars. A lot of my friends and coworkers over my lifetime have thrown away a substantial portion of their income on automobiles. It's a blind spot.
Dumping a years pay on a car is beyond stupid, 2-3 years pay is unbelievable. Who would sell a car to anyone making that much less than its cost.
as my grandpa says if you cant pay for it twice you cant afford it once
It's crazy that he bought this car but still pays rent. I bought a house first, then the fancy car. I bet this guy lives here, in Los Angeles.
You have a fixed car payment of 10-15K a month.. That's pure BS. If you can't say what your payment is then you are not mature enough to have a loan..
Jason got good advice there. No easy way out of that situation, and I'm not sure Jason will even act on the advice he's been given. He, unfortunately, seems destined to repeat this process, and end up in a cycle of increasing debt. I'd imagine he's relatively young, so I hope he can sort his life out. You make great points about the fake online lifestyles that lead young people down this road. It's sad to think of what his life could have been like, if he'd gone for an affordable car and invested his earnings while he was doing well.
Experience comes with age which is true and frustrating. Hopefully he learns a valuable lesson.
Unfortunately, GenZ is all about fast money, trading, crypto, Dubai etc and to cheat the graft 🫣
It just goes to show that it doesn’t matter how much you earn, the problems are the same with finances just bigger or smaller in numbers.
especially without any financial literacy
I make 20000 a year and I owe nothing in debt. I'm wealthy as f**k.
The way this guy conducted business for himself happens all the time in the UK.
You see guys with solid gold Rolexs , PP watches, driving 100k plus sports cars, most are brought on HP or other hired contracts.
Unless you have sufficient funds to buy luxury goods, most folks will have finance the items
Should of started saving for the car before buying it
I'm too smart than to be in this position...my max car purchase price is 10k
I’m seeing four SF90’s listed under $450K, which is crazy. That might even best the 765LT’s drop
This is a couple hands of black jack for the high rollers out there not a big deal.
The sf 90 wasn’t even worth 700k plus back then.
"he still really needs a sports car" No he really needs to get out of debt then go buy one cash.
Buying a car as investment is already a dumb decision.
And yet he is still looking at trading it in for sports car, astonishingly he has not learnt his lesson.
This video reminds me of a saying: "play stupid games win stupid prizes"
i bet his rent is astronomical,,, image is everything
So insane bc during that time that he was making that kind of income, he could have really set himself up for a bright future in so many ways. But he threw it away. I hope he has learned this very expensive lesson.
Not a chance ................. he's a crook with no financial smarts.
What is a "good car". I have always owned a small cheap car, they have been roadworthy and get me from A to B I retired in my mid 50's. I know someone that owns a Porsche who is twenty years past his state retirement age and still has to work part time because he can not afford to retire!
Working for a car. Imagine that
Sad to say that he still doesn’t get it!
People do what they want as long it’s not hurting you !!!!! 😢
Could have just got himself a 458 speciale, or an f12 TDF or 430 scud etc. and would have came out even or even made some money. I never understand people like this buying brand new super cars and loosing 100’s of thousands no matter how rich you are
With that kind of car you dont want to see the house he's renting the clothes. Probably has a shiny new kitchen, never used it.
Might have to go see cousin Vinny. I hear he'll be back after he sees that guy about that thing. Insurance claim shouldn't take too long
Great content especially for a car guy❤
It's absolutely insane but sadly ego has no match - plenty of ppl got rekt by their ego and pride. Most of us learn through pain so let him discover his own pain moments.
Give the car up and take a loan to pay off that negative equity and drive a used 1991 Honda. Or file for bankruptcy. If he is truly wanting to get out of this hole?
I just googled this car for just over 400k, nothing close to 770k !
@rod1147 probably bought when the market was high, especially with ADMs, the rarity of the car itself, the supply issues years ago
sf90 market took a shit. SF90s were actually going for that price. He bought at peak.
I've got the $40k carbon fiber seats does that make a difference....no ferrari tricked you.
Check the ego at the door. So many young guys are making this mistake.
If I couldn’t afford rent I would definitely live in that Ferrari. Dreams!
i would like to see more videos like this, good one.
I will keep an eye open for anything that might fit. Unfortunately, these types of videos are my worst performing ones
I have little sympathy if I'm being honest.
I know right, it's 100% his own fault if he's earning that much and still have financial difficulties.
SF90 was a standard production Ferrari, not a limited edition, so the depression was always going to be bad.
Over extending on a luxury non-essential item without any equity you're comfortable losing is crazy 🤪.
And he's renting
Even though this guy is in financial shite, his ego will not allow him to buy a Toyota Camry
I'm shocked that he bought this car....but still pays rent.
If i was him i put the car on Turo for 1,500 to 2,000 a day , stack that money, pay it off, and start rebuilding my finical future
To be honest, this guy just needs to take a step back and reassess things….just go and get a normal car, to spend about 25% of your take home pay on a car payment is just bonkers. I now have a car payment for the first time in 8 years (long story) however my car payment is just over 6% of my take home pay…I could have gotten a much more expensive car but there is no way I’m getting myself in a financial hole for a car.
Preach
If I make 30 k a month I would buy a second hand 100k car there are so many hot cars around 100k
Lol on 400k a year i woulda spent like 50-60k max on a car and it would of just been a 10 or 20 year old euro or jdm car
When your young u care what people think, in 40 ‘s u stop caring what people think, in your 50 ‘s u realize the never cared anyway
hes better off selling it privately get top dollar and take the L.
He’s a Debt Demon 😂
Just goes to show if you can’t manage $60k a year, you still can’t manage $300k a year. Catch up on your skills and education or get caught blowing your opportunity for financial stability.
Why the title crack me up?
Homie didn’t realize all these clowns selling forex courses rent the lambos for a day for their photo shoots and convention days
You need to be making 100k A month to be buying a 700k car and that's on the minimum.
@@billionnaire1 Way way more than that. $100,000 per month is only like $60,000 after taxes - the car payment would still be like 20% of your income.
It really aggravates me how these ppl are heavily upside down on these luxury vehicles and call in trying to find a sucker as dumb as they are to get them out of the hole they dug. 11,000 a month on a car? Im laughing at the guys pain. He should’ve bought a franchise instead of an almost million dollar car what an idiot lol.
Even if he 'needed' a car for his online business image he could've just hired a car or make use of a friends' who have them.
I'd argue, why is his business based on his image? It doesn't say much for what he actually has to offer.
I can’t be sympathetic to this, buddy financed a Ferrari lol.
This guy surely follows the Bitcoin price lol
I did the same thing and bought at the height of the market. Paid $340k for a lambo because I felt like I needed one while I was waiting on my new lambo was being built. I just kind of over paid but I have money in the bank that will last as least 10 years at my current rate of burn which is pretty high honestly.
How crazy.
I’m pretty sure you can rent a Lamborghini/Ferrari for $500-$1,000 an hour if you have to use it for social media content
Why don't these people with these massive negative equity just buy used a 2 - to 3 years old car, especially a luxury car is still new. Let another sucker take that hit.
1) cant spec car
2) how do you know hes not vaccinated and floored it while cold everytime? you can break a car in like 5 minutes if you suck
I have no mortgage, have over $60,000 in the stock market and am on a good income yet I still pick up coins from the floor because I understand the importance of access to capital, I would have bought dividend paying stocks to pay for luxuries
precisely
na that is a 770k mistake 😂
The conversation is clearly staged
My wife and I earn $12k a month take home (I’m an engineer and she’s a teacher) and we live in a $235k house and drive two paid off cars.
I agree, sounds like he’s been listening to one of those “financial gurus” who recommend renting not buying and leasing nice cars to fake it until you make it etc……..