LOW HELLCAT PAYMENT!? SHOULD YOU USE LONG TERM FINANCING OR PAY CASH FOR YOUR CARS?
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- Опубликовано: 16 дек 2022
- In this video I share some financing secrets to be able to buy your Dodge Challenger or Charger Scat Pack or Hellcat for less money while still being smart with your finances.
Protect your Dodge Charger or Challenger from theft!!! USE CODE: OC20 for 20% off at destroyer1320.com/
No, I am not a financial advisor, I'm just sharing my opinions on this subject. Do what's best for your personal situation.
Follow me on instagram and tiktok at OCMotivator
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your honesty and transparency with the costs are amazing man
Maybe Dave Ramsey wouldn't agree, but what you're saying makes a lot of sense to me.
It make sense in the fantasy world where nothing unexpected halogens in your life. Many people miss the risk factor when making these kind of decisions. Any form of debt introduces risk versus saving cash. Plus, wec are human and make illogical choices everyday. Do people really trust that most people are going to follow their plan?
Dave Ramsey is thinking of making sure you’re not still broke when you’re in your 60’s and it’s too late to save. There’s nothing wrong with a balance but constantly (leasing) having $350k in auto loans is going to destroy most people’s long term financial goals.
Just because dave told you so doesn’t mean its a bad thing🤣🤣
I prefer to keep my money instead of sending it off to the banks every month. I’m not eating Roman when I’m old and want to retire early.
Ramsey would tell you, don't have any fun, buy a beater and eat ramen for about 5 yrs. 😂
I've always done 84 month financing because I'd rather use the banks money. My 2018 hellcat challenger widebody I ordered was an 84 month loan originally because I wasn't sure if I was going to keep it. Two years in I refinanced to 48 months at a 2% interest rate and made extra principal payments since then. She'll be paid off next month. Long term financing is a tool like anything else. Opportunity cost of losing all that cash on a depreciating asset versus investing that cash into real estate or something else is why I never pay cash upfront. I've just paid the cash required to order a vehicle and secure an allocation. That's it.
I did the same thing on my 2022 Scat Widebody M6. Got 3% and will make extra payments... And if for some reason I can't make extra payments? I am not on the hook to make them (extra payments, not the normal ones).
Glad I got mine before rate hike at 2% here too . Early 2022 got mine 5 months after order . Widebody for any 392 or hellcat is necessary I’ve drove them all just my opinion
@@user-nh4je9ul7f I had a 2016 challenger scat pack and a 2017 charger scat pack both were standard body, the widebodies weren't around yet. I think the challenger looks naked without the flares and wider tires now but I'm still partial to the standard body charger. The charger handles a little better than the challengers I've owned so I think you can take or leave the widebody on the charger.
@@user-nh4je9ul7f yeah, definitely glad I went for the Widebody Shaker on mine. It's the best looking IMHO.
@@ian2372 I agree 100% on the charger, If the narrow body is optiomed correctly i think the narrow body charger looks better than the widebody
I agree Brad. When your buying take the longest term at the lowest rate you can get. Like you said you can pay more and pay off early without penalty, but you can't always refinance after you have purchased the vehicle especially if your upside down. Pay more while you can, but have a backup plan in case your income is disrupted.
Bro, don't even worry about anyone talking about how you should spend your bread. You earn it. Do what you want. We have no debt but our mortgage, because I don't like debt. I also don't look down on anyone who does differently. People always think others should do like them.
Interest is just the cost of enjoying life!!!
Amen brother! Amen!
I agree with his logic on this point . When someone has had financial success and then lose it . They are terrified of that ever happening again and will make decisions based on that fear . I can relate because it happened to me . He makes decisions based on looking ahead and puts the what if this happens into the equation. Smart in my opinion.
Appreciate you and your advise! Learning a lot.
Very solid advice, thanks OC.
I always appreciate the words of advice
Love your content, sir! I just want to say that you are appreciated.
Great content brother. Thank you for providing this awesome channel for everyone. You Rock.
Great comments my man; absolutely good advice ❤
Thanks for the insight 👍
Great video!!! I am currently doing the same with my new scat - thanks for really going into depth!!
Thanks for the helpful information I learn a lot.
great points buddy. you are 100% correct
These type of videos are among my favorites. I love learning from people way smarter than myself. Thank you Brad. Merry Christmas.
Absolutely spot on. I’ve doing a lot of the things you’re talking about for years and it’s worked great for me too. People need to think outside the box and break some of the misconceptions that have been ingrained in their head.
Great advice, especially for someone in their early 20s like me. Lots of useful information and knowledge based on real life experience that people can learn from.
Enjoyed the video Brad!!! I wish you and your family a Merry Christmas and a Happy New Year!!!
Be SAFE and stay HEALTHY!!!
John from SoCal
I love the idea of gettin on the phone or zoom! You got some great content! Thank you!
Thanks for all the advice you give , makes a big difference if people just listen and be smart about it , you should make videos on real estate . I would really like to learn more about it
Best video I’ve seen, I have always said the same when it comes to longer terms, it’s all about flexibility.
If you buy a car and you can afford 20k down, find out how low your down payment can be to keep the same interest rate. Let's say that's 10k. Then pay 10k more in car payments one payment at a time instantly. This should push your due date forward one month for every payment. Do not make a 10k payment! Then you avoid interest, but also have a cushion to not have to make the payment if you run into a financial hardship.
Wow. That's a pretty good tip. I never thought about that.
I put mine on when I first saw it for sale. Works great! Well makes me feel like I at-least have a little more comfort knowing I’m trying my best to keep my ride.
Thanks for all this 🙏
Financial literacy! I love it and the cars is a plus for me. Been following for a couple of years now. I love it!
Great video man! Will definitely be interested in what you have at the beginning of the year with the calls! Happy Holidays
I heard you mention a new exhaust for your Scat. I just had a cat-back MBPR Street exhaust installed on my 2022 Charger Scat. I'm very happy with it. They have 2 levels of sound street and race, as well as 2 different grades of stainless steel depending where you live. The active exhaust simply bolts to the exhaust, so you get no codes. You can get the lesser stainless steel one for less than $1,000. MBPR will ship it right to your house from Canada.
I love the way you explained this, I'm always trying to explain to some of my peers why it's not good to pay cash for cars
Great content, very well explained. My only addition to your comments is to put GAP on any long term loan, especially if little or no $ down unless they have enough cash to cover a significant amount. Of depreciation during the first half of the loan. 17 years in the car business, I have seen so many people royally screwed when their car is totalled and they are many thousands in the hole.
This is a great way to look at it.
OC, keep up the good work! Also, the car culture started within our generation. Fast and Furious movies brought much attention to these cars who are now at least in their 40s to early 50s.
I just hope that you keep the Hellcat solid hype alive as long as you can 💪🏿🙌🏾
Ok. What is this about???
Totally agree with you. Did exactly what your saying on my on my Widebody Hellcat Challenger. 72 mos, payed off in 3.5 yrs. Love your videos!
Great vid Brad! Merry Christmas!
OC Motivator, Thank you for your service. I'm a Navy Vet who service from 94 - 97 in Norfolk VA. On the USS Shreveport LPD-12
I try to do the same on my car loan. I’m currently 4 months ahead on payments. I want to be 6 and then maintain that while paying it down. If things go good enough I’ll maybe go from a wide body scat to a red eye. If not I am giving myself a cushion to protect myself in a downturn.
I enjoyed your sermon.
Dealerships make quite a bit on financing. It's worth seeing what the dealer can do for you on price/trade in with financing versus cash.
Very Good Advice.
Great video OC
Best video I've watched today... PERIOD.
I really like your last idea, would def be interested.
Great Job!!!!!!!
Like the content
Frist time see u !
Good knowledge thanks
Great video, make more videos like these
Good video oc
Why i love your channel
I see it like i am a guest here whether i agree or not so thank you for your opinion and i respect you sir 1970 was a great year
Thank you
Pay cash. Pay msrp. Get that pink slip 2 weeks later and go straight to Carmax. Put $100 deposit on anything new and unique. Did this on C8 made $20k, did this on 2 Broncos, made $20k. But I’m keeping my Sublime 23 Hellcat that I ordered for msrp!
I think you pretty transparent on your channel, enjoy your content very much👍
Good stuff. Got my SPWB last month at 4.5%. Locked it in a month prior when I saw rates taking off and state of economy
Rear window spoilers…don’t think I see one on your white SPWB. Based on the last video I could find…Was wondering…still leaning toward the cutout version on the next try or same as before from spoilerkingz
Thx!
Great vid. Money at work, works tirelessly 24 hrs a day. Never ever put large amounts of money into items that depreciate like cars. Spot on man!!
I don't know what you mean by "text me on telegram". What is telegram?
I secured a HC allotment out of state in Indiana back in December. Order just got accepted Feb 16.
Happy Anniversary!!
I will love to get this man brain when ever I can good video man!!!
im 53 modified daytona 392 working on getting a trx and a c8 love this era. sad its going away
Truth! Keep doing you Brad. I feel you are paying off your cars using a Velocity Banking strategy. Very smart keep up the good work building your investment portfolio!
I bought my leash out I have low miles on it the car had equity I'm putting more down to pay it off I'm going to go buy another car and put just a little down payment on it like you said before keep your money on hand you never know when you're going to need it a vehicle that's all it is a piece of metal before Wheels
Brad,
You are a Financial Genius. I watch your videos just to learn how to deal with these dang STEALERSHIPS. Yes I spelled it the way it should be lol. Thank You & God Bless You and your family. Please Don’t monetize your content. You just keep doing what you are doing and you will get Huge. I promise you that. 😊
Great timing! I’m actually putting in my order for a 2023 HellCat! Thanks… Hell I give a thumps up and leaving a comment for anniversary; congratulations btw! Ok never mind I’m a Car Salesman, not Dodge, but I got the Hookup lol! But I’m keeping my Scat and have the HellCat! But like you said everyone is different. If I had to sale my scat pack I would make at least 10k 2022 for 50k with 2,000 miles? I believe that’s a reasonable 🤷♂️
Thanks OCM! Dad said save your money then pay for a car but I think like you if something happens to me at least I built-up my savings & stocks for a rain day. Great video my friend. ✌️😁
Yes! Thanks dude! 🙏🙏😎
Wow! You should teach a class on how to use money. That was an amazing example on using the bank instead of risking your own cash.
Happy Anniversary btw.
You are my number one favorite RUclipsr celebrity guy!
Solo performance is the absolute best for hellcat catback exhausts...!
Just love your content, man :) All the way from the home of the Autobahn ;)
Awesome! Thank you!
Appreciate the info big bro, don’t listen to the know it all clowns💯💪🏽
Dude I wish I could have a drink with you. I love your advice, and totally agree with the video and financing etc.. love the idea of zoom calls etc, hope it happens
Thanks for the video, ignore the haters! You rock!
Let’s go! 🍸
I've always gone long term because I put enough down to not worry about negative equity plus I have always gotten under 3% (until recently) lol
Plus it's a great bargaining tool when getting another car, I always say if you guys don't pay the remaining balance then there's no deal 😉
I’m 49 years old bought a 2023 Durango hellcat paid 8000 over MSRP but I literally went looking for one April 4 and came home with one in the same day exactly what I wanted and I did not have to wait half the year and I get to enjoy it all spring and summer so to me it was worth the extra few bucks. Most dealers wanted 25,000 over so 8000 over was not bad for me but I’m not new to cars. This is probably my 10th car that cost over six figures but it’s the first Dodge and probably last. I’m more of a Benz or range rover type of guy but I did buy this to play with for a few years and then put away because I have a funny feeling it’s going to be worth some money but I’m 49 years old house paid kids college paid investment paid, and so I treat myself. I couldn’t do this at 25. I couldn’t do this at 30. I probably could’ve bought a more expensive car at 30 but I was smart about it. I’m pretty good at buying things within my means, or actually lower than my means. I had an appointment with the Dodge dealer April 4 and when I got there it went from a meeting with a manager to some young kid who said the best he could do is 25 over and no car in sight so I went to three more dealers that day and the last one said they just got one in last night they thought it was the first one on the East Coast. It was the color and combo I wanted and they would do 8K over so I stayed there literally to pass closing and I took it home that day. No test drive. I actually haven’t test drove a car in the last 10 years some I buy without ever seeing like my last range rover I ordered from New Jersey and had it delivered without seeing what test driving. I’m a pretty easy client when I want something I want it. It’s also only a car so I’m not gonna spend 30 days test driving something and this Dodge I knew it wasn’t going to be the same fit and finish of my last cars and I excepted that going in my wife jokes about it but it’s OK it’s a toy for a few years then going away matter fact June 26 it goes in the shop for a little over a month to have some upgrades in and out of the truck and if anyone’s interested, go to my channel and subscribe I will I will take you along for the ride
If you have that coin keep it in there your right oc. Then you can get loans and better rates and are able to invest to make more money or use it to idk start a business for your kid or anything for that matter. Bank will work for you at that point. Hellcat price is ridiculous bro I stepped away at 300/week idk if I should of but happy with traction in a 392 lol. That was for widebody regular hellcat with the upgraded interior packages
i like the credit unions for car loan
Completely agree with you. But what do I know? I just have degrees in business and economics.
Ha! Love @drwiggo ! Watch all of your videos dude! 👍👍
Lol !! Thx !! OC , I just turned 52 !! 12-3 !! Live your life !! My friend and Continued Blessings 🙌 🙏
Happy birthday!!
@@ocmotivator !! Thx !! My friend
I always go the longest term, lowest payment and I can always refinance , make extra payments. Ton of options and let's be honest most people never pay their car off anyway. They trade early.
im not as old as you are but i been preaching this to ppl for the past 10 years
I’m doing this for the 78 month and will pay 50 percent more and pay the car off in 3 years or so if I run into issues I pay the minimum. Plus if int get lower I’ll refinance when that happens if happens. Plus the easy money from banks specially cars will come to a hault soon int rates going up get the cars now while houses go down
I would never want to work 30 years just to drive dream car don’t make sense
Just to be clear, I was driving my dream cars at 22 years old and still figured out how to have money 30 years later. 👍
u dont look 52 fam u look 40. MAD RESPECT. your income video help me make a long term plan to buy a GTR at 52 in cash.
Happy Anniversary 😊 gotta figure out what to get my wife for ours 🤔😁
I wish I was year almost 2 years ago with my Honda
I don’t necessarily disagree with your philosophy however I always pay cash for my cars as I don’t like to borrow against a depreciating asset. I do however have a solid real estate portfolio, 85% of which is positively geared. As I’m located in Australia where the tax regulations are probably different, I was wondering if you get to claim a tax deduction on the cars you use in your RUclips business? Also, and on a side note, do you miss your Hellcat Redeye and do you know where it has ended up? I’m sorry you get “haters” on your channel but I guess it comes with the territory. As my dad used to say, “What people think of me is none of my business.” Rock-on OCM.
I got 60 months zero percent from dodge on my redeye last year was a no brainer
This is what I currently do. I get a long term and pay double payments
I see you have the black leather with alcantara seats. I just ordered my car with that interior. How do you like it and how is it holding up? Any maintenance required? Thanks.
OCM I want to thank you for always giving great advice and for you transparency. I just bought a Scat Pack WB at 21, my dream car ! I couldn’t have done it without your videos!
This guy is the real deal.
Can you please talk more about making money !!!!!
Paying cash versus financing depends on interest rates. If you're getting 4% return on your bank's investment account and your auto loan costs 8%. If you have enough money in the bank. Pay cash. I'm also finding the longer the term, the higher the interest rate. Another consideration is depreciation. Unless you apply a large down payment on a long term loan. It doesn't take long before your upside down or the vehicle you purchased. Ask Carvana what depreciation does to used vehicles. If you can purchase a new vehicle at or below MSRP and obtain an interest rate below 5%. Then financing can be a good option. If you're looking to keep your payment low to fit your budget. Extended terms work, but as I mentioned earlier. You'll likely pay a higher interest rate.
Fair enough. But I still vehemently disagree with paying cash for a car. Yes interest rate matters a lot. If you get a 12,13,14+% rate you shouldn’t buy the car until you fix your credit. Cash or loan, you shouldn’t be buying a car. Use the cash to fix your credit. So the average rate is going to be between 6-10%. Put 10% down, go 84,96 mos, get the low payment and pay the extra each month to mitigate the interest while you can. Take the $50,000 you have left in cash and invest in a good safe mutual fund. The average return for 3 years you can find is 10.29 on low risk fund and higher risk up to 17% return. This is so easy and so simple to understand it’s strange that people don’t know this. On a car/Dodge Charger for example, data shows that you’ll LOSE about 20% in 3 years if you keep the car perfect with reasonable miles. We’re talking about a nearly 30-40% spread between the cars 100% chance of depreciation and a simple mutual fund appreciation of 10-20%. (Yes I have to deduct the % paid, but the math still works)Even if it goes down, time has proven that it’ll go back up eventually, unlike the car. Now scrap the mutual fund, buy a rental property with $50k down, rent it out and let your tenant pay it off for you, throw it into an LLC and you have a nice little business with additional tax benefits. None of which you’ll get with a car. So step 1. Have good credit or get your credit good. Step 2. Use the banks money to buy cars since they’ll 100% or the time crater in value. Get the lowest payment you can however you can without leveraging your cash. But pay extra to keep from being upside down in case you need to exit. Step 3. Never pay cash for something that is meant for fun that has a 100% chance of losing lots of its value rapidly. That’s like throwing cash out the window. Step 4. Use cash as a tool to make more cash by investing into things that appreciate as a hedge against inflation and wealth building strategy. Start a business, accumulate valuable appreciating assets, diversify for safety, create something, grow something, do something that’ll level you up financially. But don’t buy a dodge charger cash and then brag to everyone about it as though you’re a genius unless you paid cash with the profits on all of the cash you’ve invested over the years. I have $300,000 that started off as $170,000 4 years ago and even in todays down market I’m fine. It was up to $430,000 a year ago. Still good. I bought $10,000’ish in stock last week at $1.19 in a company that will likely hit $10 within 2 years. This doesn’t even include our real estate, liquid cash, or retirement accounts. We have to stop being afraid of paying banks interest as long as the interest is fair and we can make more money with our cash.
You should make a podcast
OC you hiring? Sincerely a peasant who just wants a 1LE
And get ready to remove it when you are in for a wheel alignment...
So I grabbed a destroyer1320 but it’s still easy to put out of gear. All I gotta do is push in the clutch 🤷🏻♂️🤷🏻♂️
@how much miles do you have on there and how long did it take you to break it in?
I would love to join a group to discuss investments while enjoying the fruits of those investments. Let us know your thoughts as I’m on the lookout for some great stock options in 2023!! Great video Sir!
In a very similar position where I consider financing or paying cash. Interesting perspective to use a long term loan to get a more reasonable payment that I can pay more when I can or continue paying the payment. I like owning my stuff outright but plunking down 50-70k on a car is SCARY!
Lol paying $850/month is pretty scary also!😂
Keep doing good things and keep god 1st