@bdsouza1977 - Yeah; I agree bro. I own a 2005 LS and a 2010 ES and I have zero desire to buy a new car. All my younger friends have new cars; $800-$1,000 car payments… no thanks. I rather have money in my pocket and capital in my bank and go out on dates with girls and vacations, every year rather than be broke.👍🏼
@endirrwiggins2494 the stock market actually goes down with interest rate increases. The market is only now going up because inflation is starting to decrease. Increasing interest rates means debt becomes move expensive for companies to service which leads to a decrease in revenue which then causes stock prices to go down
I worked three years of overtime to save up for a down payment on my C8. Also, I sold my 2015 370z to help with the down payment. My plan was to not pay over $700 a month. My car is at MSRP and no extra charges. My allocation was accepted by the factory a few weeks ago. Hopefully my car will be delivered in a few months.
@@chrismanning1171did you take the maximum term length as well? I did a down payment plus an 84 month term for my 2021 C8. The daily interest is around 10 dollars. I have been throwing extra principal towards my c8 loan for months. I am happy that it’s almost gone at this point. The only thing I could do is refinance the loan because it’s barely a third of the original loan, to lower my monthly payment to a third of the original , but since my fixed interest is so small at this point my monthly payment is almost all principal, I’m probably going to just pay it off within the year instead. The finances in this video? Woof.
Congrats bruh! Got mine at MSRP also, put 10k deposit on my c8, think I have only 4 months left to wait. Seems like forever! Until then I’m working OT all summer til it gets here
Went to get the oil changed in my 2015 C7/3LT convertible that is paid for and dealership sales rep calls and ask do l want to trade it in for C8, l told him make it make sense for a man that just retired has a car thats paid off low miles for another car at $1200-$1500 a month. He said l perfectly understand. Can't believe what people are paying for these overpriced cars...SMDH
Dealers here in AZ still think a Z06 is 75K over and C8 are 25K over. LOL saw a GT4RS for over 300K. Stealerships didnt have any problem gouging people for the last few years, so if the market collapses in on them they are just getting what they deserve.
Great video bro. Never rush into a decision that can cost you thousands. Good learning experience for a lot of us. The car market is definitely coming down. No more chip shortage.
I hate to tell you this, but I warned you. Your loan is higher than what your Corvette is worth. Dump the Jeep as soon as possible and you will have to dig into your pocket to get rid of the Corvette. I have seen at auto auctions watching the values of used cars going down and down. Repos are coming in by the hundreds weekly. Now think of this...what about the people that paid that adjusted market value add-on. They will never get out of their loan unless they let it get back. Sorry to hear of your $$$ situation.
You sir are correct but u see some people for some dumb reason buy things that cannot afford Not Me , I have no debt other than taxes. And insurance That’s it
@@roymoxley2587 smart person. it took me years to wise up and get debt free, it feels damn good. saving cash to buy nice car when and not if, the bottom falls out of the car market. I'm thinking in maybe two years I will be able to buy the newer vettes, 2020 and up for 45k cash.
Don't feel too bad. When I bought my 1st home back in 1982 (long time ago) the going interest rate was 15% - 16%, - take it or leave it. My wife and I "took it". Inflation was horrible back in those years. We made a point to pay our house off in less than 10 yrs and did it. We celebrated for sure when we made our last home payment. Like I said, interest rates have been much higher than now. They could and probably will continue to increase. Good luck on your C8 sale. Just subscribed.
The biggest difference between 1982 and 2023 is the prices of everything is enormously higher and with wages that haven't kept up to the scale so interest rates hurt way worse now than back then.
@@TheJohnmuzquiz You are right on. In the early 80s you could buy a very nice 3 bedroom 2 1/2 bath house or townhouse with a 2 car enclosed garage for $70,000. Unfortunately as Scarlett once said, those days are Gone With The Wind.
Yea this doesn't relate to today...no disrespect but it's nothing close to our economic situation...the way we are headed ppl are gonna be lucky to eat w full time decent jobs
I can’t imagine what the finance manager is thinking when you’re signing documents for an 84k loan for a car. I’m surprised they’ll actually let someone do that, it’s really sad. I do appreciate your honesty though & how you’re taking steps to get out of any long-term debt.
sheesh 7.1% with 25k markup over msrp u got slammed and interest just went up again. Might as well return it to the bank and file for bankruptcy soften your financial blow.
How can you lose 25K on a car? Wouldn't you be better off just to keep it, pay it off?, drive it? You can never dig your way out of a debt hole by buying, then selling newer high end cars. Why did you pay a mark-up on the c-8 when so many are sitting on lots for sell? Just don't make good sence.
Sold my GT-R recently, got 8k over top offer from dealership to a private party, always try private party too! Also bought a C8 for exotic car rental business lmao Definitely takes money to make more money, better than holding in in the bank with low returns
It's awesome that you are so open and honest about this and are treating this as a learning experience and admitting to getting caught up in the emotion. Most people can't and won't do that. I can understand your initial rationale, the C8 was a hot car and was selling, on average, over MSRP and used ones were selling over MSRP consistently. With Turo supplementing your payment it seemed like a good way to go, but things obviously changed. It's funny because I had ordered a C8 at MSRP and waited 6 months and then decided to cancel and get my deposit back because of inflation and high costs on everything. Even though I was going to put $40K down I just did not think buying an $80K car right now made sense. I am so glad I did now and I am hoping to get into a used C8 in a year or two when the market drops. Good luck!
Unfortunately, COVID era caused this and people were willing to pay more money than sticker price and pay inflated prices in general. If nobody payed these absorbent mark ups we wouldn't see the inflated prices we do today. I look forward to seeing the market flooded with vehicles people can't afford to pay for, This will correct the market
All sounds like doom and gloom but what revenue are you making on rental of the Vette? If you bring in $1500/month in rent you have a little cash flow, rent is covering the payment, AND you can write off the interest on the loan since it's a business. Interest costs will go down every month as the principle goes down. I wouldn't give up. BTW, you can write off the depreciation on the car too since it's a business vehicle.
props to you for making this video; I saw your first video and was thinking some of the thoughts you said in here. Ultimately, I think its a good move to sell and get back in, shows your willing to address things and fix them when you know it doesnt make sense. I always have a rule, if you cant pay for half the car in cash at least, dont buy it. Not just for the interest but giving away hard earned cash is way harder emotionally then signing onto a loan
Thank you for sharing such a personal vlog I myself is thinking of buying a C8 and based on what I'm hearing from you I'd probably be paying as much as you on a monthly basis and now I'm having 2nd thoughts and really think waiting for a while till I jump the gun .
i was thinking about getting a C8 earlier this year too but decided that i’d need to have the entire value of the car saved up in cash / assets before i put some of it into the car. so now based on my plan and budget i’ll be able to afford it more easily in 2024. But absolutely trying to make sure i won’t pay over 750 in payments for over 5 years
@@ransom3057 nice your almost there .. actually during 2020 I got 1.99% interest when I financed my F type SVR I guess it is silly to think that I can get the same rate nowadays
Go ahead, U only live once. ONLY if U can get at MSRP. I put 10k deposit & have about a 4 more month wait. I’m working lots of OT as my motivation all summer & it’s too hot to do anything else. 🏎️💨💨💨
Mark, Maybe you should wait on buying another vehicle until you find out how much you will have to pay out of pocket to close out those two loans. Otherwise you're going to be in the same situation as you are now. Plus when they run your credit report for a new vehicle loan they're going to see that you have 2 or 3 loans on file. You have your tundra, Jeep and a Corvette loan correct. You will need to wait until the 2 fall off to be able to get a decent financing rate. That's if you can....
The car market is disgusting. I got into a Tacoma last year and got Toyota down to a 700$ payment which started at 1000-1100$ a month😂. But they sure beat me down in 4 hours to finally sign. But that shows how high they start right off the bat. I ended up selling it back to Toyota a year n half later. Took a bit of a loss. But now I’m saving about a grand a month between gas insurance and payment. I’m guessing with the mess dealers are in right now. Everything is going to crash and it’s going to be the best buyers market right n year. Just give it another 6 months. With people saving money with Christmas around the corner. Dealers are going to be begging people to buy cars. Dealers did this to themselves with the mark up in 2021-2022. Now they are too used to selling a 30k car for 50-60k😡. Now they are f*cked 🤷♂️ Can’t forget Bidenflation either and the green new deal. The dems want dealers to become all electric but some insane date. Like 2030-2035. Which is just insane.
What was the age restriction you had for your c8 on Turo? I was gonna rent one out once I’m 26 but had to be 30 now I’m thinking of buying my own and rent it out on Turo at times like to make the payment at least. But it yours was renting out it doesn’t make sense to me why you’d get rid of it
Thats crazy when i got my 2019 ram i was at 18% crazy i keep it for 2 years and refinanced it a 5% now i can see progress in the loan hope you find what works for you.
I bought a 2005 VW Golf TDI 142000 miles for 2,500.00,,,, seller said it needed a new transmission, my transmission guy said just needs solenoids and valve body, 800 bucks for the repair. I commute 100 miles per day 5-6 days a week, i now have 166,000 miles and she purrs up and down I 95 here in CT......
Looks like an 84 month loan for about $84,500 at 7.1%. The first month's payment must have included some additional interest, maybe because of when the loan started vs. when the first payment was made.
@@vladone428 yea i started thinking that could be after that cuz i was like theres no way a c8 corvette with mark ups and warranties is $600 with $600 in interest and only 5k down. But yea if the loan is interest heavy at first instead of evenly. Yea thats still insane doe idk how u would justify it
Yeah we sold our 991.2 Carrera S for 94K. I gotten it back in late 2020 for $84K for 1.9%. Market is coming down hard and I am glad that I had my fun with it.
The interest rate is not bad considering current rates. The higher monthly paid interest is from the long term seems like he has a 10-12 year loan term
I'm assuming that is an 84 month loan too because $1,300 a month seems low considering the $5,000 "down payment" basically just covered sales tax and other fees. Smart for you to get out.. he who panics fist panics best.
Hey brother ,I've been selling my cars to a company called Car Trackers, got my scat pack paid off even when it was negative 2 years ago, my wife's jeep Cherokee they are pretty competitive and flexible however they are in Cali
Interest rates up, better to be the lender. I took my new Tacoma truck money and put it into a 10 month CD @5.50% interest. I’ll earn a free 3k by May. Keeps me from doing something unwise jumping on an early 2024 marked up for peak demand. Hopefully the truck market is a bit more reasonable once the CD matures.
Man, that's tough. My apr 3.25% on my home, and 3.74%on my 22 wb charger. I make an 114k yearly and thought about a hellcat. My dream car is the new c8 vette. But it wasn't logical for me to have a payment supercede my mortgage. I'm glad i don't live outside of my reality trying to keep up with RUclips and social media. I feel like some really do live in the matrix 😎.
Yeah I’ve got my house payment at $2800 @3.25% and my c8 at $1,500 @7% rate. Pretty wild how expensive these cars are these days! Especially with the rates.
Good luck great video. My 2023 Camaro 2ss 1le is no where close to the price of the C8 I paid $61k OTD no mark up but I put $31k down so I have a loan just a couple dollars short of $30k which put my payment to $496 a month. I was number one in line and got the call for allocation on a hellcat redeye widebody. I was going to be close to 100k OTD I backed out just to much money to pay for a fun car. It was hard to back out I could pay it my wife said get it if I wanted but it was just to much for a weekend type car. Don’t feel bad we all make decisions we sometimes that are not wise. Things will work don’t be down on yourself.
It's just a negative learning experience, the car rental business part didn't go the way he expected, sometimes to make it big you have to learn the hard way.
I think you did like a lot of people did you got caught up in the excitement? At least you’re admitting it right now just take care of the problem and get out of it.
I own a 2021 c8 convertible and a 2022 wrangler rubicon xtreme recon 392 and a 2022 Colorado zr2 and my total car payments are $1,900 a month!! It’s depends how much $$$ you had going into it. Nevertheless my house is only $1,100 a month 3% 😝 money down makes a world of difference. Good luck man.
Too many people buying grotesquely overpriced cars just to have them for a few months and sell them. That game is keeping the used car market through the damn roof. Because now people want more for the used car than it cost to order the new one.
I purchased my 2021 GMC Denali 2500HD new in 2021 for 78K 4.25 % $1,245 a month. Payments are relative to your income, so $1,245 is not a big deal for me.
The problem is that if they repo your car the difference from what they sell it and what you owe you are on the hook for the difference and you will have bad credit for a long time.
Mark I have to give you credit for making this video, it goes to show that these finance writers at these dealerships do not give a s*** but, Yes I have to agree with you. You Made a huge mistake buying both of those vehicles. I have to say amount you put down on the car of that price is way to low. I bet your total interest paid over the life of the loan if you were to keep it would be about 20 grand. Didn't you read the contract before you signed it, it's all there line by line dollar for dollar. And I can't imagine how much the vehicle insurance is costing. I hope you won't lose too much when you sell them. Should have kept your Silverado...now that was a beautiful looking truck.... I wish you luck on the sell of both of them.
I agree. On my 2019 Chevy Silverado. The sticker price was just under 34.000 dollars I put down 15.000 with a 4.000 trade in. With just under 7% finance charge.... Total finance would have been 5520.00. I paid it off in 12 months, I was not going to make 84 payments. So his interest would have to have been over 20,000 dollars. Wow that's just crazy.
Can you put a price on the amount of enjoyment you received? The story you're able to tell? You're car enthusiast. Bad investments are part of the life. In the future, just try and find a balance.
I do not know your age but you look to be young enough to recover from this mistake, me I have a number of toys, 22 HTC z51 3LT car but I put 50% down and paid below book price, and also no disrespect but that car is not very desirable 1LT with no options those are cheap to purchase, most 1LT Vette's are purchased by first time corvette owners, because they only see the car not the big picture as who will want this if I have to sale it.
Imagine driving an old Toyota Corolla. Paid for in cash. No mods, no wraps, great fuel mileage and its all your needs. Imagine.
I imagine it'd be too much of a hassle constantly turning down the ladles wanting a ride.
@@Brandon-hx5xcif you need a fancy car to get ladies, you need to get your game right 🫡
Crazy lol
@brandon - Why would you want to “turn down ladies for a ride”?
@bdsouza1977 - Yeah; I agree bro. I own a 2005 LS and a 2010 ES and I have zero desire to buy a new car.
All my younger friends have new cars; $800-$1,000 car payments… no thanks. I rather have money in my pocket and capital in my bank and go out on dates with girls and vacations, every year rather than be broke.👍🏼
The car market needs to have a 2008 type crisis. What dealers are still doing is insane. Car dealers shouldn't exist
It’s not just dealers it the makers msrp are sky high also
on its way....Don't forget Stock Market rise with increased interest rates.
@endirrwiggins2494 the stock market actually goes down with interest rate increases. The market is only now going up because inflation is starting to decrease. Increasing interest rates means debt becomes move expensive for companies to service which leads to a decrease in revenue which then causes stock prices to go down
@@Floreypottery Yah the dealers are charging avg 10K plus over MSRP
@@Floreypottery❤❤❤
Who buys an 80 thousand dollar car with a 1200 dollar payment with the intention of "loaning" it out to people on turo...........
Someone with no common sense.
I worked three years of overtime to save up for a down payment on my C8. Also, I sold my 2015 370z to help with the down payment. My plan was to not pay over $700 a month. My car is at MSRP and no extra charges. My allocation was accepted by the factory a few weeks ago. Hopefully my car will be delivered in a few months.
Congratulations!
@@STREETRACEN4U Thanks. My down payment is almost half the price of the car. That should help get a lower interest rate.
@@chrismanning1171did you take the maximum term length as well? I did a down payment plus an 84 month term for my 2021 C8. The daily interest is around 10 dollars. I have been throwing extra principal towards my c8 loan for months. I am happy that it’s almost gone at this point. The only thing I could do is refinance the loan because it’s barely a third of the original loan, to lower my monthly payment to a third of the original , but since my fixed interest is so small at this point my monthly payment is almost all principal, I’m probably going to just pay it off within the year instead.
The finances in this video? Woof.
Congrats bruh! Got mine at MSRP also, put 10k deposit on my c8, think I have only 4 months left to wait. Seems like forever! Until then I’m working OT all summer til it gets here
congrats!
If you want the car more than the deal, you’re in trouble.
Went to get the oil changed in my 2015 C7/3LT convertible that is paid for and dealership sales rep calls and ask do l want to trade it in for C8, l told him make it make sense for a man that just retired has a car thats paid off low miles for another car at $1200-$1500 a month. He said l perfectly understand. Can't believe what people are paying for these overpriced cars...SMDH
Dealers here in AZ still think a Z06 is 75K over and C8 are 25K over. LOL saw a GT4RS for over 300K. Stealerships didnt have any problem gouging people for the last few years, so if the market collapses in on them they are just getting what they deserve.
That’s why you save up and pay cash.
Great video bro. Never rush into a decision that can cost you thousands. Good learning experience for a lot of us. The car market is definitely coming down. No more chip shortage.
Lesson learned….
I hate to tell you this, but I warned you. Your loan is higher than what your Corvette is worth. Dump the Jeep as soon as possible and you will have to dig into your pocket to get rid of the Corvette. I have seen at auto auctions watching the values of used cars going down and down. Repos are coming in by the hundreds weekly. Now think of this...what about the people that paid that adjusted market value add-on. They will never get out of their loan unless they let it get back. Sorry to hear of your $$$ situation.
You sir are correct but u see some people for some dumb reason buy things that cannot afford Not Me , I have no debt other than taxes. And insurance That’s it
@@roymoxley2587 smart person. it took me years to wise up and get debt free, it feels damn good. saving cash to buy nice car when and not if, the bottom falls out of the car market. I'm thinking in maybe two years I will be able to buy the newer vettes, 2020 and up for 45k cash.
Don't feel too bad. When I bought my 1st home back in 1982 (long time ago) the going interest rate was 15% - 16%, - take it or leave it. My wife and I "took it". Inflation was horrible back in those years. We made a point to pay our house off in less than 10 yrs and did it. We celebrated for sure when we made our last home payment. Like I said, interest rates have been much higher than now. They could and probably will continue to increase. Good luck on your C8 sale. Just subscribed.
The biggest difference between 1982 and 2023 is the prices of everything is enormously higher and with wages that haven't kept up to the scale so interest rates hurt way worse now than back then.
Congrats, that'a what you call having a goal and following through with it!!!
But how much was a house back in the 80s? Like 70,000$
@@TheJohnmuzquiz You are right on. In the early 80s you could buy a very nice 3 bedroom 2 1/2 bath house or townhouse with a 2 car enclosed garage for $70,000. Unfortunately as Scarlett once said, those days are Gone With The Wind.
Yea this doesn't relate to today...no disrespect but it's nothing close to our economic situation...the way we are headed ppl are gonna be lucky to eat w full time decent jobs
Credit Unions can give you 5-6%, which will make it much more reasonable. And it can go even lower if you do something like 36 month or shorter
The sad thing is that 99% of folks could never afford even a used c8 with a 36 month term.
@@danielfair4675 , true, shit payments will probably be $2450/month ...
Maybe in 2022, base Fed bank rate today is around 5.5, no bank or credit union is giving out high risk auto loans at or below base rate.
In 2019 GM gave me a 7% interest rate, a month later I refinanced at like 2.9% rate at a Credit Union. I bet we never see the 2% days again.
The moral of the story: Don't try to keep up with the Jone's, they'll pass you like your sitting still leaving you holding the bag...
thanks for being real with us, I hope you continue on growing!
Wait till they crash your c8.your insurance will not pay for it being a rental car. You will be out of gas
Good comment - renting your C8 (if the ins co finds out) could affect future claims - if I was you I'd do some "research" on this possible ins matter.
Most people I see with toys work very hard but never own anything. It's all one giant payment each month.
Smart guy get rid of that debt before it breaks u
I can’t imagine what the finance manager is thinking when you’re signing documents for an 84k loan for a car. I’m surprised they’ll actually let someone do that, it’s really sad. I do appreciate your honesty though & how you’re taking steps to get out of any long-term debt.
sheesh 7.1% with 25k markup over msrp u got slammed and interest just went up again. Might as well return it to the bank and file for bankruptcy soften your financial blow.
How can you lose 25K on a car? Wouldn't you be better off just to keep it, pay it off?, drive it? You can never dig your way out of a debt hole by buying, then selling newer high end cars. Why did you pay a mark-up on the c-8 when so many are sitting on lots for sell? Just don't make good sence.
Thank you for the honest information. Love the channel.
Ya better sell it quick! Unfortunately you’ll eat some of that loan
Sold my GT-R recently, got 8k over top offer from dealership to a private party, always try private party too! Also bought a C8 for exotic car rental business lmao
Definitely takes money to make more money, better than holding in in the bank with low returns
Bank returns high af right now for people that were smart and made money instead of borrowing it for “ cheap” the last few years
It's awesome that you are so open and honest about this and are treating this as a learning experience and admitting to getting caught up in the emotion. Most people can't and won't do that. I can understand your initial rationale, the C8 was a hot car and was selling, on average, over MSRP and used ones were selling over MSRP consistently. With Turo supplementing your payment it seemed like a good way to go, but things obviously changed.
It's funny because I had ordered a C8 at MSRP and waited 6 months and then decided to cancel and get my deposit back because of inflation and high costs on everything. Even though I was going to put $40K down I just did not think buying an $80K car right now made sense. I am so glad I did now and I am hoping to get into a used C8 in a year or two when the market drops.
Good luck!
Perfect example of WHY you should pay attention in math class and maybe taking an accounting class… repeat after me me thanks uncle Joe!
Unfortunately, COVID era caused this and people were willing to pay more money than sticker price and pay inflated prices in general. If nobody payed these absorbent mark ups we wouldn't see the inflated prices we do today. I look forward to seeing the market flooded with vehicles people can't afford to pay for, This will correct the market
All sounds like doom and gloom but what revenue are you making on rental of the Vette? If you bring in $1500/month in rent you have a little cash flow, rent is covering the payment, AND you can write off the interest on the loan since it's a business. Interest costs will go down every month as the principle goes down. I wouldn't give up. BTW, you can write off the depreciation on the car too since it's a business vehicle.
Thank you for making this video and being honest, there's too many people that don't understand what they are truly paying every month.
I get the strategy and the emotion of wanting the C8.
props to you for making this video; I saw your first video and was thinking some of the thoughts you said in here. Ultimately, I think its a good move to sell and get back in, shows your willing to address things and fix them when you know it doesnt make sense. I always have a rule, if you cant pay for half the car in cash at least, dont buy it. Not just for the interest but giving away hard earned cash is way harder emotionally then signing onto a loan
I’m forty nine years old and they won’t even let me have a ca drivers license. Only thing I can do is live vicariously.
Thank you for sharing such a personal vlog I myself is thinking of buying a C8 and based on what I'm hearing from you I'd probably be paying as much as you on a monthly basis and now I'm having 2nd thoughts and really think waiting for a while till I jump the gun .
i was thinking about getting a C8 earlier this year too but decided that i’d need to have the entire value of the car saved up in cash / assets before i put some of it into the car. so now based on my plan and budget i’ll be able to afford it more easily in 2024. But absolutely trying to make sure i won’t pay over 750 in payments for over 5 years
@@ransom3057 nice your almost there .. actually during 2020 I got 1.99% interest when I financed my F type SVR I guess it is silly to think that I can get the same rate nowadays
Go ahead, U only live once. ONLY if U can get at MSRP. I put 10k deposit & have about a 4 more month wait. I’m working lots of OT as my motivation all summer & it’s too hot to do anything else. 🏎️💨💨💨
Appreciate you informing your followers about the current market and LTV issues. I bet there are a lot of buyers in the same position. Good luck.
Good video, thanks for the honest info
damn ouch bro that hurt me to hear man. Never the less! welcome to the Vette family brother
Mark,
Maybe you should wait on buying another vehicle until you find out how much you will have to pay out of pocket to close out those two loans. Otherwise you're going to be in the same situation as you are now. Plus when they run your credit report for a new vehicle loan they're going to see that you have 2 or 3 loans on file. You have your tundra, Jeep and a Corvette loan correct. You will need to wait until the 2 fall off to be able to get a decent financing rate. That's if you can....
7.1% is very high. I thought my 1.75% interest was bad for a 30k, 48 months loan.
The car market is disgusting. I got into a Tacoma last year and got Toyota down to a 700$ payment which started at 1000-1100$ a month😂. But they sure beat me down in 4 hours to finally sign. But that shows how high they start right off the bat.
I ended up selling it back to Toyota a year n half later. Took a bit of a loss. But now I’m saving about a grand a month between gas insurance and payment.
I’m guessing with the mess dealers are in right now. Everything is going to crash and it’s going to be the best buyers market right n year. Just give it another 6 months. With people saving money with Christmas around the corner. Dealers are going to be begging people to buy cars.
Dealers did this to themselves with the mark up in 2021-2022. Now they are too used to selling a 30k car for 50-60k😡. Now they are f*cked 🤷♂️
Can’t forget Bidenflation either and the green new deal. The dems want dealers to become all electric but some insane date. Like 2030-2035. Which is just insane.
Thanks for the inflation Joe. Last thing we need is 4 more years of this.
Respect the genuine content
My friends cousin had her Mercedes repoed thought the Accord was beneath her. Choices
Fifteen grand more and you can get Porsches 911 base model new.
What was the age restriction you had for your c8 on Turo? I was gonna rent one out once I’m 26 but had to be 30 now I’m thinking of buying my own and rent it out on Turo at times like to make the payment at least. But it yours was renting out it doesn’t make sense to me why you’d get rid of it
Thanks Joe!
This makes me feel extremely fortunate for the deal I got on my brand new 2022 Ram Laramie 4X4 a few months back
Sorry you have to sell. Hope you enjoyed it. The camera movement is too much sometimes…
Thats crazy when i got my 2019 ram i was at 18% crazy i keep it for 2 years and refinanced it a 5% now i can see progress in the loan hope you find what works for you.
Wow glad u reduce that interest rate and yeah the loan balance going to drop better now
just remember trade in value and retail value is different
I got a new car 6 months ago, can I still cancel the extended warranty
I bought a 2005 VW Golf TDI 142000 miles for 2,500.00,,,, seller said it needed a new transmission, my transmission guy said just needs solenoids and valve body, 800 bucks for the repair. I commute 100 miles per day 5-6 days a week, i now have 166,000 miles and she purrs up and down I 95 here in CT......
Young people mostly learn the hard way.
Not bad. $1200+ is not a lot.
Dude no disrespect whatsoever but these numbers make no sense
Looks like an 84 month loan for about $84,500 at 7.1%. The first month's payment must have included some additional interest, maybe because of when the loan started vs. when the first payment was made.
@@vladone428 yea i started thinking that could be after that cuz i was like theres no way a c8 corvette with mark ups and warranties is $600 with $600 in interest and only 5k down. But yea if the loan is interest heavy at first instead of evenly. Yea thats still insane doe idk how u would justify it
How many times did you rent it out on Turo, and how much did you make per month while doing it?
I think turo is a bad idea. Kind of like Uber, yes they make some money but the wear and tear on the vehicle isn't worth it in the long run.
We're is Phillips car dealership located thanks 😊
Yeah we sold our 991.2 Carrera S for 94K. I gotten it back in late 2020 for $84K for 1.9%. Market is coming down hard and I am glad that I had my fun with it.
I feel your pain, brother. I am working on a lower valued car than you but feel the exact same way. You can't help beating yourself up.
build up a dividend portfolio, and once things get rolling good with that, go for the vette again
Love the video. Smart move, that interest is crazy. We care more about the Tundra anways lol. You will get a Vette again.
The interest rate is not bad considering current rates. The higher monthly paid interest is from the long term seems like he has a 10-12 year loan term
Not to criticize just an English vocabulary correction , the word is IMPRACTICAL, not un-practical.
I'm assuming that is an 84 month loan too because $1,300 a month seems low considering the $5,000 "down payment" basically just covered sales tax and other fees. Smart for you to get out.. he who panics fist panics best.
It’s beautiful that you’ve discovered the pain of financing. You just graduated in your “wiseness”
Hey brother ,I've been selling my cars to a company called Car Trackers, got my scat pack paid off even when it was negative 2 years ago, my wife's jeep Cherokee they are pretty competitive and flexible however they are in Cali
I appreciate it!
@@MarkBrenner ofcourse haha been in the same situation
Should have traded in both the Jeeps toward the corvette it’s could have lowered the value of the C8 by a cool $50k
Interest rates up, better to be the lender. I took my new Tacoma truck money and put it into a 10 month CD @5.50% interest. I’ll earn a free 3k by May. Keeps me from doing something unwise jumping on an early 2024 marked up for peak demand. Hopefully the truck market is a bit more reasonable once the CD matures.
Man, that's tough. My apr 3.25% on my home, and 3.74%on my 22 wb charger. I make an 114k yearly and thought about a hellcat. My dream car is the new c8 vette. But it wasn't logical for me to have a payment supercede my mortgage. I'm glad i don't live outside of my reality trying to keep up with RUclips and social media. I feel like some really do live in the matrix 😎.
Imagine not moving and stuck where you're at.
@@mrwilliamwonder couldn't imagine who being stuck?
Yeah I’ve got my house payment at $2800 @3.25% and my c8 at $1,500 @7% rate. Pretty wild how expensive these cars are these days! Especially with the rates.
Dude your car payment on that Vette is more than my house payment including interest, principal, property taxes & homeowners!
Good luck great video. My 2023 Camaro 2ss 1le is no where close to the price of the C8 I paid $61k OTD no mark up but I put $31k down so I have a loan just a couple dollars short of $30k which put my payment to $496 a month. I was number one in line and got the call for allocation on a hellcat redeye widebody. I was going to be close to 100k OTD I backed out just to much money to pay for a fun car. It was hard to back out I could pay it my wife said get it if I wanted but it was just to much for a weekend type car. Don’t feel bad we all make decisions we sometimes that are not wise. Things will work don’t be down on yourself.
It's just a negative learning experience, the car rental business part didn't go the way he expected, sometimes to make it big you have to learn the hard way.
I think you did like a lot of people did you got caught up in the excitement? At least you’re admitting it right now just take care of the problem and get out of it.
What did we learn?
Quit voting Democrat!
I really like the hat you have on the new one dude 😅😊
I appreciate you always!
Thats not too bad. Don't backtrack, instead work on increasing your revenue
Imagine paying 1200+ every month for a GM… and it’s not a Duramax… danggggg…
Imagine paying over MSRP for a base c8😂
@@stepheno.2730 Just my opinion - within the next 12 mos (say by July '24) you will be able to buy "non Z06" C8's from dealers for less than MSRP.
Great video, thanks for sharing.
I own a 2021 c8 convertible and a 2022 wrangler rubicon xtreme recon 392 and a 2022 Colorado zr2 and my total car payments are $1,900 a month!! It’s depends how much $$$ you had going into it. Nevertheless my house is only $1,100 a month 3% 😝 money down makes a world of difference. Good luck man.
just pay cash
Too many people buying grotesquely overpriced cars just to have them for a few months and sell them. That game is keeping the used car market through the damn roof. Because now people want more for the used car than it cost to order the new one.
I purchased my 2021 GMC Denali 2500HD new in 2021 for 78K 4.25 % $1,245 a month. Payments are relative to your income, so $1,245 is not a big deal for me.
Yeesh didn't know it was that bad with Repos
Isn’t that wild??
We all make bad choices in our lives.
Did you not know the rates before you signed it my god wtf is wrong with people
The economy is down in the toilets. Don't rush into another car payment.
The problem is that if they repo your car the difference from what they sell it and what you owe you are on the hook for the difference and you will have bad credit for a long time.
Great honesty but the first mistake paying above MSRP !!!
I have a 2013 genesis coupe and 2018 Suzuki GSXS1000 completely paid for. Not buying a new car for a couple more years.
I dropped 45k down payment. My payment is 920 ish…..
Don’t really like the front end lower air dam
The American dream! Spend $2 for every dime you make! 😂
This is out of control. The new Corvette's are amazing i would love to have one but it is just another toy.
When I heard your final numbers I vomited and craped at the same time 😮
7.1% is a really good rate! Im looking at getting one at 10.25% lmao
Lol 😂 why give up you can’t handle the pressure of what it takes to enjoy a beast 😅
Bidenomics!
Mark I have to give you credit for making this video, it goes to show that these finance writers at these dealerships do not give a s*** but, Yes I have to agree with you. You Made a huge mistake buying both of those vehicles. I have to say amount you put down on the car of that price is way to low. I bet your total interest paid over the life of the loan if you were to keep it would be about 20 grand.
Didn't you read the contract before you signed it, it's all there line by line dollar for dollar. And I can't imagine how much the vehicle insurance is costing. I hope you won't lose too much when you sell them.
Should have kept your Silverado...now that was a beautiful looking truck.... I wish you luck on the sell of both of them.
5k down on any car well about 60k is hilarious. I want one but i plan on putting down 25k.
I agree. On my 2019 Chevy Silverado. The sticker price was just under 34.000 dollars I put down 15.000 with a 4.000 trade in. With just under 7% finance charge.... Total finance would have been 5520.00. I paid it off in 12 months, I was not going to make 84 payments. So his interest would have to have been over 20,000 dollars. Wow that's just crazy.
looked like speed phenoms Z06/Z07
Can you put a price on the amount of enjoyment you received? The story you're able to tell? You're car enthusiast. Bad investments are part of the life. In the future, just try and find a balance.
I do not know your age but you look to be young enough to recover from this mistake, me I have a number of toys, 22 HTC z51 3LT car but I put 50% down and paid below book price, and also no disrespect but that car is not very desirable 1LT with no options those are cheap to purchase, most 1LT Vette's are purchased by first time corvette owners, because they only see the car not the big picture as who will want this if I have to sale it.