It cost me me $12 a day to take Ulber 5 days a week back and forth times that 4 weeks, thats $240 a month plus surging rates. I drive a Toyota and it only cost me $80 a month in gas and maintence is bare minimal and cheap. The thing runs forever with few problems.
@@toonnaobi-okoye2949 Liability insurance is rather cheap. No more than 50 a month. Still cheaper than taking uber. I even changed jobs that requires me to drive longer distance over a half hour. Uber would cost me over $24 to $30 per day 5 days a week times that by 4 weeks a month $480 to $600 a month! I drive a Hybrid which is why my gas is cheap. Its just more economical esp for long distance.
Well, I live in the city and I don’t really need a car, my work is in walking distance from my home and parking in the city is a nightmare, it cost a fortune to paid for monthly parking. Insuance is high and not to mention the parking ticket- the city’s greatest feature. Maintenance are never cheap. So if you’re a home body like me, and live in Big Apple, you’re better of with Uber or rental for long distance travel.
@@samanthang9148 I feel that. Maintenance is generally cheap tbh. I don’t know much about cars. But with the help of RUclips and my dad having some experience, basic maintenance becomes a breeze and you save a lot of money. Oil, brakes, O2 sensors, battery, tire rotations. Just doing the basics keeps the car going for along time. Shops just like to rip people off for buying the part from them and charging you an astronomical labor rate.
The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. $52k dividends received in 2022.
I agree! That's why it is advisable that you have to invest while you still have a regular job or earning a regular income, and do it constantly. You still need to have something that will keep you going even if you're investing. Good financial planning and money allocation is the key.
I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured some money in value stocks and digital asset, i accrued over $80K in dividends last year
Life isn't just about saving and scrimping. You'l be dead one day and you don't want to be the richest person in the cemetery. Keep one eye on the future but if you can afford it, be sensible and enjoy your money. Life is for living right now!
I just hate spending money on a car I know is losing value every year. I see it as another couple high-end weapons I could have bought, or a couple gold bullion coins, or a nice stack of ammo. So many appreciating assets I could have bought in place of my daily driver, and it's not even a nice one, but, it is what it is. I think I lament my truck less, because that's a business expense. It's like a free truck, essentially, but I'm not stupid enough to drive that around as the daily driver. Tax court isn't a joke.
Insightful comment. The other person complaining about the vehicle losing value over time must assume they will live forever. Fast forward to June 2024, and the ever increasing threat of nuclear war. Live for today, because tomorrow isn't promised to anyone
Your comment is childish, you kinda have the right idea but it's idiotic. Humans physically can't enjoy things for long periods of time. You will buy a car, get a high for a couple days, then the high will fade and it will return to baseline. Yes we will die, no there isn't really any point in dying with a bunch of money in the bank, but material goods wont bring you meaningful happiness. You should instead seek knowledge, understanding, experiences, actions. Furthermore pain is very much real, if a man spends all his money on a car and is in debt. The wage enslavement and the pain he pays for the car will be far higher than any short term high he could've ever gotten for the car. You can buy a shiny new piece of metal with your money, OR you could buy your freedom. I know what I am choosing.
Uber for me to work is $20 one way. That’s $40 a day. Times that by five days a week=$200 a week or $800 a month. That’s also not counting personal driving after work and days off. My car payment is $212. My insurance is $175. My gas is $100. That’s $487 a month. No one said go out and buy a $25,000 car. Mine was like $11,000 used. And if I really wasn’t able to afford a car payment I’d buy an even cheaper car for cash and have no car payment and my insurance would be like $100 a month and it would cost me only like $200-300 a month to own my own car. This guy is insane. I get it, for some people in cities it makes sense. For most of America it doesn’t.
It takes $25 to fill my tank up. I use about a tank a week, if not it’ll last a little longer. I drive about 40 miles to work round trip five days a week and whatever odd and end driving I do after work or on my days off. I’m not exactly driving for Uber, but I don’t drive around everywhere during my off times. Grocery store, random errands, etc. So yes, for my vehicle it’s around $100 a month to drive. I was smart and bought a vehicle I could afford to drive, not some V8 gas guzzler. I’m not made of money that’s for sure. Lol
RUclipsIsMyReligion that’s why I said “for people in cities it makes sense” to not own a car. There’s so much traffic in New York you’ll never get to where you’re going and it costs to park everywhere. Plus the subway is much cheaper to take I would assume. But that’s a city with great public transit. Here in Florida all we have is the bus system and it takes like an hour to show up and like an hour or two or more to get where you are going depending on where that may be. Some people catch the bus hours before work here just to get to work on time. It ridiculous.
This obviously doesn’t apply to people living in the suburbs or in rural areas... it would cost a fortune to use Uber to commute 45 min every morning and 45 min back every night
Only about 12 US cities have a metro system. None of the medium sized cities that I’ve lived in have had metros. Most cities don’t have a great public transport system. Not to mention the last mile dilemma
95juansc it's just a ploy for ppl to take ride sharing companies because he's invested in them so he makes money either way n you're right deff cost us a fortune I'll stick to owning my car.
Honestly, this is great advice for single people (or people without dependents or young children) living in urban/suburban areas with decent access to ride sharing. But as a parent with little ones, doing without a car would be terribly inconvenient at best, downright unmanageable at worst IMHO. Also, don’t discount the fact that cars can be a hobby or source of pleasure. I personally love looking after mine! Life is not about being a bean counter about every single aspect of your existence.
As someone who had a 15 yr old car we the family never used my parents rode the bus to work or even my mom as a nanny rode her bike unless she was lagging. And I walked to school or took my scooter bike or skateboard. Middle-high in elementary I took the school bus or walked with my mom who was not yet working.very doable lifestyle not to stressful. Only thing stressful for me now as a single adult is the inflation is crazy high so I walk 2 or 3 miles to work stand all day ride the bus half way back walk or skateboard 2 miles back home and all I get is 1 meal and a few snacks for fuel as the whole day. If I had more fuel this would be doable though.
Mathematics disagree! A ride share for job, gym, grocery store and picking up kids can never be cheaper than driving a car yourself! Kevin! You are out! :)
Most people drive used cars. The average used car payment is around $350/month. I just calculated my actual cost of owning a car (a 2014 jeep with low miles) and it came out to about $680 /month. An Uber to and from work 5 days a week plus trips to the grocery, social occasions, etc (average 2 per week) at $12 per one-way trip, would be around $705 /month. Not only would it cost more to not own a car, but it would be FAR more inconvenient. Also, even if you consider the amortization and depreciation of the vehicle, it will still be an asset once I pay it off. I would have nothing to show from taking Uber. And, oh, did I mention that I also have 2 kids that need to go to daycare/school, dance class, soccer practice, etc. O'leary is a doofus who has obviously forgotten what it's like not to live a real life.
Hey, someone that actually did the math! Kevin's idea would only work for a single child-less person that lives in a city and has few and short commutes.
It depends on what type of lifestyle you want. I live in LA and grew up using public transportation and now I spend $100 a month on a monthly buss pass and maybe $50 on Uber or lyft per month. Having a car would be more expensive than that so I prefer not to own one. Plus I use the time on the bus to get some work done. If you live in a small city or some city that lacks public transportation then I would agree that owning a car would be cheaper.
Dear Mr. O’Leary: Unless you’re a business owner who can write off a car lease 100%, leasing a car is a big waste of money. A good alternative is to buy a good, used vehicle that has already depreciated in value. Don’t ever go to the car dealerships for oil changes and maintenance because they will rip you off. Find a good mechanic who does good work for half the labour rate that dealerships charge, then drive that car to the ground. You will still save money and have a reliable vehicle in case of emergencies. Not all of us are as wealthy and well-resourced as you, that you can casually suggest that we do a ride share every time we need to go somewhere! Most Canadians need to be mobile. Instead of recommending we take Uber, why don’t you just tell us to take the public transit? Uber still costs a lot of money! Of all people, you should be responsible for the words that come out of your mouth. A lot people follow you. Please speak responsibly.
Vincen t Vincent Your right , I buy Nissan cars because they seem to last and keep it as long as possible . Last car 242,000 before i got into an accident. My current Nissan 176,000 miles. A friend has a lease's a Caddy 599 month and get 's another lease every few years, always has a payment and never owns it. Brother-in -law mechanic . My brother had his Honda for 17 years!
Personally I don't mind going to a dealership for maintenance. You SHOULD be going by your owners manual only except for extreme emergencies which should be very obvious. I don't think they are THAT much higher than mechanic's and I feel better about the quality of product they'll use with you. Obviously the easy way to tell is to take your car there for an oil change and tire rotation and see what the cost is though.
Kevin is so disconnected from normal people. 3 Uber rides from my house to the grocery store is $200! That’s a car payment. Ah.. the stuff you come up with while riding in your Uber black to the airport to fly somewhere in a private jet 😌
Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time.
@@tianalucas8147 People come here with the aim of chasing money more than knowledge and that will damage your progress, trust me. Chase knowledge first and I promise! The money will follow you just like it's following some of us now.
@@juliagoncalves4082 That's very correct And that is why most of them end up losing they money don't be in a haste to invest. Know what and who you are investing to and be sure that the person will deliver before I n v e s t I n g. Learn and get the knowledge first before investing..
@@sabrinaslime4493 Investment is the quickest path to financial freedom, the rich stays rich by spending like the poor yet investing! While the poor stays poor by spending like the rich yet not investing.
The whole point is that he is in a different financial situation compared to most people. He can afford a car no problem, that is not the case for most people so they absolutely should not be wasting money on a car.
Who Says It To Buy An Expensive One BC ? You Don't Even Have Knowledge Where "ll Be The Privacy ? Suppose You Are Going To Somewhere Else in This Pandemic Situations Or Even Attending A Late Night Party Or A Marriage Ceremony Or Even Taking Your Elderly Parents To Visit Somewhere Else ? Or Even Going With Ur GF To Spend Some Quality Time Can All This Things Been Happen in Uber ?
@@kylelee3277 I've lived in both an Asian metropolis with stellar transit system (perhaps the best in the world even) and multiple North American ones both as a non-driver. It's obviously harder in NA, but it's pretty doable (and will be even more doable if people drive less)
He is looking at it from the perspective of uber/lyft vs a 100k Mercedes or BMW in a dense city with public transportation. That's not everyone's situation.
He did mention his situation. It’s taken into account that not everyone has the means to public transportation. In Minneapolis, my wife takes the metro transit bus to & from work everyday. The grocery store is within walking distance and our daughter’s school was just a mile down the street. If you can get setup with a living situation, that will allow you to not purchase a car- I think that’s what he’s speaking on.
Exactly why I never turn to him. This guy is a fraud dressed up nicely. Usually his simple common sense advice that anyone could derive on their own at least makes some sort of sense...
I’m going to have to disagree on that one. You can buy a cheap reliable car that will make you more money and save you a lot more than Uber. I ofc now that buying a new car is dumb but this all depends on where u live, what you do and what’s your exit strategy on the car. I buy cars and sell them 2 years later for the same price or higher.
So your cars gets an added value after 2 years. Lmao. Why do you have to lie that bad? I mean even if you have to lie can you make it a little believable? You don't need to buy a cheap reliable car that will make me more money then uber. It doesn't matter if you are moving city to city.
For an ion, corolla, or civic I could see this. I think kevin was speaking for the inner metros where most people live. Cars are huge hassle. I spend most of my weekends working on my commuters.
Absolute nonsense. Imagine every time u need to leave the house to run an errand(sometimes multiple in one day) just imagine the expense of ordering an Uber every time
@@MrTresto aren't rich people all about "time is money"? There have been multiple times where I have ordered an Uber and in between when I ordered it and when it arrived, I could have driven there, back, and there again and still have time left over.
You can buy a honda accord or toyota camry for like 3k and insurance is 120 a month gas is 150 and if you do 8 years your payment would like 50 dollers so 310 uber is 15 every time so 21 times a month if you go only to work and back that's 10 times 150 a week 600 a month plus going to the store Is like another 100 it is half the price to own a car
It depends where you live but in the city it is cheaper than a recent car for most people. You just have to do the math and ridesharing comes out cheaper almost every time without the headache of driving it and finding parking. Take the total cost of ownership of the car vs Uber and do the math. This is old news.
It makes a lot of sense actually but not for people living in middle America. If you live in a big city like him (NYC, I'm guessing) it makes absolute sense. And applies to many other big cities as well.
@@ShaferHart He lives in canada. It absolutely makes sense to not own a car in canada. He'd probably have to spend 1k a month on uber before it becomes more expensive than owning a car. I personally would have to spend over 700 dollars a month on transit and ubers for it to be more expensive than owning a car. Plus you gotta park it, watch over it, do repairs which waste your time, fuel up on gas which wastes time, etc, etc.
@@cloudcloud8486 yupp absolutely. I live in Canada. Out west in British Columbia. I had a car 2017 Nissan Altima, mind you when i got the car I had bad credit, so my interest was 11 percent. Was paying 286 bi-weekly, plus 218 a month for insurance. And at the time i had the car, gas ⛽ was 1.50 litre.
Thanks Mr. Wonderful. The other day, somebody was texting and smashed my car from behind with my kid inside. And since then I discovered another means called walking. I walk everyday, thank god. I hate cars. I owe too much respect to this guy the day he said: ''A salary is a drug they give you to forget your dreams', and he's right.
1997 Camry for $2300 years ago. Still runs beautifully. Insurance is dirt cheap. Nothing under the hood has been replaced besides spark plugs, alternator (which I got for free), and a power steering fluid hose. I do my own oil changes every 8k-10k miles and it costs me like $40 every 5-6 months. It gets 22mpg in the city. I’ve driven it just about everyday since I bought it in high school. I’ve had the car for over 5 years and I just recently had to pay $200 for tires. 2300 + 200 + (40 x 11 oil changes) + about 300 in the other maintenance = $3240 Now add insurance: 3240 + 50 x 12 x 5 = $6240 Now add registration: 6240 + (80 x 5 years) = 6640 Let’s even throw on wiper blades once a year: 6640 + (50 x 5) = $6890 Now gas: let’s say I get an average 25mpg and I’ve put 80k miles on the car with gas being $3/gallon. That comes out to $9600 on gas. $6890 + $9600 = $16490 lets call it $16,500 that I’ve spent on my car over the last 5 years. I could sell it now for $1,800 as is, so really I have $14,700 that I can’t get back and could have spent on Uber or Lyft. Let’s see if $14,700 would be enough. If it cost me $30/day to get there and back and I needed to drive 300 days a year (which is a good estimate), that’s $9000 a year that I’ve spent on getting places. 9000 x 5 years = $45,000. Maybe if you live in the city and have to pay for parking everyday and insurance is way higher and mpg is lower and gas costs more and your work is closer, a ride share app would be worth it. But not for me and the majority of Americans. Correct me if I got any math wrong, please.
I bought a $3000 car that lasted me 3 years. Virtually maintenance free. Oil changes and break jobs, that was it. I have the money to spend on an expensive car, but it’s a TERRIBLE investment. I can’t believe how many idiots out there do it. I have no shame driving an 8 year old car.
I agree on not buying expensive cars. I don’t feel like waiting 20 minutes for a ride to come when I am late to work for example. If i can get an affordable car that works well, that works for me! :)
Alfredo Alcantar You know you can own stock in private companies? Yes, it’s public now, but you can buy stock in any private corporation. Every corporation has shareholders.
Tommy has a point where we don't all live/work in the city, but it's all perspective. If your net worth is 400M, buying a new car with cash is like the average person going and buying an extra value meal at McDonald's.
On web browsers there's Return RUclips Dislike available as an addon. This video is currently at 6.1k dislikes. But I agree, it was a downgrade to hide the feature.
“Don’t buy a car. Take Uber or Lyft” sounds on the same tone as “let them eat cake.” This argument of his probably makes sense if you live in a big New York/chicago/Toronto type city, but most people don’t live in such places. In smaller cities, suburbs, or rural areas, rideshare is not as widely available, and rides through the rideshare are usually long enough they will cost a fortune quickly. Getting a budget car, especially a good used car which (due to depreciation) is more affordable, as most of these cars are cheap, have great gas mileage, and get the job done of getting you from point A to point B, at your own terms. Their insurance is cheap, and so is their maintenance.
Disagree with how "cheap" cars are. They are extremely expensive. Unless you're talking about relative to this guy's advice😂😂😂😂. Totally agree with you on everything else.
@@ihuomao6735 I disagree and live in Toronto. I spend about 8 dollars to and from work with Uber which is legit less than the cost of parking. It doesn’t make sense for everyone but for some it does.
If you live in the city I agree because parking costs and traffic can be insane but my car is worth about 3k and I’ve owned it for 7 years now. The annual depreciation is non-material and the amount of time saved by having a personal car is worth the additional costs if any. $20 a day using Uber or Lyft is $600 a month
This guy is clueless. It would cost be roughly $2100 to take car share services every month. At the moment, it cost me $1300 per month to use both of my cars, which includes gas, car payments, depreciation, insurance and maintenance.
This makes sense for big cities with busy traffic, sophisticated and timely public transport and reasonably priced taxi services. It really does make sense and he actually emphasizes that "if you live in a big city". For those who live in the suburb or in rural areas a car, probably a big one is sheer necessity. Anyways, I'd rather have a car but don't drive it everywhere any time.
Until big cities build safer streets with bicycle infrastructure or convenient reliable public transportation through buses, light rail transit, subways, monorails, or high speed train networks people will still be dependent on cars 🚗🚲🚝🚟🚎 Best examples are in the Netherlands and Japan!
When in doubt, do the math. For some people, it's better to take public transit and occasional Uber. But for most people in the US, a reliable second hand car(3-10 year old) is going to be cheaper to own.
Exactly cars are for sucker's that's why I ride a Emu everywhere, best thing about a Emu you ask? Oh no insurance, no gas, and most importantly its self driving (Elon got nothing on Emu's)!
Sir, with all respect, you are wrong about this one. Having and driving your own vehicle is freedom. Remember when we first learn how to drive and we can't wait to go to new places? Taking Uber and Lyft is convenience at time, but why not buy a used car? taking our children to school and picking them up, going for a road trip, or just drive to the beach are just a few examples to have a vehicle. Your next segment on youtube will be "Let's buy a horse instead of a car."
I sell cars lol a lease is the same as owning a car... but half the price, and half the time the normal financing for a lower payment than finance would normally be... it’s a way to go for someone who doesn’t drive much tbh🤷♀️
Skyarome it’s still not owning a car. If someone wanted to change the paint color or etc it wouldn’t be possible, why? Cause you don’t own the vehicle. You do have the option to own it once the lease is up but till then you’re technically renting it till the lease is up. Ownership is power.
I live two counties away from my job: an hour. Uber would charge me $50 one way. I barely do any repairs except oil. I don't care if it depreciates. The car is 11 1/2 years old.
Exactly, eventhough the car itself is a bad investment, an affordable, practical car allows you to have a well paying job that you could not have if you didn't have a car.
If my wife used Uber to get to work, to her massage, to the grocery, then home. She travels to this many locations per day. Our cost would be at least $400 more a month than our luxury car. Additionally, the extra cost for using Uber on the weekends to get around would be absurd. Only in New York or Chicago would this work.
Buying with cash is also a huge mistake when you could put the money in a ETF like QQQ for 10 years with returns enough to retire on. I bought a car with $40,000 cash 10 years ago and now it's worth next to nothing but if I bought $40,000 of QQQ 10 years ago, it's worth close to $400,000. Now I will buy all the QQQ I can get my hands on for the next 10 years.
@@Observer168 but, how much would you have spent in transportation and transportation related (like ordering delivery instead of picking up yourself) if you didn't have the car? That needs to go on the Math too. And a 40k car doesn't sound much like a basic model either, you could have maybe gone for a more basic model
@@amandadeoliveira2353 I could have just leased the car and invested the money. That is what I will do in the future. The car is for quality of life. You only live once.
Definitely depends where you live & what your requirements are. Owning a car gives you leverage, convenience & safety, all of which Uber & Lyft gives you, JUST differently, when needed. In South Africa, it's a little harder (not saying it can't be done) not owning a car due to transport infrastructure, safety, etc.
$34 to use Lyft one way, $34 to come back. $68 x 5 = $544 PER WEEK (x 50 weeks/year = $27200) $2176.00 per MONTH. $15k car = insurance + gas + monthly payment.
car is quality of life but the payments you are making for it and the stress you are going through due to this cancel that quality it gives you and then some
@@Marcos.R.Morales It depends on what kind of car u own. if u own a ford pinto with a missing rear bumper, then yes. Not to mention you are probably scared about someone rear ending it when u are behind the wheel. But getting a decent car, doesnt have to flashy at all. Used but not abused, Cheap, low insurance, well equipped fun to drive small cars, then its the best of both of worlds, freedom to go anywhere and not spend millions a year on gas or maintenance.
I live in Toronto and I definitely agree with this sentiment, primarily because I live in a big city. Even when I was driving in Toronto, I was not using my vehicle enough to justify the costs. I now exclusively take the TTC (metro) or I use ride sharing services when I can. Saves me a fortune
I personally agree that city life is very efficient on ride sharing services, but in the united states anywhere else is pretty expensive. It cost me $24 for one ride from school to home, while that is just my gas for a week. This is not really practical for me to use a ride sharing service.
If you don't drive your car very much it's probably better to buy a classic vehicle that's appreciating in value or at least not losing value. Buying a normal car that you never drive is pretty stupid because cars are utilitarian products meant to do a job, they're not going to last forever and it sitting there is just as bad as putting 200 miles a day on it. Buy a nice 1968 Camaro put 15 miles a week on it keep it for a decade make sure it stays nice you'll probably sell it for more than you paid.
That's a sad life when you can't actually go anywhere without relying on someone else. Might be better advice to get a bus pass, that would be even cheaper lol.
I always hated relying on the MTA with their garbage bus service and I could never go back to that lol seriously though alot of the time I had to wait for an hour or two for a bus and then said bus was out of service like wtf?
Okay go live off the land in the mountains then lol so sad when people have to take money that isn't theirs to buy something they don't need. ie your loan from your lender to buy your crappy car. Who is really the one relying on someone else lol. I can cross the country of my bicycle without relying on anyone. Unless you're transporting goods of some sort, you don't need a car just to move your measly body around. Thousands of pounds of metal, and thousands of gallons of gas, and thousands and thousands of dollars. All to move one single human. You people defy all logic. It's a sad sad life when you're too dumb to figure that out. Btw I'm an exotic automotive technician and don't own a car whatsoever yet live 35mi from my job. My life is far from sad and the sadness I do have is exacerbated in a car that blocks you off from nature and the rest of society while you sit in traffic trapped with no options. Meanwhile I'm biking past you saying hello to my fellow citizens and listening to music and nature together with the wind in my face.
@@vesnamirkovich Because they're the middle-class folks. Often times they live beyond their means so their children can have a so-called "better quality of life". Both spouses have to work at jobs they hate so they can pay for everything, and God forbids when one or both of them lose their jobs for some reason.
In my country? Buying a decent car: RM1,500 monthly commitment (incl maintenance) Using Ehailing: RM1,600/month At least at the end of the car loan term id own the car and can sell it if i want to.
Why buy a 25k car though. You can find a decent reliable car that will hopefully atleast run for a few years without needing any mechanical repairs for under 5k lol
Exactly. Great used cars available. if you know what youre looking for you can find great examples between $2-10k. Im talking nice Mercedes AMG cars well maintained.
When you're cramped in on a bus with wet, dirty seats, your having to stand your entire ride with stinky, drug addicted panhandlers and prostitutes or shoulder to shoulder with strangers in rush hour on a bus, you'll wish you had a car. Buses can also take a long time to come, there have been times when I had to wait over an hour for a bus. They can also be far bumper then a car making the ride very uncomfortable.
Unless you're rich like Kevin O'Leary. The rich would hire a personal chauffeur to do their dirty work. That would be irresponsible for any parent to call an Uber or Lyft for their kids as both of these companies have a policy against unaccompanied minors.
In my country, there are people with mini vans who take your kids to school for you for a monthly fee, usually they are registered in the school and the parent can choose another one, there would be one minivan or 14 passenger van per neighbourhood per school, and they come to your front door, for little kids there would be a teacher with them to take care of them and she will ride for free.
@@bassam_salim In America, that's what school buses are for, minus the fees. There's always a driver, sometimes with an aide, that will keep children safe (as many as 90 kids) for the duration of the ride and report any misbehavior to the principal. For most kids that's their only source of transportation, especially for the low-income neighborhoods.
Its not irresponsible my parents did it for me they kept me 9n the phone with them the whole time and watched me go.in the car and tracked my location via Uber or lyft app the whole time to make sure car goes where it's supposed to. Sometimes they had to go to work or bank and I had choir practice on otherwise of town they couldn't take me and we didn't own a car this was more affordable and useful for us than a car. So check ya self before calling peeps irresponsible if you haven't been in the situation, not that situation is any kind of struggle really
This only works in a major city with a subway system that runs 24/7 like NYC or DC. Try not having a car in a large spread out city like Dallas. You’ll end up spend $100/day just to go from one part to another.
He said amortization, cars depreciate… not amortize. He's a guy that got lucky with some random share that sky rocketed and now acting like a financial Guru..
Some people actually like driving. It's a great experience if you live in a beautiful city with nice back roads where you can relax, drink some vodka and look at deer
I bought a car (Tesla) cause I wanted it not cause I was trying to save money. I do not regret that decision. I don’t spend much on other goods so it evens out Spend money for things that you really want. You have one life make the most of it.
Yeah I wouldn't say you save a "fortune". I used to uber 5 times a week for just work plus my wife sometimes uber. And it a shitload of money we be spending imo. It takes 20$ for me to uber back and forth M-Fri. That equals to 400$ a month for me to get to work. And let add in maybe 100$ a month for my wife. Because some she has to uber for work. That 500$ a month for us to go to work. This not counting going to groceries, running errand, or going out with my wife to have dinner or movie. It also sucks knowing that you can't go anywhere immediately because you have to order the uber and then wait. It very incoveinent not to have a car.
the average cost of car insurance is $78, car payments are $391 for a used vehicle. That’s around $460 not to mention depreciation, gas and mechanical issues.
@@nou4605 I did an out of state internship once and sure didn't. The closest they got was when they let me claim the rest of my unused housing allowance for my Uber expenses. My next job paid for Uber, but only up to $10 from the train station from 8 AM-8 PM and there are times I left work at midnight. Not to mention the train added a half hour to my commute, though it made transportation 10% of what it would be taking Uber alone.
Here’s the issue: public transportation is absolute garbage. I don’t care what you say. Try taking the subway in rush hour, you feel like a sardine. And sharing a ride in a prius is not exactly as comfy as driving around in a mercedes. I’m not buying this advice
When I mean money pit, I mean MONEY PIT! 😂 If you got money to burn on massive repair bills go right a head. You'll loose your shirt buying one of these things. 17 inch screen Media Control Unit about a $2,700-$4,000 Center Touchscreen: Blank Screen of Death Battery back replacement currently $44,564 Tesla Model S 85kw Battery Replacement Cost Drive unit replacement. $12,000 $6,000 Cost of Drive Unit Replacement? Electronic door handle replacement $800-$1,000 each Door Handle Replacement On-board charger $2,300 Costly Replacement Charger, after 50,000 miles. Air Suspension $2,000 per axle or $8,000 Life With Tesla Model S: Extended Warranty, 'Tricky' Owners & More Updates DC-DC converter $2,500-$2,600 12V battery issue, service wants to replace DC-DC converter Heater System $3,000-$3,500 Heater stopped working TrueDelta | 2013 Tesla Model S electrical Problems Tesla Model S Reliability by Model Generation | TrueDelta TrueDelta | 2017 Tesla Model X Repair Histories A/C Compressor finally failed. But $3400??! Holy crap, repairs are insanely expensive, beware!! Owning a Tesla is awesome, until you get into an accident... Brake job $8,500 or $6,500 USD Ouch! First huge repair bill. Brake caliper assembly with piston each $745.00 Rear rotor each $331.00 Front Rotor each $290.00 Parking break caliper with pads $1,235.00 Upper control arm each $261.00 Clunking sound is costing me a bundle to fix out of warranty $3,480 Rear Halfshaft 36 MM Performance each $900 Hub Bearing Assembly each $240
You don't have to buy it if you don't have the money, and stop worrying behalf of people that can afford it, chances are that they are smarter than you and already know about these
@@fgsddsgf3058 😂The dumb ones are the ones that buys overyped junk that lacks quality. Tesla is not known for quality as thier quality control is horrendous like Chrysler. They make alot of lemons and the sheeps still think its amazing lol.
Kevin, a millionaire with a vested interest in Uber and Lyft simply can’t relate to us average income folks... and for that reason I’m out.
See, this comment is #InternetGold
... and for that reason I'm out👍🏼🤩 haha
My name is Barbra, and for that reason, I'm out.
Harambe you’re suppose to be dead, and for that reason i’m out.
Millionaire?
You are thinking about buying a private jet. Let me give you a new idea. Don't.
I love your videos man
“I don’t need it, why should YOU?!”
@F G tbh his advice was good for youths brother.
@F G If I won't own nothing then I will own everything?
There's an old saying, ' If it floats, flies, or f£€¥s ; rent, don't buy'.
Being out of touch is the first step to success! 🙌 💯
Lmao you’re the one who’s out of touch and lazy
Three words: used toyota corolla
It cost me me $12 a day to take Ulber 5 days a week back and forth times that 4 weeks, thats $240 a month plus surging rates. I drive a Toyota and it only cost me $80 a month in gas and maintence is bare minimal and cheap. The thing runs forever with few problems.
@@eman0828 Insurance?
메로니 or Toyota Camry.
@@toonnaobi-okoye2949 Liability insurance is rather cheap. No more than 50 a month. Still cheaper than taking uber. I even changed jobs that requires me to drive longer distance over a half hour. Uber would cost me over $24 to $30 per day 5 days a week times that by 4 weeks a month $480 to $600 a month! I drive a Hybrid which is why my gas is cheap. Its just more economical esp for long distance.
Many of us have greater aspirations than a used Toyota Corolla.
The article should read: "Don't buy a car if you live in the city"
Japanagans I live in a city but nooo I need a car
Exactly
Well, I live in the city and I don’t really need a car, my work is in walking distance from my home and parking in the city is a nightmare, it cost a fortune to paid for monthly parking. Insuance is high and not to mention the parking ticket- the city’s greatest feature. Maintenance are never cheap. So if you’re a home body like me, and live in Big Apple, you’re better of with Uber or rental for long distance travel.
@@samanthang9148 I feel that. Maintenance is generally cheap tbh. I don’t know much about cars. But with the help of RUclips and my dad having some experience, basic maintenance becomes a breeze and you save a lot of money. Oil, brakes, O2 sensors, battery, tire rotations. Just doing the basics keeps the car going for along time. Shops just like to rip people off for buying the part from them and charging you an astronomical labor rate.
No, it's if you live in North-Eastern cities. Doesn't even apply in LA or Dallas.
The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. $52k dividends received in 2022.
I agree! That's why it is advisable that you have to invest while you still have a regular job or earning a regular income, and do it constantly. You still need to have something that will keep you going even if you're investing. Good financial planning and money allocation is the key.
I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured some money in value stocks and digital asset, i accrued over $80K in dividends last year
I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?
I have “Sonya Lee Mitchell” as my investment manager. She has a solid reputation when it comes to diversifying portfolios and making.
Her name is “Sonya Lee Mitchell” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Dumbest thing I ever heard. Not everyone lives in New York City.
He is talking about a city
Even in NY, I’d still rather have a car
I live in ny...dont need a car
I'd rather have a boosted board
Yea this video isn’t practical at all.
"There are so many shared ride services--" *laughs in rural area*
*Laughs in parenthood*
So true so so true
He had a stake in uber when he shot this
Move lol
@@luke8838 Hire me full-time somewhere else and I'll get right on that.
"I don't need it why do you?" Because when you're working back to back jobs with a half hour to get across town, you kinda need a car.
Also, don't buy shoes. Rent them from a bowling alley...
Lmao 😭😭😭
Lol
😂😂
LOL
Yea, do that regularly and it spells the perfect recipe for catching strangers' athlete's foot. 🦠👟👟
Dude owns a private jet n talks about not owning a car LOL.
You missed the point. He's saying if you have loans to pay don't buy a car. Buy one when you're debt free.
Its all about priority, too many people buy expensive cars on loans meanwhile they basically live in a shed while having a low income job
He rents his private jets out to company’s and others
Nothing is cheaper than buying and operating a 1990's Civic eg
Lease instead of buy
Life isn't just about saving and scrimping. You'l be dead one day and you don't want to be the richest person in the cemetery. Keep one eye on the future but if you can afford it, be sensible and enjoy your money. Life is for living right now!
I just hate spending money on a car I know is losing value every year. I see it as another couple high-end weapons I could have bought, or a couple gold bullion coins, or a nice stack of ammo. So many appreciating assets I could have bought in place of my daily driver, and it's not even a nice one, but, it is what it is.
I think I lament my truck less, because that's a business expense. It's like a free truck, essentially, but I'm not stupid enough to drive that around as the daily driver. Tax court isn't a joke.
Insightful comment. The other person complaining about the vehicle losing value over time must assume they will live forever. Fast forward to June 2024, and the ever increasing threat of nuclear war. Live for today, because tomorrow isn't promised to anyone
Your comment is childish, you kinda have the right idea but it's idiotic.
Humans physically can't enjoy things for long periods of time. You will buy a car, get a high for a couple days, then the high will fade and it will return to baseline.
Yes we will die, no there isn't really any point in dying with a bunch of money in the bank, but material goods wont bring you meaningful happiness.
You should instead seek knowledge, understanding, experiences, actions.
Furthermore pain is very much real, if a man spends all his money on a car and is in debt. The wage enslavement and the pain he pays for the car will be far higher than any short term high he could've ever gotten for the car.
You can buy a shiny new piece of metal with your money, OR you could buy your freedom. I know what I am choosing.
@@hhjhj393 well said ☀️
U cant fart in a uber as loud as you want tho
I did once and the uber driver said " thank you for the tip"
Yes you can! Just do it!
Lol.
@@17Blast that's hilarious.
AND ALSO you cannot play loud music that you want
Uber for me to work is $20 one way. That’s $40 a day. Times that by five days a week=$200 a week or $800 a month. That’s also not counting personal driving after work and days off. My car payment is $212. My insurance is $175. My gas is $100. That’s $487 a month. No one said go out and buy a $25,000 car. Mine was like $11,000 used. And if I really wasn’t able to afford a car payment I’d buy an even cheaper car for cash and have no car payment and my insurance would be like $100 a month and it would cost me only like $200-300 a month to own my own car. This guy is insane. I get it, for some people in cities it makes sense. For most of America it doesn’t.
Yes. In Los angeles, taking Uber to work everyday would be expensive. I love your post because you broke it down.
$100 in gas a month? You must not drive that much...
It takes $25 to fill my tank up. I use about a tank a week, if not it’ll last a little longer. I drive about 40 miles to work round trip five days a week and whatever odd and end driving I do after work or on my days off. I’m not exactly driving for Uber, but I don’t drive around everywhere during my off times. Grocery store, random errands, etc. So yes, for my vehicle it’s around $100 a month to drive. I was smart and bought a vehicle I could afford to drive, not some V8 gas guzzler. I’m not made of money that’s for sure. Lol
RUclipsIsMyReligion that’s why I said “for people in cities it makes sense” to not own a car. There’s so much traffic in New York you’ll never get to where you’re going and it costs to park everywhere. Plus the subway is much cheaper to take I would assume. But that’s a city with great public transit. Here in Florida all we have is the bus system and it takes like an hour to show up and like an hour or two or more to get where you are going depending on where that may be. Some people catch the bus hours before work here just to get to work on time. It ridiculous.
So true what about us who live in a small town no chance its better to take a taxi to work every day on a 30km distance
He means to say "Don't own or buy anything. So u can keep working for 8$ an hour for him"
That's true as well.
This obviously doesn’t apply to people living in the suburbs or in rural areas... it would cost a fortune to use Uber to commute 45 min every morning and 45 min back every night
Take the metra train I do it every day
Only about 12 US cities have a metro system. None of the medium sized cities that I’ve lived in have had metros. Most cities don’t have a great public transport system. Not to mention the last mile dilemma
This is my name If you lived in a rural area I think buying a used car would be better...
95juansc it's just a ploy for ppl to take ride sharing companies because he's invested in them so he makes money either way n you're right deff cost us a fortune I'll stick to owning my car.
"Still you should lease"
No.
Someone coughed when I was ride sharing and for that reason I'm out.
😂😂😂
😂🤣😂
😂😂😂😂
🙌😅😭🤣
:D :D :D :D
Honestly, this is great advice for single people (or people without dependents or young children) living in urban/suburban areas with decent access to ride sharing. But as a parent with little ones, doing without a car would be terribly inconvenient at best, downright unmanageable at worst IMHO. Also, don’t discount the fact that cars can be a hobby or source of pleasure. I personally love looking after mine! Life is not about being a bean counter about every single aspect of your existence.
As someone who had a 15 yr old car we the family never used my parents rode the bus to work or even my mom as a nanny rode her bike unless she was lagging. And I walked to school or took my scooter bike or skateboard. Middle-high in elementary I took the school bus or walked with my mom who was not yet working.very doable lifestyle not to stressful. Only thing stressful for me now as a single adult is the inflation is crazy high so I walk 2 or 3 miles to work stand all day ride the bus half way back walk or skateboard 2 miles back home and all I get is 1 meal and a few snacks for fuel as the whole day. If I had more fuel this would be doable though.
It’s Not even great advice for singles. 😅.
You gonna be mad af when you walking with your girl and some dude with a nice car drives by.
@@JasonTangClothingif we’re trying to impress our partners then its better to stay single😅
Mathematics disagree!
A ride share for job, gym, grocery store and picking up kids can never be cheaper than driving a car yourself!
Kevin! You are out! :)
Most people drive used cars. The average used car payment is around $350/month.
I just calculated my actual cost of owning a car (a 2014 jeep with low miles) and it came out to about $680 /month.
An Uber to and from work 5 days a week plus trips to the grocery, social occasions, etc (average 2 per week) at $12 per one-way trip, would be around $705 /month. Not only would it cost more to not own a car, but it would be FAR more inconvenient. Also, even if you consider the amortization and depreciation of the vehicle, it will still be an asset once I pay it off. I would have nothing to show from taking Uber.
And, oh, did I mention that I also have 2 kids that need to go to daycare/school, dance class, soccer practice, etc. O'leary is a doofus who has obviously forgotten what it's like not to live a real life.
Hey, someone that actually did the math! Kevin's idea would only work for a single child-less person that lives in a city and has few and short commutes.
Agreed Aaron!
It depends on what type of lifestyle you want. I live in LA and grew up using public transportation and now I spend $100 a month on a monthly buss pass and maybe $50 on Uber or lyft per month. Having a car would be more expensive than that so I prefer not to own one. Plus I use the time on the bus to get some work done. If you live in a small city or some city that lacks public transportation then I would agree that owning a car would be cheaper.
No kidding. Just get a quality beater and your good
Seems like a risky investment, and for that reason I am out.
bahahahahhahahahhahaa
hilarious
Love this! #sharktank
I got rid of my car like a year ago.
Best thing I ever did.
Now I can save so much money, and I barely miss it.
Dear Mr. O’Leary: Unless you’re a business owner who can write off a car lease 100%, leasing a car is a big waste of money. A good alternative is to buy a good, used vehicle that has already depreciated in value. Don’t ever go to the car dealerships for oil changes and maintenance because they will rip you off. Find a good mechanic who does good work for half the labour rate that dealerships charge, then drive that car to the ground. You will still save money and have a reliable vehicle in case of emergencies. Not all of us are as wealthy and well-resourced as you, that you can casually suggest that we do a ride share every time we need to go somewhere! Most Canadians need to be mobile. Instead of recommending we take Uber, why don’t you just tell us to take the public transit? Uber still costs a lot of money! Of all people, you should be responsible for the words that come out of your mouth. A lot people follow you. Please speak responsibly.
You issued the part about him saying good bye to his ease
He isnt leasing. He doesn't have a car at all .
Vincen t Vincent Your right , I buy Nissan cars because they seem to last and keep it as long as possible . Last car 242,000 before i got into an accident. My current Nissan 176,000 miles. A friend has a lease's a Caddy 599 month and get 's another lease every few years, always has a payment and never owns it. Brother-in -law mechanic . My brother had his Honda for 17 years!
Well said
Personally I don't mind going to a dealership for maintenance. You SHOULD be going by your owners manual only except for extreme emergencies which should be very obvious. I don't think they are THAT much higher than mechanic's and I feel better about the quality of product they'll use with you. Obviously the easy way to tell is to take your car there for an oil change and tire rotation and see what the cost is though.
Kevin is so disconnected from normal people. 3 Uber rides from my house to the grocery store is $200! That’s a car payment. Ah.. the stuff you come up with while riding in your Uber black to the airport to fly somewhere in a private jet 😌
Yup and during peak hours one uber ride can be like 400 dollars.
Bru just get it delivered and put that extra money in GME.
@@cd-rom. Buddy please refrain from giving anyone any financial advice again
@@Sam-ni6bc let the people do their own DD Sam! 🚀
Your getting ripped off at 200 to 400 for uber what state you live in California' or new York ??
Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time.
Yeah! I agree with you sir.If you want to be successful have the mindset of the rich, spend less and invest More. Don't give up your dreams.
@@tianalucas8147 People come here with the aim of chasing money more than knowledge and that will damage your progress, trust me. Chase knowledge first and I promise! The money will follow you just like it's following some of us now.
@@juliagoncalves4082 That's very correct
And that is why most of them end up losing they money don't be in a haste to invest. Know what and who you are investing to and be sure that the person will deliver before I n v e s t I n g.
Learn and get the knowledge first before investing..
People wants to do what the 99% does but wants to get results that are fit for the 1%, but it doesn't work that way
@@sabrinaslime4493 Investment is the quickest path to financial freedom, the rich stays rich by spending like the poor yet investing! While the poor stays poor by spending like the rich yet not investing.
Imagine being this rich and out of touch with reality. “I don’t need it! Why do you?” Bc I’m not a millionaire
Just throw your golf clubs into the back of an Uber and try to get that particular Uber any time you want to go to the driving range
The whole point is that he is in a different financial situation compared to most people. He can afford a car no problem, that is not the case for most people so they absolutely should not be wasting money on a car.
Who Says It To Buy An Expensive One BC ? You Don't Even Have Knowledge Where "ll Be The Privacy ? Suppose You Are Going To Somewhere Else in This Pandemic Situations Or Even Attending A Late Night Party Or A Marriage Ceremony Or Even Taking Your Elderly Parents To Visit Somewhere Else ? Or Even Going With Ur GF To Spend Some Quality Time Can All This Things Been Happen in Uber ?
Next, he'll be saying live in airbnbs.
Kyle Lee Uber, lift, good luck with COVID, this video did not she well. 😂😂
Nope, cars loose value as time passes, property prices generally go up as time passes
@@vishalgiraddi5357 Good point. This isn't asia though. Life without a car sucks.
@@kylelee3277 I've lived in both an Asian metropolis with stellar transit system (perhaps the best in the world even) and multiple North American ones both as a non-driver. It's obviously harder in NA, but it's pretty doable (and will be even more doable if people drive less)
@@edwardyoon6296 Not having a car sucks. Ask your gf.
He is looking at it from the perspective of uber/lyft vs a 100k Mercedes or BMW in a dense city with public transportation. That's not everyone's situation.
He did mention his situation. It’s taken into account that not everyone has the means to public transportation. In Minneapolis, my wife takes the metro transit bus to & from work everyday. The grocery store is within walking distance and our daughter’s school was just a mile down the street. If you can get setup with a living situation, that will allow you to not purchase a car- I think that’s what he’s speaking on.
This is an Uber commercial rather than financial advice...
Exactly why I never turn to him. This guy is a fraud dressed up nicely.
Usually his simple common sense advice that anyone could derive on their own at least makes some sort of sense...
I’m going to have to disagree on that one. You can buy a cheap reliable car that will make you more money and save you a lot more than Uber. I ofc now that buying a new car is dumb but this all depends on where u live, what you do and what’s your exit strategy on the car. I buy cars and sell them 2 years later for the same price or higher.
So your cars gets an added value after 2 years. Lmao. Why do you have to lie that bad? I mean even if you have to lie can you make it a little believable?
You don't need to buy a cheap reliable car that will make me more money then uber. It doesn't matter if you are moving city to city.
@@createmymy7851 I am pretty sure I sold all my cars for more than I bought them for.
@@manifba where do you live? Ghana, congo?
For an ion, corolla, or civic I could see this. I think kevin was speaking for the inner metros where most people live. Cars are huge hassle. I spend most of my weekends working on my commuters.
@@createmymy7851 berlin
Me: he seems to be assuming everyone lives in the city
Him: ''you're living in a city-''
I have 3 children.... I can’t imagine calling an Uber every time I need to go somewhere and lug 3 car seats with me.
exactly lol
Clearly there are exceptions to the idea...you are one of them...for most...big waste of valuable money
Well if u didn't have 3 kids which is beyond dumb
@@thelegendkillersshittyduff1335 different life styles.
@dog person if everyone thought like that, there would be nobody left at all and then it wouldn't matter whether cars were economical
"A beautiful Mercedes Diesel" - proceeds to show video of a Jeep...
Technically a similar chassis, technically
Yeah and I have an ad for a Jeep too
Frank Magana haha! You’re right! But you’ll have a hard time explaining that to the non car guys here lol
Forget about having an emergency where time is of the essence.
Absolute nonsense. Imagine every time u need to leave the house to run an errand(sometimes multiple in one day) just imagine the expense of ordering an Uber every time
Not to mention the wait time
@@MrTresto aren't rich people all about "time is money"? There have been multiple times where I have ordered an Uber and in between when I ordered it and when it arrived, I could have driven there, back, and there again and still have time left over.
Agreed , not practical.
You can buy a honda accord or toyota camry for like 3k and insurance is 120 a month gas is 150 and if you do 8 years your payment would like 50 dollers so 310 uber is 15 every time so 21 times a month if you go only to work and back that's 10 times 150 a week 600 a month plus going to the store Is like another 100 it is half the price to own a car
It depends where you live but in the city it is cheaper than a recent car for most people. You just have to do the math and ridesharing comes out cheaper almost every time without the headache of driving it and finding parking. Take the total cost of ownership of the car vs Uber and do the math. This is old news.
Literally the most unconvincing thing I've ever heard tbh.
It makes a lot of sense actually but not for people living in middle America. If you live in a big city like him (NYC, I'm guessing) it makes absolute sense. And applies to many other big cities as well.
@@ShaferHart He lives in canada. It absolutely makes sense to not own a car in canada. He'd probably have to spend 1k a month on uber before it becomes more expensive than owning a car. I personally would have to spend over 700 dollars a month on transit and ubers for it to be more expensive than owning a car. Plus you gotta park it, watch over it, do repairs which waste your time, fuel up on gas which wastes time, etc, etc.
@@cloudcloud8486 also I am certain that you save money when sharing the costs with other people.
annual cost of fuel/maintenance/insurance...ride sharing is def cheaper
@@cloudcloud8486 yupp absolutely. I live in Canada. Out west in British Columbia. I had a car 2017 Nissan Altima, mind you when i got the car I had bad credit, so my interest was 11 percent. Was paying 286 bi-weekly, plus 218 a month for insurance. And at the time i had the car, gas ⛽ was 1.50 litre.
Thanks Mr. Wonderful. The other day, somebody was texting and smashed my car from behind with my kid inside. And since then I discovered another means called walking. I walk everyday, thank god. I hate cars. I owe too much respect to this guy the day he said: ''A salary is a drug they give you to forget your dreams', and he's right.
Kevin: Id never spend $2.50 for a cup of coffee. Also Kevin: I spend $1,000 on food everyday.
food >>>>> Over priced coffee
@@sharduldesh10 quality made coffee isn’t overprice
Nice Image
He is estimated 500m$.
He can spend rest of his life easily that money.
Thats why your brain lacks the cells to understand that.
Dude spends $1000 a day on food and thinks buying a car is stupid.
But he gain them back by a successful conversation idea while having expensive dinner with a business partner
That's on business deals. He clearly says so.
😂
Dude's worth over 100 mil, not a fair comparison
Difference is he spends that cause he can without it affecting him financially to an extent
In California/Los Angeles county public transportation is not very effective and Uber or Lyft is not cheap
He doesn't even mention the actual alternative... A $1000 car.
yeah that will cost $2500 in repairs in about the first year of owning it, ask me how I know
I bought a 1997 lexus for 1500, only put about 500 into it for 2 years
1997 Camry for $2300 years ago. Still runs beautifully. Insurance is dirt cheap. Nothing under the hood has been replaced besides spark plugs, alternator (which I got for free), and a power steering fluid hose. I do my own oil changes every 8k-10k miles and it costs me like $40 every 5-6 months. It gets 22mpg in the city. I’ve driven it just about everyday since I bought it in high school. I’ve had the car for over 5 years and I just recently had to pay $200 for tires. 2300 + 200 + (40 x 11 oil changes) + about 300 in the other maintenance = $3240
Now add insurance: 3240 + 50 x 12 x 5 = $6240
Now add registration: 6240 + (80 x 5 years) = 6640
Let’s even throw on wiper blades once a year: 6640 + (50 x 5) = $6890
Now gas: let’s say I get an average 25mpg and I’ve put 80k miles on the car with gas being $3/gallon. That comes out to $9600 on gas. $6890 + $9600 = $16490 lets call it $16,500 that I’ve spent on my car over the last 5 years. I could sell it now for $1,800 as is, so really I have $14,700 that I can’t get back and could have spent on Uber or Lyft. Let’s see if $14,700 would be enough.
If it cost me $30/day to get there and back and I needed to drive 300 days a year (which is a good estimate), that’s $9000 a year that I’ve spent on getting places. 9000 x 5 years = $45,000. Maybe if you live in the city and have to pay for parking everyday and insurance is way higher and mpg is lower and gas costs more and your work is closer, a ride share app would be worth it. But not for me and the majority of Americans.
Correct me if I got any math wrong, please.
I bought a $3000 car that lasted me 3 years. Virtually maintenance free. Oil changes and break jobs, that was it. I have the money to spend on an expensive car, but it’s a TERRIBLE investment. I can’t believe how many idiots out there do it. I have no shame driving an 8 year old car.
Cole Lutz #theydidthemath
Kevin also invests a TON of money into funds that are shorting all major car companies. He might have an alliterative motive.
Kevin kan't komplain koncerning kars kause Kevin kompletely kourts kash.
There's yer alliterative motive for ya.
@@drmodestoesq lmao
Or he just know basic math
If you think a little video on youtube is gonna move the market for multibillion car compagnies, you're delusional
I fix mine when its broke so its hella cheap and its a 2001
I agree on not buying expensive cars. I don’t feel like waiting 20 minutes for a ride to come when I am late to work for example. If i can get an affordable car that works well, that works for me! :)
kevin definitely has shares in uber and other services 😂😂
Delixura You know they’re not a public company yet
Alfredo Alcantar You know you can own stock in private companies? Yes, it’s public now, but you can buy stock in any private corporation. Every corporation has shareholders.
This guy has numerous videos saying he bought a tesla for himself and for his son
3 words: Increasing. Uber's. Stock.
Tommy has a point where we don't all live/work in the city, but it's all perspective. If your net worth is 400M, buying a new car with cash is like the average person going and buying an extra value meal at McDonald's.
He seems to be full of himself!
Yea wtf!
Not Potato Uber is a private company.
Time is money. Owning a car saves you time. Owning a Mercedes is a waste. Buy a cheap car that’s been used.
Brought to you by UBER and LYFT
"I don't need it why should you?".... that's the mentality that turns common people against these disconnected self-centered punks.
@F G he does lol
I need a jet, why don’t you???
@@doctorfritznoel but most people don't live in that area's.
RUclips needs to bring back dislikes numbers.
On web browsers there's Return RUclips Dislike available as an addon. This video is currently at 6.1k dislikes. But I agree, it was a downgrade to hide the feature.
“Don’t buy a car. Take Uber or Lyft” sounds on the same tone as “let them eat cake.” This argument of his probably makes sense if you live in a big New York/chicago/Toronto type city, but most people don’t live in such places. In smaller cities, suburbs, or rural areas, rideshare is not as widely available, and rides through the rideshare are usually long enough they will cost a fortune quickly. Getting a budget car, especially a good used car which (due to depreciation) is more affordable, as most of these cars are cheap, have great gas mileage, and get the job done of getting you from point A to point B, at your own terms. Their insurance is cheap, and so is their maintenance.
I live in Toronto, this advice makes no sense unless of course you go around buying Mercedes,those cars are endless money pits
Disagree with how "cheap" cars are. They are extremely expensive.
Unless you're talking about relative to this guy's advice😂😂😂😂.
Totally agree with you on everything else.
Still expensive in chicago 75.00 to go 28 miles
I used to work for uber and the average ride is 25-30.00
@@ihuomao6735 I disagree and live in Toronto. I spend about 8 dollars to and from work with Uber which is legit less than the cost of parking. It doesn’t make sense for everyone but for some it does.
Uber combined with public transit is cheap
Lol when someone has a corporate uber account of course it’s cheaper...
If you live in the city I agree because parking costs and traffic can be insane but my car is worth about 3k and I’ve owned it for 7 years now. The annual depreciation is non-material and the amount of time saved by having a personal car is worth the additional costs if any. $20 a day using Uber or Lyft is $600 a month
Makes sense. Thankfully cheap, used, reliable cars are still a great, economically viable solution!
Buy used.
and buy cheap you don't need a Fugging BMW!!!
Buy a cheap used BMW.
Josiah Lovelace no such thing as a cheap bmw
Josiah Lovelace cheap used BMW will cost more in long run. Pick Japanese Car, low maintenance cost.
When it comes to city living, Kevin is still right. Parking is expensive.
2019: Kevin-You can do a ride share and split the cost if u ride with another person
2020:COVID-19-Hold my beer 🍺
deadass
This guy is clueless. It would cost be roughly $2100 to take car share services every month. At the moment, it cost me $1300 per month to use both of my cars, which includes gas, car payments, depreciation, insurance and maintenance.
Wow, this comes off as downright delusional. We don't all live in New York City, Kevin.
Agreed. I highly doubt this guy doesn't have his own car service... this is big city arrogance at its finest.
Even if you live in NYC like myself , not everyone lives in Manhattan
What about philly, Boston, Miami , DC, Chicago, la, ....etc?
If you live in Upstate NY then forget about not having a car,its mandatory lol
TheFlyingCougar my thoughts exactly. I would love to live in a city with working public transportation.
He's absolutely WRONG on this one. If you use your car everyday it's well worth the money if you have a car you can afford
"When my lease came up on my Mercedes" Found your problem right there.
This makes sense for big cities with busy traffic, sophisticated and timely public transport and reasonably priced taxi services. It really does make sense and he actually emphasizes that "if you live in a big city". For those who live in the suburb or in rural areas a car, probably a big one is sheer necessity.
Anyways, I'd rather have a car but don't drive it everywhere any time.
Also, you can use short term rentals if you need to drive yourself.
Until big cities build safer streets with bicycle infrastructure or convenient reliable public transportation through buses, light rail transit, subways, monorails, or high speed train networks people will still be dependent on cars 🚗🚲🚝🚟🚎 Best examples are in the Netherlands and Japan!
You need a car. Kevin is actually lying he has a Tesla Model X which he drives everywhere.
KNO levels are not the same. You don’t need a car if you are in debt.
And a Porsche
Actually I heard him say on squawk that he has two Teslas..🤔
When in doubt, do the math. For some people, it's better to take public transit and occasional Uber. But for most people in the US, a reliable second hand car(3-10 year old) is going to be cheaper to own.
Exactly cars are for sucker's that's why I ride a Emu everywhere, best thing about a Emu you ask? Oh no insurance, no gas, and most importantly its self driving (Elon got nothing on Emu's)!
They also won a war in Australia so they're built emu tough
So you're saying emus don't pass gas? I believe you are mistaken
@@tomalba7 no they have butt burps.
What do i feed them and whats the mileage per gallon
I prefer a camel for there low maintenance and great fuel economy
Sir, with all respect, you are wrong about this one. Having and driving your own vehicle is freedom. Remember when we first learn how to drive and we can't wait to go to new places? Taking Uber and Lyft is convenience at time, but why not buy a used car? taking our children to school and picking them up, going for a road trip, or just drive to the beach are just a few examples to have a vehicle. Your next segment on youtube will be "Let's buy a horse instead of a car."
Lol
But that freedom cost . Gas , insurance , you hit a pot hole damage your stuts , who is going to be the one who pays for it .
"I didn't own it anymore" bro it was a lease you didn't own it to begin with
He only says that cause he's a major invester in shared ride services lol!
"Didn't own a car after 2 year lease"
misleading information... for that reason I'm out!
Aka didn't own a car at all.
I sell cars lol a lease is the same as owning a car... but half the price, and half the time the normal financing for a lower payment than finance would normally be... it’s a way to go for someone who doesn’t drive much tbh🤷♀️
Skyarome it’s still not owning a car. If someone wanted to change the paint color or etc it wouldn’t be possible, why? Cause you don’t own the vehicle. You do have the option to own it once the lease is up but till then you’re technically renting it till the lease is up. Ownership is power.
The cost of ordering rides on uber lyft can get pricey ! Not everyone can afford it all the time. Then again owning a car does make you go broke.
“Mercedes Diesel” *shows JEEP grand Cherokee*
This was probably edited by some millennial who doesn't know how to change a tire. What can we expect?
I live two counties away from my job: an hour. Uber would charge me $50 one way. I barely do any repairs except oil. I don't care if it depreciates. The car is 11 1/2 years old.
That's smart. Buying a new car is not a smart thing to do as it depreciates hard.
Exactly, eventhough the car itself is a bad investment, an affordable, practical car allows you to have a well paying job that you could not have if you didn't have a car.
If my wife used Uber to get to work, to her massage, to the grocery, then home. She travels to this many locations per day. Our cost would be at least $400 more a month than our luxury car. Additionally, the extra cost for using Uber on the weekends to get around would be absurd. Only in New York or Chicago would this work.
He should say, don’t finance a car. Save and pay cash.
Buying with cash is also a huge mistake when you could put the money in a ETF like QQQ for 10 years with returns enough to retire on. I bought a car with $40,000 cash 10 years ago and now it's worth next to nothing but if I bought $40,000 of QQQ 10 years ago, it's worth close to $400,000. Now I will buy all the QQQ I can get my hands on for the next 10 years.
@@Observer168 but, how much would you have spent in transportation and transportation related (like ordering delivery instead of picking up yourself) if you didn't have the car? That needs to go on the Math too. And a 40k car doesn't sound much like a basic model either, you could have maybe gone for a more basic model
@@amandadeoliveira2353 I could have just leased the car and invested the money. That is what I will do in the future. The car is for quality of life. You only live once.
@@Observer168 Spending $40,000 on a car was your first mistake dude.
@@Observer168 wow 40k on car. That's a lot of money to blow.
This feels more like a sales video than investment advice. If you think Kevin doesn't own a car(s) I got some swampland for ya?
FirstTeam4Comedy are you the one that sells the Eiffel Tower too? Been lookin...
Definitely depends where you live & what your requirements are. Owning a car gives you leverage, convenience & safety, all of which Uber & Lyft gives you, JUST differently, when needed.
In South Africa, it's a little harder (not saying it can't be done) not owning a car due to transport infrastructure, safety, etc.
$34 to use Lyft one way, $34 to come back. $68 x 5 = $544 PER WEEK (x 50 weeks/year = $27200)
$2176.00 per MONTH.
$15k car = insurance + gas + monthly payment.
So the car is cheaper
He is talking about ride sharing. It wouldn't be smart to do it in every city.. Just the ones where the price is much lower with ride sharing
He’s a super rich person acting like he knows the middle class
Wrong it’s not one set price per ride…everyday it’s different depending on the time, day, and traffic
A car is part of the quality of life. It takes me where I want to go and I enjoy the ride.
What about bike ?
And ANY TIME you want. Freedom in priceless!
@@randomworld4662 Driving is easier.
car is quality of life but the payments you are making for it and the stress you are going through due to this cancel that quality it gives you and then some
@@Marcos.R.Morales It depends on what kind of car u own. if u own a ford pinto with a missing rear bumper, then yes. Not to mention you are probably scared about someone rear ending it when u are behind the wheel. But getting a decent car, doesnt have to flashy at all. Used but not abused, Cheap, low insurance, well equipped fun to drive small cars, then its the best of both of worlds, freedom to go anywhere and not spend millions a year on gas or maintenance.
I live in Toronto and I definitely agree with this sentiment, primarily because I live in a big city. Even when I was driving in Toronto, I was not using my vehicle enough to justify the costs. I now exclusively take the TTC (metro) or I use ride sharing services when I can. Saves me a fortune
I personally agree that city life is very efficient on ride sharing services, but in the united states anywhere else is pretty expensive. It cost me $24 for one ride from school to home, while that is just my gas for a week. This is not really practical for me to use a ride sharing service.
If you don't drive your car very much it's probably better to buy a classic vehicle that's appreciating in value or at least not losing value. Buying a normal car that you never drive is pretty stupid because cars are utilitarian products meant to do a job, they're not going to last forever and it sitting there is just as bad as putting 200 miles a day on it. Buy a nice 1968 Camaro put 15 miles a week on it keep it for a decade make sure it stays nice you'll probably sell it for more than you paid.
That's a sad life when you can't actually go anywhere without relying on someone else. Might be better advice to get a bus pass, that would be even cheaper lol.
Uber 24/7...ppl make a living driving ppl aroujd
You always rely on other people in life
I always hated relying on the MTA with their garbage bus service and I could never go back to that lol seriously though alot of the time I had to wait for an hour or two for a bus and then said bus was out of service like wtf?
Okay go live off the land in the mountains then lol so sad when people have to take money that isn't theirs to buy something they don't need. ie your loan from your lender to buy your crappy car. Who is really the one relying on someone else lol. I can cross the country of my bicycle without relying on anyone. Unless you're transporting goods of some sort, you don't need a car just to move your measly body around. Thousands of pounds of metal, and thousands of gallons of gas, and thousands and thousands of dollars. All to move one single human. You people defy all logic. It's a sad sad life when you're too dumb to figure that out. Btw I'm an exotic automotive technician and don't own a car whatsoever yet live 35mi from my job. My life is far from sad and the sadness I do have is exacerbated in a car that blocks you off from nature and the rest of society while you sit in traffic trapped with no options. Meanwhile I'm biking past you saying hello to my fellow citizens and listening to music and nature together with the wind in my face.
Left out parents with small children. Heck even long commutes with uber and lyft would be outrageous at the end 😓
Yup, he is not speaking on behalf of soccer moms, let me tell you.
@@vesnamirkovich Because they're the middle-class folks. Often times they live beyond their means so their children can have a so-called "better quality of life". Both spouses have to work at jobs they hate so they can pay for everything, and God forbids when one or both of them lose their jobs for some reason.
In my country?
Buying a decent car: RM1,500 monthly commitment (incl maintenance)
Using Ehailing: RM1,600/month
At least at the end of the car loan term id own the car and can sell it if i want to.
Any emergency with my kids and I don't have to suffer the psychological burden of expecting a Lyft or Uber at 2 am in the morning.
Why buy a 25k car though. You can find a decent reliable car that will hopefully atleast run for a few years without needing any mechanical repairs for under 5k lol
Seriously though,theres way too many good cars from 2000-2010 under $5k right now for sale lol
Exactly. Great used cars available. if you know what youre looking for you can find great examples between $2-10k. Im talking nice Mercedes AMG cars well maintained.
Michael Jackson yeah you’re right just for transportation
Hi Mike
@@SeamHead33 absolutely not man, buying a used Mercedes is a mistake. Repairs are a fortune and it's a question of when they'll happen not if.
He's right about cars being too expensive💯 regardless of what your income status is😒 mechanics are even expensive🤨😒💯🤦🏾♀️
"I don't need it. Why should you?" 😹😹😹😹😹
Kevin doesn't need a car, yet he owns multiple cars, including a porsche and a tesla. Quite a hypocrite.
You need a car especially if you have kids but having a car payment is a good way to stay broke.
Yes, I agree. Those car payments are killer.
This is why I like bikes 🚴♂️
Or buy a cheap car cash and not worry about payments?
When you're cramped in on a bus with wet, dirty seats, your having to stand your entire ride with stinky, drug addicted panhandlers and prostitutes or shoulder to shoulder with strangers in rush hour on a bus, you'll wish you had a car.
Buses can also take a long time to come, there have been times when I had to wait over an hour for a bus. They can also be far bumper then a car making the ride very uncomfortable.
Ewww
He just bought a model x Tesla...fact
A Tesla is not a car- it's a space ship
I would love to see the “ride share driver” deal with me and my kids in the morning on the way to school 😂😂 I definitely need a car
Unless you're rich like Kevin O'Leary. The rich would hire a personal chauffeur to do their dirty work. That would be irresponsible for any parent to call an Uber or Lyft for their kids as both of these companies have a policy against unaccompanied minors.
In my country, there are people with mini vans who take your kids to school for you for a monthly fee, usually they are registered in the school and the parent can choose another one, there would be one minivan or 14 passenger van per neighbourhood per school, and they come to your front door, for little kids there would be a teacher with them to take care of them and she will ride for free.
@@bassam_salim In America, that's what school buses are for, minus the fees. There's always a driver, sometimes with an aide, that will keep children safe (as many as 90 kids) for the duration of the ride and report any misbehavior to the principal. For most kids that's their only source of transportation, especially for the low-income neighborhoods.
Its not irresponsible my parents did it for me they kept me 9n the phone with them the whole time and watched me go.in the car and tracked my location via Uber or lyft app the whole time to make sure car goes where it's supposed to. Sometimes they had to go to work or bank and I had choir practice on otherwise of town they couldn't take me and we didn't own a car this was more affordable and useful for us than a car. So check ya self before calling peeps irresponsible if you haven't been in the situation, not that situation is any kind of struggle really
This only works in a major city with a subway system that runs 24/7 like NYC or DC. Try not having a car in a large spread out city like Dallas. You’ll end up spend $100/day just to go from one part to another.
Kevin, how many stocks do you own in Uber !? 🤔
1
Random world I don’t think so !! Basically, This was an Uber commercial so i bet you He’s doing it for a reason...trust me !! Lol
*shares
He said amortization, cars depreciate… not amortize. He's a guy that got lucky with some random share that sky rocketed and now acting like a financial Guru..
Some people actually like driving. It's a great experience if you live in a beautiful city with nice back roads where you can relax, drink some vodka and look at deer
Thats different.
Thats why I have two.
Hey Slim, I had a fifth of vodka, dare me to drive?
My best experience driving was when I drove from Phoenix Arizona to the Grand Canyon in Arizona. Absolutely beautiful!
I bought a car (Tesla) cause I wanted it not cause I was trying to save money. I do not regret that decision. I don’t spend much on other goods so it evens out
Spend money for things that you really want. You have one life make the most of it.
kevin : dont buy a car cause i invested in a ride sharing company
"I hate cars."
"When my $1,300 / month lease came up..."
Hey guys, relax!!!
They meant for the title to say, "Don't Ever Buy A Car If You Live In New York City."
That's fine, if you live in the city when services are readily available.
Exactly. I'm guessing he spends a lot of time in New York City, so it's easy for him to say a car isn't necessary.
Yeah I wouldn't say you save a "fortune". I used to uber 5 times a week for just work plus my wife sometimes uber. And it a shitload of money we be spending imo. It takes 20$ for me to uber back and forth M-Fri. That equals to 400$ a month for me to get to work. And let add in maybe 100$ a month for my wife. Because some she has to uber for work. That 500$ a month for us to go to work. This not counting going to groceries, running errand, or going out with my wife to have dinner or movie. It also sucks knowing that you can't go anywhere immediately because you have to order the uber and then wait. It very incoveinent not to have a car.
the average cost of car insurance is $78, car payments are $391 for a used vehicle. That’s around $460 not to mention depreciation, gas and mechanical issues.
Stress Free Mind eventually you can own that car. I’m a few months away from owning my. So by by car payment. Now that’s a lot cheaper.
Why do you people always Uber to work. Don't you have shuttle or carpool services there? A cab is a luxury not meant for daily usage.
@@nou4605 I did an out of state internship once and sure didn't. The closest they got was when they let me claim the rest of my unused housing allowance for my Uber expenses. My next job paid for Uber, but only up to $10 from the train station from 8 AM-8 PM and there are times I left work at midnight. Not to mention the train added a half hour to my commute, though it made transportation 10% of what it would be taking Uber alone.
In coastal cities, 25 mins in an Uber is a about 35 to 40 dollars each way. At 20 business days a month x 12, thats over $19k a year!
Here’s the issue: public transportation is absolute garbage. I don’t care what you say. Try taking the subway in rush hour, you feel like a sardine. And sharing a ride in a prius is not exactly as comfy as driving around in a mercedes. I’m not buying this advice
GOLDENEYEAL you mean public transportation?
He meant Kevin needs more pubic hair on his head
Garbage public transport is garbage.
Rogelio Panotes exactly lol. That was a typo
Not everyone lives in a city that has great public transportation
If your workplace is at a distance under 5 miles, you can travel through cycle which takes only 15 min. And you end up saving fuel prices too
Dude owns a Tesla and loves it
Its a money pit once things start breaking past the 50k mile warranty as these cars sure aint cheap to fix! Hes a hypocript.
You are only calling it money pit because you can't afford to buy one, which mean your perspective is limited to your financial situation
When I mean money pit, I mean MONEY PIT! 😂 If you got money to burn on massive repair bills go right a head. You'll loose your shirt buying one of these things.
17 inch screen Media Control Unit about a $2,700-$4,000
Center Touchscreen: Blank Screen of Death
Battery back replacement currently $44,564
Tesla Model S 85kw Battery Replacement Cost
Drive unit replacement. $12,000 $6,000
Cost of Drive Unit Replacement?
Electronic door handle replacement $800-$1,000 each
Door Handle Replacement
On-board charger $2,300
Costly Replacement Charger, after 50,000 miles.
Air Suspension $2,000 per axle or $8,000
Life With Tesla Model S: Extended Warranty, 'Tricky' Owners & More Updates
DC-DC converter $2,500-$2,600
12V battery issue, service wants to replace DC-DC converter
Heater System $3,000-$3,500
Heater stopped working
TrueDelta | 2013 Tesla Model S electrical Problems
Tesla Model S Reliability by Model Generation | TrueDelta
TrueDelta | 2017 Tesla Model X Repair Histories
A/C Compressor finally failed. But $3400??!
Holy crap, repairs are insanely expensive, beware!!
Owning a Tesla is awesome, until you get into an accident...
Brake job $8,500 or $6,500 USD
Ouch! First huge repair bill.
Brake caliper assembly with piston each $745.00
Rear rotor each $331.00
Front Rotor each $290.00
Parking break caliper with pads $1,235.00
Upper control arm each $261.00
Clunking sound is costing me a bundle to fix out of warranty $3,480
Rear Halfshaft 36 MM Performance each $900
Hub Bearing Assembly each $240
You don't have to buy it if you don't have the money, and stop worrying behalf of people that can afford it, chances are that they are smarter than you and already know about these
@@fgsddsgf3058 😂The dumb ones are the ones that buys overyped junk that lacks quality. Tesla is not known for quality as thier quality control is horrendous like Chrysler. They make alot of lemons and the sheeps still think its amazing lol.