I’m a loooong time listener and still learn so many valuable lessons from your show. The HSA-as-investment-vehicle is the latest. I’m saving my receipts now and will get that money invested asap. Thank you!
Even if you arrange financing in advance, I had a dealer try to markup the price $1000.00 on a used car because i was not going to finance a loan through them. I was paying cash, and the dealer said, “Cash is no longer king.” They also wanted to charge me an additional $1000.00 because I did not have a car to sell. When i told them i could not do the deal, he responded by going to talk to his manager. The $2000.00 was removed from the final deal, and i purchased the car.
That is great advice. I plan to get a high interest loan with no pre-payment penalty on my next used car from a dealership, but then pay off the full amount the following day.
Went with my neighbor, who wanted to purchase a used BMW (never a good idea). Told her to get it inspected (didn't like some things I saw) and I left the dealership. She brings it home, because they dropped the price if she would take it now. Yeah, 3 months later, everything start shutting down. Why? Because only later did she find out it was a flood title.
I stopped buying used cars in the eighties. I don’t need car repairs. Instead I buy them new and keep them for a long time. I had one for fifteen years and then gave it to my daughter and she got an another five years. When I’m ready for a new vehicle, I give my current car to someone in need. I don’t charge them for it. I’ve had my current car over ten years. I intend to have this one the rest of my life.
I bought my 2005 Lexus ES330 and it will be 20 years old in four months. It has 93,000 miles, always garage kept and maintained to the letter. I have an excellent mechanic friend who practiced on my car to get his Toyota/Lexus certification. He already told me he will buy it whenever I am ready to sell it. I plan on keeping it for another 5 years and buy another new Lexus, which will be the last car I buy.
I have had hoopties for 30 years. I paid $500 to $1500 for most cars. I did my own inspection by looking at the cars and driving them. Very few problems and none right away. That is until my two 2005 Accords. I had to buy a battery for both right away. One had a wiper transmission with bad bushings...they did work normally but when windshield was wet they hit cowl. My price for each was $1600, and I have spent money for new tires, batteries, serpentine belt and tensioner and AC compressor on one. It had 258k over two years ago and now has 298k. The other Accord is identical and has 230k. The seller also had a 2007 Camry that has 328k and minor rear damage and a salvage title because of it. Engine rebuilt under warranty at 78k because of the defective pistons. Air still works. Car is clean as new. $1000. I didn't take them to a mechanic because they are HORRIBLE. Firestone went over everything on my car and it was perfect. This was for a state inspection. They were TOLD to not remove my wheels or open my hood because nothing was amiss to require them to. They did it anyway in an attempt to get business from me. What they did was assure they would NOT get any. A dealer or chain will try to find anything and scare you into fixing things you don't need. I do my own inspection and take a gamble because I KNOW a cheap car is going to need something. I haven't had expenses for powertrain issues in 30 years. If I paid for an inspection it wouldn't give me any information I don't know that would keep me from buying the cars. You CAN still find a good car for $2000 or less. You don't get a car that is flawless mechanically or physically usually.
Flexibility of car prices are often related to particular brands and models. For example, if you want a new Toyota 4Runner, they’re difficult to find under MSRP.
Back in the 90s, my landlord informed me that they were going to raise my rent $50. I decided to poll my apartment neighbors about their monthly rent. Surprisingly, most of them shared their info. I wrote a letter to the apt. management sharing what I found. My apt didn't have a dishwasher and I was going to pay a lot more rent than those with dishwashers. Well...they installed a dishwasher while I was at work, but still raised my rent. The universe was watching over me and I ended up buying a condo! I won...Equity!!!!
Realistically, vehicles are the third biggest expensive item they buy. In order from most to least it works out to be: education (most of this is hidden behind scholarship, grants, etc), home, then their vehicle. The education expenses also continue through their entire life, making even higher and less obvious than the other two which hits people all at once in one place when they make the purchase.
My experience with large corporate complexes, they are NOT willing to negotiate on anything. The posted rent and deals online are all that they offer. And the rates change daily.
This applies if you're already a tenant. Many times, if you threaten to leave, they will negotiate a deal (if you've been a great tenant). We recommend actually being willing to leave for a better deal, if they don't. 💚
The best approach to buying a car is to move next to a bus stop and to buy a bicycle. If that doesn't work for your job, get a new one. They all pay about the same and 20% is going to a car you mostly drive just to work.
I Wish clark stop recommending carmax and carvana. 2 of my friends tried selling good used cars to both of those car dealers. They gave the WORSE offers. My friends sold cars as FSBO and made 3x. The car proper value.
Schwab is the best. Fidelity 2nd best. Vanguard sucks. Not only does Vanguard not protect you against fraud, they charge you you leave them for another financial institution.
Except, Schwab was a *TOTAL* mess during the recent stock drop. Fidelity has been fine going back decades with my family. I can’t recommend the offices for much other than convenience (skip the advisors or advising services unless really needed - like you are too busy or sick to manage a family members investments from across country and you hand it over to them) but, for the most part, the phone people are fine if you run your own brokerage account, IRA, Roth, etc. Fidelity is a complete discount brokerage and money management option. Vanguard has given up trying to be like Fidelity in that regard.
Thanks for sharing your hierarchy! You can't go wrong with either one. There are strengths and weaknesses of each, so the "best" one will differ by each person's personal financial goals. 💚
Uh, Apple Cash, which you guys forget all the time! Rather than worrying about which cash app is safe, I stick with Apple Cash and PayPal Cash, as they have the strongest digital safety. If a contractor or kid who cuts my lawn does not have either, if I don’t have the actual cash on me, I send a check direct from the bank. The end.
@@Clark How many Androids have all of you had since 2017? I have had one iPhone. An SE. Fully loaded. Not even the newest model when I bought it. I paid for it unlocked. It is still fine, still updated still runs everything. 8 years later, 3087 photos, 199 videos, and I still have 152 GB left and the battery is at 90% capacity. If you get a good one with a bunch of memory, stick it in a case, put on a screen protector, the iPhone is a great deal! Cheapskates like Clark become so brainwashed against a good well designed brand, they loose sight of what the long term cost is, versus the e-waste and higher cost of Android. This is not PC vs Mac. Let’s move on. No, I am not an Apple fan boy but I know a good product from a smart company when I see one.
Come on Clark you make it sound like a car buyer can get 4% but the dealer marks up the rate to 14%. Most dealers cap rate mark-ups to 2.5% max. But yes by all means get qualified before you leave home.
I’m a loooong time listener and still learn so many valuable lessons from your show. The HSA-as-investment-vehicle is the latest. I’m saving my receipts now and will get that money invested asap. Thank you!
Even if you arrange financing in advance, I had a dealer try to markup the price $1000.00 on a used car because i was not going to finance a loan through them. I was paying cash, and the dealer said, “Cash is no longer king.” They also wanted to charge me an additional $1000.00 because I did not have a car to sell. When i told them i could not do the deal, he responded by going to talk to his manager. The $2000.00 was removed from the final deal, and i purchased the car.
That is great advice. I plan to get a high interest loan with no pre-payment penalty on my next used car from a dealership, but then pay off the full amount the following day.
You guys are the best!!!
Went with my neighbor, who wanted to purchase a used BMW (never a good idea). Told her to get it inspected (didn't like some things I saw) and I left the dealership. She brings it home, because they dropped the price if she would take it now. Yeah, 3 months later, everything start shutting down. Why? Because only later did she find out it was a flood title.
I stopped buying used cars in the eighties. I don’t need car repairs. Instead I buy them new and keep them for a long time. I had one for fifteen years and then gave it to my daughter and she got an another five years. When I’m ready for a new vehicle, I give my current car to someone in need. I don’t charge them for it. I’ve had my current car over ten years. I intend to have this one the rest of my life.
Ditto.
I bought my 2005 Lexus ES330 and it will be 20 years old in four months. It has 93,000 miles, always garage kept and maintained to the letter. I have an excellent mechanic friend who practiced on my car to get his Toyota/Lexus certification. He already told me he will buy it whenever I am ready to sell it. I plan on keeping it for another 5 years and buy another new Lexus, which will be the last car I buy.
I have had hoopties for 30 years. I paid $500 to $1500 for most cars. I did my own inspection by looking at the cars and driving them. Very few problems and none right away. That is until my two 2005 Accords. I had to buy a battery for both right away. One had a wiper transmission with bad bushings...they did work normally but when windshield was wet they hit cowl. My price for each was $1600, and I have spent money for new tires, batteries, serpentine belt and tensioner and AC compressor on one. It had 258k over two years ago and now has 298k. The other Accord is identical and has 230k. The seller also had a 2007 Camry that has 328k and minor rear damage and a salvage title because of it. Engine rebuilt under warranty at 78k because of the defective pistons. Air still works. Car is clean as new. $1000. I didn't take them to a mechanic because they are HORRIBLE. Firestone went over everything on my car and it was perfect. This was for a state inspection. They were TOLD to not remove my wheels or open my hood because nothing was amiss to require them to. They did it anyway in an attempt to get business from me. What they did was assure they would NOT get any. A dealer or chain will try to find anything and scare you into fixing things you don't need. I do my own inspection and take a gamble because I KNOW a cheap car is going to need something. I haven't had expenses for powertrain issues in 30 years. If I paid for an inspection it wouldn't give me any information I don't know that would keep me from buying the cars. You CAN still find a good car for $2000 or less. You don't get a car that is flawless mechanically or physically usually.
Thank you for the information.
Flexibility of car prices are often related to particular brands and models. For example, if you want a new Toyota 4Runner, they’re difficult to find under MSRP.
Kobayashi Maru - Love the Star Trek reference
💚
Back in the 90s, my landlord informed me that they were going to raise my rent $50. I decided to poll my apartment neighbors about their monthly rent. Surprisingly, most of them shared their info. I wrote a letter to the apt. management sharing what I found. My apt didn't have a dishwasher and I was going to pay a lot more rent than those with dishwashers. Well...they installed a dishwasher while I was at work, but still raised my rent. The universe was watching over me and I ended up buying a condo! I won...Equity!!!!
50 years old and I have only financed 2 cars my life both pre-owned and the last at 1.9 percent interest. A large bank beat my credit union's rate.
Multiple levels of amazement! 💚
Realistically, vehicles are the third biggest expensive item they buy. In order from most to least it works out to be: education (most of this is hidden behind scholarship, grants, etc), home, then their vehicle. The education expenses also continue through their entire life, making even higher and less obvious than the other two which hits people all at once in one place when they make the purchase.
My experience with large corporate complexes, they are NOT willing to negotiate on anything. The posted rent and deals online are all that they offer. And the rates change daily.
This applies if you're already a tenant. Many times, if you threaten to leave, they will negotiate a deal (if you've been a great tenant). We recommend actually being willing to leave for a better deal, if they don't. 💚
This is correct. They don't negotiate.
Seems like every problem you mention about used car concerns financing. So people who don’t finance are not having trouble?
Thank you Team Clark.
Edmunds is a GREAT tool to find out accurate "Trade Value" "Private Party" and "Dealer Retail" values.
The best approach to buying a car is to move next to a bus stop and to buy a bicycle. If that doesn't work for your job, get a new one. They all pay about the same and 20% is going to a car you mostly drive just to work.
Great show 😊
Thanks Clark & Team! NNTR
Thank you so much learned two different pointers one of them I'm going to act on today
I'm tickled by Clark referencing The Wrath of Khan on the show today!
😂
Always love your content, but sad so much is true. Rent for my daughter is awful and prevents her to save for a home.
I Wish clark stop recommending carmax and carvana. 2 of my friends tried selling good used cars to both of those car dealers. They gave the WORSE offers. My friends sold cars as FSBO and made 3x. The car proper value.
Schwab is the best. Fidelity 2nd best. Vanguard sucks.
Not only does Vanguard not protect you against fraud, they charge you you leave them for another financial institution.
Except, Schwab was a *TOTAL* mess during the recent stock drop. Fidelity has been fine going back decades with my family. I can’t recommend the offices for much other than convenience (skip the advisors or advising services unless really needed - like you are too busy or sick to manage a family members investments from across country and you hand it over to them) but, for the most part, the phone people are fine if you run your own brokerage account, IRA, Roth, etc.
Fidelity is a complete discount brokerage and money management option. Vanguard has given up trying to be like Fidelity in that regard.
what ways are Schwab better than Fidelity. Thanks for info on Vanguard.
Thanks for sharing your hierarchy! You can't go wrong with either one. There are strengths and weaknesses of each, so the "best" one will differ by each person's personal financial goals. 💚
Always stay away from Vanguard. Fidelity is still better than Schwab, but Schwab is fine.
Uh, Apple Cash, which you guys forget all the time!
Rather than worrying about which cash app is safe, I stick with Apple Cash and PayPal Cash, as they have the strongest digital safety. If a contractor or kid who cuts my lawn does not have either, if I don’t have the actual cash on me, I send a check direct from the bank. The end.
💯 Good tip! With Apple Cash both parties must have iPhones. It's often forgotten because most of us on Team Clark use Androids. 💚
@@Clark How many Androids have all of you had since 2017? I have had one iPhone. An SE. Fully loaded. Not even the newest model when I bought it. I paid for it unlocked. It is still fine, still updated still runs everything. 8 years later, 3087 photos, 199 videos, and I still have 152 GB left and the battery is at 90% capacity. If you get a good one with a bunch of memory, stick it in a case, put on a screen protector, the iPhone is a great deal! Cheapskates like Clark become so brainwashed against a good well designed brand, they loose sight of what the long term cost is, versus the e-waste and higher cost of Android. This is not PC vs Mac. Let’s move on. No, I am not an Apple fan boy but I know a good product from a smart company when I see one.
Used car prices went up and stayed up. I have no idea where they went down.
Prices are not low, but they are lowering - currently lower than recent years. 💚
Early upload gets the worm 🐛 😊
🐛🐛💚
Thanks for the Venmo app advice.
On another note, zero percent financing is available on new cars. That is how I got my Mazda.
Awesome! 🙌
Clark didn't share his own rental rate info but he tried to share his fashion tips with other talk show hosts and they all sued him 🤣🤣
Come on Clark you make it sound like a car buyer can get 4% but the dealer marks up the rate to 14%. Most dealers cap rate mark-ups to 2.5% max. But yes by all means get qualified before you leave home.
Trump ads before the Clark Howard show? Seriously?
Harris add too. It's that time of the year. Get over it.
It happened to me yesterday on RUclips while watching something else.
Clark Howard does not determine what ads you see on RUclips. Your search history (and other algorithms) decide what ads you see.