This Is Why You Can't Save Money
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- Опубликовано: 29 сен 2024
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My car is 14 years old. Only 75000 miles. Took it to a mechanic recently and he told me it’s good for another 10 years. I love my car.
I bet you'll get another 15 out of it even
Same here. Engine and gearbox are rock solid. Few cosmetic issues. 75kmiles and 14 years old - got it 8 years ago and was the best 8k I ever spent.
What car is it?
My Jeep is 31 years old and I Am trying to coax another nine years out of her.
I keep her scrupulously maintained. She's a work horse, Not a show pony.
Put in the maintenance, And you'll be golden.
my toyota still going, little rust. saved up $10k for a new used car if it goes out
I'm a auto mechanic by trade... @10:33 I can assure you that older cars are built better than newer cars. Your common early 2000's honda or toyota can run over 300k miles if simply maintained.
I wish more people understood the value in just paying ALL CASH. If you need a loan, then you can't afford the car. Plenty of great Toyotas and Hondas below 6k. Love your videos! :) my 2007 Yaris is at 244k miles (paid 8k cash at 50k) and is still running strong, quiet, and AC is ice cold. I'm gonna take that baby to 300k!
My former long time plow truck guy, a gritty, seasoned mechanic: “the best truck on the road is the one that’s paid for “. Amen. RIP King Cam.
RIP Toyota Hilux availability in the US.
I'm only 3 minutes and 50 seconds into the video and I just have to applaud that one statement (paraphrased) "...every single car, regardles of make, etc. DOES EXACTLY THE SAME THING!" - what a wake-up call (I already woke up a long tmie ago), but hope others will!
Not quite. Acceleration ability varies, and tire condition varies too and sometimes those things could save your life. But this a tiny tiny percentage. For everyday circumstances Nicole is spot on.
Psst. Come here. So do video games. 🤫
Love this comment. We don't need a fancy box to drive to a box where we sit in a box and think inside the box only to fantasize about the box we're wanting to go "home to", home meaning a fancier more customized box.... Does it really matter? My cat will sit in any box it can, and it's hilarious, but are humans doing the same stupid tricks?
Actually, some hold better than others in case of crashes and stuff like that. Not all cars have the same resistance, thats what people should be focusing on when buying a car
Mmm if you have to drive far to make a better income. That old car will not survive it and you will be left with no car at all or job temporarily…
That’s the problem, Everyone has a different circumstance.
I'm a mechanic in the UK....people are always buying cars they cannot afford and afford to maintain
That way in the USA as well.
I know women in their 40s who still have not learned to buy reliable makes/models. They see a "really cute" car with a price tag they can afford and do ZERO research. I am sure there are men who do this as well but they're not discussing it with me.
It's so strange! I noticed maybe 10 years ago that there was an upswing the mid luxury cars I would see. Now it seems to be like half of the cars I see are Audis, BMWs and increasingly Mercs. The money that people are spending on buying and maintaining these things must be a massive % of their monthly outgoings.
I'm in the UK too - looking at used cars I keep seeing 3 year old cars at 3o,ooo miles and one service stamp.
Keep getting told "2o,ooo service intervals - what's your problem? " 😶
@@seltzermint5
Any one of them who bought a used out of warranty BMW or Merc -
Therefore, I only buy old Toyotas and Hondas. Still driving my 04 Camry with 360k miles, original engine and trans. Bought at an auction yrs ago with only 128k miles.
My 2003 Camry needed a new trans after 5 years, and then it ended up lasting a mere 17 years and 170,000 miles. That is NOT why I purchased an allegedly sensible brand and model of car!
2005 Toyota 3 door hatch five speed manual, all manual including windows. 166K KM (100K miles) just broken in.
@@timothyirwin8974 Nice! Seems like your experience is better than mine.
mazdas are good also. we had a family 626 mazda that went from mom, me, and 2 brothers. back then the seat belt automatically worked, lol.
I just bought an 05 Camry last week for $4,500 and it only had 81,500 miles on it. I’m pretty excited to have found such a good deal on a car that’s known to be so reliable! I hope that you end up getting another 360k out of yours!
Do not need an $80K Ford F150 in the city just to carry an inflated ego. A lot of money just for a conveyance.
It is funny seeing a fancy truck in suburbia that barely fits in driveway parking.
1/2 ton
I bet that those beds don't see a lot of use.
My son has a 2024 Ford F150 and loves it. His payments are $0. His boss got it for him 😂😂😂. I think it was part of a lease package the company got. He doesn’t care who pays for it, he’s got his dream truck.
I'm really surprised, that F150 is a "cool" car in the US. I mean, car ego exists here in Europe too, but oh my god. Not the utility car for farmers, wtf
Back in the late 90's, when cars started costing over $20K, people were appalled. 20K for a Nissan Sentra, Honda Civic, or Toyota Corolla!!! Now some cars are almost $60K. and yes, the more options you have, the more things that can go bad. And the more it costs to insure them.
my first car was a manual 97 chevy cavalier. No auto windows or anything else other than 1k for a sound system 😂. It was 14k new, lasted 9 years with new AC being only repair until a cylindare was cracked and more expensive than the car. Bought a used RX8 next, lucky warranty was 4 years as needed new engine 😂 that was covered. On my 3rd car a genisis coupe and have had zero issues at the age of 45. I will be looking at an old car without computer crap in it next.
Those computerized systems are a money pit
20K in 1990 adjusted for inflation is almost 50K
I live in a pretty cheap area. There are people around here parking 60k cars in front of their 80k houses. It doesn't make them look like a baller, it makes them look like a dealer.
Ugh we live in a culture where pointing out the obvious can be rewarding. So many people have been conned (marketed to and socially engineered) Oh man, I'd hate to be married to somebody who doesn't get it.
I am grateful that I am favored £43,500 weekly, I also use some part to give the poor as well. God bless sandrina ❤
Hello how do you make such monthly, I am a born again Christian and sometimes I feel so down 🙁of myself because of low finance but I still believe in God.
Really 😮
She communicates on WHAT S A P P on the digits below>
You'll surely reach her
美國 十 𝟭𝟴𝟮𝟴𝟯𝟱𝟭𝟭𝟳𝟰𝟯👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻❤️❤️ 十
大家大家大家大家大家大家大家大家大家大家 copie desta forma O RUclips é frustrante
That comment of the difference between putting money into a car payment versus money into your future is nothing short of brilliant. I’m so glad you said that.
Yeah and the breakdown of the numbers was really nuts!!
Unless the future doesn't exist for you because of illness or accident.
In that case, why do anything? Why eat healthy? Why work out? Why go to work? Why not pick up a crack habit? YOLO....That's a dumb logic.
@@AccordingtoNicoleexcellent counter argument. The YOLO excuse is a total cop out.
@@Torgo1969 Statistically if you made it past 1 you will make it to 70. So don't plan your life around only existing for just another week.
I drive a 2002 Rav4. It's dented and not pretty, but it gets me where I need to go. I think your Rav4 is gonna be with you for a long time.
Nicole is ADORABLE 😁
I'm so happy to live in Europe, where it is very easy to live without a car! Even though wages are not as high as in North America, you can save a lot. I really hope North America can be like that some day. Also, without owning a car you don't have to worry about repairs, insurance, parking it, traffic fines, inspections... That's true freedom
North America? I live in Montreal and have never owned a car. Never seen the point.
@@susiex6669 I meant North America in general. Not all places in there are necessarily the same
@@susiex6669I’ve stayed in San Francisco and I never needed a car to get around.
@@wturner777 Cool. I was in Toronto a couple of months ago and thought their subway line was pretty good too, considering I was staying in North York and going in to town every day. Also cleaner and cheaper than my city.
Most North American cities used to have decent public transport from Victorian times onwards, trams etc. It was scrapped in the 1950s and 1960s under pressure from auto makers, oil companies etc. Look-up what happened to thee old LA streetcar system.
I once got a car note when I was 19 and the only thing I cared about was could I afford the monthly note. As I started learning financial literacy it made me sick how much I actually ended up paying for that car. I’m 35 now and I’m still mentally scarred about that. Lol. Never getting a car note, lease or anything of the sort.
I saw a short video recently with young people (I'd say between 19-25) working in a car dealership and they answered what they drive and how much their car payment is. Most of them paid between 500-1200 per month for their cars and clearly they found that normal. Not my place to judge them but I wondered A - how many of them live with their parent(s) and B - how many of them are saving any money at all.
Bought my first car in 2020, a 2016 Altima for 12k with 75k miles. They gave me a 16.89 interest rate. Read the papers after I signed and it showed over the course of the 72month loan the car would be 19k even after the 2k down payment, I'm 4 years in this loan and should be done in 3 months...
lease can make sense in some instances
I can relate to feeling sick about the car financing. I remember buying my 1987 Pontiac TransAm and paying $419.02/month for it. It made me nauseous and I vowed to never be that dumb about my money ever again. I abhor paying interest. I never bought a car to impress ever again.
That's the thing... It's even worse when you know full well a car loan or a lease is screwing you, but you have no choice because the money to buy it outright just isn't there. I dreaded getting a car when I was young because I knew it was gonna kill me, but I didn't have any savings that could cover a buyout.
Anyone else drive a real beater here? I bought a 1992 Toyota Tercel in2013 for $800! I’m still driving it to this day!
Not quite but I find that so cool! I'm driving a 2006 Kia hatchback I purchased new, and have no plans of getting rid of it until it's "dead". 18 years so far.
Great for you! My Camry that I bought new only lasted 17 years and 170,000 miles. I think I got royally screwed, because I bought that model specifically because I wanted/expected longevity if I treated it gently.
That sucks. What went wrong with it? I think cars tend to last longer in milder weather- I’m in CA
I was driving a 1994 Geo Prizm (a Corolla really) until last October. It’s seen better days and even with regular maintenance, my 29-year-old car wasn’t going to take me through to today without putting $2K+ into shocks, heater core, brakes, and more. Plus I needed something higher off the ground and with more airbags than just 2 in the front. It served me well over the years with minimal problems but I had to go new. I spent 6 months researching and car prices were nuts! I had money saved and decided to put that down on a newer car rather than throw it into the Prizm that valued at $500 tops. This will be my last car purchase anyway…I’m older.
@@HopefulEmpath $500 seems like a Kelley blue book made up value- were I live the state of CA will pay you 1,000-1500 dollars to retire your old car as a clean air act incentive or whatever. That’s why you will not find any old beaters for less anymore
As a typical teenaged boy in the 1960s, I learned to work on cars myself. I have always bought used cars cheap and fixed them up. Taking good care of them gives many years of reliable service. I have never had a car payment because I paid cash. I am now retired and want a pickup truck again. I looked at new. They are UGLY and cost more than my first house. I will rebuild my old pick up truck this summer and end up with a better truck than what is sold now. Now days, I could make money fixing up old cars and selling them for a big profit. Unfortunately, in my area, the government uses very corrossive road salt that eats car frames in 8 years if you don't wash under the car frequently. A big problem for auto repairs these days is that many new parts are defective(made overseas).
Old cars save on insurance(don't need collision) and taxes. You have given very good advice. Most people are lost in life. I disagree, some girls judge guys by their cars. Of course, when they reveal this, they also reveal that they are just gold diggers. Good Luck, Rick
I agree todays pickup trucks are ugly, honestly it looks like a 3 year old is designing them lol.
@@Steven-ox3rm I've got an 85 C-10 and a 55 3600 to restore, along with 100 other projects. Good Luck, Rick
How hard is it to learn to do basics beyond checking oil for beginners?
304s
THERE ARE ALOT OF 1975 CHEVYS OUT THERE THAT ARE STILL GOING STRONG AND THEY APPRECIATE EVERY YEAR!!!!!!!!!!!!!
I love to drive, but hate car payments. I moved to Mexico three years ago, sold my car and walk everywhere or take public transportation.
My accountant has a lot of money and never bought a new car. I followed his lead, bought a used Land Rover, and 19 years later it's got another decade or so left in it. And I'm living on my retirement funds now. Nicole, I hope lots of people watch your video.
One of my friends is a bachelor who is good with money (no kids, higher income) and he just bought a 2021 Subaru with cash. It was not cheap of course but had only 11k miles and he's thrilled with it...exact color and special edition he wanted in 2021 but waited. So no matter what he paid, I'm sure it was so much less than getting it off the lot in 2021!
Land Rovers are probably the biggest waste of money.
@@Ynalaw why you say this to a guy that plans to run it for 29 years? I have no idea what it means "Land Rover"- but I know how long 29 years is for a personal vehicle.
@@timisaac8121Land Rovers are expensive and unreliable. Probably one of the most expensive cars to repair. The fact that it is 19 years old is a miracle in itself.
@@Ynalaw I live in a hurricane zone and chose a car to suit my surroundings. I also play upright bass, and it fits. I hope you can agree that Nicole's advice is good for all of us regardless of our make and model car choices.
You 2013 RAV4 can easily last another 15 years is well maintained. Personally, I would keep it until the wheels fall off.
I have basically the exact same one. It’s a 2015 that my Dad bought for me. I have 154,000 kms on it with no issues and plan on keeping it till the wheels fall off. Great vehicle. It’s nice knowing the entire history of the vehicle rather than gambling on another used one which someone might have not maintained or treated well. If I was her, I’d keep it too. She paid a good price for it
Spot on commentary. Sadly, in low-income African-American communities this problem is common. Buying high-end cars with massive monthly payments to impress people. This prevents them from building wealth to invest in real estate, start businesses, and grow assets in order to create generational wealth for their families. By the way, loved the “car talk” sequence of edits….nicely done.
Same happens around military bases.
The 'new cars have a higher car insurance cost' point cannot be overstated either. I used to work in insurance... people who always drive cars 5 model years or newer, and cause crashes all of the time, and roll their car debt into new cars after they crash, and rely on car insurance like it's the fairy godmother that TV ads would leave us to believe it is... they'll be in deep debt forever. That's a great way to never be able to save. I've seen households where they pay $1500/mo in car insurance on two cars... Craziness. All their discretionary income on car-related costs.
I think it speaks to the madness of having a car society in general - It's a great way to keep a population in debt. Mandate ownership of a complicated machine that consumes an expensive fuel and is always rusting and at risk of being wrecked by some idiot you may have the misfortune of being next to at a stoplight. There will always people some people who aren't competent drivers and/or don't prioritize others' safety.
I'll keep my 20+ year old economy Toyotas !
People DO give shit about my car. It’s beat up to the point that it lends entertainment value. So I’m not only saving money, I am Bringing the joy of humor to those around me😆
Just found your channel last week and have been binging them. Thank you for your authentic perspective and esp for not being one of the youtube 'financial' channels trying to sell a course, lol. Love your great advice for us normal people!!
Same here. ❤
lol I have no course to sell. Just trying to help people avoid getting scammed. Thanks for being here.
I have a 2003 Honda Civic LX with slightly over 200,000 miles on it. I plan to keep it as long as possible. Cars do not need all these bells and whistles. The only 2 good additions to vehicles is backup cameras and Bluetooth.
I haven’t had a car in 22 years, which means I walk more, take a bus or Uber. I figure I have walked so many more miles because I don’t have one. I figure in 22 years, I’ve saved about $120 k usd. Liberation!
As a Sales Manager for a Toyota dealership, I love this video. I am debt free because of people wanting to be in debt buying vehicles all the time. That Rav4 you have will last another 10 years easy. One point is to remember that all cars are not built the same and to have the lowest cost of ownership long term, reliability is key... there is lots of 3rd party sources for this, but Honda and Toyota are your best options for long term ownership without expensive repair costs
I agree with you on Toyota. They are designed, tested and built to last well beyond the warranty period. Honda, on the other hand, not so much. They will last if you take really good care of them. But if you don't keep up the regular maintenance they will die prematurely. Especially their engine is prone to failure. But if you think about it, Toyota is being stupid. Why build a car that lasts forever? Build one that breaks down after the warranty expires or requires you to shell out a ton of money in maintenance.
“I am debt free because of people wanting to be in debt.” Nailed it.
My 2003 Camry lasted only 17 years and 170,000 miles, and needed a new transmission after 5 years, only 3 months after the trans warranty expired. The dealership where I had all my maintenance done gave me a discount on the new trans, but that was NOT what I expected from an allegedly sensible and durable model of car. With all due respect.
alot depends on year made as well. Not all are the same.
"I am debt free because of people wanting to be in debt buying vehicles all the time."
"The verdict you pronounce upon the source of your livelihood is the verdict you pronounce upon your life. If the source is corrupt, you have damned your own existence. Did you get your money by fraud? By pandering to men’s vices or men’s stupidity? By catering to fools, in the hope of getting more than your ability deserves?...If so, then your money will not give you a moment’s or a penny’s worth of joy. Then all the things you buy will become, not a tribute to you, but a reproach; not an achievement, but a reminder of shame."
Dont buy an EV, they are junk. Buy a used Toyota, Honda, Volvo or Subaru, folks. Well made and lots of value. Ive worked in the American car industry. Always take your car to a dealer for service because they have the right parts and expertise. This is more expensive but will save you money in the long run because of incompetence and cheap aftermarket parts used by lousy shops. My choice for Nicole? A Subaru Outback. Good in the snow. Virtually indestructible.
You sound like a Dutch person, and that is meant in a good way. ❤ None gives a shit in the Netherlands which kind of care you drive. It’s a mentality.
You can pay cash for a bicycle.
Function over fashion is the way to go.
"A self-sufficent ego. Nothing else matters."
Yes! Spread the message!
I'm in my 50s, made many mistakes when it comes to vehicles. But I learned and you are 100% correct on every point in this video. It's all bs. Find yourself a good used car people and live happier.
I own a 22 year old Toyota that is a beater but works well. I don’t care what people think cause I love how cheap it is.
Ive taken Minimalism to the extreme and have never been happier!
5 years ago, I left an abusive wife and a beach house to move into my 2004 Toyota Highlander. My SUV has over 500,000 miles on her and she runs like a Top! It's what I use to make money and my Micro Home! My expenses are so low that I can't believe it. I travel at will and spend a ton of time on Life Experiences and time with my Loved ones. Im debt free and make more than enough to cover my low expenses with plenty left over!
I hope that more people discover this wonderful Lifestyle and litterally Save themselves! I can cover all of my expenses on much less than $500 a month!
Thank you for sharing your wisdom with us...
Personal responsibility? Get outta here with that hippy talk.
I agree completely. Vehicles are a huge source of unnecessary expense just like unnecessarily expensive housing. Get out of debt, buy some land (they're not making any more of it), build a home, buy used vehicles and SAVE. It's working for me. 20 acres on a river, building a cabin and I have 3 vehicles (paid for). I'm not "rich" but I don't feel very poor either and life is good.
I bought a new mazda 3 in 2012 paid it off in two years and still drivng it with 215k on it
I bought a 2008 Subaru WRX back in 2016 and made monthly payments. I realized after purchase that it was a mistake to finance it. It was a 5 year loan and paid it off in 4 years. Since then I have stayed with the car and stayed on top of my maintenance. I'm sticking with the car until the wheels fall off.
I'm done with car payments. Next time I'm paying a car upright with cash.
👍👍🙏
And if you want to drive a new car, leasing is probably the better option for you. It's still a lot more expensive then her suggestion but at the same time it's cheaper then buying a new car, because new cars depreciate in value very quickly.
Cars are expensive to own from beginning to end. Gas insurance, maintenance, buying. Lots of money over the years.
Still driving my 2006 Accord. We did buy it new (for cash) but it's been almost 17 years and still drives great! I hope to get at least 5 more years out of it, but we'll see.
Bought a Toyota Corolla brand new in 1994. Had it until 2007. Had someone back up onto the hood in 2005 and it wasn't the same after. The transmission went out and I couldn't afford to fix it so i donated it. I cried when they towed it off. I didn't replace it until I got remarried in 2014 and paid cash for a used car. I was lucky enough to live in an area that was close to everything I needed with a good public transit system. We traded in our car for a new one in 2016 with a hefty down payment. It was paid off in four years and we still have it. We take great care of it and will keep it till its end.
Key takeaway =
“Nobody gives a shit about your car”
Response =
We all write here telling you about our cars 😂😂😂
Not exactly true when you drive a Lambo
Thanks Nicole, as a fellow Canadian and a former car dealer, I can tell you that most vehicles depreciate the fastest in their first 5 years, and depending on the make, it continues to depreciate. The absolute worst are European, luxury cars, then large SUVs, like Jeeps. another stupid buy is a pickup truck, unless you are working in construction or a landscaper, why would you need one? because your dad and grandpa had one and you are sitting 5 inch higher than the other guy? Also if you need to finance a vehicle, you can't afford it, period! Let's face it, most fancy cars on the road today is not paid for. Dealers and banks are making a killing on ppl who finance. Often enough, by the time you pay that thing off, it's worth nothing. When you lease a car, it remains on the dealer's name and the dealer requires you to get full coverage insurance on it, which he can use for claims, but you are the one paying the monthly premiums, plus the payments, plus gas and everything else. I know ppl whom pay $1000+ monthly for their car/truck. I also know ppl who crashed their car and it is now undrivable, but she still has to make the payments on it.
The best vehicles are the reliable brands, when obtained used, like 5+ years old, and paid in full. If you have a small business and need to carry a lot of crap, get a van or a small SUV like the one Nicole has. That RV4 will easily last her half a million miles+, if maintained correctly. We have a 10 yo Honda Accord with 200k miles on it and it drives flawlessly. It is also fully paid and gives me no surprises, Good on gas and gets me and my family from A to B in relative comfort and safety.
do the research
dont shop unnecessary things, ppl seems to buy stuff online just for the heck of it
dont let feelings steer your choices - do the research
and stop buying that "coffee" or " soda" or "sandwich" when u go out - its all the small expenses that adds up not the big ones
“No one gives a shit about your car”. Try doing Uber or Lyft in your car, you’ll really find out how no one gives an absolute shit about your car.
Cars in the US are out of control. My grandfather, who lived in Chicago, had a car that was only driven to go to church on Sunday. He used public transportation and walked when possible. I know he lived in the city, but how many of us today who could use public transportation would when you have a car?
your videos are so addicting, can’t stop to watch especially new uploads 😍
Nicole, just love your videos. They just resonate in a way that so few other personal finance channels do.
I drive a 2015 BMW 328i sedan. I love it! But I bought it used (excuse me, “pre-loved”) on Carvana. . Had 25,000 miles on it and I got it for half of the original price. Paid it off in 1 year. I have driven for years now and it’s has 110,000 completely trouble free miles on it. I will drive it ‘till it drops. No car payments for 4 years. I save and invest. My family lives debt free except for the mortgage. Expecting to retire in 2 years…or less. Nicole, you are the true voice of wisdom.
No, not all cars do the same thing. I don't need a radio to listen because I have the sweet five cylinder music from under the hood.
😂
Good old car loans, paying interest on a depreciating asset. The interest rates now mean you pay thousands more.
This woman is as Legit and to the point as you can get. Love her. PREACH 👍🏼👍🏼👍🏼👍🏼
I agree that cars are a stupid expense, but you're missing the superior solution: ride a bike.
No gas, no insurance, no registration and no peloton needed.
Bikes are a great solution if not for fear of being hit by a reckless or careless driver. You may be the most careful rider and still get hit.
@@edwinsim7206 Absolutely! Unless you live in a city with excellent bike lanes, and a healthy respect for cyclists, it is super dangerous to bike to work. I'd love to be able to, but my job is 12 miles from my home and it would take me 6 months to get in shape enough to get there, and only if I survive the motorists on the road. Not to mention inclement weather.
@@PennyPowell-fr9ec getting in shape is a much better financial investment than free transportation. hospital bills make car payments look like a joke
@@PennyPowell-fr9ec Might be a better alternative to bike during the weekends on safer routes of your choice. There are a lot of distracted, reckless drivers on the road these days. Sharing the road with them could be pretty dicey. Stay safe and healthy.
I really wish I could ride an electric bike where I live. Unfortunately the brainless punks in monster trucks think it's funny to run over anything in their way. Rural America is not a place for bikes.
Ealrly twenties are the most vunerable, including myself when I was younger, everybody wants YOLO and wants status to belong to something. You hear the advices all the time but you completely ignore it. YOu dont really understand till it happens to you.
I've been a professional mechanic for 30 years. I agree with everything you said in this video.
This video speaks the truth. I've always been a pretty low earner--mostly because I insisted on pursuing a career in the arts (not recommended).
And yet, I have always struggled far less to meet my basic financial needs than most of my peers, most of whom earn twice what I do in a year.
The difference between me and them? A bicycle (which I maintain and repair myself) has been my main mode of transportation for my entire adult life. I only owned a car--a 20-year-old junker--for a period of six months when I had to commute to and from a job as a commercial painter. When the job was done, I gave away the car (which I also acquired for the low, low cost of zero).
And yes, I rent an Evo or take the bus or an Uber when I have to arrive somewhere NOT drenched in either sweat or rain. Or need to purchase some object too big to carry home on a bicycle.
The people I know who are the most deeply in debt insist they cannot--or are simply unwilling--to live without an automobile.
This is why I refuse to sell my 2002 Toyota. It's in great shape and has never given me any problems. I haven't had a single car payment in the last 7 years and have been very happy not having one. If something were to ever happen to this car, I'm buying another beater.
You got lucky, or I got unlucky. My 2003 Toyota lasted only 17 years.
Yep
I appreciate you SO MUCH Nicole. Thank you for these videos. I’m so much more intentional about what I’m doing with my money thanks to you. 🙏
My car is 35 years old. An old 1988 golf GTI. Love that car and turns some heads lol.
Gorgeous vehicle 🙏
I'm old...I've only ever bought one NEW car in my life...this was in 1986...after buying it I had so much buyers remorse I went home...threw up...and went to sleep. After that huge mistake I went back to buying old cars. I currently drive a 2005 Honda Element...the perfect car!
We don’t stand a chance in this world. The eduction system doesn’t teach you about money and how to building wealth. Here in the UK we have 4 types of ISAs designed to help you save and not pay tax. But it’s complicated and needs explaining. But if eduction doesn’t teach you and ur parents don’t teach u then it’s no wonder people are in so much debt. I’m going to make sure my 18 year old son is given the correct information. Then he can decide how he wants to live. So long as he’s happy I’m happy.
Girl you kill me with the facts. Unfortunately here in America the car culture is so ingrained in our lives we wouldn't know how to get out of it!
I leased a car when I was young and I'll never do that again. I've owned all my cars outright ever since and I am SO GLAD to not have payments
i bought my 2008 ford escape from my nephew AFTER he rebuilt everything in it for $4,300. it runs fine. plus i will NEVER EVER buy a new car. it just doesnt add up. cars are transportation. NOT an investment. as far as Starbucks goes. i buy it at a huge discount by the case off of Amazon for #30.00 per case at 2 cases a month which equals $720.00 a year compared to the daily $6 i REFUSE to buy equals $2,190 a year. buying in bulk DOES save you a lot of money. i also got a subscription to pay even less. so my $720 a year -30% discount is actually $411.00 per year. it is the 1 think i treat myself to every other day.
"Don't Buy A Turd"...words to live by! 😆😅🤣
I have a 2007 Honda CRV I bought used with 36,000 miles in 2010 for about $20,000 cash. It came off a lease and had been exclusively serviced at the dealership, so they had all the service records. I’ve probably put about $5,000 ($1,800 in the A/C because I missed the recall - stupid move) in maintenance and 2 sets of tires. Has 175,000 miles on it and I’m going for 250,000. I do like the color, though!
I have saved enough to buy my next car in cash, so I’ll continue to have no car payment. I’m 58, and it will probably be my last car, because the older I get, the less I drive. It’s wonderful not having a car payment.
Have your mechanic check out the car you’re looking to buy, or get a good warranty from a dealership. Have the current owner make allowances for the things that need fixed or have everything fixed before the warranty is up. Very important. If you absolutely need to borrow, take out a loan from a credit union. They have better rates. Put as much down as possible and make sure the payment is LESS than you can handle so if something happens, you may still be able to handle it.
As the police chief on Blue Bloods said (his name escapes me, but he’s played by Tom Selleck sp?)to his grandsons, “Always make your car payment before your rent because you can live in your car but you can’t drive your apartment to work!”
Another great video. I retired at age 48 (I'm 64 now). I own my own home so no mortgage or rent (it's a crappy place but it's mine). As for my car, I keep getting people telling me that I should buy a new car. Why should I? I own free and clear a 2003 Toyota Corolla. It is now 24 years old and it has had it's problems here and there but I pay for the repairs and move on. No big deal, the repair costs do not even come close to what I would be paying monthly for a new car. Many of these people are the same ones who have been telling me to sell my comics for decades. In a bind? Make some quick cash, sell you comics. My thought process. I sell the comics. The money is gone in a blink of an eye and I then no longer have my books. Why is it that people always now better than you. LMFAO! Either way, my car registration PLUS my yearly mandatory car insurance comes out to a combined total of $133.00 per year. Try and beat that with a new car! You can't. Am I frugal? Well, my wife and I like to think we are cheap ass. Either way, no monthly car payments + no monthly rent/mortgage plus really low car insurance = my wife and I eat dang well. I am in 100% agreement with you. Keep up the great videos. Some of us are actually listening to you.
A 2003 car is not 24 years old.
I’m 40 years old and cannot drive a shit car. I refuse.
Yes, I have driven beaters when I was young and starting out in life and no, you don’t need a Lamborghini when you’re in college.
Don’t buy stupid things. Be smart with money so you won’t be broke at retirement age.
Good luck out there.
Go for it, girl! I'm a 75-year-old Boomer who has always hated car payments. I buy new but drive the heck out of the car and keep it running for years and years. Right now, my wife and I are proud owners of a 2007 Honda CR-V. We keep it maintained (couple of weeks ago had a nail in the left-rear tire and had the tire repaired) and actually parked in our garage (so many expensive autos are in driveways because the garages are full of other "suburban stuff." We are now laughing (to ourselves) over a "proud" couple across the street who traded in a bought-new Mercedes SUV for a new Fisker Ocean EV. My wife noticed the other day that the wife was having an energetic conversation with her husband over the key fob not working to allow her into her vehicle (version 1.0 software, I've learned from other RUclips reviews, is "buggy"). The husband had to perform some magic to get the door to open (BTW, the Fisker comes only with one fob!). This vehicle (the model they purchased) last year was selling for upwards of $60 to $70 thousand. Now it's selling for half that! They wanted to be the first on the street to own a Fisker. Now that the company has gone bankrupt (they closed their Manhattan Beach, CA HQ late in May 2024) and is laying off almost everyone -- including those IT people needed to upgrade the software to get those key fobs and other promised goodies to work properly) -- I believe this couple will have purchased the last Fisker on the street! Hope they keep making their payments to the bank when their Fisker Ocean takes that final deep-sea dive! What a waste of money we see all over our suburban neighborhood.
Buy a Toyota Corolla. I bought one from Hertz for $13,800.00 a 2017 around 2019. They are more reialable than most cars. Then invest the savings in your retirement!
Great video Nicole,It makes me furious daily that they never invested in any kind of Public Transport system in the U.S.
We need it very badly,Im tired of owning a car and paying Insurance,Gas Maintenance etc.
I drive a 2015 Toyota Yaris with 44,000 miles on it and am grateful every day that it's paid for and reliable. I plan on keeping it for many years. It was one of the better financial decisions I've recently made.
7 years with no repairs ??? That never happenned to me in 50+ years of owning a dozen used cars. In Quebec, rust is the main problem that cannot be escaped. This is called "planned obsolescence".
I was surprised when I first noticed one of my tenants driving a much better car than me. Nowadays I'm not surprised anymore.
My car is a 2013, too, and I bought it in 2017. It is a Chevy Sonic and is doing fine. It's cobalt blue, so I call it my Sonic Hedgehog car. I'm hoping it goes for three more years at least, which seems possible since I only drive about 5k miles a year.
Point A to Point B. Even the most inexpensive car does it.
Exactly!
Well said.
provided you fit in the car...
@@Pihlalorjoone Touche.
I've been trading/investing since my 20s , as I own my own business, and I had to be responsible for my own retirement. I could have probably retired in my early forties. However, that's not going to stop me from working as I love my job.
As far as our vehicles, we've always bought new. We typically buy a car that has a special going on, with zero interest rate. I don't think we've ever paid for a new car over 20,000, including our newest, a Mazda cx30. We always make sure they have a built-in warranty.
If you take good care of your cars, the trade-in helps immensely.
I've been saying this for years: part of the wealth my wife and I have built comes from sharing one car for the past 15 years. It was both one of the best and worst decisions of my life. We bought it brand new, which I regret, as we should have gotten it used. However, we paid it off within three years, and at the time, our monthly payment was about 40% lower than others'.
Recently, we inherited a newer, fancier car from my aging parents who can no longer drive. We'll potentially keep this car for another 10 years. The extra $400 we saved during my teenage years, compared to my peers, was invested. I've always invested more than 10% of my income, and today, about 40% of our income goes to savings and investments.
Among our friends, we're the only ones who did this. Most of them have had 4+ cars in the last 15 years and often complain about money and the difficulties of owning a home. In contrast, my wife and I shared the same car for over 15 years and are now preparing to sell it, as we have this inherited car.
I think the only time we'll purchase another car is when we're heading into retirement, and this time, we'll buy it with cash.
I have a 2017 nissan I bought used. My monthly payment is about $450. It definitely is weighing me down and due to unforeseen circumstances I ended up in 20k debt too beginning of the year. Super overwhelmed and trying to figure ways to pay it all off ASAP.
I am 34 years old and have no savings or have invested in anything. I was raised thinking this is was pretty normal. Work all your life at some regular job, get a car loan, buy a house, retire at 65 and then die. I'm working towards changing that way of thinking and my life but it also feels like it's too late to get out or start. I was also told that investing was a scam from my parents because they have seen people lose money in stocks, etc.
Not having car payments, mortgage payments and living in a no income tax state allows the 2 of us to live on a less than 2K a month. We are retired and don't have to go without anything.
What state do you live in?
Same. i have ONLY one bill: Internet 20$/month and thats it.
Buy cars that are at least 6 years old.i usually dont pay more that 5grand for a daily car.never had a car payment.currently me and my girlfriend drive 95 vette coupe.95 vette convertible. 99 infiniti q45 .02 lexus sc430. Altogether we paid 10grand a piece for the vettes that includes all maintenance and upgrades in the past 3 years.they are worth around 8.even at seven were spending 1 grand a year on maintenance if we were to sell them which aint bad.the lexus cost us 7 grand and 1500 maintenance probably worth 7 grand and 99 infinitiq45 i paid 5grand put 2grand in it.worth 5 grand still.these cars alreday depreciated.i wouldnt have these cars if i didnt have tools knowledge and space to fix alot of stuff myself.if i was smart id drive a beater corolla till the wheels fall off park it then buy another and pluck parts of the old one.thats probably the least expensive way.i like to look cool tho!😂😂
Lalalalala... I knew it. Cars are an outrageous scam. Europeans have been getting so smart as to built entire cities that do not accommodate cars.
Which cities are you referencing? Thanks in advance. 😊
@@gwarlowLondon is a good example. You can drive but there’s congestion charges to pay and traffic is often quite bad. Most people use the London Underground tubes or the double decker buses. Also Luxembourg has free public transport so there’s little point in driving around there.
15 minute cities.
@@cqqkie87yup WEF cities 😂
I think most of those cities were built before the invention of the automobile.
Bought my 2007 toyota Highlaner back in 2008 for 16k cash. Still driving it and plan on driving it until the wheels fall off. Yes, i had to replace a few things because of rust. Pittsburgh winters are not kind to the cars. But i love not having a car payment all these years
I’ve been watching your content for a few weeks/months now, and I finally decided to comment. Love your content. I love to see other kindred spirits out there who have passed the “caring about what other people think” phase of life and moved on to financial independence / freedom phase. I wish we could get more young people to listen. I’m on a mission here in the US to teach this to everyone, especially young people and I’m glad to see someone up north doing the same. Keep up the great work!
You're absolutely right, Nicole. I'm done with car loans after my newest car. I plan to keep it for 10-15 years, which is easily done since my wife and I each have our own cars.
My 2010 RAV 4 has been paid off. Hardly any repairs. 122k miles. LOVE BY CAR!
Now you are my kind of people. 😂😂😂loved this video and you are absolutely right. New subscriber👍
As a 30 year old male who has spent a lot of money and space on car tools. If you are young, try to avoid car dependence, it will save you thousands and thousands of dollars. If you can stay, light, mobile, and not purchase a lot of stuff then life will be a lot easier for you. Automobiles are a trap.
Unfortunately in most of North America, you NEED a car to get around because other modes of transportation are inefficient, unsafe, uncomfortable, and are considered inferior. That’s the definition of car dependency, and it was all by design.
Nicole I’ve watched you a while enjoy your content. I think part of the car purchases are as a status symbol but I also think part of the problem is people’s decisions keeping them poor and staying in that cycle. Because sometimes trying to buy a car not necessarily new, people are boxed in by already not having money. So someone might want a used car but don’t have say $5000 put aside for a replacement car so instead they decide to finance a car. But since banks don’t loan on cars older than three years old so they end up with a three year old car valued at $15000 or $20000 and of course they finance that over seven or eight years thus costing themselves $25000 to $30000. And I think that cycle continues keeping them poor
Cars are not freedom. Not needing a car is freedom.
I always went for the cheapest/most reliable car I could find, no frills. I had a VW Golf II, Skoda Roomster, now a Dacia Duster. None of them has ever failed me, I never had to call a trailer. I really cannot see the point of working more to have a better car; there are much more valuable things in life than a car. Well, there are some technologies I couldn't live without now, like parking sensors, since quite often it would be impossible to squeeze between other cars without them, but most new technological "wonders" of the past decade are either useless or terribly overpriced to my mind.
is it just me or do newer cars have MORE problems than older cars?
Probably so. More features to malfunction.
Yes you’re right. Too much electronic baloney. I have a separate emergency fund for car repairs outside of regular maintenance just in case.
If your entire dashboard is computerized, then yes, that is why newer cars are so high-maintenance.
I own 5 car but only 1 car
I bought it brand new
In 2004 the other 4 bought it used no payment. 2 lexus 2 toyota 1 honda .
Still running and no payment. Pay registration
Smog and insurance.
I do oil changes myself.
If i need repairs done i call my nephew to fix
He charged me less than dealer. 😅
I ran my old 15 year old car into the ground and repairs over a year became more expensive then regular car payments on a new car.
Owning a reliable car is essential to my job and lifestyle, I still make monthly profits with it despite a car payment.
Maybe its not for everyone but I love my car. Also uber is expensive too and public transit is gross.
That's why you buy a car outright. It's just a car. Get the most reliable possible, learn to do basic things like change oil, filters and brakes yourself and you just have to buy tires and (or make diesel) fuel/energy for it.
I bought a 2003 Jetta in 2016 with $3,000 cash. I cannot fathom having a car payment. It must be terrifying.
while I wouldn't have a car payment at this stage in mid-life I didn't think it was too bad when kept to an affordable amount. I think sometimes for young people it is unavoidable, I don't mean a brand new car btw. Anyway I would rather (even now) pay a $400 car payment just for example than pay for $100 gym membership, $100 streaming services and $200 at a salon on services.
I stopped buying new a while ago, but it would be nice if my area would invest more in mass transit to begin with. I love cars, but I'm so tired of driving all over, getting stuck in traffic, keeping up with maintenance, etc, etc.
It's fun when you're younger, but when you get older you start to realize the hassle depending on a car can be.
You're not thinking about how great you're car and all this "freedom" you have when you have to pay that note every month and find yourself stuck in stand still traffic.
I'm 31. Owned 2 cars and never had a car payment. My first car I got at 17 was a 2003 Chrysler Sebring for $1700 from my dad's co-worker (with money saved from work and savings account). I drove that car into the ground, even spending like 2k on a transmission as a last ditch effort. Then, the second car I got when I was 22 is a 2015 Jeep Patriot for roughly $15k. Not gonna lie, my husband helped me pay for it, and I put down all I could, but never had to take out a loan! It's still going strong! If I had to buy another used car at the moment, I could also do so without needing a loan.
I've never owned a car, i live in a place that has great public transportation, cars are a recurring expense I never wish to have. But i have 2 kids so it's not out of the question I might get one someday, but will definitely for a secondhand fuel-efficient one that's less than 10k.
You know Nicole, I have been listening to you for around a year. I find that most of what you have to say is extremely helpful for anyone young enough to do the things you are saying. Even if you are older applying these money saving ideas is a great thing to do. Like this one. Buy a car you can afford for cash. Buy a good used car you can drive for years. Invest your money to have passive income to allow you to retire sooner. My advice to anyone who reads this is to listen to this valid and worth while advice. I'm 67 and want my children who are 40 and 38 to listen to this advice. I hope hearing it from someone other than me, who is close to their age (albiet younger) might influence them more than I can. Start as young as possible and make the right decisions so you can have a stress free future. It isn't hard if you can control your urges to buy shiny stuff all the time. You can still have nice things. Just buy them with intent and save and invest for the future. It will get here so much faster then any of you think! So, Listen to Nicole.
This is a cool perspective IMO. At 47 and married with no kids I am still kind of in the working years and unlike much-younger Nicole I don't care to retire anytime soon. But it can be really nice to hear fresh ideas from someone younger who IS already on the same page in most ways when it comes to money, finance, and overall lifestyle. I certainly appreciate it.
My car is 1 year older than me)
This is adorable ☺️