I will never buy another new vehicle again from greedy con dealerships its bad move as well that the registration fees in cali is outrages buying new vehicles at 60k would cost 800$ year & car insurance would be over 200$ month a complete scam all over all..
Anyone who pays over $10,000 for a vehicle is an utter fool. Anyone who has car payments is a fool. They are financially irresponsible because they don't know how to save money to buy a damn car. The lack of common sense these days is so mind-boggling. Do people not realize that life is wonderful when you have no car payments? Your car insurance is also quite cheap in that circumstance.
For some people not having a vehicle is not an option, if I don’t have my vehicle, I can’t go to work. My place of employment is about an hour away from where I live. I would definitely get hit by a car if I tried to bicycle or motorcycle over.
This auto market situation was really a 3-way split of a storm: - Banks gave loans to people they had NO business giving loans to - Dealers with low inventory saw that as an excuse to over price the remaining inventory. - Consumers especially during the pandemic with rent and student loan moratoriums + PPP loans all of a sudden had alot of money and coupled with idiots wanting to “flex for the gram” they applied for loans they should’ve NEVER applied for.
How many of those car defaulters you mentioned are really truck buyers who didn't NEED a new truck but just wanted the shiny new toy. I would love for someone to do a study to see who actually really NEEDS a truck. I know that a LOT of truck owners have negative assets in their trucks and have gotten a BIG shock when they AGAIN came to buy the shiny new toy. Somebody needs to tell them the facts of life. Thanks for the loan info. I'm sure it will help some people and maybe save them money, time and embarrassment.
@s.l.s-407 sounds like me except I paid straight cash. Better to be a warrior in a garden than a gardener in a war. While I'm not using my truck to do truck things, the opportunities it allows me more than justifies my purchase. Between hauling around big expensive hobbies and traversing winter weather, I think everyone ought to buy a truck.
I needed a new truck so I bought one. I’m sure you, Hillary Clinton and Karens the world over would say I didn’t need a truck. Feel free to blame me for Climate Change as I drive around Arizona with my AC blasting and my windows rolled down while driving solo.
People really need to learn financial discipline, need to create a budget, and need to be realistic about the lifestyle their income can afford them. Living beneath your means should be the goal. I've lived life on the other side and it is not fun. People really need to set a goal of getting out of debt. If it means working a second job for a period of time to get them to a better place in the future then they need to do that. Get out of debt and stay out of debt.
But they weren't talking about millionaires. The other 95% need to be taught. "I" needed to be taught. 20 years ago I was in the same place many are now. It takes a long time to dig out of the hole especially when you don't have a clue what you're doing.
More reasons to hang on to your older reliable car...and take care of it! A lot cheaper than suckering in to a new car loan. I bought a new 2005 Camry LE and owned it for 15 years! I took care of it and it took care of me for 15 years and 218,000 trouble free miles.
SO happy I got my 2016 Audi tts two weeks back if this is the case. I got it in Vegas yellow. The price was $26,000 and the credit union approved me for $22,800 so I covered the rest in cash. It was from an independently owned small dealership which means I didn’t have to shell out to a greedy big corner dealership. They can all rot!
i have NO sympathy for credit card companys.they send out preapproved credit forms all the time.i've thrown at least 20 of them in the burn barrel from my own mailbox.its there OWN fault they got tons of defaults.they didnt ask, but begged for it to happen.
Gen Z and Millennials need to learn how to buy a car. First you work and earn money. Next, you don't give into financial temptations and save money each month. Lastly, you find a car within your budget (less than the amount of money in your bank account), and by the damn car. It's called living within your means. Crazy concept, right? If you're incapable of saving $5,000 for a vehicle, that clearly means you cannot own a vehicle worth over $5,000. It's not just the government ruining our economy. It's the lack of simple common sense.
Loans at this point in time really depend on what your putting down on the car, truck. If your putting down half or more there is no problem getting a loan. I no I just bought a new car and my income sucks. Am on pension and I only get 1600.00 per month.
its what happens when vehicles became status symbols.how i saw it was, people driving newer cars were broke, not well off.thats a hell of a price for a status symbol
Totally right. Just gotta live within a persons means. If they can afford a Ferrari, that’s fine, but it should not come at the expense of living in the car cause there is no mo eu left
I’m almost done with my 2 -2018 suv vehicles payments of 680$ total a month 6 payments to go on both ! Will never buy a new vehicle with these ridiculous prices and interest ! Insurance ridiculous , gas maintenance! My wife and I will run these vehicles to the grave ! Had new vehicles every two years since 1990 now they are so unaffordable especially with food, gas , and inflation out of control! Simple greed created the haves and have nots ! Don’t feel sorry if all car dealers go bk ! Or homes get foreclosed in how we working Americans got treated the last 4 years ! Bent over and F!
Think the other equation to be discussed is how many banks both ignored credit scores and provided a LTV of up to 150%. Two things happen, the borrower will be further in debt with credit scores in the dump, and the lender will take a haircut for the uncollateralized debt. The Banks are just as culpable as the lenders. The question is are we bailing out banks because they failed due diligence standards.
So replace a fiat paper system with a fiat digital system? The CBDC will be a privacy nightmare, have a built in expiration date to prevent saving, only be valid within the Fifteen Minute Open Air Prison they want to put everyone into, as well as be used to deny all purchases not on the Regime's Approved Purchases List. Nice way to prevent people from exercising their 2A rights, or prevent them from eating too much beef. Use your imagination as to how the CBDC will be used to engineer society into a dystopian nightmare.
And it came to pass, as he spake these things, a certain woman of the company lifted up her voice, and said unto him, Blessed is the womb that bare thee, and the paps which thou hast sucked. But he said, Yea rather, blessed are they that hear the word of God, and keep it.
I think you said it best people living beyond there means. That is the way I see it as well and it has been going on for a long time. I even see in my gen. although not as much (baby boomers).
I owe nothing on my car since it was given to me for free by my dad. I intend on keeping this baby until crash do us part. (Or if anyone wants to trade for a saturn L series wagon or a buick roadmaster)
I shot myself in the foot overpaying for a car loan back in 2022, just have to grow up and keep paying it, grateful i am able to drive to work and provide for my family but definitely eye opening as to how auto loans keep you from financial freedom.
I just couldn't listen to your bs,i make less than 40k but you know there other Resources to think about, Well, let me explain like I owe nothing on any property.The only bills I owe are necessities, electricity, water and food that happens when you have accumulated wealth over 60 years, but you make less than 40k a year.Think about what you're saying
Yea, he definitely didn't take into consideration the fact that someone who makes less than 40k may have saved for a good down payment, or have decent equity on a trade in, or both. You can get a deal on a lease also. New vehicle prices are out of control, but like anything, know what you can afford. There are new cars for 25k or less.
Sounds like a lot of people need to learn to live within their means. I see so many cars on the road that are 100k+ but I know there aren’t that many people making 300k. If you can’t afford to buy it twice in cash, you cannot afford it. Borrow only to prevent lost opportunity cost on cash. If you have to borrow to buy a car, you’re not ready for a car, buy a bike and save your money. Smh
Good in theory but most people need cars to get where they’re going, at least in America. At this point it’s not a bug, it’s a feature - this is how the system was designed to function. It’s our duty to break it
I will never buy another new vehicle again from greedy con dealerships its bad move as well that the registration fees in cali is outrages buying new vehicles at 60k would cost 800$ year & car insurance would be over 200$ month a complete scam all over all..
They are out there to extract as much money as possible from a buyer
@@markholubetzEVERY corporation is out to extract as much money out of you as possible, greed is destroying our country..
Anyone who pays over $10,000 for a vehicle is an utter fool.
Anyone who has car payments is a fool. They are financially irresponsible because they don't know how to save money to buy a damn car. The lack of common sense these days is so mind-boggling.
Do people not realize that life is wonderful when you have no car payments? Your car insurance is also quite cheap in that circumstance.
True. Life without loans are really happy. Why cant we travel the world with that money?
Well, start riding or walking😂🎉😅
You should look into a scooter
For some people not having a vehicle is not an option, if I don’t have my vehicle, I can’t go to work. My place of employment is about an hour away from where I live. I would definitely get hit by a car if I tried to bicycle or motorcycle over.
I know technically a motorcycle can be considered a vehicle too, not so sure about a bicycle. 😃
Absolutely, many people have no choice as many Canucks who are really spread out. Owning is not really an option .
This auto market situation was really a 3-way split of a storm:
- Banks gave loans to people they had NO business giving loans to
- Dealers with low inventory saw that as an excuse to over price the remaining inventory.
- Consumers especially during the pandemic with rent and student loan moratoriums + PPP loans all of a sudden had alot of money and coupled with idiots wanting to “flex for the gram” they applied for loans they should’ve NEVER applied for.
How many of those car defaulters you mentioned are really truck buyers who didn't NEED a new truck but just wanted the shiny new toy. I would love for someone to do a study to see who actually really NEEDS a truck. I know that a LOT of truck owners have negative assets in their trucks and have gotten a BIG shock when they AGAIN came to buy the shiny new toy. Somebody needs to tell them the facts of life. Thanks for the loan info. I'm sure it will help some people and maybe save them money, time and embarrassment.
@s.l.s-407 sounds like me except I paid straight cash. Better to be a warrior in a garden than a gardener in a war. While I'm not using my truck to do truck things, the opportunities it allows me more than justifies my purchase. Between hauling around big expensive hobbies and traversing winter weather, I think everyone ought to buy a truck.
I needed a new truck so I bought one.
I’m sure you, Hillary Clinton and Karens the world over would say I didn’t need a truck.
Feel free to blame me for Climate Change as I drive around Arizona with my AC blasting and my windows rolled down while driving solo.
Car loans should, by law, be capped at 80% of MSRP+taxes/fees or 90% of the transaction amount.
Starting loans underwater is wrong.
@@IP0Monsturd -I won't blame you for anything, but your grand children or perhaps your great grandchildren will. : )
People really need to learn financial discipline, need to create a budget, and need to be realistic about the lifestyle their income can afford them. Living beneath your means should be the goal. I've lived life on the other side and it is not fun. People really need to set a goal of getting out of debt. If it means working a second job for a period of time to get them to a better place in the future then they need to do that. Get out of debt and stay out of debt.
They should be teaching more of that in school too.
Good idea in theory but multi millionaires stay rich by USING debt
But they weren't talking about millionaires. The other 95% need to be taught. "I" needed to be taught. 20 years ago I was in the same place many are now. It takes a long time to dig out of the hole especially when you don't have a clue what you're doing.
More reasons to hang on to your older reliable car...and take care of it! A lot cheaper than suckering in to a new car loan. I bought a new 2005 Camry LE and owned it for 15 years! I took care of it and it took care of me for 15 years and 218,000 trouble free miles.
Cost to replace my 2014 RAM is now $64,000. $24,000 more ...they can keep them.
SO happy I got my 2016 Audi tts two weeks back if this is the case. I got it in Vegas yellow. The price was $26,000 and the credit union approved me for $22,800 so I covered the rest in cash. It was from an independently owned small dealership which means I didn’t have to shell out to a greedy big corner dealership. They can all rot!
i have NO sympathy for credit card companys.they send out preapproved credit forms all the time.i've thrown at least 20 of them in the burn barrel from my own mailbox.its there OWN fault they got tons of defaults.they didnt ask, but begged for it to happen.
I agree, all in the name of greed they lower their standards so far that they will catch the lowest common denominator
Gen Z and Millennials need to learn how to buy a car. First you work and earn money. Next, you don't give into financial temptations and save money each month. Lastly, you find a car within your budget (less than the amount of money in your bank account), and by the damn car.
It's called living within your means. Crazy concept, right? If you're incapable of saving $5,000 for a vehicle, that clearly means you cannot own a vehicle worth over $5,000.
It's not just the government ruining our economy. It's the lack of simple common sense.
Live within your means. Bingo! Agreed
The only way to solve the problem is to stop borrowing money and live on a budget
Thats the safest way and closest to financial freedom
Loans at this point in time really depend on what your putting down on the car, truck. If your putting down half or more there is no problem getting a loan. I no I just bought a new car and my income sucks. Am on pension and I only get 1600.00 per month.
its what happens when vehicles became status symbols.how i saw it was, people driving newer cars were broke, not well off.thats a hell of a price for a status symbol
Totally right. Just gotta live within a persons means. If they can afford a Ferrari, that’s fine, but it should not come at the expense of living in the car cause there is no mo eu left
Most people can’t afford most cars, especially with insurance and taxes rising across the board
Yep, but they keep on buying them😂🎉😅
@@Already100Never underestimate the stupidity of the consumer.
@@PatrickAllen-yi9us it’s not about stupidity it’s about what’s in their pocket😝
@@Already100 The problem is most don't have it in their pocket.
I’m almost done with my 2 -2018 suv vehicles payments of 680$ total a month 6 payments to go on both ! Will never buy a new vehicle with these ridiculous prices and interest ! Insurance ridiculous , gas maintenance! My wife and I will run these vehicles to the grave ! Had new vehicles every two years since 1990 now they are so unaffordable especially with food, gas , and inflation out of control! Simple greed created the haves and have nots ! Don’t feel sorry if all car dealers go bk ! Or homes get foreclosed in how we working Americans got treated the last 4 years ! Bent over and F!
14 months to go on my ram..I'll never buy a new vehicle again .
Cost of owning a new car today is no different from the average mortgage payment not that long ago.
Yes yes yes
EV values are dropping like a rock.
Yes they are
Looking back, I'm glad I made all my mistakes back in the 2005-2008 timeframe. I didn't screw the goose in the last 6 years.
Think the other equation to be discussed is how many banks both ignored credit scores and provided a LTV of up to 150%. Two things happen, the borrower will be further in debt with credit scores in the dump, and the lender will take a haircut for the uncollateralized debt. The Banks are just as culpable as the lenders. The question is are we bailing out banks because they failed due diligence standards.
Absolutely right, but even the buyers should exercise some restraint. To a of bad decisions recently in the market.
150% LTV at the start was insane. People need to save.
This central bank system will end soon . End this corrupt system.
So replace a fiat paper system with a fiat digital system? The CBDC will be a privacy nightmare, have a built in expiration date to prevent saving, only be valid within the Fifteen Minute Open Air Prison they want to put everyone into, as well as be used to deny all purchases not on the Regime's Approved Purchases List. Nice way to prevent people from exercising their 2A rights, or prevent them from eating too much beef. Use your imagination as to how the CBDC will be used to engineer society into a dystopian nightmare.
In case you have not noticed, dealerships want to lease not sell. They collect car payments and get the car back to sell again.
And it came to pass, as he spake these things, a certain woman of the company lifted up her voice, and said unto him, Blessed is the womb that bare thee, and the paps which thou hast sucked. But he said, Yea rather, blessed are they that hear the word of God, and keep it.
Thank you
@@markholubetz ✔
I think you said it best people living beyond there means. That is the way I see it as well and it has been going on for a long time. I even see in my gen. although not as much (baby boomers).
I just got approved for a $150k car loan 😂😂. I just want a cheap $10k to $15k car.
The lower, the better
Damn right. Buy what you can pay.
Hello Mark here watching! 👍
Thanks for the visit
@@markholubetz You’re welcome!
What's the point with current intrest rates, deprecation, and current cost of vehicles
It’s quite a scham.
The power wheel has turned again!
I owe nothing on my car since it was given to me for free by my dad. I intend on keeping this baby until crash do us part. (Or if anyone wants to trade for a saturn L series wagon or a buick roadmaster)
Try a little personal responsibility folks.
Exactly, we have to take some ownership in this. Choices can be made.
I shot myself in the foot overpaying for a car loan back in 2022, just have to grow up and keep paying it, grateful i am able to drive to work and provide for my family but definitely eye opening as to how auto loans keep you from financial freedom.
Well that happens to Thebes of us, all we can do is use that as a new life lesson and move on, hopefully she with others too. Have a great weekend.
@@markholubetz 100% i plan on keeping the honda civic long enough to pass down to my son in the future and next car just pay all up front lol
Dr Strange is so spot
What?
@@markholubetz yes
I just couldn't listen to your bs,i make less than 40k but you know there other Resources to think about, Well, let me explain like I owe nothing on any property.The only bills I owe are necessities, electricity, water and food that happens when you have accumulated wealth over 60 years, but you make less than 40k a year.Think about what you're saying
Yea, he definitely didn't take into consideration the fact that someone who makes less than 40k may have saved for a good down payment, or have decent equity on a trade in, or both. You can get a deal on a lease also. New vehicle prices are out of control, but like anything, know what you can afford. There are new cars for 25k or less.
Yes that’s fair but in last 5 years within Canada, the system is squeezing everyone and savings are almost impossible unless shacked up with someone
Sounds like a lot of people need to learn to live within their means. I see so many cars on the road that are 100k+ but I know there aren’t that many people making 300k. If you can’t afford to buy it twice in cash, you cannot afford it. Borrow only to prevent lost opportunity cost on cash. If you have to borrow to buy a car, you’re not ready for a car, buy a bike and save your money. Smh
Lmao!!!
Good in theory but most people need cars to get where they’re going, at least in America. At this point it’s not a bug, it’s a feature - this is how the system was designed to function. It’s our duty to break it
10% of your gross monthly income😂 that means nearly 50% of the people can’t afford a car🎉😅🤷♂️
Truly, that is a harsh reality.
The Bidennomic effect 🤪🤪🤪🤪
Nicely done
People buy things they can’t afford to impress people that don’t even like them🤷♂️🤡🌎🥳
That happens all too often