Buying a CHEAP New Car Could Make You Poorer

I’m going over all of the details that you have to take into account when you purchase a new vehicle and much of the corruption that goes on with hidden costs and scams and making sure that buyers stay poor. Stay tuned to this entire video because you’re gonna learn a lot about how the entire auto market works together, and what you can do to help avoid some of the common pitfalls that people get themselves into. 

[PrepperDawg]

I agree, insurance may be the biggest scam out there. I would say even health insurance as well. You get massive amounts of money deducted from every paycheck, pay ever increasing co-pays for visits, prescriptions, heaven forbid a sugery etc. Then you get to pay even more for what the insurance did not cover. Insane.

[josephkelleher]

The way to stay poor is having car payments. New vehicles are the number 1 wealth killer in America.

[robertriley]

I'd rather spend money on car payments for a car that I can use, then write checks to mechanics for a 20 year old car that breaks down all the time and leaves me stranded.

[nikto-kykx]

Cars are getting much more complex with computer chips and extra wiring everywhere. The cost to repair them after an accident is much higher. Older cars with less of these upgrades are cheaper to fix. This makes a huge difference in insurance costs

[raiden]

The people who buy these $100k trucks are the ones who should be paying high insurance costs. It costs me like $1000k a year to insure my 2004 toyota Camry with just liability insurance.

[bobcantstandzyobitz]

My 2014 Mazda 3 has 410, 000 miles on it. Original clutch, no engine work done. Anyhow, I dropped collision and comprehensive around 300k miles and it saved me 800 a year. Only liability coverage now.

[BoopSnoot]

You're wrong, if insurance rates went up for no reason, we would see massive profits in the insurance industry, instead we see the opposite. In fact, losses in the insurance industry are so high that not only are there massive layoffs, but major players have completely abandoned the California market. Insurance prices are so high because when Juan or Jamal or whoever steals your car, you are going to expect your insurance company to pay you the full value of your car. Right? Guess what, when that happens over and over and over again, those costs have to be passed on to the consumer. Want cheaper insurance? Stop voting for the people that open our borders and empty our prisons and give criminals slaps on the wrist and probation when they steal their 10th car that year and ship it off to Mexico for resale.

[bigwheelsturning]

I pay about $900 a year for my Tacoma. But I ride my bicycle more than I drive the truck. Have less than 500 miles on the truck since Jan 1, but over 1200 miles on the bike now.

[Outsider.Reviews]

It's hard to win these days brother

[madjackgamingandfitness]

Insurance sucks because vehicles got more expensive it causes insurance prices to go up too. My insurance has always gone up even though I paid my vehicle off and no accidents. At some point car insurance should just cap off on how much you pay based on your record.

[trevagraham]

People staying poor buying vehicles they can't afford to impress people they don't like.

[rowyerboat]

Insurance is just another tax. You don’t really have a choice whether or not to have it.

[MaxHavoc]

2800 Per year car insurance? I'm in VA and my insurance for 3 cars, 2023 4 Runner, 2010 Honda CRV, 2001 BMW M Roadster comes out to 140.00 per month.

[johnstudd]

A couple of months ago I bought a 2024 Versa manual trans out the door for under 20k. I paid cash for it and insurance is $120 a month. It's a nice little car, I like it. I'm getting 40 mpg in the city. I plan on keeping it a long time, prob 15 years or so. I'm keeping my old car as a winter "beater", an 08 Versa I bought in Oct of 07 that still runs great and is very dependable, because on the market it is not worth much and it is worth more to me to just keep it. It is starting to rust and the interior is showing signs of daily usage for 17 years. I paid $14k out the door for that car and drove it for almost 17 years with prob less than 2k in repairs over the years. I got my money's worth out of that car. Not sure how you think buying a more expensive vehicle is cheaper in the long run. Insurance will be higher and operating expenses prob just as high or higher.

[ZIGZAGBureauofInvestigation]

My insurance $74 dollars a month on a Owned / renewed 23yr full size Chevy Truck vs New Truck $1200 + 400month insurance on a New to newer ride lol plus when it breaks down I Can FIX it Myself/parts are Cheap / U Silly FooL'$.

[ellwoodwolf]

This is America, the major of poor are poor because they make consistent poor choices.

[malcolmiskl]

My car insurance is $89 for a 2017 VW with Gieco, idk how people get these insurance rates. I even have a speeding ticket lol

[kickingfatality]

The wealth of the rich is dependent on an ample supply of the poor.

[baronvonjo]

I had a 2018 Honda Fit and the insurance was pretty expensive.
They told me its beacuse statistically small cars are in more accidents.

Was not told if it was because of the driver or other cars hitting them.

[jimmywalters]

Thanks for informing people about this. I wish they have a guide published on certain car/truck insurance rates. My 7 year old Hyundai SUV insurance is the same as my 23 Honda pickup .. my agent told me that pickups have lower insurance rates than SUVS and cars... I didn't know that. For entry level buyers who want a good bargan .. perhaps look at a small Hyundai/Kia SUV or Chevy Trax with sticker prices in the low 20's...and come with a long warranty . My first car was a new Honda Civic.. another great choice for a little bit more money but worth it.