American Car Debt is EXPLODING Higher ($1,000 Per MONTH)

Car payments are exploding higher.

We are now seeing more and more people extending their loan terms just to make the car payment fit within their monthly budget.

People do this without realizing how much they will be paying in interest over the course of that loan.

Also, we are seeing a HUGE uptick in the amount of $1,000+ per MONTH car payments.

This is a value-packed presentation so stay until the end and share it with a friend!

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⏰ Timestamps ⏰:
0:00 - Intro
0:27 - Car Loans Reach $1.4T
1:25 - $1,000 Car Pmts
2:45 - 90 Month Car Loans
3:12 - A Dangerous Road Ahead
3:55 - Roadblocks to Affordability
6:30 - Policygenius Spot
7:45 - Roadblocks Con't
8:44 - Delinquencies Are Up
9:40 - Current State of the Auto Market
12:14 - How Can You Position Yourself
13:17 - My Thoughts
16:01 - LOL

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My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos reflect my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.

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[lonewanderer]

I have a family member in finance. They made a comment that because homes are so far out of reach for young people, cars have replaced them as their largest expense, source of pride, and status symbol. They are making payments that would have been equivalent to a home payment 10 or 15 years ago.

[serchizm]

I work around a lot of young professionals (nurses). The new Bronco comes out. My coworker (who most likely lives with parents) says “I went and got my Bronco! I was able to get the payment DOWN to $780/month!” What a stupid, stupid move.

[dbealby]

Once you pay off your car. Take 12 months and bank those car payments.

After 12 months, I realized that I don't need a new car and enjoyed the financial freedom. 4 years later I bought a fun car with cash.

Break the payments cycle, get ahead and enjoy the freedom.

[EachAdventure]

It's insane how expensive cars/trucks/suv's have gotten, especially over the last few years.

[jonveteran]

Congrats on the baby on the way! I just had my first kid (a boy) at 35 years old. Thanks for all your financial education, it helps tremendously.

[cdb]

I never leased a car in my life. Just wait 2-3 years, buy used and save 30-40% off list price.

[TheLizardKing]

Car Payments Are EXPLODING Higher ($1, 000 Per MONTH) - for me... I paid cash for a 94 Celica. Scotty Kilmer.

[Marktec]

I genuinely feel bad for people struggling with high debt. Been there. I’m also happy to be debt free now but I wouldn’t even be in this spot if it weren’t for people like Marko and a ton of hard work. The struggle to stay debt free continues even after not having any loan payments for 3 years. It’s worth it though, stay disciplined folks!

[nick]

I know a girl who bought a barely used Kia Sportage and was immediately 10k underwater. She didn't buy gap insurance, totaled it, and then bought another car that put her underwater ANOTHER 5k. So now she has a loan from a credit union for 10k covering the debt from the first car, and another car worth 20k on which she owes 25k. She makes $20 an hour and these two payments are $900. And congratulations on the baby 👶

[johnattanlafontant]

Thank you, Marko, for another great vid.
personally, I am about to pay off my car (1k left) from a 2018 purchase.
I really wanted to treat myself to something new but my gut has told me to relax.
this is just what I needed to focus on wealth instead of short-term happiness.
appreciate the presentation!
love these vids!

[tonicsympathy]

They need to start making base model cars again and take all the fancy electronics out of the car

[tstride]

people with kids that think they are too good for a minivan, and need a90k suburban...

[johnattanlafontant]

and congrats to the new baby
god bless you and your lady

[cancel.lgbtq.]

I'm still driving my 2000 Acura Integra. Not that I can't afford new luxury car but I hate car payment. My coworkers are driving Tesla, BMW, Benz, Lexus etc. They all look surprised when I told them what I drive. They looked even more surprise when I told them that my house is paid off, no CC debt, 1 year emergency fund, 6 figures in 401k, and I'm about to buy a rental property in future.

[PaulaWalnuts]

I have never been more grateful than when I stumbled upon your videos in early 2019…at the end of 2019 I bought a very nice used 2016 Honda Accord and used your methods/suggestions at the dealership and got an incredible deal. I paid it off a year and a half later and it’s still keeps it’s value to this day. I’m not in car debt and not worried about the current situation that a lot of people facing today!! Congrats on the new future baby girl!! 🎉

[airekk]

I demand more Dave Ramsey impersonations 😂

[enricoroselli]

Everyone wants to drive a Range Rover not a Nissan Versa - I call my Versa Topo Gigio after the mouse on Ed Sullivan! OK I`m old! LOL

[CarEdge]

Glad to see you talking about this, Marko!

[bl]

A few years ago, my 2002 jeep needed a new engine. I sat down with pen & paper, and did the math.
A five year monthly payment was going to be $1, 365.86 a month. My mortgage payment was $593 a month. Since the body was in great condition ( no rust), I rebuilt the vehicle. Bringing it back to new, including the frame, it cost about $16.500 total. That was three years ago. A new vehicle for under $17, 000.00 isn't bad considering new was going to be $87, 500. I saved $70, 000. Not bad.