“Families Are Going To Feel This!' - The Scary Math Behind Car Payments

In this short clip, Patrick Bet-David, Adam Sosnick, Vincent Oshana and Tom Ellsworth react to nationwide car dealership woes.

[webbie]

A wise man once told me, "if you can't afford it, don't buy it" the biggest relief is not having a car payment

[chrisandrews]

As a former car salesman I can tell you pat is right people don’t care about the interest rate. That’s how we sold, we’d surprise them that they could finance a $70, 000 truck with their $40, 000/y pay (84+ months). Those are the same people getting repoed now🤷🏻‍♂️

[schawnettarobinson]

My mother, “You can want whatever you want, but buy what you can afford.” —Wise woman ❤

[blueghost]

Its absolutely true, most auto shoppers are focused only on the monthly payment amount. One of the first questions a dealership sales rep is what kinda monthly payment do you want, but never tell the customer about the interest.

[joemachine]

Just made my final mortgage payment today 🥳

[TheGbizaille]

My first car was a 2008 kia optima, it was $5k with 124k miles. I put $1000 down, financed it through my credit union, 2.99% on the interest rate. My payments were about $90 a month. Drove the car from 124k miles to 250k miles. Made over $60k driving it for Uber too. And I still sold it for $1400 after all.

[maxwind]

I'm still driving my 1997 F250 XLT HD 4×4. Paid 6k cash 10 years ago, and I've never had a car payment. That truck brand new off the lot was $25, 900. And I still like mine more than the new ones.

[Adam-wtid]

I sold cars and its wild the people that come in and actually buy from a dealer. Even my coworkers thought i was wild for driving cash cars but i was always hearing about them stressing over bills. I always did fine because i was working for commission and never wanted to put myself in a bad spot to begin with.

[inmate]

I havent jad a car payment in 12 years. Married my wife got rid of her payment in 6 months and she hasnt had one in 3 years. True financial freedom is no debt

[JK-ztym]

I lived for a long time with no car payments and it made a lot of sense. It allowed me to get to the point that I make more in just dividends than my house payment would be. I now allow myself one car payment at a time.

[markward]

Your analysis is spot on about the average person & way they’ll look at it, it’s about the payment. Same is true of home mortgages.

[Turner]

Realizing that some people are just learning about car loans right now, from this video, makes me appreciate my Father even more. Thanks Dad.

[brian]

If you only consider car payments rising it’s scary but at the same time car payments rose so did EVERYTHING else. When you think about how people afford those car payments in addition to food, housing and utilities, that’s terrifying

[missmarysuicidal]

I just stumbled upon this channel and I love how they talk. Now at 40 is when I'm learning about credit and on my way to buy my first car. My credit education was "Don't touch it, don't use it" and of course it affected me, I was a ghost.


And as someone with low credit, now my first credit card. Building it. I'm very VERY careful about cars and interests

[floridaexplorerk]

Thankful and grateful there are thinkers like you out there!

[jesseking]

We own our own business and haven't had a car payment in 5 years. One of the best financial decisions we have made.

[TravelingNomad]

Talked to a local repo guy yesterday while he was working he said they could work day and night and not even make a dent in the outstanding requests. He also said he has never seen anything like it and he has been doing it for 20 years.

[adamgitmed]

Seeing this really makes me appreciate owning my car, just a humble 02 Honda Civic ex but it beats being in debt for the rest of my life. Being a private reptile breeder is my only income and there's only such a slight margin for profit and that's taken up usually by adding new animals or traveling so I couldn't imagine how much harder it could have been with hefty payments like that. I can only imagine what it's going to lead to.

[avashurov]

People used to lease cars instead of buying with a payment of around $199/m vs $500+/m when fully financed. But now, the interest rates for lease are way more than for financing which makes the payment the same.
I knew this was going to happen, so I refinanced my previously leased car last June, 7 months before lease maturity with 1.7 APR. I also made sure my mom got a car as well with the same APR. Best decisions ever!
Now buying some gold and I’m ready for what’s coming!

[vedocapp]

The worst thing about this all, 80% of the time purchasing a new car is unnecessary lol