ACCOUNTANT EXPLAINS: How to Avoid Overpaying for a Car

In this video, I share 4 Must-knows before buying a car

MY FAVOURITE STUFF:

PRODUCTS I USE & BOOKS I READ:

KEEP IN TOUCH:

TIMESTAMPS:
00:00 Intro
00:42 New or Used?
02:12 Buying vs Finance vs Leasing
05:07 How to save on Insurance
06:38 Maintenance

🧡DISCLAIMERS & DISCLOSURES
This content is for educational and entertainment purposes only. Nischa does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. Thank you for your support!

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[talhamurs]

Video explains different methods of buying a car and types of leasing option but it doesn't tell how to avoid overpaying as the title suggests

[katlegoratshidi]

Thank you for these videos Noma! They really keep us motivated. Wishing you love and light with whatever personal matters you’re dealing with ❤️

[NM-hqio]

Nischa can you make a video on repaying student loans early & whether it makes sense to do so?

[michaellafrance]

Sorry, but you actually neglected to explain how to avoid overpaying. Merely explaining the buying process. Bottom line is buy what you can realistically afford and don't worry about depreciation. Never lease a car because the payments never end and you never own a car--unless you can afford to do that, of course.

[Pjay]

I remember you were on 200K sub and your videos were great, very informative now close to 1M. You got even Better. Keep up the great work 1M sub very soon.

[ageens]

I have car tips too:
1: car price - comparable to your emergency funds. I can by next one in a day or weeks if current one dies.
1.5: get popular car where you can find and buy aftermarket parts in £/bucket.
2: do not miss servicing, do not save on oils and filters changes. I have seen lush cars dying within a couple years.
3: To have 2 local garages. One with dealership certifications for MOTs and original parts, other for servicing and aftermarket parts.
3.5: make sure you trust the garage(s), no point to give car to garage you feel it rips off or cheats on jobs done.

[CharleneCong]

Loved the video! It’s eye-opening to see how easily one can end up overpaying for a car without the right knowledge. Your breakdown on the accountant’s perspective really shines a light on the importance of doing our homework before making such a big purchase. It got me thinking about how essential negotiation skills and understanding financing options are in avoiding those common pitfalls. I’ve been exploring ways to better prepare for big financial decisions, finding that a bit of research and patience can save a ton of money in the long run. Thanks for sharing those super helpful tips!🥰

[lmmetzt]

There is a simple tip about depreciation. Don't ever sell your car. What's all this worry about "depreciation", I don't get it. Our family car laster 31 years. Our next car is also a sensible car which we never plan on selling. What's all that fuss about changing cars all the time? And why would I sell MY used car (which I know where its been and if it has been serviced well) to buy someone ELSE's used car (which is a "black box" to me). Either buy a new car if you are rich enough or don't and keep your good old car. If you cannot afford a new car, buy a used one and keep it for as long as possible. Simple as that.

[harrywilson]

Buy japanese, Toyota or Honda get my vote, yes they haven't got the image of a BMW or Mercedes but they will be much more reliable and cheaper to repair

[sidharthsugur]

It’s heart vs head choice. You live once and the amount of joy you get driving and owning a new car is unparalleled. If I keep a new car for 10 years versus buying an old car and keeping it for 5 years. Those 10 years of my life are never going to come back. I will never be that young again

[halfrousseau]

What an excellent channel - Bravo Nischa for doing the right thing, and wonderful to see your success. Hugs from Melbourne.

[ianwhitworth]

I'm in Canada and while things maybe different elsewhere, the thought of buying new is crazy to me. I drive a 2010 car and yes I've put money into it for repairs, but that money is less than what I would have lost in buying/leasing a new car. I bought at 132K Km in 2016 and am at 330k Km now, and plan to get at least 500km out of this car. I do proactive maintenance and don't care if it shows it's age, it gets me to where I need to go. Buy used/older car... it's always been the better choice!

[hanvika]

Your suggestions are always great thanks 🙏

[solj]

Great video, I purchase used, and I'm completely happy with that choice, I find the biggest driver is to do your research on a quality vehicle, talk to your mechanic, they will tell you which vehicles are in all the time for servicing and why. I'm not saying that used is always the best option it depends on your needs, lifestyle, and ultimately whats important to you. For me at this stage of my life used has been great and other than preventive maintenance I have gotten my moneys worth from my car everytime, when it was time to change I was able to choose another car pay for it and move on and get many years of use. And your so right about insurance, I am constantly shopping for new car insurance since there is no loyalty from companies I find I save more money by shopping around. Thank you for another great video.

[tracythompson]

Buying a good used car that you check out thoroughly for cash not financed is the only way to go!!

[tagbon]

Fantastic and practical advice, as always. Thanks Nischa!

[filmawayvlad]

Love your English and the analytical power!

[ageens]

I have seen channels where 3% of watchers are subscribed. I would say, you have relatively pretty outstanding results.

[Dr_Neuro]

This has been SO clear and helpful. Thank you so much and consider me subscribed!

[mohammednurulmahmudmahmud]

The way you talk is simply awesome. Great work 😊