great points but i'd take it further, don't buy off a dealer, buy a salvage one, buy one off an auction, buy one off a towing company, buy one at a wrecking yard, they won't be doctored, detailed or do they hide problems but do it with a mechanic. Think out side the box
@jkairi4
10 ай бұрын
Those are taking points and cliches about purchasing cars. Used cars are also more expensive than they've ever been. T used cars are way over price today. Also, most used cars under 10k will be high mileage and more than years old. Considering most people don't have 10k in cash sitting around, more like $600, according to some reports, so paying with cash is not an option. It's either using public transportation, a bicycle, or walking. That's what consumers are faced with today. Again, even 10k used cars are expensive if they are 10 years old with 200k miles.
@Mortimer_Money_Coach
10 ай бұрын
Thanks for your comment. Yeah, it's very tough right now. And if you are able to use public transportation, bicycle, walking, carpooling, etc then that's great. However, that's not always possible. While it's a lot harder to find a good used car today, it's very possible. Check out some of the sites in the video. Right now, you can find many vehicles beteen $5-15K under 100K miles. It's just takes a bit of work to weed through them. And it's also much better than paying $48K for a new car or getting a used car with a 12% interest rate. Lots of people are spending lots of money on cars, and I'm hoping to help people do it the right way. Saving up and paying for your car in cash is really the best way to do it.
@mycathasawhitetoe
9 ай бұрын
@@Mortimer_Money_Coachyea you can find them. But have you checked the vehicle reports? No mention of oil changes or other general maintenance. Almost always has an accident involved. Buying a used car is much more complicated than what ppl make it seem to be in videos. Just a pet peeve of mine. Great video though, thanks for sharing your opinions and trying to steer ppl to better financial decisions. I understand it’s difficult when making generalized videos
@ArticulateArena
4 ай бұрын
are all these new channels i get recommended just ai?
@Mortimer_Money_Coach
4 ай бұрын
Not sure what you mean. This channel is def not AI generated, but thanks for watching!!
@prodigalknitter1
9 ай бұрын
What about if I buy a Prius for 29k new?
@Mortimer_Money_Coach
9 ай бұрын
Thanks for the question. I don't know ur situation, so I can't really say. However, in general, buying a new car almost never makes sense unless ur very wealthy, have the cash to pay for it, and can take the hit on the depreciation. How much do u have to put down on the car?
@prodigalknitter1
9 ай бұрын
@@Mortimer_Money_CoachDo I have to wait until a 2024 PRIUS XLE AWD has been on the lot for a much longer time?
@mycathasawhitetoe
9 ай бұрын
Just a general disagreement with this video. I just wanna say, generally this advice is sound. But individually, your situation maybe different. See what works for you. Get what you can afford. Don’t add extra stress to your life. That can literally mean anything based on your personal financial situation
@Mortimer_Money_Coach
9 ай бұрын
Thanks for Watching!
@matshagstrom9839
9 ай бұрын
Show me an average five year old car that is now less then 40% of what you paid for if five years ago. Instead of saying everything is more expensive(it is). You can also simply say the dollar is no longer worth what it was.
@Mortimer_Money_Coach
9 ай бұрын
Thanks for the comment. And thanks for watching!!
@stoveguy2133
4 ай бұрын
I had 2015 civic. Zero down. $200/mo lease. Should have bought it. $11k residual. They sell for $12k today.
@Mortimer_Money_Coach
4 ай бұрын
Yeah...leases are hardly ever a good deal. You should check out my other video on Leases: kzitem.info/news/bejne/05ebvWh4jmSqfJg
@vrod4444
3 ай бұрын
Great job! Thanks
@RodVonLongrod
10 ай бұрын
In May of '22 my car suffered catastrophic engine damage at 75 MPH. Murphys Law struck again as I had just paid it off a few months prior to this event. I knew I did not want to jump into a new set of payments so I made the decision to save up for a good used car. Luckily I was working from home at the time and only needed to borrow my mom's truck a handful of times. Fast forward ten months and I found a good used car that an elderly couple owned with less than 71,000 miles on it. 2002 Mercury Grand Marquis. Total grandpa car but the best part is the money I am saving. $65 a month in insurance and $42 annual fee for tags. It's a great feeling living beneath your means.
@Mortimer_Money_Coach
10 ай бұрын
That's awesome. I wish more people knew it was possible. The car payments I'm seeing these days are just out of control. Props to you!!
@sfcrmsa
9 ай бұрын
Well you bought a "LEMON". You get what you get.
@gtamantube
9 ай бұрын
i do think you underestimate trade in equity; i put over half down on my cars because of existing equity; if you drive a car 12 years it has near zero equity and you perpetuatally drive junk; my payments are very low to nil jist because I use equity; i buy 1 to 2 year old cars with half+ down; drive a couple to 3 years and repeat; and i buy cars on the top 10 resale list only; 4runners or trucks etc
@Mortimer_Money_Coach
9 ай бұрын
Thanks for the comment! Putting half down is much better than most people out there. Yeah, I don't think it's necessary to keep the car until the wheels fall off. My point is getting something inexpensive with reasonable miles should give you enough time to save up to upgrade after a few years. You don't need a loan at 7-21% interest to make use of trade in equity.
@robertcampain612
8 ай бұрын
Like your content!! Good, common sense approach to finances! New subscriber.
@Mortimer_Money_Coach
8 ай бұрын
Glad you're enjoying the content. Thanks for watching!!
@FantmVirus
7 ай бұрын
100K for a Ford pickup - hard pass
@Mortimer_Money_Coach
7 ай бұрын
Haha! Same here. No thank you!
@FrankTheBankYT
10 ай бұрын
Keep grinding!! Love to see it!
@Mortimer_Money_Coach
10 ай бұрын
Thanks!! Will do. And I see you're doing your thing too. I'll definitely have to check out your channel.
@bentleypinkard6543
5 ай бұрын
Ppppp@@Mortimer_Money_Coach
@leechavarie4675
9 ай бұрын
Sold my new car and put $ at 5.5% bought a old 1988 Toyota pick up .
@Mortimer_Money_Coach
9 ай бұрын
Good for you for selling the new car. Surprised you could get a loan on a 1988 truck at 5.5%. I guess they figure toyotas last forever.lol
@leechavarie4675
9 ай бұрын
Too funny ! Old truck only has 60,000 miles @@Mortimer_Money_Coach . I ride e bikes and e scoots 95% of the time . Saves a pile o $ .
@mjgholdings2510
9 ай бұрын
Great information, accurate true information! Thank you!
@Mortimer_Money_Coach
9 ай бұрын
Thanks for watching!
@SarahStuff-p5u
9 ай бұрын
Got two used focus bought in '15 '16, they were 10yrs old when bought with around 50k miles each. Under 7k with some minor repairs each. The 2005 focus by the time I am done with it...5yrs more prob....will have run around 5-600 a yr for me. Running Liability insurance only at about 350/yr for the pair.
@SarahStuff-p5u
9 ай бұрын
Bought my home 17yrs ago, was a foreclosed and got it at a nice price at 105k, paid it off fast, not a fan of debt. I do not carry insurance on it now and property taxes come out to 1900/yr. So my "Rent" is now 159/mth.
@SarahStuff-p5u
9 ай бұрын
So far home repairs (Furnace/Air/New roof...few others) ran me about 17k, So house ran me 123k plus that tax "Rent"
@SarahStuff-p5u
9 ай бұрын
Home repairs will prob come out to 1%/yr so currently 1,230/yr or 102.5/mth
@SarahStuff-p5u
9 ай бұрын
My monthly budget to keep a house and two cars plus all there costs and utilities comes out to 880/mth, almost the same as my food bill for family of 4, with that closer to 1700/mth for a family of 4 to keep the lights on and save for the future.
@salimi.sheriff7608
8 ай бұрын
Worst decision, yes
@debbiewalk8469
8 ай бұрын
Thank you very much. I enjoyed your content and shared it. You are very convincing and easy to watch.🤗
@Mortimer_Money_Coach
8 ай бұрын
Thank you. I appreciate the comment! Thanks for watching!
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