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Speaker 1: Welcome to How the Money. I'm Joel and I'm Matt,

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Speaker 1: and today we're talking about the legit way to buy

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Speaker 1: a car. All right, Matt, So today on the show,

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Speaker 1: we're gonna talk about how buying a car is like

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Speaker 1: a financial game changer, why we think you should probably

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Speaker 1: buy a used car, and then how to go about

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Speaker 1: doing that. So that's coming up on the show. Yeah,

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Speaker 1: that's right. But first, it's been a minute since we've recorded,

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Speaker 1: so let's uh, let's like catch up a little bit.

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Speaker 1: Joel and his wife went on a big trip and

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Speaker 1: if you don't follow us on Instagram, you probably didn't

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Speaker 1: know that. But if you do, you probably saw some

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Speaker 1: pictures of me lounging around eating cheese and riding bikes

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Speaker 1: in your seventy dollars a pound fancy ham. Oh yeah,

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Speaker 1: soh yeah, so I told you about that Briefly. It's

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Speaker 1: I get this like really fancy aged ham for this

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Speaker 1: picnic that we had at Versailles, and dude starts slicing

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Speaker 1: it like super thin slices, and after two slices, I'm like, yeah,

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Speaker 1: that's that's plenty. I just kind of really want to

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Speaker 1: taste more than anything. I don't want to spend too

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Speaker 1: much on this crazy expensive ham just to moves the bush. Yeah,

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Speaker 1: a little bit, please, But it was man, it was

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Speaker 1: such a fun trip. Yeah, Paris was an awesome city.

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Speaker 1: Thoroughly enjoyed it. I would recommend it to anyone. I

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Speaker 1: think you posted on Instagram. But we got there for

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Speaker 1: four hundred and sixty three dollars round trip. That is

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Speaker 1: an amazing deal, dude. Always makes it more fun trip

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Speaker 1: when you can get a good deal. So you wait

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Speaker 1: a great time hanging out there for a week enjoining

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Speaker 1: each other in the city. A little throwback to a

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Speaker 1: previous episode U traveling with Purpose on the Cheap, How

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Speaker 1: do you do you feel like you're able to kind

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Speaker 1: of incorporate some of the things we talked about, you know,

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Speaker 1: from that episode, and so I guess obviously you guys

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Speaker 1: are flexible in the dates, right, So that's how you

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Speaker 1: got that sweet deal, that's right, yep, So definitely getting

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Speaker 1: the ticket price and then a couple of the other

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Speaker 1: things we mentioned on that episode. And you can go

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Speaker 1: back and listen to the full thing. There are a

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Speaker 1: lot of tips in there. But the first day we

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Speaker 1: walked so much, and I think that's so good, like

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Speaker 1: for your jet lag and kind of getting off of

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Speaker 1: that and getting used to the city and getting your awareabouts,

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Speaker 1: getting getting a feel for the neighborhoods and the layout.

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Speaker 1: And so yeah, spending that first day just doing a

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Speaker 1: ton of walking and seeing what was around us and

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Speaker 1: where we wanted to go back to that was like

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Speaker 1: super That was super helpful and it was a lot

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Speaker 1: of fun. So I recommend that. And then the day

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Speaker 1: after that we took a nice spike ride, So I think, yeah,

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Speaker 1: doing that is such a great way for figuring out

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Speaker 1: the place where you're staying, and it's great for exercise,

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Speaker 1: and yeah, that was That's definitely the best way to

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Speaker 1: spend your first couple of days in a new place. Yeah,

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Speaker 1: you can't like help but to get over your jet lag.

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Speaker 1: If you're like walking or writing several miles, you know,

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Speaker 1: in a brand new city, exposing yourself to all the

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Speaker 1: different elements and smells and all that kind of stuff, right,

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Speaker 1: you gotta get the blood flowing and uh and and

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Speaker 1: and really it is. We took the Metro a bunch

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Speaker 1: of while we were in Paris, but in the Metro

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Speaker 1: is awesome. This the Metro system there is fantastic, but

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Speaker 1: still there was something about walking and biking and even

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Speaker 1: taking the bus some You see all these things that

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Speaker 1: you want to go back to. And if we just

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Speaker 1: had only written the metro the whole time, you'll you

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Speaker 1: get you only see point A to point B. You

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Speaker 1: don't see all the awesome stuff in between, which is

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Speaker 1: we would have messed out of what Paris is about,

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Speaker 1: right right, Yeah, we would have missed out on a

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Speaker 1: bunch of store funds that we wanted to walk into

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Speaker 1: you and check out, and a place for dinner or whatever.

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Speaker 1: So yeah, we definitely That's where our splur just came

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Speaker 1: was for dinners at some some really great restaurants there.

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Speaker 1: Despite I will say the recommendation of our flight attendant

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Speaker 1: on the way there, he said, the food in Paris

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Speaker 1: is terrible. I wouldn't bother only he's he said, stick

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Speaker 1: to the pizza in Paris, man, that's what they do. Well, dude,

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Speaker 1: he was totally agree with you. I think he was serious, man. No, no, no,

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Speaker 1: I think he was serious and even going to Paris

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Speaker 1: for like twenty years and he said he hated the food.

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Speaker 1: Oh poor guy, that's uh. We legit had one pizza

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Speaker 1: while we were there, but that's it because the food

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Speaker 1: was excellent. Yeah, that's one of the things. I mean,

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Speaker 1: So Kay and I, you know, we've been went to Paris,

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Speaker 1: uh well, France, I guess initially for work, but then

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Speaker 1: so we flew in early and made a trip of it.

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Speaker 1: But dude, that's one of the things that we realized

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Speaker 1: a couple of days in that we're able to kind

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Speaker 1: of find relief in is the fact that there's hardly

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Speaker 1: any like tourist trap restaurants, Like it's all legitimate food

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Speaker 1: and so you don't have to I guess early on

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Speaker 1: that was kind of earlier on in our marriage too,

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Speaker 1: and we had a tough time like getting paralysis, like

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Speaker 1: looking at the different reviews and be like, well is

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Speaker 1: this right? Is this right? I don't know which one

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Speaker 1: is the best, and so we couldn't even go anywhere.

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Speaker 1: But then eventually we realized that, like, man, you know what,

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Speaker 1: every single place we go to in the city is

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Speaker 1: freaking amazing. And after we kind of realized that, we

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Speaker 1: were just like going with it and yeah, loving, loving

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Speaker 1: every second. Yeah, that's the thing. I guess, you know,

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Speaker 1: we could have been there for weeks and weeks and

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Speaker 1: still not run out of awesome dinner joints to go

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Speaker 1: to because and and honestly decently inexpensive. You know, we

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Speaker 1: were trying to find that balance, so tasty, good reviews

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Speaker 1: close by, but still kind of inexpensive, and I feel

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Speaker 1: like there were still a lot more we could have

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Speaker 1: chosen from. Definitely, Man, that's awesome. I'm glad you guys.

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Speaker 1: Uh yeah, it sounds like you had a good time.

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Speaker 1: It was awesome, very relaxing, but glad to be back

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Speaker 1: on the mic with you. My friend, I'm gonna lie

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Speaker 1: when you're doing the intrail is kind of like, oh man,

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Speaker 1: it's been a minute back in the saddle, the blood flowing.

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Speaker 1: Though I'm feeling good Trial by fire, I've got hard

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Speaker 1: questions for you here. Okay, So actually I'll thought of

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Speaker 1: this too. While you guys were gone. One of my

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Speaker 1: tenants had gotten gotten in touch with us, and basically

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Speaker 1: we're asking if they could get out of their lease early. Yeah,

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Speaker 1: a little landlord questions. So I was gonna ask you

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Speaker 1: if you've ever dealt with that. I don't want to

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Speaker 1: say deal with it, like it's like it's necessarily a

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Speaker 1: bad thing, because after talking about it. I don't necessarily

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Speaker 1: think it's a terrible thing. Um, but yeah, I wanted

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Speaker 1: to see if if you've ever dealt with that. I

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Speaker 1: had to deal with that a few times in fact,

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Speaker 1: and I will say all but one time it worked

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Speaker 1: out really well. Uh for the most part, it was

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Speaker 1: just little things like hey, you know, I got a

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Speaker 1: new job in another town, or like, hey, this house

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Speaker 1: just you know, it turns out i'd rather live in

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Speaker 1: another location. And I did this for six months, but

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Speaker 1: I'd really like to get out early if possible. And

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Speaker 1: I feel like every time that the tenant has approached me,

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Speaker 1: either email or phone call or whatever, in in a

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Speaker 1: way that was kind and respectful and asking, I was

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Speaker 1: more than happy to meet them and obliged, especially because

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Speaker 1: as long as it's happening at a decent time, you

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Speaker 1: know that they're not getting out like mid December or something,

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Speaker 1: that that's a terrible time to try to re rent

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Speaker 1: the re rent the house. And then you know if

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Speaker 1: they've been slid tenants or whatever, and and I'm I'm

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Speaker 1: completely happy to to work something out with them. Yeah, man,

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Speaker 1: I think I agree with you there. And that's the

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Speaker 1: biggest reason why I think we were okay with that.

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Speaker 1: It seems that more folks are looking for a place

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Speaker 1: around Memorial Day, you know, like kind of towards the

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Speaker 1: you know, in a May beginning, beginning of the summer,

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Speaker 1: as opposed to like right smack in the middle of

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Speaker 1: the summer. And so yeah, again, like you it's not

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Speaker 1: like they're looking to kind of get out in the

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Speaker 1: middle of the winter when things are dead and every

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Speaker 1: things like crap, and yeah and too. You just I

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Speaker 1: would rather have someone to live in there that wants

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Speaker 1: to be there then someone that's just kind of you know,

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Speaker 1: annoyed that they can't in their case, they bought a house.

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Speaker 1: You can't line up all the timing and all that

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Speaker 1: kind of stuff exactly right, and so they they've got

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Speaker 1: some overlap there, some you know, I was sinking it through,

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Speaker 1: and I was just like, you know, i'd be moren't

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Speaker 1: happy to to let them get out soon, you know,

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Speaker 1: without penalty as well. Oh yeah, and yeah, that's the thing.

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Speaker 1: I would do it without penalty. Yeah, I would have

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Speaker 1: certain stipulations, but uh, no penalty or anything. And I'm

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Speaker 1: sure you'll have no problem running it out another another time.

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Speaker 1: And I'm sure they'll be completely happy to let you

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Speaker 1: show the house whenever you want. Yes, exactly, That's that's

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Speaker 1: what they're saying. They're you know, they're even saying that

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Speaker 1: they would kind of help with showings and you know,

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Speaker 1: doing whatever whatever they would need to do to make

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Speaker 1: that as smooth as possible. So yeah, I did have

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Speaker 1: one tenant that, uh, it was like really painful actually

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Speaker 1: the parting. And it was a husband and wife and

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Speaker 1: the wife had gotten a job in another state. Uh.

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Speaker 1: And the way they approached it was not asking, but

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Speaker 1: trying to find all these like loopholes in the lease

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Speaker 1: or in the in the state laws and really making

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Speaker 1: demands that were I'm I feel like I'm super easy

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Speaker 1: to work with as a landlord and super responsive. And

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Speaker 1: when they tackled it from that point of view, like

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Speaker 1: we were at odds and that made it much harder

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Speaker 1: for me to consider some of their demands, and some

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Speaker 1: of their demands were honestly unreasonable. Uh And and so

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Speaker 1: I wasn't really willing to work with them. If they

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Speaker 1: literally just said here's what's happening, and use the word please,

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Speaker 1: it would have been I would have been like, yes,

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Speaker 1: we'll figure something out. I'm happy to accommodate, but because

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Speaker 1: they essentially went at it from a point where and

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Speaker 1: I mean verse them sort of thing. Yeah, that was.

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Speaker 1: That was where it killed me. And I mean they

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Speaker 1: were wrong on all accounts to from a legal standpoint,

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Speaker 1: but that I didn't care as much about that as just, hey,

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Speaker 1: let's let's talk about this like two humans that you

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Speaker 1: know aren't jerks, and if we get I'm always happy

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Speaker 1: to do that with with my Actually, now that you

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Speaker 1: mentioned this, I think I remember you talking about these folks.

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Speaker 1: This is from like a few years ago, right, yeah, okay,

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Speaker 1: not fun. We don't Yeah, you don't need to go

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Speaker 1: into details, but let's an ideal tenants for you. Yep,

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Speaker 1: you know we should talk about this again. I know

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Speaker 1: we we've had one real estate investing podcast episode and

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Speaker 1: let's do another one soon. But that's really the only

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Speaker 1: bad experience I've had, and it's still even with that.

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Speaker 1: That was that was a pain. But man, it's been

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Speaker 1: a great experience of being fine though. Yeah it worked out.

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Speaker 1: Cool man. So let's move on to our beer. This

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Speaker 1: one's in a growler, our first beer, and I literally

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Speaker 1: picked us up on the way here, which is awesome.

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Speaker 1: Let's see if it makes it sound when I open

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Speaker 1: it nice. I wasn't sure about it. That was awesome. Oh,

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Speaker 1: by the way, so this what we're drinking tonight. It's

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Speaker 1: a whiskey barrel aged stout from Sweetwater Brewing Company in Atlanta. Yeah,

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Speaker 1: so they're one of our big local breweries. How long

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Speaker 1: have they been around, dude, you know, probably like twenty

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Speaker 1: years and years a while. Oh man, look at that.

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Speaker 1: I swear I opened it up and it was straight

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Speaker 1: whiskey in my nostrils. It was amazing. I feel like

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Speaker 1: it's always a great sign. When the when the foam,

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Speaker 1: when the head is like a dark brown, yeah, almost

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Speaker 1: like caramel colored. So real, quick we gotta give a

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Speaker 1: shout out our neighbor and friend, Quickie. Quickie provided this

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Speaker 1: beer for us. That's his nickname, not his god given

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Speaker 1: birth name from his mother. I don't believe he says

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Speaker 1: it all came from a wrestling move, or not a

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Speaker 1: wrestling move, but like some some character back back when

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Speaker 1: he was in high school. Yeah, he wrestled, you remember,

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Speaker 1: I'm telling that, that's right. Yeah, he was on the

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Speaker 1: wrestling team and and his friends gave him the nickname

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Speaker 1: based on some cartoon or something like that. Yeah. But

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Speaker 1: but Yeah, Quickly owns Park Bar, which is downtown downtown Atlanta,

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Speaker 1: and he's been a he's kind of like a staple

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Speaker 1: in the Atlanta bar scene. Yeah. So the cool thing

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Speaker 1: about this beer, uh, and you can find variants of

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Speaker 1: this beer different places, but this particular beer that we're

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Speaker 1: drinking tonight, Matt, you can only find it in his bar.

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Speaker 1: It is this Imperial stout called Happy Ending and it's

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Speaker 1: twelve point four percent and it's barrel aged and they

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Speaker 1: they sell this beer on the shell, I think, but

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Speaker 1: this particular version you can't find it because it was

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Speaker 1: aged in this one specific bourbon barrel from Four Roses,

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Speaker 1: and that keg of that beer is only available a

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Speaker 1: Quickies bar man. So that's crazy. So this specific beer

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Speaker 1: then is came from that one singular Four Roses bourbon barrel. Yeah,

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Speaker 1: that's awesome. You know what else is awesome at the

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Speaker 1: end of this episode, Yeah, so I saw this bottle

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Speaker 1: right here, which is also Quickly decided to shower us

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Speaker 1: with ridiculous gifts and gave us the bottle of bourbon

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Speaker 1: that was that came from that barrel to h So

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Speaker 1: that's really cool. We're gonna have a sip of that

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Speaker 1: at the end of the episode. Yeah. So, like first

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Speaker 1: four roses made this bourbon in that barrel, and then

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Speaker 1: they emptied that barrel out battled the whiskey, and then

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Speaker 1: they put the beer in that barrel and now that's

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Speaker 1: what we're drinking here too. Let's have a taste, man, dude.

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Speaker 1: That is beastly bourbon goodness. Oh that's fantastic. Dark. It's

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Speaker 1: got like a nice, like kind of bitter chocolate, like

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Speaker 1: you know, like the nice chocolate like when you go

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Speaker 1: to the stores and you buy the expensive chocolate like

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Speaker 1: you do in France. I guess maybe you did that

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Speaker 1: like that like dark exactly. Yeah, that's what that's got. Yeah. Yeah.

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Speaker 1: If it has that like chocolate bitterness on the end there,

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Speaker 1: and it's got that good bourbon smoothness to it while

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Speaker 1: also having just like retaining enough of that heat to

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Speaker 1: give it just like a little bit of an edge,

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Speaker 1: that's I mean, this is a great it's got that

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Speaker 1: boozy bourbon edge to it. Yeah. If you're not into

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Speaker 1: the you know, the hot all the hoppy beers that

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Speaker 1: are out there, all the I p A s. If

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Speaker 1: that's not your thing. You want to look at beers

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Speaker 1: like this brown nails. You want look at stouts, reporters,

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Speaker 1: beers that have a lot of malt, and those are

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Speaker 1: gonna be you know, those are gonna be sweeter and

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Speaker 1: are not going to have that hot presence. And that's

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Speaker 1: what this beer is all about. There's like zero hops

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Speaker 1: in this. Yeah, So cheers from us to park Bar,

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Speaker 1: too Quickie and to Sweetwater for this awesome beer. Yeah,

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Speaker 1: thanks guys. Alright, Joel, let's talk about cars, the legit

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Speaker 1: way to buy a car first. How you buy a car.

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Speaker 1: It's a financial game changer. When you're coming to a

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Speaker 1: decision to buy a car, it holds it so much

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Speaker 1: power over your finances and over years and years to

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Speaker 1: come from that decision, you will either reap the financial

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Speaker 1: rewards or pay the financial costs based on that one

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Speaker 1: decision that you make on what car you're gonna get.

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Speaker 1: And so we really want to talk through it and

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Speaker 1: help you make a wise decision so that you're not

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Speaker 1: throwing your money away on a car that you don't like,

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Speaker 1: don't care for, it doesn't mean much to you years

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Speaker 1: down the road. We would prefer you to make a

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Speaker 1: wise decision now, and for your money to go to

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Speaker 1: places that are meaningful to you as opposed to throwing

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Speaker 1: them towards like a new car or a fancy ride

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Speaker 1: that doesn't necessarily mean much to you. Yeah. Man, The

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Speaker 1: reason that this is such a big deal is because

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Speaker 1: we're talking about a lot of money. For most Americans,

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Speaker 1: the second largest expense they have next to their housing costs.

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Speaker 1: So you're looking at so either your mortgage or your

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Speaker 1: rent is money that they put towards transportation. And for

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Speaker 1: most folks that's all the expenses associated with owning a vehicle. Unfortunately,

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Speaker 1: for a lot of folks that means their car payment

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Speaker 1: as well, and we'll get to that a little bit

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Speaker 1: later on. But a lot of money goes towards our

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Speaker 1: vehicles here in America, and you know that can make

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Speaker 1: or break you. Yeah, For most folks, buying used is

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Speaker 1: the way to go, and we're gonna talk about why.

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Speaker 1: But don't accept that you have to get a new

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Speaker 1: car because yours is quote unquote old. Old is a

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Speaker 1: relative term. Avoid the temptations that culture presents and advertising

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Speaker 1: shows you at every turn that you need a new

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Speaker 1: car or that these new gadgets are new fangled systems

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Speaker 1: or GPS or backup cameras that you need all these

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Speaker 1: things on your car. And I think if nice cars

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Speaker 1: are a priority for you, it's okay to intentionally spend

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Speaker 1: in that direction. But many of us just view a

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Speaker 1: car as a way to get from point A to

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Speaker 1: point B, and what we're trying to do is minimize

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Speaker 1: those costs and make sure that our money is going

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Speaker 1: to the places that matter to us. Yeah, Joel, this

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Speaker 1: is I mean a discussion we've had before where we're

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Speaker 1: talking about the why behind why we spend. Right, And

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Speaker 1: so for some folks, like you said, like having maybe

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Speaker 1: a nicer vehicle, if that's a priority for folks, then

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Speaker 1: go for it. You know, like, if that's what you

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Speaker 1: want to spend your money on, than sure we as

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Speaker 1: long as you're actively spending that money. Though, what we

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Speaker 1: want to avoid and you can afford it, Yeah, yeah, exactly.

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Speaker 1: But what we want to avoid is sort of the

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Speaker 1: mindless default lifestyle where you're just like, oh, it's just

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Speaker 1: time to buy a new car, or this is just

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Speaker 1: what you do because you don't. You don't keep a

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Speaker 1: car once it's passed so many miles, right right, I

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Speaker 1: don't know right, that's why most people, oh and hit

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Speaker 1: a hundred thousand on the odometer, time to get rid

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Speaker 1: of it, or it's like, oh, it's getting close to

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Speaker 1: a hundred better bail now while while we're ahead sort

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Speaker 1: of thing, when in reality it's like, well, why yeah.

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Speaker 1: We'll get into a bunch of specifics here, but essentially,

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Speaker 1: the nugget of what it comes down to is, if

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Speaker 1: you don't want to be poor, if you want to

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Speaker 1: live a rich life, you want to prioritize your money

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Speaker 1: to go to investments that are going to be gaining

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Speaker 1: in value. In a car does just the opposite for you.

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Speaker 1: So that's essentially why we recommend buying used why it's

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Speaker 1: been so important for you know me over the years.

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Speaker 1: I feel like buying inexpensive use cars has actually been

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Speaker 1: one of those financial cornerstones for me in the wealth

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Speaker 1: building process. And if I had chosen to buy a

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Speaker 1: new car or a much nicer used car earlier on,

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Speaker 1: it would have completely derailed some of the things I've

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Speaker 1: been able to do because I would have had the

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Speaker 1: cash on hand to be able to put down on

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Speaker 1: a home or buy a rental property. They are all

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Speaker 1: these things. If I had prioritized cars over making investments

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Speaker 1: on things that are gonna actually bring me returns. It

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Speaker 1: would have just been a big hindrance to me in

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Speaker 1: the long run. You know, you hinted at the depreciation

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Speaker 1: aspect of it, and like, essentially, yeah, like value in

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Speaker 1: vehicles basically does the exact opposite of what you want

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Speaker 1: to see in an investment Incorrectly, So many people oftentimes

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Speaker 1: say that like, oh, well, we're gonna I'm gonna invest

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Speaker 1: in this vehicle as if it's going to go up

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Speaker 1: in value, but like you know, in reality, it only

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Speaker 1: goes down. That's literally worse than just sitting on that

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Speaker 1: money and doing nothing with it. Not only is it

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Speaker 1: not growing and not only is it not staying the

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Speaker 1: same over the next ten years, but it's literally dropping

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Speaker 1: in value. And so that's why the rest of this podcast,

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Speaker 1: essentially we're gonna we are going to focus on buying

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Speaker 1: used because essentially what we want to do is find

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Speaker 1: a way to spend the least amount of money as

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Speaker 1: possible on transportation. So let's talk about depreciation. Essentially, in

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Speaker 1: the first four years of owning a car, your cars

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Speaker 1: worth is cut in half. Yeah, and so most people

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Speaker 1: when they're looking to buy a new car, they're only

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Speaker 1: factoring in can I afford this payment, And that's a

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Speaker 1: terrible question to ask yourself. Can you afford the depreciation

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Speaker 1: costs to go along with that payment is the greater question.

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Speaker 1: And usually most people are training out cars every few

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Speaker 1: years as opposed to every ten years, which is a

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Speaker 1: cycle that we would say is much more appropriate. And

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Speaker 1: if you're training out cars every few years based on

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Speaker 1: payment buying as opposed to thinking about the depreciation, it's

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Speaker 1: not the car payments that are doing you and necessarily

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Speaker 1: what it is, it's it's a depreciation that ultimately is

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Speaker 1: going to sink your finances. Taking that into account, well

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Speaker 1: like to me that what that does is informs me

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Speaker 1: that that's where you need to be looking that at

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Speaker 1: year five, Like that's the age of the vehicle that

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Speaker 1: I need to start looking at basically from five to ten.

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Speaker 1: I see that as being a huge sweet spot when

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Speaker 1: it comes to looking for a car for us. I

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Speaker 1: think it depends on where you're at in your life

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Speaker 1: and what your goals are. For me, the first car

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Speaker 1: that I purchased was eight and the last car that

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Speaker 1: I drove for almost eight years was the used car

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Speaker 1: marketplace in the United States of America is so robust

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Speaker 1: that you can find really good cars that can get

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Speaker 1: you from point A to point B for five thousand

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Speaker 1: dollars or less. And so, depending on what your goals

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Speaker 1: are and depending how much you want to jump start

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Speaker 1: your savings and create wealth, the cheaper a car that

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Speaker 1: you buy, the less appreciation you're gonna suffer, the cheaper

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Speaker 1: insurance costs are going to be. And in some cases,

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Speaker 1: if you buy a car that's well priced that's less

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Speaker 1: than five thousand dollars, you can drive it for a

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Speaker 1: few years and essentially turn around and sell it for

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Speaker 1: pretty dan close to what you paid for it. And

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Speaker 1: in my book, that's that is the ultimate sweet spot

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Speaker 1: in buying a used car. I don't think it works

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Speaker 1: for everybody, especially people with young kids and that have

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Speaker 1: a need for more space and a little bit nicer

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Speaker 1: of a vehicle. But for me, if you're in your

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Speaker 1: twenties and your single, this is exactly the route you

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Speaker 1: should be taking, and you should be stocking away most

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Speaker 1: of your money in the stock market or investment real estate.

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Speaker 1: You should be strongly considering putting your money towards things

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Speaker 1: that are gonna eventually benefit you financially in the long run,

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Speaker 1: and a car is not going to do that for you. Yeah, Joel,

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Speaker 1: So depreciation, that's our first point on why to buy used.

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Speaker 1: You know, that's such a huge factor when it comes

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Speaker 1: to the value of the vehicle, something that a lot

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Speaker 1: of people don't really think about, but that has a

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Speaker 1: huge impact on your financial situation. And you got to

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Speaker 1: take that into account. Depreciate asian. The next thing that

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Speaker 1: we're gonna cover our costs. A lot of times people

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Speaker 1: think that there are a lot of costs and expenses

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Speaker 1: associated with repair and maintenance, uh in buying a used vehicle,

428
00:20:11,000 --> 00:20:13,280
Speaker 1: But in reality, man, that's just not the case. Yeah,

429
00:20:13,400 --> 00:20:16,000
Speaker 1: And Consumer Reports stats bear this out. They had a

430
00:20:16,080 --> 00:20:19,200
Speaker 1: great article last year about how much it costs to

431
00:20:19,480 --> 00:20:22,399
Speaker 1: repair a ten year old car, and seven out of

432
00:20:22,440 --> 00:20:25,720
Speaker 1: ten car brands it costs less than six hundred dollars

433
00:20:25,840 --> 00:20:29,480
Speaker 1: a year to repair a ten year old car of theirs,

434
00:20:29,880 --> 00:20:32,320
Speaker 1: and some of the brands were even more reliable than that,

435
00:20:32,440 --> 00:20:35,480
Speaker 1: less than five dollars a year in repair costs for

436
00:20:35,800 --> 00:20:39,679
Speaker 1: Toyotas and Honda's and Hundai's and Kiyas, and so if

437
00:20:39,680 --> 00:20:43,200
Speaker 1: you're looking at brands like that that show the repair

438
00:20:43,280 --> 00:20:46,560
Speaker 1: costs stay low even ten years into ownership, you'll know

439
00:20:46,600 --> 00:20:49,120
Speaker 1: what you're getting into. And huge repair bills just aren't

440
00:20:49,160 --> 00:20:51,879
Speaker 1: the scary monster that most people make them out to be. Yeah, man,

441
00:20:51,880 --> 00:20:53,560
Speaker 1: I feel like a lot of times the biggest thing

442
00:20:53,640 --> 00:20:56,200
Speaker 1: with repairs is really just like the fear and like

443
00:20:56,480 --> 00:20:59,200
Speaker 1: the like the thought and that like the mentality of

444
00:20:59,320 --> 00:21:03,280
Speaker 1: repairs for says it actually happening in in practice in

445
00:21:03,440 --> 00:21:05,640
Speaker 1: real life, it's just really not that big of a deal.

446
00:21:05,680 --> 00:21:07,359
Speaker 1: You know. Folks think that like, oh man, the car

447
00:21:07,440 --> 00:21:09,280
Speaker 1: is gonna break down, I'm gonna have to spend all

448
00:21:09,320 --> 00:21:11,040
Speaker 1: this time and all this money and getting to get

449
00:21:11,160 --> 00:21:14,400
Speaker 1: your transmission or whatever. But when does that actually happen? So, yeah,

450
00:21:14,440 --> 00:21:17,159
Speaker 1: that might happen if you like never get your transmission

451
00:21:17,320 --> 00:21:19,760
Speaker 1: fluid changed, you know, open reality, I mean, well like

452
00:21:19,800 --> 00:21:21,880
Speaker 1: two d miles or something like that. For that's even

453
00:21:21,920 --> 00:21:25,159
Speaker 1: a consideration. What it comes down to is maintaining the

454
00:21:25,240 --> 00:21:28,720
Speaker 1: car well. Yes, if you buy a reliable brand and

455
00:21:28,800 --> 00:21:32,200
Speaker 1: a car that checks out well with a mechanic, your

456
00:21:32,240 --> 00:21:34,560
Speaker 1: repair costs are likely going to be low as long

457
00:21:34,640 --> 00:21:37,840
Speaker 1: as you continue to keep up the proper maintenance schedule

458
00:21:37,920 --> 00:21:40,560
Speaker 1: on that vehicle. Yea. And that's another thing to consider

459
00:21:40,600 --> 00:21:43,560
Speaker 1: when buying a used car is buying from someone who

460
00:21:43,640 --> 00:21:46,720
Speaker 1: has the repair records, preferably if you can find someone

461
00:21:46,800 --> 00:21:49,960
Speaker 1: that a car with one owner maybe two. When you're

462
00:21:49,960 --> 00:21:52,399
Speaker 1: buying a used car, you're essentially interviewing the person as

463
00:21:52,480 --> 00:21:55,239
Speaker 1: much as you are at the car and seeing kind

464
00:21:55,280 --> 00:21:57,440
Speaker 1: of how they treated it, how they taken care of it,

465
00:21:57,760 --> 00:22:00,159
Speaker 1: how did they drive it. So taking those steps and

466
00:22:01,080 --> 00:22:03,280
Speaker 1: making sure you know the kind of car that you're

467
00:22:03,320 --> 00:22:06,280
Speaker 1: getting has huge implications on the repair bills that you'll

468
00:22:06,280 --> 00:22:08,359
Speaker 1: see down the line too. I mean, I want to

469
00:22:08,359 --> 00:22:10,000
Speaker 1: go back to I mean, so what you said about

470
00:22:10,080 --> 00:22:11,760
Speaker 1: kind of planning for it, Like I feel like that's

471
00:22:11,800 --> 00:22:14,040
Speaker 1: what's so key. Folks just don't like to think about

472
00:22:14,040 --> 00:22:15,840
Speaker 1: that kind of stuff. They just want to get the

473
00:22:15,920 --> 00:22:18,000
Speaker 1: car and just start driving it and put gas into it.

474
00:22:18,080 --> 00:22:19,679
Speaker 1: You know, once it starts getting low, you gotta put

475
00:22:19,720 --> 00:22:21,200
Speaker 1: a little bit of thought into it and take it

476
00:22:21,240 --> 00:22:22,960
Speaker 1: in to get the oil change. And like you said,

477
00:22:23,280 --> 00:22:26,080
Speaker 1: staying on that maintenance schedule is is so key, and

478
00:22:26,160 --> 00:22:27,919
Speaker 1: you want to budget for that as well. You need

479
00:22:28,000 --> 00:22:30,840
Speaker 1: to know that once every six months or a couple

480
00:22:30,880 --> 00:22:32,080
Speaker 1: of times a year. You might need to take it

481
00:22:32,119 --> 00:22:33,639
Speaker 1: in to get the oil change and have it looked at,

482
00:22:33,720 --> 00:22:36,360
Speaker 1: and to keep it on the schedule of regular maintenance.

483
00:22:36,640 --> 00:22:38,280
Speaker 1: But that's just kind of part of being an adult,

484
00:22:38,960 --> 00:22:40,399
Speaker 1: you know, just like you would you might go in

485
00:22:40,520 --> 00:22:43,240
Speaker 1: and get yourself checked up. That's just what you need

486
00:22:43,280 --> 00:22:44,920
Speaker 1: to do for your car as well. Yeah, and the

487
00:22:44,960 --> 00:22:47,680
Speaker 1: interesting thing is that looking at that Consumer Reports article,

488
00:22:47,960 --> 00:22:50,760
Speaker 1: if repair costs on your car are likely to be

489
00:22:50,840 --> 00:22:54,679
Speaker 1: five a year, well a new car payment is getting

490
00:22:54,840 --> 00:22:58,080
Speaker 1: close to that every month a month. So we're talking

491
00:22:58,119 --> 00:23:00,760
Speaker 1: about spending that much, you know, once a year on average.

492
00:23:00,880 --> 00:23:03,240
Speaker 1: Let's say you own the car over six years. You

493
00:23:03,359 --> 00:23:06,040
Speaker 1: might have a bill one year, but then the next

494
00:23:06,160 --> 00:23:08,760
Speaker 1: year you might only spend two on that car. And

495
00:23:08,840 --> 00:23:10,840
Speaker 1: so over six years, it's likely only going to cost

496
00:23:10,840 --> 00:23:13,280
Speaker 1: you about three thousand dollars in repair costs to own

497
00:23:13,320 --> 00:23:15,960
Speaker 1: that used car. And when you compare that against owning

498
00:23:16,080 --> 00:23:18,760
Speaker 1: a new car, man, that's a bargain. Yeah. Yeah, So,

499
00:23:18,920 --> 00:23:21,960
Speaker 1: like literally the stat for last year, the average monthly

500
00:23:22,000 --> 00:23:24,480
Speaker 1: car payment for for a new vehicle is four eighty

501
00:23:24,520 --> 00:23:28,880
Speaker 1: dollars a month. Yeah, and so I mean, like you said,

502
00:23:28,920 --> 00:23:31,320
Speaker 1: close to five hundred bucks. Yeah, Matt. So another thing

503
00:23:31,359 --> 00:23:33,760
Speaker 1: that uh, a used car saves you money on is

504
00:23:33,840 --> 00:23:36,840
Speaker 1: insurance costs. Yeah. Man, So obviously with an older vehicle

505
00:23:37,040 --> 00:23:40,000
Speaker 1: it's cheaper to ensure. There isn't like a magic number,

506
00:23:40,080 --> 00:23:42,800
Speaker 1: per se. And so we're saying, how like, if you're

507
00:23:42,800 --> 00:23:45,080
Speaker 1: looking at around year five for a used vehicle, you're

508
00:23:45,080 --> 00:23:48,159
Speaker 1: going to see a lot of the depreciation having already

509
00:23:48,520 --> 00:23:51,720
Speaker 1: occurred on a vehicle with insurance. It's not really like that.

510
00:23:51,800 --> 00:23:54,280
Speaker 1: I guess it's obviously the older vehicle gets it's it's

511
00:23:54,359 --> 00:23:57,280
Speaker 1: cheaper to ensure. But really, what has the biggest impacts

512
00:23:57,440 --> 00:24:01,119
Speaker 1: on your premiums is changing your average. Right, So if

513
00:24:01,160 --> 00:24:04,040
Speaker 1: you're able to drop collision and if you're able to

514
00:24:04,160 --> 00:24:09,080
Speaker 1: drop comprehensive, then that has a huge effect on your

515
00:24:09,200 --> 00:24:11,640
Speaker 1: on your premiums. Ideally, that's the point that you want

516
00:24:11,640 --> 00:24:12,920
Speaker 1: to get to, right, You want to be able to

517
00:24:13,000 --> 00:24:15,520
Speaker 1: get to where you're self insured to a certain point,

518
00:24:15,560 --> 00:24:18,040
Speaker 1: like you've got enough of an emergency fund set aside

519
00:24:18,520 --> 00:24:21,000
Speaker 1: that you know you can only just maintain that liability

520
00:24:21,040 --> 00:24:24,240
Speaker 1: which is required by the laws. Yeah. And so with

521
00:24:24,520 --> 00:24:28,919
Speaker 1: my first car, I it was a Toyota Cameray car

522
00:24:29,520 --> 00:24:32,240
Speaker 1: and uh, last use car I had for seven years

523
00:24:32,400 --> 00:24:35,160
Speaker 1: was a two thousand Niecean Ultima and it cost met

524
00:24:36,280 --> 00:24:38,560
Speaker 1: and both of those cars, the entire time I had them,

525
00:24:38,880 --> 00:24:42,080
Speaker 1: I had liability coverage. Only not only were those super

526
00:24:42,160 --> 00:24:45,680
Speaker 1: cheap cars super cheap to run, pretty reliable, not many

527
00:24:45,760 --> 00:24:47,639
Speaker 1: things to go wrong with them. On top of that,

528
00:24:47,840 --> 00:24:50,360
Speaker 1: the insurance costs were a lot lower because the entire

529
00:24:50,440 --> 00:24:52,840
Speaker 1: time I had those cars, I didn't have full coverage.

530
00:24:52,880 --> 00:24:55,080
Speaker 1: That cost me a lot more every month. And when

531
00:24:55,119 --> 00:24:57,680
Speaker 1: you're talking about cars in that price range, you can

532
00:24:57,760 --> 00:25:00,639
Speaker 1: self ensure and it's totally okay, you know, depending on

533
00:25:00,840 --> 00:25:03,440
Speaker 1: what phase of life you're in to have a you know,

534
00:25:03,560 --> 00:25:06,359
Speaker 1: ten thousand dollar car, fifteen thousand dollar used car if

535
00:25:06,400 --> 00:25:09,080
Speaker 1: it fits your needs. And so like the last used

536
00:25:09,119 --> 00:25:11,639
Speaker 1: car that we bought was a two twelve miles to

537
00:25:11,720 --> 00:25:13,920
Speaker 1: five and that's a car that we think will have

538
00:25:14,040 --> 00:25:16,600
Speaker 1: for ten years. It's a great car, and and that costs,

539
00:25:16,720 --> 00:25:18,679
Speaker 1: you know, a little bit more, and so we've had

540
00:25:18,760 --> 00:25:21,080
Speaker 1: full coverage on it for a few years. But I

541
00:25:21,119 --> 00:25:23,159
Speaker 1: think we're getting close to the point where once it

542
00:25:23,240 --> 00:25:25,359
Speaker 1: hits that five thousand dollar value range and you can

543
00:25:25,480 --> 00:25:27,959
Speaker 1: kind of check the value of your car at KBB

544
00:25:28,119 --> 00:25:30,600
Speaker 1: dot com. That's a great website to kind of figure out, Hey,

545
00:25:30,640 --> 00:25:32,200
Speaker 1: how much is my car worth? How much should I

546
00:25:32,200 --> 00:25:34,679
Speaker 1: be paying for a car? Once the value that car

547
00:25:34,800 --> 00:25:37,080
Speaker 1: hits that level, that's when I'm okay with being you

548
00:25:37,119 --> 00:25:39,000
Speaker 1: feel comfortable kind of at that point, Yeah, that's when

549
00:25:39,000 --> 00:25:42,280
Speaker 1: I feel okay being self insured. And that essentially means,

550
00:25:42,320 --> 00:25:43,800
Speaker 1: like you said, that I've got enough in the bank

551
00:25:43,840 --> 00:25:45,439
Speaker 1: where if something were to happen, I were to get

552
00:25:45,520 --> 00:25:47,600
Speaker 1: in an accident, I'm covered for any damage that I

553
00:25:47,640 --> 00:25:50,440
Speaker 1: would cause to other cars or two people or something

554
00:25:50,520 --> 00:25:54,040
Speaker 1: like that. But I have to pay then for fixing

555
00:25:54,119 --> 00:25:56,440
Speaker 1: my own for your own vehicle exactly. But if you

556
00:25:56,480 --> 00:25:59,800
Speaker 1: can say hundreds and hundreds of dollars a year by

557
00:26:00,000 --> 00:26:03,160
Speaker 1: cutting your coverage and self ensuring in that way, it's

558
00:26:03,200 --> 00:26:05,840
Speaker 1: completely worth it. Yeah. And for example, so we have

559
00:26:05,960 --> 00:26:08,240
Speaker 1: a you know, even newer vehicle. This is like the

560
00:26:08,320 --> 00:26:11,760
Speaker 1: nicest car we've ever owned. But we've got a Honda Odyssey.

561
00:26:12,359 --> 00:26:14,760
Speaker 1: Even though it's six years old, it's still worth like

562
00:26:15,000 --> 00:26:18,040
Speaker 1: a pretty penny, man, And we can't really afford to

563
00:26:18,640 --> 00:26:21,200
Speaker 1: to replace that right now. And so another way for

564
00:26:21,320 --> 00:26:23,879
Speaker 1: us to to get our premiums down every month is

565
00:26:23,960 --> 00:26:26,159
Speaker 1: to raise our deductible, and so you're not going to

566
00:26:26,240 --> 00:26:29,000
Speaker 1: see a huge as huge of a change in your

567
00:26:29,119 --> 00:26:32,440
Speaker 1: monthly premiums as if you were to go with liability only,

568
00:26:32,760 --> 00:26:34,760
Speaker 1: but you're gonna still be able to see a significant

569
00:26:34,840 --> 00:26:37,560
Speaker 1: change in your in your monthly rates. Yes, so you

570
00:26:37,600 --> 00:26:40,040
Speaker 1: can probably handle the increased deductible of a few thousand

571
00:26:40,080 --> 00:26:43,040
Speaker 1: dollars more, but you can't handle replacing that car all

572
00:26:43,160 --> 00:26:45,160
Speaker 1: on your own. No, yeah, not right now. At least

573
00:26:45,240 --> 00:26:47,240
Speaker 1: we need to kind of beef up our emergency fund

574
00:26:47,280 --> 00:26:50,240
Speaker 1: a little bit more. So. Essentially, what we want you

575
00:26:50,400 --> 00:26:53,639
Speaker 1: to consider is to spend less on cars in general,

576
00:26:54,080 --> 00:26:57,639
Speaker 1: and hopefully you're not driving a ton anyway. Think about this,

577
00:26:57,840 --> 00:27:00,280
Speaker 1: how often do you use your car? Most cars are

578
00:27:00,280 --> 00:27:03,920
Speaker 1: sitting idle something like ninety seven percent of the time.

579
00:27:04,520 --> 00:27:07,480
Speaker 1: You drive your car to work and home, and you know,

580
00:27:07,600 --> 00:27:09,440
Speaker 1: maybe to the grocery store, but for the most part,

581
00:27:09,560 --> 00:27:12,000
Speaker 1: your car is sitting there. Get out of that mindset

582
00:27:12,119 --> 00:27:15,199
Speaker 1: of thinking of your car as a status symbol. If

583
00:27:15,240 --> 00:27:16,800
Speaker 1: it's just sitting there in front of your house and

584
00:27:16,880 --> 00:27:19,080
Speaker 1: sitting there in the parking lot at your job, the

585
00:27:19,200 --> 00:27:23,120
Speaker 1: car really is nothing more than a mode of transportation

586
00:27:23,200 --> 00:27:24,960
Speaker 1: to get you from point A to point B and

587
00:27:25,040 --> 00:27:27,320
Speaker 1: then back to point A. Man, And that's so crazy.

588
00:27:27,440 --> 00:27:30,159
Speaker 1: It's like so silly that we, like, in reality, we

589
00:27:30,280 --> 00:27:32,720
Speaker 1: use our vehicles so little of the amounts of time

590
00:27:32,760 --> 00:27:34,520
Speaker 1: that we actually own it. The fact that our vehicles

591
00:27:34,840 --> 00:27:37,119
Speaker 1: sit idle for like nine of the time that we own,

592
00:27:37,320 --> 00:27:40,000
Speaker 1: I think it is something like it's something crazy, even

593
00:27:40,080 --> 00:27:42,760
Speaker 1: higher than it's insane. It just seems like when you

594
00:27:42,840 --> 00:27:44,560
Speaker 1: think about it like that, and to think that, like, really,

595
00:27:44,600 --> 00:27:47,639
Speaker 1: what we're paying for is the convenience is to have

596
00:27:47,760 --> 00:27:49,280
Speaker 1: the ability to just be able to go out there

597
00:27:49,320 --> 00:27:52,520
Speaker 1: and get in it whenever we want. When that's some

598
00:27:52,680 --> 00:27:55,560
Speaker 1: expensive convenience man, Like you know, like if you actually

599
00:27:55,640 --> 00:27:58,080
Speaker 1: think about the amount of money that you have sitting

600
00:27:58,119 --> 00:28:00,720
Speaker 1: there just dropping in value, that's when I start getting

601
00:28:00,760 --> 00:28:02,760
Speaker 1: kind of nervous, and I think, man, what are we

602
00:28:02,920 --> 00:28:05,040
Speaker 1: doing with our money? And then you think what you

603
00:28:05,119 --> 00:28:08,200
Speaker 1: could do put that money every month? Yeah, exactly. The

604
00:28:08,240 --> 00:28:11,720
Speaker 1: opportunity cost is huge. Our van that we've got twenty

605
00:28:12,800 --> 00:28:15,680
Speaker 1: that is the nicest vehicle we've ever we've ever purchased.

606
00:28:16,000 --> 00:28:18,640
Speaker 1: And there's some days when I think, you know, I'm

607
00:28:18,680 --> 00:28:21,080
Speaker 1: not sure if if we should have gotten that car.

608
00:28:21,960 --> 00:28:24,080
Speaker 1: We paid cash, you know, we didn't finance it. But

609
00:28:24,280 --> 00:28:26,119
Speaker 1: but even still, it's just a lot of money that,

610
00:28:26,320 --> 00:28:28,720
Speaker 1: like you said, sitting in your driveway most of the time,

611
00:28:28,960 --> 00:28:30,639
Speaker 1: a lot of cash just kind of sitting there in

612
00:28:30,680 --> 00:28:32,960
Speaker 1: this big steel and I just think of what else

613
00:28:33,000 --> 00:28:35,040
Speaker 1: I could be doing with that money. And those are

614
00:28:35,080 --> 00:28:37,239
Speaker 1: the times when I started doubting myself a little bit.

615
00:28:37,320 --> 00:28:38,920
Speaker 1: But we use it, We like it, so I don't

616
00:28:38,960 --> 00:28:41,440
Speaker 1: want to spend too much time just like dwelling on that. Yeah,

617
00:28:41,440 --> 00:28:43,480
Speaker 1: I can't, can't beat yourself up over that too much.

618
00:28:43,720 --> 00:28:45,480
Speaker 1: But yeah, again going back to what you were saying,

619
00:28:45,720 --> 00:28:47,400
Speaker 1: like we would, we just want to encourage people to

620
00:28:48,080 --> 00:28:51,840
Speaker 1: driving less anyway, between the different alternatives to driving your

621
00:28:51,880 --> 00:28:53,800
Speaker 1: own vehicle into work, Like you've got car pooling, which

622
00:28:53,800 --> 00:28:56,080
Speaker 1: is something we talked about in a recent episode, between

623
00:28:56,120 --> 00:29:00,640
Speaker 1: car pooling and public transportation and even biking right totally.

624
00:29:00,680 --> 00:29:02,680
Speaker 1: And I read an article today about biking and how

625
00:29:03,040 --> 00:29:05,400
Speaker 1: people to bike to work are like three times happier

626
00:29:05,560 --> 00:29:08,440
Speaker 1: or something like that, And so the stress levels just

627
00:29:08,480 --> 00:29:11,560
Speaker 1: go down like crazy because you're just able to get

628
00:29:11,600 --> 00:29:14,720
Speaker 1: out and move some and kind of get the endorphins slowing. Yeah,

629
00:29:14,720 --> 00:29:16,480
Speaker 1: if you haven't tried it. Go back and listen to

630
00:29:16,520 --> 00:29:18,320
Speaker 1: our first episode. We talk about how much we love

631
00:29:18,360 --> 00:29:21,560
Speaker 1: biking and why, and it really is a special thing

632
00:29:21,840 --> 00:29:24,280
Speaker 1: that can get you out of your car, back out

633
00:29:24,440 --> 00:29:27,040
Speaker 1: into your city, into the place where you live, the

634
00:29:27,160 --> 00:29:30,000
Speaker 1: town where you live, and experiencing it in a different

635
00:29:30,040 --> 00:29:33,560
Speaker 1: way while getting your body moving and uh and also

636
00:29:33,640 --> 00:29:35,360
Speaker 1: at the same time getting you out of that hunkle

637
00:29:35,440 --> 00:29:38,840
Speaker 1: metal that is actually causing your sedentary lifestyle to be

638
00:29:39,000 --> 00:29:42,600
Speaker 1: even that more sedentary. Yeah, Like, drive to work the

639
00:29:42,640 --> 00:29:44,360
Speaker 1: whole time you're sitting there in that seat, and then

640
00:29:44,360 --> 00:29:45,640
Speaker 1: you get to work and you sit there in the

641
00:29:45,720 --> 00:29:48,360
Speaker 1: cubicle all day, sitting in your seats. And then you

642
00:29:48,440 --> 00:29:49,800
Speaker 1: get back in your car and you sit in that

643
00:29:49,880 --> 00:29:52,959
Speaker 1: seat again, drive all the way back home, and then

644
00:29:53,000 --> 00:29:56,720
Speaker 1: you sit down at the inner table table like it's like, no,

645
00:29:56,880 --> 00:29:58,800
Speaker 1: wonder that, And then you sit down and watch three

646
00:29:58,840 --> 00:30:05,360
Speaker 1: hours of Netflix. I wonder why I'm so unhealthy? Exactly right. Yeah, man,

647
00:30:05,440 --> 00:30:07,480
Speaker 1: it's so true. I mean, it's like we joke about it,

648
00:30:07,560 --> 00:30:09,880
Speaker 1: but like in reality, that's like, that's that's real life.

649
00:30:11,040 --> 00:30:13,440
Speaker 1: A lot of people, it's so crazy and a lot

650
00:30:13,440 --> 00:30:16,160
Speaker 1: of times too, when we say, oh, public transit. That's

651
00:30:16,200 --> 00:30:18,440
Speaker 1: something that people say, like, oh, what city do you

652
00:30:18,520 --> 00:30:20,400
Speaker 1: live in, because unless you live in like New York

653
00:30:20,520 --> 00:30:24,360
Speaker 1: or San Francisco, there isn't really a real public transit option.

654
00:30:24,760 --> 00:30:26,800
Speaker 1: And I for the most part, probably agree with you.

655
00:30:27,640 --> 00:30:29,760
Speaker 1: Public transit in this country, you know, it's it's kind

656
00:30:29,760 --> 00:30:33,520
Speaker 1: of lame. However, anybody, regardless of if you live in

657
00:30:33,800 --> 00:30:35,680
Speaker 1: a pretty major city or if you live out in

658
00:30:35,760 --> 00:30:38,560
Speaker 1: the Midwest, like, anybody can buy a bike and you

659
00:30:38,600 --> 00:30:40,520
Speaker 1: can get on it and you can pedal. I will

660
00:30:40,560 --> 00:30:43,280
Speaker 1: say too, though. My friend that I work with commutes

661
00:30:43,360 --> 00:30:46,960
Speaker 1: from the suburbs into the city and it's not like

662
00:30:47,080 --> 00:30:50,200
Speaker 1: it's the greatest public transportation system ever. But he rides

663
00:30:50,240 --> 00:30:52,640
Speaker 1: a bus, does he Yeah, he goes for it every day.

664
00:30:52,920 --> 00:30:55,280
Speaker 1: And the great thing about that when you ride the bus,

665
00:30:55,600 --> 00:30:57,480
Speaker 1: he could read a book or get some work done,

666
00:30:57,840 --> 00:31:00,600
Speaker 1: or take a nap, whatever you wants to do on

667
00:31:00,720 --> 00:31:03,160
Speaker 1: the bus on his way there. And so it's not

668
00:31:03,280 --> 00:31:05,960
Speaker 1: only is it saving him money, but he's got space

669
00:31:06,040 --> 00:31:08,160
Speaker 1: to clear his head as opposed to that, you know,

670
00:31:08,200 --> 00:31:11,520
Speaker 1: white knuckle sitting in traffic for you know, forty five

671
00:31:11,520 --> 00:31:15,080
Speaker 1: minutes to an hour. Uh, if he's lucky, really, you

672
00:31:15,320 --> 00:31:17,680
Speaker 1: against the throngs of other people also trying to get

673
00:31:17,760 --> 00:31:19,880
Speaker 1: home at the same time. So even if you live

674
00:31:19,920 --> 00:31:21,680
Speaker 1: far away but you have a commute like that, that's

675
00:31:21,720 --> 00:31:23,520
Speaker 1: the same every day, you know, look into it. Look

676
00:31:23,560 --> 00:31:28,040
Speaker 1: into car pooling options, or a bus system, public transportation options.

677
00:31:28,320 --> 00:31:30,480
Speaker 1: It doesn't have to be this fancy metro system that

678
00:31:30,480 --> 00:31:33,320
Speaker 1: connects everything. There. We have a decent bus system in

679
00:31:33,480 --> 00:31:36,400
Speaker 1: many towns across the United States, and so look into

680
00:31:36,480 --> 00:31:38,760
Speaker 1: that maybe, uh and and see what options there are,

681
00:31:39,160 --> 00:31:41,280
Speaker 1: because anything that can take you out of your car

682
00:31:41,440 --> 00:31:44,800
Speaker 1: here or there is a win. Yeah. Including another option too,

683
00:31:44,920 --> 00:31:47,480
Speaker 1: is the trying to try to push for is like telecommeting.

684
00:31:47,720 --> 00:31:50,360
Speaker 1: More and more employees are, you know, having the option

685
00:31:50,400 --> 00:31:52,560
Speaker 1: to be able to work from home, even one or

686
00:31:52,600 --> 00:31:54,960
Speaker 1: two days a week, man, is just so much better

687
00:31:55,040 --> 00:31:56,800
Speaker 1: than just having to go in every single day of

688
00:31:56,840 --> 00:31:58,600
Speaker 1: the week. So for me, I know, if I had

689
00:31:58,640 --> 00:32:00,760
Speaker 1: like a corporate job or a job that you know

690
00:32:00,880 --> 00:32:02,400
Speaker 1: that just required me to go in, I would, man,

691
00:32:02,440 --> 00:32:04,360
Speaker 1: I would be pushing for that like a hundred percent

692
00:32:04,480 --> 00:32:06,000
Speaker 1: because I just know what it's like to be able

693
00:32:06,000 --> 00:32:07,640
Speaker 1: to work from home and all the time that I

694
00:32:07,720 --> 00:32:11,640
Speaker 1: have not behind the wheel driving for like fighting other drivers,

695
00:32:11,800 --> 00:32:13,680
Speaker 1: and so I don't think I could go back anytime.

696
00:32:13,720 --> 00:32:16,200
Speaker 1: I like romantis size, like the corporate gig, like nine

697
00:32:16,280 --> 00:32:17,920
Speaker 1: to five gig where I'm like, oh, yeah, you just

698
00:32:18,000 --> 00:32:20,240
Speaker 1: go in and just clock in, clock out, and I

699
00:32:20,280 --> 00:32:22,000
Speaker 1: have to think about it. I just think, oh, man,

700
00:32:22,040 --> 00:32:24,320
Speaker 1: but those people have to drive to work most of

701
00:32:24,320 --> 00:32:27,880
Speaker 1: the time. Yeah. So, hopefully we just helped you understand

702
00:32:27,920 --> 00:32:29,680
Speaker 1: why you should buy a used car, and you should

703
00:32:29,720 --> 00:32:32,240
Speaker 1: buy a used car that's probably five years old at

704
00:32:32,320 --> 00:32:35,280
Speaker 1: minimum to cut those depreciation costs because that's the biggest

705
00:32:35,280 --> 00:32:37,920
Speaker 1: costing car ownership. It's huge. And you know what, if

706
00:32:37,960 --> 00:32:41,480
Speaker 1: you're super cheap, you should look towards buying probably a

707
00:32:41,560 --> 00:32:43,920
Speaker 1: ten year old used car because you know what, those

708
00:32:43,960 --> 00:32:46,640
Speaker 1: repair costs aren't as ghastly as you think they're going

709
00:32:46,680 --> 00:32:49,920
Speaker 1: to be. And ultimately, buying a car that old custom

710
00:32:50,000 --> 00:32:53,800
Speaker 1: appreciation costs even more. Uh, and you're gonna lose very

711
00:32:53,880 --> 00:32:58,160
Speaker 1: little on your car purchase if you go in that direction. Yeah. Man,

712
00:32:58,200 --> 00:33:00,800
Speaker 1: So we've covered the y. Hopefully we've convince you too

713
00:33:01,400 --> 00:33:04,440
Speaker 1: only buy used vehicles, and so let's talk about how,

714
00:33:04,760 --> 00:33:07,200
Speaker 1: so how do you buy a used vehicle? And Matt

715
00:33:07,240 --> 00:33:09,240
Speaker 1: real quick before we get into the how I feel

716
00:33:09,240 --> 00:33:11,240
Speaker 1: like I have to come clean, like I have to confess.

717
00:33:11,360 --> 00:33:13,520
Speaker 1: You're gonna be honest, Yes, do it. I bought a

718
00:33:13,560 --> 00:33:16,080
Speaker 1: new car one time I did. This is gonna discount

719
00:33:16,080 --> 00:33:19,360
Speaker 1: the entire podcast, but here's okay. So I will tell

720
00:33:19,400 --> 00:33:23,160
Speaker 1: you why and why I will never I have never

721
00:33:23,280 --> 00:33:26,960
Speaker 1: purchased a new view. But let it be known, and

722
00:33:27,000 --> 00:33:28,960
Speaker 1: I'm gonna say why. I I don't think I'll ever

723
00:33:29,000 --> 00:33:30,720
Speaker 1: do it again, and why I still think it could

724
00:33:30,760 --> 00:33:33,560
Speaker 1: have been the right purchase. So back in two thousand

725
00:33:33,760 --> 00:33:37,480
Speaker 1: and fourteen, I bought a Nissan Leaf. And the only

726
00:33:37,880 --> 00:33:41,120
Speaker 1: reason I considered buying a new car was because of

727
00:33:41,200 --> 00:33:44,440
Speaker 1: an anomaly. I've never seen it happen for any other

728
00:33:44,520 --> 00:33:47,160
Speaker 1: reason in the car market, where it made so much

729
00:33:47,200 --> 00:33:49,000
Speaker 1: sense to buy a new car. And there are times

730
00:33:49,040 --> 00:33:51,920
Speaker 1: that ebbs and flows and new cars get a little

731
00:33:51,960 --> 00:33:54,480
Speaker 1: bit cheaper than they normally are or whatever. But this

732
00:33:54,720 --> 00:33:59,240
Speaker 1: was complete anomaly because of federal government and state government intervention.

733
00:33:59,560 --> 00:34:02,640
Speaker 1: And so what happened was buying an electric car. And

734
00:34:02,720 --> 00:34:06,959
Speaker 1: the federal credit still exists for many electric car purchases. Right,

735
00:34:07,560 --> 00:34:10,600
Speaker 1: But I bought a twenty seven dollar car that essentially

736
00:34:10,640 --> 00:34:13,440
Speaker 1: cost me half of that because of government and sentence.

737
00:34:13,760 --> 00:34:16,880
Speaker 1: My state had the most real bust incentive for purchasing

738
00:34:16,920 --> 00:34:20,280
Speaker 1: an electric car, and the federal government had a ridiculous

739
00:34:20,320 --> 00:34:23,120
Speaker 1: one on top of that to boot, And so the

740
00:34:24,360 --> 00:34:26,919
Speaker 1: federal credit and the five thousand dollar state credit cut

741
00:34:26,960 --> 00:34:29,960
Speaker 1: the price on my car essentially in half. And I

742
00:34:30,200 --> 00:34:33,040
Speaker 1: decided I knew going into this that this particular car

743
00:34:33,560 --> 00:34:36,120
Speaker 1: would work for me for a minimum of ten years,

744
00:34:36,280 --> 00:34:39,800
Speaker 1: hopefully longer. And uh so for me, I think it

745
00:34:39,880 --> 00:34:42,480
Speaker 1: made sense to move up to that car. Yeah, it's

746
00:34:42,480 --> 00:34:44,160
Speaker 1: pretty nice. You kind of got like that five years

747
00:34:44,200 --> 00:34:47,279
Speaker 1: depreciation where you got it at cost, so you know,

748
00:34:47,400 --> 00:34:49,400
Speaker 1: five years later, but you got that new vehicle with

749
00:34:50,120 --> 00:34:51,800
Speaker 1: zero So when you actually got it with did it

750
00:34:52,000 --> 00:34:54,800
Speaker 1: was it like zero? You know, like ten miles or

751
00:34:54,840 --> 00:34:56,640
Speaker 1: something like that. Yeah, something like that. What's that like?

752
00:34:56,880 --> 00:34:58,680
Speaker 1: I don't even I don't know. It was kind of weird.

753
00:34:59,080 --> 00:35:01,040
Speaker 1: But honestly, that's the thing too. It wears off so

754
00:35:01,160 --> 00:35:04,120
Speaker 1: quickly fancy paints. I mean after a week and a half,

755
00:35:04,160 --> 00:35:06,320
Speaker 1: who cares, it's a used car. I just wanted to

756
00:35:06,400 --> 00:35:08,040
Speaker 1: let people know real quick that I did buy a

757
00:35:08,080 --> 00:35:11,960
Speaker 1: new car. It's like, it was this weird outlier situation

758
00:35:12,120 --> 00:35:15,960
Speaker 1: that almost never comes along, uh, this government intervention situation.

759
00:35:16,200 --> 00:35:17,960
Speaker 1: If it had been a twenty seven dollar car and

760
00:35:18,000 --> 00:35:20,160
Speaker 1: never would have bought it, yeah, it would have been ridiculous.

761
00:35:20,400 --> 00:35:23,640
Speaker 1: All right, well you feel better. Yeah, But you know,

762
00:35:23,640 --> 00:35:26,480
Speaker 1: I get back and I gotta say I love used cars.

763
00:35:26,719 --> 00:35:29,080
Speaker 1: I still love used cars. And there's something really really

764
00:35:29,280 --> 00:35:32,319
Speaker 1: fun about buying a used car. And so we're going

765
00:35:32,400 --> 00:35:34,680
Speaker 1: to talk to you now about how to go about

766
00:35:34,680 --> 00:35:38,120
Speaker 1: buying used car and getting the best value for your money. Yeah.

767
00:35:38,200 --> 00:35:39,960
Speaker 1: I think the first thing that you need to do

768
00:35:40,360 --> 00:35:43,880
Speaker 1: when you're looking at picking up a new used vehicle

769
00:35:44,560 --> 00:35:47,320
Speaker 1: is consider what you actually need. I think that's just

770
00:35:47,400 --> 00:35:49,759
Speaker 1: like step one. Like all so many times people kind

771
00:35:49,800 --> 00:35:52,160
Speaker 1: of go into it and they think, by default, oh

772
00:35:52,200 --> 00:35:54,080
Speaker 1: well I gotta have this. Oh well you know where

773
00:35:54,120 --> 00:35:55,800
Speaker 1: I need to I need to get have the toe package,

774
00:35:55,920 --> 00:35:58,320
Speaker 1: or I need to get the car with fool drive

775
00:35:58,560 --> 00:36:00,520
Speaker 1: or the with the entertainment syst them. All that kind

776
00:36:00,520 --> 00:36:02,360
Speaker 1: of stuff builts in when in reality it's like do

777
00:36:02,520 --> 00:36:04,759
Speaker 1: I really need that? Do my kids really need to

778
00:36:04,840 --> 00:36:08,959
Speaker 1: be watching NonStop movies when they're just going from home

779
00:36:09,080 --> 00:36:11,520
Speaker 1: to school or you know, wherever it is that you're going.

780
00:36:11,920 --> 00:36:13,640
Speaker 1: I think these are the sort of questions that don't

781
00:36:13,680 --> 00:36:16,239
Speaker 1: get asked enough, and by default we just kind of

782
00:36:16,280 --> 00:36:19,399
Speaker 1: get roped into whatever is being sold and whatever sort

783
00:36:19,440 --> 00:36:21,920
Speaker 1: of culturally is being pushed upon us. Think about what

784
00:36:22,520 --> 00:36:26,320
Speaker 1: car category you're looking in too. So let's say you

785
00:36:26,600 --> 00:36:28,759
Speaker 1: what do you mean by that? Well, so I think, uh,

786
00:36:28,960 --> 00:36:31,160
Speaker 1: if you need a minivan, there are a few different

787
00:36:31,280 --> 00:36:35,120
Speaker 1: models that are historically reliable that you should consider. For instance,

788
00:36:35,160 --> 00:36:37,920
Speaker 1: like the Honda Odyssey. You own, fantastic vehicle. If you're

789
00:36:37,960 --> 00:36:42,080
Speaker 1: looking for a subcompact, you know, Toyota Corollas are historically

790
00:36:42,160 --> 00:36:45,719
Speaker 1: incredibly reliable and a great cars to the board, Toyotas

791
00:36:45,760 --> 00:36:48,680
Speaker 1: are almost always the best value, right like gray vehicles.

792
00:36:48,719 --> 00:36:50,239
Speaker 1: They you know, they run forever if you take care

793
00:36:50,280 --> 00:36:53,680
Speaker 1: of them, and they're just inexpensive yeah to buy and

794
00:36:53,800 --> 00:36:56,320
Speaker 1: to run, Yeah, which is amazing. If you're looking for

795
00:36:56,320 --> 00:36:58,319
Speaker 1: an electric car or something like that, buying an older

796
00:36:58,400 --> 00:37:02,359
Speaker 1: Leaf is really really cheap now, but it also might

797
00:37:02,400 --> 00:37:04,799
Speaker 1: not work for your needs for the range that you need,

798
00:37:05,160 --> 00:37:07,560
Speaker 1: so you might um might want to look for something

799
00:37:07,640 --> 00:37:11,480
Speaker 1: that can get you further. But if you're but if

800
00:37:11,480 --> 00:37:13,400
Speaker 1: you have a short commute, Nissan leaf can be a

801
00:37:13,480 --> 00:37:16,399
Speaker 1: great option. Uh. We also have a mass of five,

802
00:37:16,480 --> 00:37:18,560
Speaker 1: and I think mass of fives are these there's like

803
00:37:18,719 --> 00:37:20,840
Speaker 1: perfect in between car. If you're looking for a station

804
00:37:20,920 --> 00:37:23,839
Speaker 1: wagon mixed with a minivan. Uh, the mass of five

805
00:37:23,920 --> 00:37:26,600
Speaker 1: is this perfect thing that still gives you good fuel

806
00:37:26,640 --> 00:37:29,800
Speaker 1: economy while not sacrificing some of those elements of space

807
00:37:30,160 --> 00:37:31,799
Speaker 1: that you might need in a car. If you've got

808
00:37:31,960 --> 00:37:34,239
Speaker 1: young children. Ye, man, you've got this. You got the

809
00:37:34,280 --> 00:37:36,759
Speaker 1: real slide indoors on that thing. Yeah, hall a haul

810
00:37:36,800 --> 00:37:39,400
Speaker 1: of fridge in there. Man, if you don't, if you don't, recall,

811
00:37:39,960 --> 00:37:42,280
Speaker 1: it's a really cool vehicle that can kind of allow

812
00:37:42,440 --> 00:37:45,480
Speaker 1: for you to be able to transport kids or refrigerators

813
00:37:45,680 --> 00:37:48,319
Speaker 1: or whatever else you may need to toss in there.

814
00:37:48,680 --> 00:37:50,880
Speaker 1: I also want to say, don't put all this stock

815
00:37:51,000 --> 00:37:53,960
Speaker 1: in the fuel economy of the vehicle. I think it's

816
00:37:54,000 --> 00:37:56,680
Speaker 1: important to consider the kind of gas miles that your

817
00:37:56,719 --> 00:37:59,120
Speaker 1: car is getting. I think that's something that at times

818
00:37:59,160 --> 00:38:01,520
Speaker 1: when I was buying a car, I put too much

819
00:38:01,560 --> 00:38:04,600
Speaker 1: stock in because I was driving so little that the

820
00:38:04,680 --> 00:38:08,360
Speaker 1: fuel economy meant very little to my bottom line. And

821
00:38:08,440 --> 00:38:10,400
Speaker 1: so I think it is important to consider how much

822
00:38:10,640 --> 00:38:13,920
Speaker 1: gas are using and how much gas costs and uh,

823
00:38:14,320 --> 00:38:16,919
Speaker 1: and thinking about your car based on the on those terms.

824
00:38:17,120 --> 00:38:19,480
Speaker 1: But essentially, don't get so hung up on it that

825
00:38:20,000 --> 00:38:22,279
Speaker 1: you buy a Prius over a Corolla when you could

826
00:38:22,320 --> 00:38:24,959
Speaker 1: have saved eight thousand dollars and it terms more. Yeah,

827
00:38:25,120 --> 00:38:26,719
Speaker 1: and it turns like you don't really drive that much

828
00:38:26,880 --> 00:38:30,080
Speaker 1: that you're gonna pay those fuel costs off over time. Yeah, man,

829
00:38:30,120 --> 00:38:31,520
Speaker 1: that's a good thought. I didn't think about that. How

830
00:38:31,560 --> 00:38:33,719
Speaker 1: much is that actually affects like your bottom line? And

831
00:38:34,280 --> 00:38:36,400
Speaker 1: like you said, in reality, hopefully not that much, because

832
00:38:36,600 --> 00:38:38,359
Speaker 1: we know what we're trying to encourage, courage you guys

833
00:38:38,440 --> 00:38:40,520
Speaker 1: to do is to drive less. You know, consider the

834
00:38:40,560 --> 00:38:44,600
Speaker 1: alternatives car pooling, biking, writing public transit, and even living

835
00:38:44,680 --> 00:38:47,239
Speaker 1: just closer to your work in general, these are all

836
00:38:47,280 --> 00:38:50,560
Speaker 1: things to consider. So yeah, that's a wise word. Yeah man.

837
00:38:50,600 --> 00:38:53,080
Speaker 1: And even if you drive twenty thousand miles a year

838
00:38:53,600 --> 00:38:55,840
Speaker 1: and you're deciding between a Corolla and a Prius, a

839
00:38:55,920 --> 00:39:00,360
Speaker 1: Corolla probably makes more sense. I think Priests are great vehicles,

840
00:39:00,440 --> 00:39:02,520
Speaker 1: but there are computers to go wrong with it. They're

841
00:39:02,680 --> 00:39:06,120
Speaker 1: just more new fangled gadgets that could potentially have issues.

842
00:39:06,440 --> 00:39:10,719
Speaker 1: And the Corollas are just this basic standard that very

843
00:39:10,760 --> 00:39:13,319
Speaker 1: little can break. Yeah, we're very little on it can break,

844
00:39:13,520 --> 00:39:16,360
Speaker 1: and it makes them just such a smart buy. So

845
00:39:16,520 --> 00:39:18,960
Speaker 1: the next thing to consider and how to buy a

846
00:39:19,120 --> 00:39:27,399
Speaker 1: used car is to pay cash. Never ever finance a vehicle. Ever. Ever,

847
00:39:28,160 --> 00:39:31,480
Speaker 1: sometimes we're even hesitant to finance homes, right, And these

848
00:39:31,520 --> 00:39:33,759
Speaker 1: are investments, these are things that are making us money.

849
00:39:34,000 --> 00:39:36,640
Speaker 1: But when you're talking about actual cars, you know, things

850
00:39:36,719 --> 00:39:38,920
Speaker 1: that go down in value. That is, like, the worst

851
00:39:39,000 --> 00:39:42,480
Speaker 1: way to pay for a vehicle is to finance it.

852
00:39:42,760 --> 00:39:45,239
Speaker 1: Only pay cash. And essentially how much money you have

853
00:39:45,360 --> 00:39:48,120
Speaker 1: to put towards a car should influence kind of that

854
00:39:48,320 --> 00:39:50,799
Speaker 1: range of car that you're getting. So let's say you've

855
00:39:50,840 --> 00:39:53,880
Speaker 1: got five thousand dollars in the bank towards a car. Uh,

856
00:39:54,480 --> 00:39:57,080
Speaker 1: that's your cap. That's how much you can spend. That's

857
00:39:57,120 --> 00:39:58,759
Speaker 1: what kind of car you're gonna get. Let's say you've

858
00:39:58,760 --> 00:40:00,560
Speaker 1: got fifteen thousand dollars in the bank. You know that

859
00:40:00,960 --> 00:40:03,000
Speaker 1: that's your that's your cap, and that's how much you

860
00:40:03,080 --> 00:40:06,279
Speaker 1: should consider spending at max. But taking out a used

861
00:40:06,360 --> 00:40:08,080
Speaker 1: car loan, I mean, the fact of the matter is

862
00:40:08,239 --> 00:40:10,560
Speaker 1: you can probably get a decent deal through your credit union.

863
00:40:10,960 --> 00:40:13,640
Speaker 1: But What it comes down to is you don't finance

864
00:40:13,760 --> 00:40:16,480
Speaker 1: depreciating assets. So the next point when it comes to

865
00:40:16,520 --> 00:40:18,600
Speaker 1: buying a used car is to make sure you haven't

866
00:40:18,719 --> 00:40:22,920
Speaker 1: independently inspected. What that means is somebody else looks at

867
00:40:22,960 --> 00:40:24,879
Speaker 1: it that is not trying to also sell you the car,

868
00:40:26,360 --> 00:40:30,800
Speaker 1: somebody different. You can find a certified mechanic online, or

869
00:40:31,000 --> 00:40:33,960
Speaker 1: maybe you've been going to a mechanic in your neighborhood

870
00:40:34,080 --> 00:40:36,799
Speaker 1: or close by for years and you trust and respect them.

871
00:40:36,960 --> 00:40:39,480
Speaker 1: You can pay them money to look over this car

872
00:40:39,600 --> 00:40:41,880
Speaker 1: that you're interested in buying, and they will give it

873
00:40:41,960 --> 00:40:44,120
Speaker 1: the run through. They'll give it a test drive, they

874
00:40:44,200 --> 00:40:47,040
Speaker 1: will give you a green, yellow, or red light and

875
00:40:47,200 --> 00:40:49,000
Speaker 1: tell you what's wrong with it, so that you know

876
00:40:49,120 --> 00:40:51,080
Speaker 1: what you're getting into ahead of time. I have a

877
00:40:51,120 --> 00:40:54,279
Speaker 1: great mechanic I've been using for a long time, and

878
00:40:54,520 --> 00:40:57,160
Speaker 1: sadly he's like twenty minutes away from where I live,

879
00:40:57,280 --> 00:41:00,120
Speaker 1: so not super close by, but it's worth driving out

880
00:41:00,120 --> 00:41:02,200
Speaker 1: there because I trust him so much, and so if

881
00:41:02,280 --> 00:41:05,080
Speaker 1: I'm buying a car, I will go to him, and

882
00:41:05,280 --> 00:41:08,040
Speaker 1: because I have been using him so long, he doesn't

883
00:41:08,080 --> 00:41:10,479
Speaker 1: even charge me. He looks at the car for about

884
00:41:10,520 --> 00:41:12,600
Speaker 1: fifteen minutes, you know, puts it up on the lift,

885
00:41:12,840 --> 00:41:15,040
Speaker 1: takes it out for a test drive, and he has

886
00:41:15,080 --> 00:41:18,320
Speaker 1: this uncanny ability to tell me exactly what's going on

887
00:41:18,400 --> 00:41:21,759
Speaker 1: with the carrs right yeah, and he says, you know what, Hey,

888
00:41:21,800 --> 00:41:24,239
Speaker 1: actually the left CB joint needs to be replaced six

889
00:41:24,320 --> 00:41:26,439
Speaker 1: months from now, because it's it's getting to that point.

890
00:41:26,600 --> 00:41:29,560
Speaker 1: And just like an inspection on a home where you

891
00:41:29,680 --> 00:41:32,440
Speaker 1: know what to ask for from the seller, the same

892
00:41:32,480 --> 00:41:34,719
Speaker 1: thing is true of a car that you're purchasing used

893
00:41:35,160 --> 00:41:38,560
Speaker 1: from an individual seller. Once I get it inspected, I

894
00:41:38,680 --> 00:41:40,400
Speaker 1: know the repairs that need to be made, and it

895
00:41:40,480 --> 00:41:43,120
Speaker 1: kind of helps me in my negotiating process or to

896
00:41:43,239 --> 00:41:46,560
Speaker 1: know whether I need to scrap this purchase completely just

897
00:41:46,640 --> 00:41:49,399
Speaker 1: to cut the deal and run. Honestly, it's probably gonna

898
00:41:49,440 --> 00:41:51,960
Speaker 1: cost you between seventy and a hundred dollars to get

899
00:41:52,080 --> 00:41:56,279
Speaker 1: this one hour inspection at most mechanics shops. And there

900
00:41:56,320 --> 00:41:57,960
Speaker 1: have been times where I've looked in other parts of

901
00:41:58,040 --> 00:42:00,399
Speaker 1: town and I didn't want to drive down to see

902
00:42:00,440 --> 00:42:02,440
Speaker 1: the guy that I normally see. And I've paid that

903
00:42:02,520 --> 00:42:05,799
Speaker 1: money gladly, and it's saved my bacon a time or two.

904
00:42:06,120 --> 00:42:08,120
Speaker 1: When I was buying my Mom's to five Matt and

905
00:42:08,239 --> 00:42:11,120
Speaker 1: save me from buying this really, really crappy one that

906
00:42:11,640 --> 00:42:13,440
Speaker 1: you know, I was kind of hesitant about after my

907
00:42:13,600 --> 00:42:16,040
Speaker 1: own test drive, but I decided to take it to

908
00:42:16,120 --> 00:42:18,319
Speaker 1: the Mechanic just to kind of make sure. And if

909
00:42:18,360 --> 00:42:21,560
Speaker 1: they had given it a glowing inspection report, I probably

910
00:42:21,600 --> 00:42:26,279
Speaker 1: would have bought it. But their findings essentially backed up

911
00:42:26,440 --> 00:42:29,080
Speaker 1: how I felt after test driving it, and I was

912
00:42:29,200 --> 00:42:32,360
Speaker 1: just so glad that I didn't jump into that purchase,

913
00:42:32,640 --> 00:42:35,560
Speaker 1: and that inspection from the Mechanic just really helps cement

914
00:42:36,040 --> 00:42:38,000
Speaker 1: what I was feeling about the car and helped me

915
00:42:38,040 --> 00:42:41,759
Speaker 1: make a wise decision as opposed to jumping into something prematurely. Yeah,

916
00:42:41,880 --> 00:42:43,960
Speaker 1: it's nice. Kind of gives you that reassurance to know

917
00:42:44,080 --> 00:42:46,799
Speaker 1: you're making the right decision, hopefully one way or the other. Yeah,

918
00:42:46,800 --> 00:42:49,680
Speaker 1: because I'm no expert, and it's really helpful to have

919
00:42:49,840 --> 00:42:51,880
Speaker 1: the opinion of an expert. And how often do we

920
00:42:51,960 --> 00:42:54,759
Speaker 1: really buy cars, hopefully, you know, it's really a couple

921
00:42:54,800 --> 00:42:56,480
Speaker 1: of times a decade at most, and so on a

922
00:42:56,560 --> 00:42:58,400
Speaker 1: purchase that costs so much and is one of the

923
00:42:58,440 --> 00:43:02,560
Speaker 1: biggest purchases that we make, it is well worth that

924
00:43:02,719 --> 00:43:05,879
Speaker 1: seventy dollars hundred dollars and a couple hours of your

925
00:43:05,920 --> 00:43:08,640
Speaker 1: time to take it to your local mechanic and make

926
00:43:08,680 --> 00:43:10,799
Speaker 1: sure that you're buying the right car. And it can

927
00:43:11,000 --> 00:43:13,080
Speaker 1: save you a lot of money and headache in the

928
00:43:13,200 --> 00:43:15,759
Speaker 1: future too. Yeah, and and just to clarify it too,

929
00:43:15,880 --> 00:43:18,839
Speaker 1: this is done before you purchased the vehicle. This isn't

930
00:43:18,880 --> 00:43:20,560
Speaker 1: something that you do, you know, like once you get it,

931
00:43:20,600 --> 00:43:22,840
Speaker 1: you like go and have it checked out. This is

932
00:43:22,880 --> 00:43:24,759
Speaker 1: something you do when you're buying from an individual that

933
00:43:24,880 --> 00:43:27,759
Speaker 1: you want to do before you make the purchase, unless

934
00:43:28,080 --> 00:43:31,640
Speaker 1: you are buying, say from like a dealership of sorts.

935
00:43:31,719 --> 00:43:34,520
Speaker 1: And so I'll speak to that because our van we

936
00:43:34,640 --> 00:43:37,759
Speaker 1: purchased from Carbonna and Carbona has like this like a

937
00:43:37,840 --> 00:43:39,960
Speaker 1: seven day money back guaranteed money back no matter what.

938
00:43:40,280 --> 00:43:42,640
Speaker 1: There's a mileage limit you can't drive like over four

939
00:43:42,719 --> 00:43:45,440
Speaker 1: hundred miles or something ridiculous like that. And so I

940
00:43:45,560 --> 00:43:47,840
Speaker 1: took our that van in at that within that window,

941
00:43:47,960 --> 00:43:50,239
Speaker 1: and even within that first thirty days there's still this

942
00:43:50,360 --> 00:43:51,640
Speaker 1: sort of I mean there's a bit you know, a

943
00:43:51,719 --> 00:43:54,239
Speaker 1: basic warranty that's included as well, but just to be sure,

944
00:43:54,239 --> 00:43:55,879
Speaker 1: I wanted to get it within that sort of seven

945
00:43:55,960 --> 00:43:58,719
Speaker 1: day window, and so I asked around and got an

946
00:43:58,719 --> 00:44:03,280
Speaker 1: awesome recommendation for mechanic who specifically works on accurism hondas

947
00:44:03,840 --> 00:44:05,640
Speaker 1: and he was able to look at it and said that,

948
00:44:05,719 --> 00:44:08,400
Speaker 1: you know what, it sounds like you're timing belt essentially,

949
00:44:08,640 --> 00:44:10,719
Speaker 1: which is a huge thing. It's not like an expensive part,

950
00:44:10,760 --> 00:44:12,080
Speaker 1: but it's a lot of labor that goes into it.

951
00:44:12,160 --> 00:44:14,879
Speaker 1: That's like one of those big repairs that happens around

952
00:44:14,920 --> 00:44:16,800
Speaker 1: a hundred thousand miles. He usually ends up being a

953
00:44:16,800 --> 00:44:20,600
Speaker 1: six hundred dollar repair, No over a thousand. Yeah, I

954
00:44:20,640 --> 00:44:22,880
Speaker 1: mean this, this would have been huge. So because that

955
00:44:22,960 --> 00:44:25,000
Speaker 1: they're able to identify that, I you know, I called

956
00:44:25,040 --> 00:44:27,120
Speaker 1: up carbon and asked them whether policy was on that,

957
00:44:27,320 --> 00:44:29,160
Speaker 1: and they got the guy's info and he's sent the

958
00:44:29,200 --> 00:44:32,200
Speaker 1: info over and they paid for it. So that saved

959
00:44:32,239 --> 00:44:34,520
Speaker 1: me a lot of money. And basically we've got like

960
00:44:34,840 --> 00:44:36,560
Speaker 1: what I sort of feel as a sort of a

961
00:44:36,600 --> 00:44:40,640
Speaker 1: new vehicle. Yeah. And so if a individual seller won't

962
00:44:40,719 --> 00:44:43,800
Speaker 1: allow you to take the car for inspection, you're just

963
00:44:43,960 --> 00:44:45,719
Speaker 1: gonna want to walk away right then and there. That

964
00:44:45,880 --> 00:44:48,480
Speaker 1: is a non negotiable part of making this deal and

965
00:44:48,560 --> 00:44:50,719
Speaker 1: buying from a company like carbon and that has this

966
00:44:51,239 --> 00:44:54,319
Speaker 1: all your money back, no questions, ask guarantee. That's another

967
00:44:54,440 --> 00:44:56,839
Speaker 1: great way to go and that guarantee that they offer

968
00:44:56,960 --> 00:45:00,400
Speaker 1: provides a lot of confidence. And after hearing Matt's experience

969
00:45:00,440 --> 00:45:02,239
Speaker 1: with it too, if I was looking for a car,

970
00:45:02,640 --> 00:45:04,680
Speaker 1: you know there was a few years old, Carbona would

971
00:45:04,680 --> 00:45:07,400
Speaker 1: be definitely my the first place I would look. Yeah, man,

972
00:45:07,400 --> 00:45:09,480
Speaker 1: I had a great experience with with Carbona. The only

973
00:45:09,520 --> 00:45:11,319
Speaker 1: downside with them though, is that they don't have old

974
00:45:11,400 --> 00:45:13,839
Speaker 1: older cars. They didn't really have anything older than five

975
00:45:13,920 --> 00:45:15,560
Speaker 1: years and so that was kind of a I was

976
00:45:15,640 --> 00:45:17,200
Speaker 1: just like, oh, man, I wish I could get something

977
00:45:17,239 --> 00:45:19,000
Speaker 1: that was like five to six years old. Instead I

978
00:45:19,040 --> 00:45:20,360
Speaker 1: was looking at something stuff that was like four to

979
00:45:20,480 --> 00:45:22,680
Speaker 1: five for all the reasons we've talked about tonight, that

980
00:45:22,800 --> 00:45:25,680
Speaker 1: was sort of a downside for me. So literally we

981
00:45:25,880 --> 00:45:27,880
Speaker 1: purchased that, I think like the oldest vehicle that they

982
00:45:27,880 --> 00:45:31,439
Speaker 1: were even selling. And for me, that's the only reason

983
00:45:31,480 --> 00:45:33,520
Speaker 1: that I have not purchased a car from Carbonna. Their

984
00:45:33,560 --> 00:45:36,359
Speaker 1: customer service and their guarantee our money. And if you're

985
00:45:36,400 --> 00:45:38,759
Speaker 1: looking for a newer used car, that's a great place

986
00:45:38,800 --> 00:45:41,880
Speaker 1: to start is Carbonna dot com. Yeah, some other places

987
00:45:41,920 --> 00:45:44,800
Speaker 1: to consider Craigslist. Have you ever purchased a car on Craigslist?

988
00:45:45,000 --> 00:45:48,279
Speaker 1: I've pretty much purchased all my cars. Oh yeah, I

989
00:45:48,520 --> 00:45:51,759
Speaker 1: think Craigslist is the best if you're looking past that

990
00:45:51,960 --> 00:45:54,520
Speaker 1: three to four year window and looking towards those older

991
00:45:54,600 --> 00:45:58,000
Speaker 1: used cars. Craigslist has a plethora of them, depending on

992
00:45:58,080 --> 00:46:00,239
Speaker 1: where you live. And yeah, it depends on my market

993
00:46:00,280 --> 00:46:02,160
Speaker 1: and there's a lot to sort through a lot of

994
00:46:02,239 --> 00:46:04,200
Speaker 1: times too. But and you might need to be willing

995
00:46:04,280 --> 00:46:07,040
Speaker 1: to to drive, you know, a little bit further outside

996
00:46:07,040 --> 00:46:08,640
Speaker 1: of where you lived, if you don't live in a

997
00:46:08,680 --> 00:46:12,160
Speaker 1: major metropolitan area. But man, I have had the best

998
00:46:12,239 --> 00:46:14,480
Speaker 1: luck with Craigslist. And you can tell a lot by

999
00:46:14,560 --> 00:46:17,440
Speaker 1: the way a post is written, and then by talking

1000
00:46:17,520 --> 00:46:20,040
Speaker 1: to the person that is selling the car, and just

1001
00:46:20,480 --> 00:46:22,479
Speaker 1: by the things that they indicate in their post about

1002
00:46:22,520 --> 00:46:24,120
Speaker 1: how many miles are on it, and what sort of

1003
00:46:24,160 --> 00:46:26,480
Speaker 1: maintenance they've been performing on the vehicle and how they've

1004
00:46:26,520 --> 00:46:29,120
Speaker 1: cared for it. The places you want to really avoid,

1005
00:46:29,239 --> 00:46:32,359
Speaker 1: like the Plague are the buy here, pay here lots well,

1006
00:46:32,360 --> 00:46:34,520
Speaker 1: And the biggest reason for that is because they're looking

1007
00:46:35,000 --> 00:46:37,319
Speaker 1: to finance the vehicle for you, right, And so that's

1008
00:46:37,360 --> 00:46:39,479
Speaker 1: like The biggest thing that we're saying is only pay cash,

1009
00:46:39,920 --> 00:46:42,040
Speaker 1: and they're making all their money on financing, Like they

1010
00:46:42,120 --> 00:46:43,919
Speaker 1: might make a little bit on the on the actual

1011
00:46:43,960 --> 00:46:46,439
Speaker 1: transaction of the vehicle, but they're making all their money

1012
00:46:46,520 --> 00:46:49,200
Speaker 1: through financing. And honestly, a lot of the cars on

1013
00:46:49,560 --> 00:46:53,279
Speaker 1: those lots are troubled, cars have issues with them, And

1014
00:46:53,320 --> 00:46:55,399
Speaker 1: so I also want to warn people away from buying

1015
00:46:55,440 --> 00:46:57,759
Speaker 1: cars with salvage titles. There are a lot of things

1016
00:46:57,800 --> 00:47:00,200
Speaker 1: you can know about a used car that you're bying

1017
00:47:00,360 --> 00:47:03,279
Speaker 1: by having it inspected by a mechanic, But a car

1018
00:47:03,400 --> 00:47:06,320
Speaker 1: with a salvage title can have such a plethora of

1019
00:47:06,440 --> 00:47:08,280
Speaker 1: issues and you just you don't know what has happened

1020
00:47:08,280 --> 00:47:10,560
Speaker 1: to it. It could be a flood car, and maybe

1021
00:47:10,600 --> 00:47:13,680
Speaker 1: it's working properly right now, but the rust is setting

1022
00:47:13,719 --> 00:47:16,200
Speaker 1: in and it is creeping all over the body of

1023
00:47:16,280 --> 00:47:19,680
Speaker 1: the car, the underbelly, and it is completely gonna mess

1024
00:47:19,800 --> 00:47:22,120
Speaker 1: with your ride over the next year or two, especially

1025
00:47:22,200 --> 00:47:26,319
Speaker 1: after the recent flooding in uh Texas and Houston last

1026
00:47:26,400 --> 00:47:29,960
Speaker 1: year with the with the hurricanes, be really careful when

1027
00:47:30,200 --> 00:47:33,120
Speaker 1: buying a car with a salvage title. It could just

1028
00:47:33,239 --> 00:47:35,839
Speaker 1: present so many issues in your life and also too,

1029
00:47:35,960 --> 00:47:38,120
Speaker 1: once you get that used vehicle, you need to do

1030
00:47:38,239 --> 00:47:40,600
Speaker 1: something with your old vehicle, assuming you didn't total it.

1031
00:47:41,440 --> 00:47:43,000
Speaker 1: The biggest thing that we want to cover that you

1032
00:47:43,040 --> 00:47:47,279
Speaker 1: want to avoid doing is trading it into a dealership. Yeah,

1033
00:47:47,320 --> 00:47:51,040
Speaker 1: you're not going to get your actual car's value if

1034
00:47:51,080 --> 00:47:53,719
Speaker 1: you're training it in Guess what we mentioned Craigslist. That's

1035
00:47:54,239 --> 00:47:56,239
Speaker 1: one of the best places to buy a used car,

1036
00:47:56,360 --> 00:47:58,920
Speaker 1: but it's also one of the best places to sell one.

1037
00:47:59,280 --> 00:48:02,120
Speaker 1: There's no old man, and you can quickly and easily

1038
00:48:02,239 --> 00:48:05,640
Speaker 1: find a fair listing price on a website like kbb

1039
00:48:05,800 --> 00:48:08,600
Speaker 1: dot com. And once you find that, take good pictures,

1040
00:48:08,760 --> 00:48:12,319
Speaker 1: write a detailed listing. Selling a car on Craigslist really

1041
00:48:12,400 --> 00:48:14,400
Speaker 1: isn't that hard, all right, Joe, Let's get back to

1042
00:48:14,440 --> 00:48:16,680
Speaker 1: this beer. Man. I will say, like on the nose,

1043
00:48:17,200 --> 00:48:20,480
Speaker 1: I was expected to be kind of heavier and sweeter. Man,

1044
00:48:20,560 --> 00:48:22,960
Speaker 1: the nose is perfect on this. It's got this beautiful

1045
00:48:23,000 --> 00:48:25,720
Speaker 1: bourbon sweetness to it kind of pulls you in. It's enticing.

1046
00:48:26,040 --> 00:48:28,520
Speaker 1: Oh man, Yeah, I like could not wait to take

1047
00:48:28,560 --> 00:48:32,080
Speaker 1: the first sip. Man. Mad props to Sweetwater for their

1048
00:48:32,120 --> 00:48:36,160
Speaker 1: inventiveness in this beautiful barrel aged stout. Thanks to Quickie

1049
00:48:36,280 --> 00:48:39,200
Speaker 1: and park Bar for giving it to us to drink.

1050
00:48:39,480 --> 00:48:43,600
Speaker 1: This is absolutely fantastic, Honestly one of the best outs

1051
00:48:43,640 --> 00:48:46,200
Speaker 1: I've had in a long time. Alright, Matt, time for

1052
00:48:46,200 --> 00:48:49,280
Speaker 1: a recap the legit way to buy a car. Ultimately,

1053
00:48:49,560 --> 00:48:51,760
Speaker 1: you don't have to get a brand new car because

1054
00:48:51,800 --> 00:48:55,640
Speaker 1: yours is quote unquote old Nigel's right. Why so why

1055
00:48:55,680 --> 00:48:58,800
Speaker 1: do we buy used vehicles? The number one reason is

1056
00:48:58,840 --> 00:49:02,480
Speaker 1: because of depreciate man. Literally, the minute you drive it

1057
00:49:02,520 --> 00:49:04,920
Speaker 1: off the lot, you lose ten percent of the vehicle's

1058
00:49:05,200 --> 00:49:08,400
Speaker 1: value right there in a split second. Yeah, literally, just

1059
00:49:08,560 --> 00:49:10,399
Speaker 1: the fact that you own it. If when you invest

1060
00:49:10,440 --> 00:49:12,160
Speaker 1: your money, you see the sort of like the compounding

1061
00:49:12,200 --> 00:49:14,520
Speaker 1: interests in the effects of investing that way, what your

1062
00:49:14,520 --> 00:49:17,200
Speaker 1: money does in a vehicle is the complete opposite. Buying

1063
00:49:17,239 --> 00:49:19,719
Speaker 1: a new car is like compounding interest in the wrong

1064
00:49:19,800 --> 00:49:24,120
Speaker 1: direction exactly, So don't do it. People also really overestimate

1065
00:49:24,239 --> 00:49:26,600
Speaker 1: their repair costs that they're gonna pay on a car,

1066
00:49:27,040 --> 00:49:29,560
Speaker 1: and Consumer Reports have this awesome article that will link

1067
00:49:29,600 --> 00:49:32,880
Speaker 1: to in the show notes that really summarized, well, how

1068
00:49:32,960 --> 00:49:35,680
Speaker 1: much a ten year old used car costs when it

1069
00:49:35,760 --> 00:49:38,799
Speaker 1: comes to repairs, and it's much cheaper than you would

1070
00:49:38,800 --> 00:49:41,600
Speaker 1: expect most car models are going to cost less than

1071
00:49:41,680 --> 00:49:46,399
Speaker 1: six dollars a year in repair costs, and that's way

1072
00:49:46,520 --> 00:49:49,440
Speaker 1: less than even just two car payments that you're going

1073
00:49:49,480 --> 00:49:52,359
Speaker 1: to pay on a brand new car. Don't overestimate those

1074
00:49:52,480 --> 00:49:56,000
Speaker 1: car repair costs numbers, because those repair costs just aren't

1075
00:49:56,000 --> 00:49:57,800
Speaker 1: as bad as you think they are. Yeah, man, I

1076
00:49:57,840 --> 00:49:59,959
Speaker 1: think the biggest reason those numbers get inflated is because

1077
00:50:00,120 --> 00:50:02,640
Speaker 1: they become sort of bigger than they actually are in

1078
00:50:02,840 --> 00:50:06,000
Speaker 1: people's heads. Uh, it seems like this intimidating thing, when

1079
00:50:06,040 --> 00:50:08,600
Speaker 1: in reality, it's just not a huge deal to go

1080
00:50:08,800 --> 00:50:11,440
Speaker 1: get some repairs done and to just properly maintain your

1081
00:50:11,480 --> 00:50:13,959
Speaker 1: own vehicle. Yeah, and ultimately, we want you to spend

1082
00:50:14,040 --> 00:50:17,200
Speaker 1: less on your cars in general, because, like you said,

1083
00:50:17,560 --> 00:50:20,400
Speaker 1: buying a new car is the reverse of compounding interest.

1084
00:50:20,960 --> 00:50:23,360
Speaker 1: So buying a cheaper used car means that more of

1085
00:50:23,480 --> 00:50:27,680
Speaker 1: your income can go towards investing in real estate or

1086
00:50:27,760 --> 00:50:30,320
Speaker 1: the stock market, your four oh one k, your ira,

1087
00:50:30,719 --> 00:50:33,759
Speaker 1: as a opposed to going towards this metal box that

1088
00:50:33,840 --> 00:50:36,240
Speaker 1: gets you from point A to point B and SIT's

1089
00:50:36,280 --> 00:50:39,960
Speaker 1: idle n of the time. That's right, Juel. So that's

1090
00:50:40,000 --> 00:50:43,920
Speaker 1: the why to buy use vehicles next, how to buy

1091
00:50:44,040 --> 00:50:46,640
Speaker 1: use vehicles. The number one thing, do not finance a

1092
00:50:46,800 --> 00:50:50,440
Speaker 1: use car. Always pay cash. You do not want to

1093
00:50:50,640 --> 00:50:54,200
Speaker 1: finance depreciating assets. Yeah, I think if you take one

1094
00:50:54,239 --> 00:50:57,680
Speaker 1: thing away from this podcast, it's a dat do not

1095
00:50:58,080 --> 00:51:03,359
Speaker 1: finance depreciating assets, and financing a use car is doing

1096
00:51:03,440 --> 00:51:06,080
Speaker 1: exactly that. How much money do you have in the bank, Well,

1097
00:51:06,120 --> 00:51:08,239
Speaker 1: you don't have enough. Well you need to save up

1098
00:51:08,280 --> 00:51:10,960
Speaker 1: money for a little bit longer than to afford that

1099
00:51:11,120 --> 00:51:14,239
Speaker 1: car that you're aiming for. But you definitely want to

1100
00:51:14,239 --> 00:51:16,880
Speaker 1: avoid taking out a loan from a bank or credit

1101
00:51:17,000 --> 00:51:19,600
Speaker 1: union in order to finance this asset that is only

1102
00:51:19,680 --> 00:51:22,640
Speaker 1: going down in value. Yeah, do not get stuck in

1103
00:51:22,840 --> 00:51:25,720
Speaker 1: that car financing trap. It's sort of like the cycle

1104
00:51:25,800 --> 00:51:28,759
Speaker 1: and it self perpetuates man in the easiest way to

1105
00:51:28,880 --> 00:51:33,600
Speaker 1: avoid that trap is to buy an older car with cash. So,

1106
00:51:33,800 --> 00:51:35,880
Speaker 1: if you only have a few thousand dollars to spend

1107
00:51:36,480 --> 00:51:38,520
Speaker 1: or less, you either need to take a little more

1108
00:51:38,560 --> 00:51:40,279
Speaker 1: time to save up or just buy one of those

1109
00:51:40,320 --> 00:51:42,680
Speaker 1: super cheap cars. And those ten year old cars are

1110
00:51:42,719 --> 00:51:46,839
Speaker 1: actually a sweet spot because they have almost fully depreciated out.

1111
00:51:47,120 --> 00:51:51,440
Speaker 1: You're not losing almost any money. Every month to depreciation. Ultimately,

1112
00:51:51,760 --> 00:51:54,160
Speaker 1: the car is just serving your needs, getting you from

1113
00:51:54,200 --> 00:51:56,640
Speaker 1: point A to point B, and really not costing you

1114
00:51:56,800 --> 00:51:59,200
Speaker 1: much money while it's doing so. And the last thing

1115
00:51:59,280 --> 00:52:01,040
Speaker 1: we want to revisit here is to make sure you

1116
00:52:01,120 --> 00:52:04,320
Speaker 1: have your car independently inspected. You do it all the

1117
00:52:04,400 --> 00:52:06,280
Speaker 1: time when it comes to buying a new home. Obviously,

1118
00:52:06,360 --> 00:52:11,160
Speaker 1: new homes costs way more than vehicles, but even still transportation,

1119
00:52:11,600 --> 00:52:16,839
Speaker 1: that being, cars are our second biggest expense every single month,

1120
00:52:17,040 --> 00:52:18,480
Speaker 1: and so if you're going to be putting that much

1121
00:52:18,480 --> 00:52:20,960
Speaker 1: money towards a vehicle, make sure that you've kind of

1122
00:52:21,040 --> 00:52:22,960
Speaker 1: done a little bit of legwork and taking it to

1123
00:52:23,280 --> 00:52:26,600
Speaker 1: a well reviewed mechanic who knows what they're doing, who

1124
00:52:26,640 --> 00:52:28,839
Speaker 1: knows what they're looking at, and can sort of give

1125
00:52:28,840 --> 00:52:31,080
Speaker 1: you a green light red light as to whether or

1126
00:52:31,120 --> 00:52:33,840
Speaker 1: not you should purchase this vehicle before you purchase it.

1127
00:52:34,320 --> 00:52:37,600
Speaker 1: You're probably only purchasing a couple of cars every decade,

1128
00:52:37,800 --> 00:52:40,440
Speaker 1: and so it's really hard to become an expert at this,

1129
00:52:41,239 --> 00:52:44,040
Speaker 1: and that's where the mechanic comes in. They see a

1130
00:52:44,160 --> 00:52:47,480
Speaker 1: dozen used cars every day with different issues, and so

1131
00:52:47,719 --> 00:52:50,879
Speaker 1: if you present the car that you're considering before their

1132
00:52:50,920 --> 00:52:54,120
Speaker 1: eyes their expertise, they can help you make an informed

1133
00:52:54,160 --> 00:52:56,840
Speaker 1: decision as to whether that car is going to be

1134
00:52:57,120 --> 00:52:59,239
Speaker 1: a good car for you over the long run or not.

1135
00:52:59,840 --> 00:53:02,359
Speaker 1: All Right, everyone, this has been a fun one. There

1136
00:53:02,520 --> 00:53:05,480
Speaker 1: is a lot to consider when buying a used car,

1137
00:53:05,880 --> 00:53:08,360
Speaker 1: and hopefully we've helped you kind of parse out some

1138
00:53:08,440 --> 00:53:10,400
Speaker 1: of those details, uh so that you can make it

1139
00:53:10,840 --> 00:53:14,839
Speaker 1: more informed and wiser decision. Thanks so much for listening

1140
00:53:14,880 --> 00:53:17,120
Speaker 1: to the podcast. It means so much to Matt and I.

1141
00:53:17,480 --> 00:53:20,520
Speaker 1: Our home on the web is how to money dot com.

1142
00:53:20,960 --> 00:53:22,640
Speaker 1: We'll have some show notes up there for you with

1143
00:53:22,719 --> 00:53:24,600
Speaker 1: some links and some more info that we talked about

1144
00:53:24,680 --> 00:53:27,839
Speaker 1: on the show today. Until next time, best Friends Out,

1145
00:53:28,360 --> 00:53:29,120
Speaker 1: Best Friends Out.