1 00:00:01,280 --> 00:00:03,520 Speaker 1: This episode is brought to you by P and C Bank. 2 00:00:03,920 --> 00:00:06,680 Speaker 1: A lot of people think podcasts about work are boring, 3 00:00:06,880 --> 00:00:10,719 Speaker 1: and sure they definitely can be, but understanding a professionals 4 00:00:10,800 --> 00:00:14,080 Speaker 1: routine shows us how they achieve their success little by little, 5 00:00:14,440 --> 00:00:18,079 Speaker 1: day after day. It's like banking with P and C Bank. 6 00:00:18,560 --> 00:00:21,360 Speaker 1: It might seem boring to save, plan and make calculated 7 00:00:21,400 --> 00:00:24,479 Speaker 1: decisions with your bank, but keeping your money boring is 8 00:00:24,520 --> 00:00:27,840 Speaker 1: what helps you live or more happily fulfilled life. P 9 00:00:27,960 --> 00:00:32,800 Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 10 00:00:32,840 --> 00:00:35,479 Speaker 1: Boring since eighteen sixty five is a service mark of 11 00:00:35,520 --> 00:00:38,760 Speaker 1: the PNC Financial Service Group, Inc. P and C Bank 12 00:00:39,159 --> 00:00:41,360 Speaker 1: National Association Member FDIC. 13 00:00:43,520 --> 00:00:47,559 Speaker 2: The difference between leasing and buying a car. What are 14 00:00:47,600 --> 00:00:49,879 Speaker 2: some key differences in leasing a car and buying a car? 15 00:00:50,360 --> 00:00:53,840 Speaker 3: Well, on a least most people you'll hear that a 16 00:00:53,840 --> 00:00:55,680 Speaker 3: lot people say, well, you don't own the car, right. 17 00:00:55,960 --> 00:00:58,360 Speaker 3: The truth is, do you want to own a vehicle 18 00:00:58,360 --> 00:01:01,040 Speaker 3: that's going to lose value? Right? Very rarely do cars 19 00:01:01,080 --> 00:01:04,040 Speaker 3: go up in value. So that's why leasing is so prevalent. 20 00:01:04,120 --> 00:01:06,400 Speaker 3: Seventy eighty percent, like you said, of people leased the 21 00:01:06,480 --> 00:01:10,679 Speaker 3: vehicles when you're financing the vehicle, you do. You technically 22 00:01:10,680 --> 00:01:13,120 Speaker 3: own it, but the bank owns and while you're financing, 23 00:01:13,280 --> 00:01:16,120 Speaker 3: so until you pay it off, the vehicle still belongs 24 00:01:16,160 --> 00:01:18,440 Speaker 3: to the bank title the titles held by the bank. 25 00:01:18,480 --> 00:01:20,000 Speaker 3: You're not the owner of that vehicle. 26 00:01:20,560 --> 00:01:22,920 Speaker 2: That's something that's that's a common misconception. You don't own 27 00:01:22,920 --> 00:01:26,240 Speaker 2: the car the way until you finally pay it off. 28 00:01:26,319 --> 00:01:27,959 Speaker 2: And then when you do pay it off more people 29 00:01:27,959 --> 00:01:28,480 Speaker 2: want to trade it in. 30 00:01:28,560 --> 00:01:30,679 Speaker 4: They want to trade it right away old by the 31 00:01:30,680 --> 00:01:32,600 Speaker 4: time you own it now it's old exactly. 32 00:01:32,880 --> 00:01:35,280 Speaker 2: But another thing with the leasing that people don't fully 33 00:01:35,319 --> 00:01:37,480 Speaker 2: understand is like for me personally, right, the reason why 34 00:01:37,640 --> 00:01:41,200 Speaker 2: at least is that I'm a business owner yep, right, 35 00:01:41,480 --> 00:01:43,319 Speaker 2: So I get better tax treament for lease in the 36 00:01:43,360 --> 00:01:45,759 Speaker 2: car exactly, Whereas like with the least I can write 37 00:01:45,760 --> 00:01:50,200 Speaker 2: off the insurance, the gas, and the least payment formula percentage. 38 00:01:50,240 --> 00:01:52,160 Speaker 2: We won't get too complicated in it, but I can 39 00:01:52,160 --> 00:01:54,840 Speaker 2: write that off on my taxes. If I own the car, 40 00:01:55,240 --> 00:01:56,920 Speaker 2: then I could only I have to go about the 41 00:01:56,960 --> 00:02:00,280 Speaker 2: depreciation correct because it's own, I get less of a 42 00:02:00,320 --> 00:02:03,160 Speaker 2: tax benefit for owning a car, so it's in my 43 00:02:03,400 --> 00:02:06,720 Speaker 2: benefit to lease the car because it's pretty much a 44 00:02:06,800 --> 00:02:09,720 Speaker 2: right off for me, and I don't have to worry 45 00:02:09,760 --> 00:02:13,360 Speaker 2: about maintenance, right, So I never haven't gotten I haven't 46 00:02:13,360 --> 00:02:15,680 Speaker 2: paid for oil change and I can't remember when because 47 00:02:15,800 --> 00:02:18,640 Speaker 2: or at least everything is paid for the warranties too, yes, 48 00:02:18,960 --> 00:02:21,760 Speaker 2: and then I get a new car every three years. 49 00:02:21,760 --> 00:02:24,520 Speaker 2: Now I always sell, like if you want to. Everybody's 50 00:02:24,520 --> 00:02:27,640 Speaker 2: personal preference is different. You can't foresh your views on somebody, right, Like, 51 00:02:27,760 --> 00:02:30,400 Speaker 2: if you want to keep a car for ten years, 52 00:02:30,440 --> 00:02:33,320 Speaker 2: that's shit, right, you can do that. I don't want 53 00:02:33,320 --> 00:02:34,639 Speaker 2: to do that. I want to get a new car, 54 00:02:34,960 --> 00:02:36,839 Speaker 2: so I know it's going to cost me a lot 55 00:02:36,880 --> 00:02:38,960 Speaker 2: more money to buy a car and then buy a 56 00:02:39,000 --> 00:02:41,400 Speaker 2: new car every three years as opposed to leasing a 57 00:02:41,440 --> 00:02:43,519 Speaker 2: car and then getting a new car every three years. 58 00:02:43,320 --> 00:02:47,840 Speaker 3: And the upfront is less yep, right, yeah, absolutely. On 59 00:02:47,880 --> 00:02:50,880 Speaker 3: a lease, you only pay let's say the taxes right 60 00:02:50,919 --> 00:02:52,959 Speaker 3: when you're financing in the vehicle. You pay tax on 61 00:02:53,040 --> 00:02:55,160 Speaker 3: the whole price of the car, or at least you 62 00:02:55,240 --> 00:02:57,400 Speaker 3: only pay tax unlets's say the monthly payment depending on 63 00:02:57,440 --> 00:02:59,399 Speaker 3: the state and where you're registering the car, Let's say 64 00:02:59,400 --> 00:03:02,680 Speaker 3: like New York you're only paying tax on the monthly payment. 65 00:03:03,240 --> 00:03:05,680 Speaker 2: Right, So I think that that's something that people could 66 00:03:06,080 --> 00:03:08,080 Speaker 2: And as far as for me, I don't drive a lot, 67 00:03:08,360 --> 00:03:11,799 Speaker 2: so twelve thousand miles. I never go with twelve thousand miles. 68 00:03:11,800 --> 00:03:15,679 Speaker 2: I usually hit like eleven ten to five, So it's 69 00:03:15,680 --> 00:03:17,680 Speaker 2: perfect for me. But you were saying, even if you 70 00:03:17,720 --> 00:03:19,480 Speaker 2: do go with twelve thousand, that's. 71 00:03:19,320 --> 00:03:21,320 Speaker 3: A big misconception. Also, it's a lot of people think 72 00:03:21,360 --> 00:03:23,520 Speaker 3: that if I drive a lot of mileage, I shouldn't 73 00:03:23,520 --> 00:03:24,880 Speaker 3: be leasing. You know, you'll hear a lot of people 74 00:03:24,880 --> 00:03:26,519 Speaker 3: come in and they say, you know, I do fifteen 75 00:03:26,600 --> 00:03:28,520 Speaker 3: twenty thousand miles a year, I shouldn't you know? Leasing 76 00:03:28,600 --> 00:03:31,119 Speaker 3: is not for me. I think the contrary. The way 77 00:03:31,160 --> 00:03:33,720 Speaker 3: I look at it is when you're leasing the vehicle, 78 00:03:33,800 --> 00:03:36,240 Speaker 3: even if it's a high mileage, least you know your 79 00:03:36,280 --> 00:03:38,400 Speaker 3: true cost of ownership. Like you said with maintenance, right, 80 00:03:38,680 --> 00:03:40,640 Speaker 3: you know that you're gonna have this car three years, 81 00:03:40,640 --> 00:03:42,400 Speaker 3: you're gonna put fifteen thousand miles a year, You'll have 82 00:03:42,440 --> 00:03:46,480 Speaker 3: forty five thousand miles. Most warranties are let's say, four year, 83 00:03:46,560 --> 00:03:48,680 Speaker 3: fifty thousand miles. Bumper to bump a warranty, so you'll 84 00:03:48,720 --> 00:03:51,480 Speaker 3: still covered under your warranty, you see what I mean. 85 00:03:51,520 --> 00:03:52,720 Speaker 3: So you'll be able to look at it and say, hey, 86 00:03:52,760 --> 00:03:54,400 Speaker 3: you know what, I know exactly what I'm gonna be 87 00:03:54,400 --> 00:03:56,480 Speaker 3: paying every month for this car as long as I 88 00:03:56,520 --> 00:03:58,960 Speaker 3: have my lease. Now, when you're financing a car and 89 00:03:58,960 --> 00:04:01,320 Speaker 3: you're putting high mileage on the car, the two things 90 00:04:01,360 --> 00:04:04,040 Speaker 3: that lower the value of the car quickest is the 91 00:04:04,080 --> 00:04:06,640 Speaker 3: amount of mileage you put on it and the condition 92 00:04:06,680 --> 00:04:08,040 Speaker 3: of the car. So let's save the vehicle is in 93 00:04:08,040 --> 00:04:12,440 Speaker 3: an accident. So if I'm leasing my car and someone 94 00:04:12,480 --> 00:04:15,040 Speaker 3: that my next door neighbor's buying their vehicle and they're 95 00:04:15,040 --> 00:04:17,920 Speaker 3: financing their car in three years, I have a lot 96 00:04:17,920 --> 00:04:20,040 Speaker 3: more flexibility of what I can do. I don't have 97 00:04:20,120 --> 00:04:22,280 Speaker 3: to worry about if my car was in an accident, 98 00:04:22,440 --> 00:04:24,919 Speaker 3: or did somebody key my car? Did a garbage truck 99 00:04:24,920 --> 00:04:26,720 Speaker 3: come down the street to hit my car? Because their 100 00:04:26,839 --> 00:04:29,039 Speaker 3: value is dropped now. So now you're playing this guessing 101 00:04:29,080 --> 00:04:31,400 Speaker 3: game of well, wait a minute, what is my car 102 00:04:31,480 --> 00:04:33,440 Speaker 3: now worth? And you run into a situation where you 103 00:04:33,600 --> 00:04:36,400 Speaker 3: finally pay off your car. You've put money into the 104 00:04:36,480 --> 00:04:38,479 Speaker 3: vehicle trying to fix it, and they turn around and say, hey, 105 00:04:38,520 --> 00:04:41,240 Speaker 3: your car's worth six thousand dollars. Now. The other thing 106 00:04:41,279 --> 00:04:44,720 Speaker 3: that we talked about was that technology is moving so fast, 107 00:04:45,200 --> 00:04:49,040 Speaker 3: so things get antiquated quick. So that's why leasing is 108 00:04:49,120 --> 00:04:52,120 Speaker 3: nice because in three years you may not need a 109 00:04:52,160 --> 00:04:54,920 Speaker 3: small sedan right now, in three years, your life changes, 110 00:04:55,000 --> 00:04:56,920 Speaker 3: You have a family, you have kids. Now I want 111 00:04:56,920 --> 00:04:59,200 Speaker 3: to ask your V my lease is up? I come 112 00:04:59,240 --> 00:05:01,680 Speaker 3: out of the leasing, go into the brand new SUV 113 00:05:01,760 --> 00:05:03,600 Speaker 3: if I want to can't cord anymore? 114 00:05:03,640 --> 00:05:04,039 Speaker 2: Exactly? 115 00:05:04,160 --> 00:05:04,840 Speaker 5: Yeah, Now that's true. 116 00:05:04,920 --> 00:05:07,280 Speaker 4: Technology changes even like the few if I have now, 117 00:05:07,320 --> 00:05:10,640 Speaker 4: like I sold the two thousand, twenty twenty Mode, I'm like, wait, yeah, 118 00:05:10,640 --> 00:05:13,159 Speaker 4: that is ridiculous, Like I need that technology now. So 119 00:05:13,200 --> 00:05:15,840 Speaker 4: it's like you can just come in every three years. Man, 120 00:05:15,839 --> 00:05:18,680 Speaker 4: that's a that's a huge benefit in leasing. One of 121 00:05:18,680 --> 00:05:21,480 Speaker 4: the things that is important when you're leasing all finances 122 00:05:21,640 --> 00:05:22,240 Speaker 4: is the credit. 123 00:05:22,400 --> 00:05:23,839 Speaker 3: Yep, how does that work? 124 00:05:24,240 --> 00:05:27,960 Speaker 1: Is there a specific bureau that car dealerships use or 125 00:05:27,960 --> 00:05:28,279 Speaker 1: the bank? 126 00:05:29,240 --> 00:05:32,560 Speaker 3: So it varies between manufacturers, so different banks. So let's 127 00:05:32,560 --> 00:05:35,400 Speaker 3: say if you're going to Honda Honda Financial, Toyota has 128 00:05:35,440 --> 00:05:39,120 Speaker 3: Toyota Motive Credit. Mercedes Benz has Mercedes Benz financial They 129 00:05:39,160 --> 00:05:42,760 Speaker 3: all have different criterias, right, so it's not it's not 130 00:05:43,160 --> 00:05:44,919 Speaker 3: a blanket as far as what they use. Some people 131 00:05:44,960 --> 00:05:48,200 Speaker 3: use transunions, some people use echo facts. Other manufacturers use 132 00:05:48,200 --> 00:05:51,120 Speaker 3: what's called the auto score. So an autoscore means your 133 00:05:51,160 --> 00:05:53,919 Speaker 3: automotive history. So even if you had some trouble on 134 00:05:53,960 --> 00:05:56,440 Speaker 3: your credit, but they saw, let's say, for whatever reason, 135 00:05:56,480 --> 00:05:59,240 Speaker 3: you had some medical bills or something happened, but you 136 00:05:59,360 --> 00:06:01,920 Speaker 3: always paid your car node on time. The bank may 137 00:06:01,960 --> 00:06:04,279 Speaker 3: look at that and say, hey, well wait a minute, 138 00:06:04,360 --> 00:06:07,279 Speaker 3: they miss some payments over here, but they always pay 139 00:06:07,360 --> 00:06:09,400 Speaker 3: their car on time. So that means that, hey, you 140 00:06:09,400 --> 00:06:11,280 Speaker 3: know what, this person needs that car. They need to 141 00:06:11,320 --> 00:06:13,080 Speaker 3: get to work, they need to provide for their family. 142 00:06:13,200 --> 00:06:15,200 Speaker 3: So no matter what happens, they're going to take care 143 00:06:15,200 --> 00:06:16,000 Speaker 3: of that monthly payment. 144 00:06:16,080 --> 00:06:17,680 Speaker 2: And another thing I want people to think too. A 145 00:06:17,760 --> 00:06:19,400 Speaker 2: lot of times people will look at it like, Okay, 146 00:06:19,440 --> 00:06:21,920 Speaker 2: well I'm not a business owner and we're talking about 147 00:06:21,960 --> 00:06:24,279 Speaker 2: luxury cars just because we have luxury cars. But it's 148 00:06:24,480 --> 00:06:27,280 Speaker 2: the conversations for any type of cass doesn't matter. But 149 00:06:27,440 --> 00:06:30,800 Speaker 2: also people have to realize is that you don't have 150 00:06:30,880 --> 00:06:33,480 Speaker 2: to be a full time entrepreneur to be an entrepreneur 151 00:06:33,760 --> 00:06:36,520 Speaker 2: because the tax system. I can't stress this. The tax 152 00:06:36,520 --> 00:06:39,719 Speaker 2: system is set up for entrepreneurs and investors. It's not 153 00:06:39,760 --> 00:06:43,719 Speaker 2: set up for employees. Right, So as an entrepreneur, you 154 00:06:43,800 --> 00:06:46,680 Speaker 2: get all kinds of benefits. You can write off meals, 155 00:06:46,839 --> 00:06:49,440 Speaker 2: you can write off travel, you can write off almost 156 00:06:49,440 --> 00:06:52,520 Speaker 2: anything realistically as long as it makes sense. Don't get 157 00:06:52,560 --> 00:06:55,520 Speaker 2: what it is. And cars is one of the things 158 00:06:55,520 --> 00:06:56,200 Speaker 2: that you can write off. 159 00:06:56,240 --> 00:06:56,400 Speaker 3: Right. 160 00:06:56,640 --> 00:06:59,159 Speaker 2: So if you work in a regular job, and you 161 00:06:59,240 --> 00:07:02,280 Speaker 2: might have a side, so why not get that incorporated, 162 00:07:02,279 --> 00:07:04,240 Speaker 2: get an LLC, get a seat, whatever you want to do, 163 00:07:04,760 --> 00:07:07,600 Speaker 2: and get a tax id, opening up bank account. Now 164 00:07:07,640 --> 00:07:10,200 Speaker 2: you have a business. So now you can lease that 165 00:07:10,320 --> 00:07:13,800 Speaker 2: from your side hustle business, and you can deduct the 166 00:07:13,840 --> 00:07:16,200 Speaker 2: same deductions like if you work the regular job. Right, 167 00:07:16,240 --> 00:07:18,360 Speaker 2: Like now that that goes against any money that you 168 00:07:18,440 --> 00:07:20,400 Speaker 2: make on that. And so I say that to say 169 00:07:21,320 --> 00:07:24,200 Speaker 2: we have to think like business people. And you don't 170 00:07:24,200 --> 00:07:27,200 Speaker 2: even have to actually be a full time business owner. 171 00:07:27,640 --> 00:07:30,480 Speaker 2: Salespeople as well, right, if you're a ten ninety nine 172 00:07:31,040 --> 00:07:34,320 Speaker 2: or if you are in some former sales where you 173 00:07:34,360 --> 00:07:36,640 Speaker 2: can take deductions like real estate and stuff like that. 174 00:07:37,080 --> 00:07:40,600 Speaker 2: Insurance you sell insurance the same thing. So a lot 175 00:07:40,640 --> 00:07:43,760 Speaker 2: of times people, you know, they have negative views towards 176 00:07:43,800 --> 00:07:45,800 Speaker 2: things because they don't they have a lack of understanding. 177 00:07:45,800 --> 00:07:48,440 Speaker 2: There Once you have a lack of understanding, and like 178 00:07:48,480 --> 00:07:50,240 Speaker 2: I said, now, if you still choose to do that, 179 00:07:50,320 --> 00:07:53,240 Speaker 2: then it's it's your decisions free country. But a lot 180 00:07:53,240 --> 00:07:56,920 Speaker 2: of times we make decisions based out of ignorance not knowledge, right, 181 00:07:57,120 --> 00:07:59,120 Speaker 2: So exactly. So one of the things I want to 182 00:07:59,120 --> 00:08:03,520 Speaker 2: ask you was you said MSRP versus price, right, what's 183 00:08:03,560 --> 00:08:04,520 Speaker 2: the difference towards. 184 00:08:04,240 --> 00:08:04,800 Speaker 5: The selling price? 185 00:08:04,800 --> 00:08:07,040 Speaker 3: All right? So yeah, so you have MSRP, right, that's 186 00:08:07,080 --> 00:08:10,280 Speaker 3: what's on the windowsticker, right, So the manufacturer suggests the 187 00:08:10,320 --> 00:08:13,360 Speaker 3: retail price of the vehicle. That's MSRP. Manufacturer suggests the 188 00:08:13,400 --> 00:08:16,040 Speaker 3: retail price. That's what they recommend you should be selling 189 00:08:16,040 --> 00:08:18,920 Speaker 3: that car for now. The selling price is what you negotiate, 190 00:08:19,120 --> 00:08:22,360 Speaker 3: right or whatever. However you can reduce the selling price 191 00:08:22,360 --> 00:08:24,520 Speaker 3: of the vehicle. That's what that comes down to. Is 192 00:08:24,560 --> 00:08:26,760 Speaker 3: that the same thing as a cap cost. So no 193 00:08:26,920 --> 00:08:29,120 Speaker 3: cap cost. Let's say you're leasing or your finance in 194 00:08:29,120 --> 00:08:32,560 Speaker 3: the vehicle. The final cap cost is the selling price 195 00:08:33,000 --> 00:08:36,120 Speaker 3: plus anything else. So whatever money the bank is lending you. 196 00:08:36,360 --> 00:08:38,160 Speaker 3: Whatever it's a leaset or finance, they're still lending a 197 00:08:38,200 --> 00:08:40,200 Speaker 3: certain amount of money. So let's sayd the lease, if 198 00:08:40,240 --> 00:08:43,000 Speaker 3: you rolled your taxes into your payment, that's going to 199 00:08:43,000 --> 00:08:45,360 Speaker 3: add to your cap cost. If you negotiated a fifty 200 00:08:45,360 --> 00:08:48,160 Speaker 3: thousand dollars selling price and then you rolled your taxes 201 00:08:48,200 --> 00:08:50,000 Speaker 3: of two thousand dollars into the lease, that's fifty two 202 00:08:50,000 --> 00:08:54,560 Speaker 3: thousand dollars cap cost. And is that negotiable. Well, it's 203 00:08:54,720 --> 00:08:56,520 Speaker 3: based on what you negotiate as far as you let's 204 00:08:56,520 --> 00:08:59,360 Speaker 3: say you're selling price. So whatever fees you put into it, 205 00:08:59,400 --> 00:09:02,480 Speaker 3: those aren't those let's say taxes and DMV fees, things 206 00:09:02,480 --> 00:09:02,840 Speaker 3: like that. 207 00:09:03,000 --> 00:09:06,000 Speaker 2: So all right, we talked about okay, talk about leasing 208 00:09:06,040 --> 00:09:07,679 Speaker 2: a car, but buying a car. Somebody wants to buy 209 00:09:07,679 --> 00:09:09,439 Speaker 2: a car, right, and you were saying, most of the time, 210 00:09:09,480 --> 00:09:11,120 Speaker 2: if you do want to buy a car, it makes 211 00:09:11,160 --> 00:09:12,280 Speaker 2: more sense to buy a used car. 212 00:09:12,679 --> 00:09:14,439 Speaker 3: I always recommend people, if you are going to buy 213 00:09:14,440 --> 00:09:16,640 Speaker 3: a car, buy a certified pre on. 214 00:09:16,800 --> 00:09:16,920 Speaker 2: Now. 215 00:09:16,960 --> 00:09:19,280 Speaker 3: Listen, there's vehicles you can find out these lots that 216 00:09:19,320 --> 00:09:23,120 Speaker 3: are not authorized the same Mercedes Benz dealerships or Toyota 217 00:09:23,120 --> 00:09:26,360 Speaker 3: dealership me personally, I think you're better off going to 218 00:09:27,120 --> 00:09:29,360 Speaker 3: You may pay a couple of dollars more, but you're 219 00:09:29,400 --> 00:09:31,720 Speaker 3: getting it from the manufacturer, so you have the backing 220 00:09:32,000 --> 00:09:34,360 Speaker 3: of manufacturers. And just give you an idea, most companies, 221 00:09:34,360 --> 00:09:37,080 Speaker 3: when they certify a vehicle, the vehicle goes through let's say, 222 00:09:37,160 --> 00:09:38,839 Speaker 3: you know, one hundred and fifty point one hundred and 223 00:09:38,880 --> 00:09:42,599 Speaker 3: sixty point inspection. So not only will they inspect a 224 00:09:42,679 --> 00:09:44,920 Speaker 3: vehicle to make sure that it's in a certain conditions, 225 00:09:44,960 --> 00:09:47,680 Speaker 3: so they'll eliminate things like let's say this frame damage 226 00:09:47,679 --> 00:09:49,800 Speaker 3: to the car. If the car is frame damage doesn't 227 00:09:49,840 --> 00:09:52,920 Speaker 3: qualify for a certification, so it's eliminated. Most dealerships won't 228 00:09:52,920 --> 00:09:55,240 Speaker 3: even take that car. They'll send that car out, and 229 00:09:55,240 --> 00:09:57,400 Speaker 3: that's what you'll see the vehicles on these other side 230 00:09:57,400 --> 00:09:59,960 Speaker 3: lots right and they're selling those vehicles. So this really 231 00:10:00,120 --> 00:10:03,120 Speaker 3: no recourse when it comes to something happened to the car. 232 00:10:03,679 --> 00:10:05,520 Speaker 3: Not to mention the fact that once that car goes 233 00:10:05,520 --> 00:10:09,040 Speaker 3: through the certification, a lot of manufacturers will put new 234 00:10:09,160 --> 00:10:13,520 Speaker 3: car interest rates on those cars. So typically pre owned 235 00:10:13,520 --> 00:10:15,760 Speaker 3: cars are used cars will have a higher interest rate 236 00:10:15,760 --> 00:10:17,679 Speaker 3: than a new car. But if it's certified, you get 237 00:10:17,679 --> 00:10:19,680 Speaker 3: a better interest rate. So like right now, like let's 238 00:10:19,679 --> 00:10:21,520 Speaker 3: say you have one point nine nine percent, you can't 239 00:10:21,520 --> 00:10:24,280 Speaker 3: get one nine nine percent on a used car, you know, 240 00:10:24,280 --> 00:10:27,480 Speaker 3: anywhere else, you know what I mean? If the vehicles certified, 241 00:10:27,559 --> 00:10:29,840 Speaker 3: that's the way to do it me personally, the vehicles. 242 00:10:29,840 --> 00:10:32,439 Speaker 3: As you guys have all heard this, people say, oh, well, 243 00:10:32,440 --> 00:10:34,280 Speaker 3: the vehicle loses value as soon as you drive it 244 00:10:34,320 --> 00:10:36,920 Speaker 3: off the lot. Now what happens is really it's once 245 00:10:36,920 --> 00:10:40,040 Speaker 3: it's registered the vehicle loses value. That's when that's when 246 00:10:40,080 --> 00:10:41,960 Speaker 3: the vehicle loses value. That's normally when you're driving off 247 00:10:41,960 --> 00:10:42,240 Speaker 3: the lot. 248 00:10:42,320 --> 00:10:43,439 Speaker 4: That's when you got it brand new. 249 00:10:43,920 --> 00:10:45,719 Speaker 3: So yeah, when you're buying the car brand new, it 250 00:10:46,080 --> 00:10:48,960 Speaker 3: initially loses its value when you drive it off a 251 00:10:48,960 --> 00:10:51,280 Speaker 3: lot or the vehicle is titled. So now you're buying 252 00:10:51,320 --> 00:10:53,920 Speaker 3: a vehicle, who's going to that's gonna depreciate in value. 253 00:10:54,040 --> 00:10:55,560 Speaker 3: That's what a car does. It's going to go down 254 00:10:55,640 --> 00:10:58,480 Speaker 3: in value. So you're financing a car that's losing value. 255 00:10:58,520 --> 00:11:00,640 Speaker 3: It already took a big hit. When you're buying a 256 00:11:00,679 --> 00:11:03,280 Speaker 3: new opposed to a certified pre on that the initial 257 00:11:03,320 --> 00:11:06,880 Speaker 3: depreciation has already happened. It's already taking place, but you 258 00:11:06,920 --> 00:11:09,079 Speaker 3: knew that car was taking care of The manufacturer of 259 00:11:09,120 --> 00:11:12,240 Speaker 3: the dealership, you know, is putting themselves behind that vehicle, saying, hey, 260 00:11:12,240 --> 00:11:15,000 Speaker 3: we know this vehicle, We've inspected this vehicle, we know 261 00:11:15,040 --> 00:11:18,120 Speaker 3: this vehicle's in good shape. We're willing to even put 262 00:11:18,840 --> 00:11:20,560 Speaker 3: a new car rate on it, so you have some 263 00:11:20,600 --> 00:11:22,400 Speaker 3: more confidence when they're buying that type of vehicle. 264 00:11:22,640 --> 00:11:42,440 Speaker 5: Okay, all right, earners, what's up? 265 00:11:42,559 --> 00:11:45,040 Speaker 1: You ever walk into a small business and everything just 266 00:11:45,160 --> 00:11:48,319 Speaker 1: works like the checkout is fast, the seats are digital, 267 00:11:48,880 --> 00:11:51,840 Speaker 1: tipping is a breeze, and you're out the door before 268 00:11:51,880 --> 00:11:56,040 Speaker 1: the line even builds. Odds are they're using Square. We 269 00:11:56,160 --> 00:11:58,720 Speaker 1: love supporting businesses that run on Square because it just 270 00:11:58,760 --> 00:12:02,000 Speaker 1: feels seamless. Whether it's a local coffee shop, a vendor 271 00:12:02,040 --> 00:12:04,280 Speaker 1: at a pop up market, or even one of our 272 00:12:04,360 --> 00:12:08,000 Speaker 1: merch partners. Square makes it easy for them to take payments, 273 00:12:08,240 --> 00:12:11,960 Speaker 1: manage inventory, and run their business with confidence, all from 274 00:12:12,040 --> 00:12:14,880 Speaker 1: one simple system. One of the things we love most 275 00:12:14,920 --> 00:12:18,839 Speaker 1: is seeing neighborhood businesses level up. Business West Indian spired 276 00:12:18,880 --> 00:12:21,880 Speaker 1: writing our community that started with a small takeout counter. 277 00:12:22,320 --> 00:12:25,000 Speaker 1: Now with Square, they've been able to expand into a 278 00:12:25,040 --> 00:12:28,800 Speaker 1: full sit down restaurant and even started catering events across 279 00:12:28,800 --> 00:12:31,800 Speaker 1: the city. That's the kind of growth that inspires us, 280 00:12:32,000 --> 00:12:35,240 Speaker 1: and it's powered by Square. Square is built for all 281 00:12:35,280 --> 00:12:38,240 Speaker 1: types of businesses, from the corner bagel shop that turned 282 00:12:38,320 --> 00:12:41,640 Speaker 1: into a local chain, to the specialty market with thousands 283 00:12:41,679 --> 00:12:44,480 Speaker 1: of unique items, to the stylist who's been holding you 284 00:12:44,559 --> 00:12:47,640 Speaker 1: down for years. If you're a business owner or even 285 00:12:47,720 --> 00:12:51,240 Speaker 1: just thinking about launching something soon, Square is hands down 286 00:12:51,280 --> 00:12:53,640 Speaker 1: one of the best tools out there to help you start, 287 00:12:54,000 --> 00:12:57,559 Speaker 1: run and grow. It's not just about payments, it's about 288 00:12:57,600 --> 00:13:00,040 Speaker 1: giving you time back so you can focus on what 289 00:13:00,240 --> 00:13:03,840 Speaker 1: matters most Ready. To see how Square can transform your business, 290 00:13:04,120 --> 00:13:08,040 Speaker 1: visit Square dot com backslash go backslash e y l 291 00:13:08,280 --> 00:13:12,679 Speaker 1: to learn more that Square dot com backslash, go backslash 292 00:13:12,760 --> 00:13:16,120 Speaker 1: e y L. Don't wait, don't hesitate. Let's Square handle 293 00:13:16,160 --> 00:13:18,800 Speaker 1: the back end so you can keep pushing your vision forward.