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Study Hall: Car Buying with Christian Charvet · Earn Your Leisure

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Speaker 3: See you on the other side.
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Speaker 4: My graduates from my school being forced back drop b
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Speaker 4: drop my.
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Speaker 2: Drop back drop drop. So we're gonna jump right into it, right.
2:22
Speaker 2: So we get a lot of feedback on Instagram recently
2:25
Speaker 2: about leasing cars, buying cars, right now you have a
2:31
Speaker 2: wealth of information being in the car industry for how long,
2:34
Speaker 2: over ten years.
2:35
Speaker 4: Well, twenty years now this year, actually twenty years in
2:38
Speaker 4: the car industry from the bank to the dealership side.
2:40
Speaker 2: Yeah, you've worked every every facet, basically every fascet. So
2:44
Speaker 2: all right, so we're gonna get into your backstory. But
2:47
Speaker 2: before we get into the backstory, I want to just
2:48
Speaker 2: jump right into it because people take this like very personal.
2:53
Speaker 2: I notice, it's like a real personal thing. Like it's like,
2:56
Speaker 2: you got like a thousand comments over a video that
2:58
Speaker 2: we're posting and people are like, that's a terrible idea.
3:01
Speaker 2: Should never lease a car? And people are like, no,
3:02
Speaker 2: you should never buy a car. People arguing with each other,
3:05
Speaker 2: they're about to start fighting on Instagram. So it's like
3:07
Speaker 2: I realized it's one of those things that's very emotional
3:09
Speaker 2: for people, and nobody wants to feel like they made
3:12
Speaker 2: a mistake. So if you brought a car, it's like,
3:14
Speaker 2: you don't want to admit that that might be a
3:16
Speaker 2: bad you brought up at least a car. You might
3:17
Speaker 2: not want to say that's a bad idea. So everybody's like,
3:20
Speaker 2: you know, so my personal opinion on it is that
3:24
Speaker 2: you know, there's no right shoe that fits all feet. Right,
3:28
Speaker 2: leasing is a great option for a lot of people.
3:31
Speaker 2: Buying a car could be a great option for a
3:33
Speaker 2: lot of people. Buying a used car could be a
3:34
Speaker 2: great option for a lot of people. Think with our podcast,
3:37
Speaker 2: we're just trying to provide information, right, so and.
3:40
Speaker 3: Just so we know, like we've done both.
3:42
Speaker 2: Oh yeah, Personally, I tell my story. Yeah, so my
3:46
Speaker 2: personal journey and cause is when I when I graduate
3:48
Speaker 2: from college, Right, that was my first time getting a car.
3:50
Speaker 2: I didn't have a car before that. So when I
3:52
Speaker 2: graduated from college, I came home and the first car
3:55
Speaker 2: that I had, I wanted a luxury car, so I
3:58
Speaker 2: brought I brought a used Infinity out of G thirty five.
4:02
Speaker 2: Infinity like a couple of years, but it was it
4:05
Speaker 2: was nice car. Cool that Uh So I had to
4:10
Speaker 2: had a G thirty five and it was nice. And
4:13
Speaker 2: I had that car about five years. I had a
4:15
Speaker 2: terrible interest rate because I didn't have any credit. So
4:18
Speaker 2: I'm just trying to figure it out as I go.
4:20
Speaker 2: So in year five started to like fall apart tires.
4:26
Speaker 2: I had to start buying tires and like transmission and
4:30
Speaker 2: a whole bunch of everything to start falling apart on it. Right,
4:32
Speaker 2: So I need a new car. So when I was
4:35
Speaker 2: I went to the now it sound upgrade. So I
4:38
Speaker 2: went to the BMW dealership and I was about to
4:41
Speaker 2: get a BMW. So when I went to the dealership,
4:44
Speaker 2: I want to buy. I want to buy a car.
4:46
Speaker 2: I'm thinking, like, I want to buy a car. On
4:48
Speaker 2: a rent a car, buy a car.
4:50
Speaker 3: We heard that that that line, Well, it's all right,
4:54
Speaker 3: we don't buy we don't. At least we bought the
4:55
Speaker 3: whole cars you should. We grew up thinking like, yeah,
4:58
Speaker 3: you got to buy a car.
4:59
Speaker 2: Jay Z really tanged at our ring shot shout out
5:02
Speaker 2: to Jay. I saw a guy. But yeah, he said
5:04
Speaker 2: that line. We don't least we bought a whole call
5:06
Speaker 2: as you should. We like we got by car. That's
5:10
Speaker 2: the mentality he was having. So when I went to
5:13
Speaker 2: the dealership, that the guy he was telling me, he's like,
5:15
Speaker 2: nobody buys called. Everybody that comes here has money. Nobody's
5:20
Speaker 2: bout ninety percent of people here at leasing cars. So
5:22
Speaker 2: I'm like why, And then I started to dig deep
5:24
Speaker 2: into it, and then I started to understand why he
5:27
Speaker 2: said that as far as like the tax business benefits
5:29
Speaker 2: and all of the different things that come the benefits
5:31
Speaker 2: that come to leasing. So then my last two cars
5:34
Speaker 2: at least I had at least a BMW now leasing
5:37
Speaker 2: the bens and I don't know what I'll do next,
5:40
Speaker 2: but I'll probably.
5:41
Speaker 3: End up our story of the Cimmar Like around that
5:43
Speaker 3: same time, before you had a car, he was driving
5:46
Speaker 3: everybody's car, Like, SHO need your car, So he was
5:49
Speaker 3: driving cars and he I brought it with me when
5:51
Speaker 3: I got my second car was a BMW and we
5:54
Speaker 3: had a crazy story there at the dealership, but I was.
5:58
Speaker 3: I financed it and I got the payment out. They
6:00
Speaker 3: were like, I never forget.
6:01
Speaker 2: When you crash your car before I got it off
6:03
Speaker 2: the line.
6:04
Speaker 3: Yeah, we crashed it right, Yeah, as soon as I
6:07
Speaker 3: drove they were like, ah, now just leave it will
6:08
Speaker 3: come back another day. So I crashed it, well, they
6:10
Speaker 3: crashed it as soon as I got it. It was
6:12
Speaker 3: like five hundred and sixty two dollars for the payment.
6:14
Speaker 3: I was like twenty four years old.
6:15
Speaker 4: I was like, man, you were financing that car.
6:17
Speaker 3: I was like, well that's a lot. Yeah, I said,
6:18
Speaker 3: that's a lot. But you know what let's just go
6:20
Speaker 3: for it. And like you said, we was cruising it.
6:23
Speaker 3: It was a nice car and year four or five,
6:27
Speaker 3: like those BMW's, they had just changed the body. It
6:30
Speaker 3: was like two thousand and four. It had just changed
6:31
Speaker 3: the body. I got in two thousand and six, and
6:34
Speaker 3: every time something was wrong in the car, like it
6:36
Speaker 3: was the center would go off and censors would go off.
6:39
Speaker 3: I was just like, this is just getting annoying. And
6:40
Speaker 3: every time you fix the sensor it was like three
6:42
Speaker 3: hundred sixty dollars. I was like, this is crazy. Finally
6:45
Speaker 3: I paid it off. It was like twenty twelve, and
6:48
Speaker 3: I'm like, what am I gonna do with this car?
6:50
Speaker 3: Like it was a fifty thousand dollars car. I looked
6:52
Speaker 3: at the value of it because I was driving it everywhere.
6:54
Speaker 3: The miles was crazy.
6:55
Speaker 2: I was.
6:56
Speaker 3: They were like, we'll give you six thousand dollars for
6:58
Speaker 3: this thing, and I was like what right after six
7:01
Speaker 3: years of pain? And then like the parts, like I said,
7:05
Speaker 3: the parts themselves. Like that's one thing that I learned
7:08
Speaker 3: is like no matter how old the car is, the
7:10
Speaker 3: parts don't depreciate. So like if you bought it in
7:13
Speaker 3: nineteen eighty six, and you need new parts. The parts
7:16
Speaker 3: still cost the same, and I was like, you know what,
7:19
Speaker 3: this is it man? And the final straw. My son
7:23
Speaker 3: was born and I had the BMW five twenty five.
7:27
Speaker 3: At that time, it was still coming in real world.
7:28
Speaker 3: They didn't have four wheel driving all the cars. And
7:31
Speaker 3: I was coming up the hell in my house and
7:33
Speaker 3: the car started rolling back. It was snowing aground and
7:36
Speaker 3: literally the third day, like, that's what you bring your
7:38
Speaker 3: kid home? And we like went into oncoming traffic and
7:42
Speaker 3: I was like, this is it.
7:43
Speaker 2: I'm done.
7:44
Speaker 3: I'm never driving his car again. I'm never buying a
7:47
Speaker 3: car again. That's the end of the story. And I
7:49
Speaker 3: literally walked them up the hill and left the car
7:51
Speaker 3: down the street. We never got back back in wild.
7:54
Speaker 2: So, yeah, so we're gonna go into the details of
7:57
Speaker 2: leasing versus buying. I'm gonna say it for my standpoint
8:00
Speaker 2: as far as owner before. But first I want to
8:02
Speaker 2: give you the floor, right, all right, So can we
8:04
Speaker 2: talk about the difference between leasing and buying a car?
8:08
Speaker 2: What are some key differences in leasing a car and
8:11
Speaker 2: buying a car?
8:12
Speaker 4: Well, on at least most people, you'll hear that a
8:15
Speaker 4: lot people say, well, you don't own the car, right,
8:17
Speaker 4: But the truth is, do you want to own a
8:19
Speaker 4: vehicle that's going to lose value?
8:21
Speaker 2: Right?
8:21
Speaker 4: Very rarely do cars go up in value. So that's
8:24
Speaker 4: why leasing is so prevalent, seventy eighty percent, Like you said,
8:27
Speaker 4: of people lease the vehicles. When you're financing the vehicle,
8:30
Speaker 4: you do, you technically own it, but the bank owns
8:33
Speaker 4: it while you're financing. So until you pay it off,
8:37
Speaker 4: the vehicle still belongs to the bank title the titles
8:39
Speaker 4: held by the bank. You're not the owner of that vehicle.
8:42
Speaker 2: That's something that's that's a common misconception. You don't own
8:44
Speaker 2: a car the way until you finally pay it off.
8:48
Speaker 2: And then when you do pay it off, most people
8:49
Speaker 2: want to trade it in.
8:50
Speaker 4: They want to trade it right away old by the
8:52
Speaker 4: time you own it now.
8:53
Speaker 2: It's old exactly. But another thing with the leasing that
8:56
Speaker 2: people don't fully understand is like for me personally, right,
8:58
Speaker 2: the reason why at least is that I'm a business owner, right,
9:03
Speaker 2: so I get better tax treatment for least in the car.
9:05
Speaker 2: Whereas like with the least I can write off the insurance,
9:08
Speaker 2: the gas and the least payment formula percentage, we won't
9:12
Speaker 2: get too complicated in it. But I can write that
9:14
Speaker 2: off on my taxes. If I own the car, then
9:17
Speaker 2: I could only have to go a by the depreciation
9:19
Speaker 2: because it's a own I get less of a tax
9:22
Speaker 2: benefit for owning a car, So it's in my benefit
9:25
Speaker 2: to lease the car because it's pretty much a write
9:28
Speaker 2: off for me, and I don't have to worry about maintenance. Right,
9:32
Speaker 2: So I never haven't gotten I haven't paid for oil
9:35
Speaker 2: change and I can't remember when because all least everything
9:38
Speaker 2: is paid for, yes, and then I get a new
9:42
Speaker 2: car every three years. It's not I always sell, like
9:44
Speaker 2: if you want to. Everybody's personal preference is different. You
9:47
Speaker 2: can't foreshew views on somebody, right, Like if you want
9:50
Speaker 2: to keep a car for ten years, that shit right,
9:53
Speaker 2: you can do that. I don't want to do that.
9:55
Speaker 2: I want a new car. So I know it's going
9:57
Speaker 2: to cost me a lot more money to buy a
9:59
Speaker 2: car and then buy a new car every three years
10:02
Speaker 2: as opposed to leasing a car and then getting a
10:04
Speaker 2: new car every three years. And the upper front is
10:07
Speaker 2: less yep, right.
10:08
Speaker 4: Yeah, absolutely yeah. On a lease, you only pay let's
10:11
Speaker 4: say the taxes right when you're financing in the vehicle
10:14
Speaker 4: you pay tax on the whole price of the car,
10:16
Speaker 4: or on a lease you only pay tax and let's
10:17
Speaker 4: say the monthly payment. Depending on the state and where
10:19
Speaker 4: you're registering the car, Let's say like New York, you're
10:22
Speaker 4: only paying tax on the monthly payment.
10:25
Speaker 2: Right. So I think that that's something that people could
10:27
Speaker 2: And as far as for me, I don't drive a lot,
10:30
Speaker 2: so twelve thousand miles. I never go with twelve thousand miles.
10:33
Speaker 2: I usually hit like eleven ten to five, So it's
10:37
Speaker 2: perfect for me. But you were saying, even if you
10:39
Speaker 2: do go with twelve thousand.
10:40
Speaker 4: That's a big misconception. Also, it's a lot of people
10:42
Speaker 4: think that if I drive a lot of mileage, I
10:44
Speaker 4: shouldn't be leasing.
10:45
Speaker 2: You know.
10:45
Speaker 4: You hear a lot of people come in and they say,
10:47
Speaker 4: you know, I do fifteen twenty thousand miles a year,
10:49
Speaker 4: I shouldn't you know? Leasing is not for me. I
10:51
Speaker 4: think the contrary. The way I look at it is
10:54
Speaker 4: when you're leasing the vehicle, even if it's a high mileage,
10:57
Speaker 4: least you know your true cost of ownership, Like you said,
10:59
Speaker 4: with maintenance, right, you know that you're gonna have this
11:01
Speaker 4: car three years you're gonna put fifteen thousand miles a year,
11:03
Speaker 4: you'll have forty five thousand miles. Most warranties are let's say,
11:07
Speaker 4: four year, fifty thousand mile bumper to bump a warranty,
11:10
Speaker 4: so you'll still covered under your warranty, you see what
11:13
Speaker 4: I mean. So you'll be able to look at it
11:14
Speaker 4: and say, hey, you know what, I know exactly what
11:15
Speaker 4: I'm gonna be paying every month for this car as
11:17
Speaker 4: long as I have my lease. Now, when you're financing
11:20
Speaker 4: a car and you're putting high mileage on the car,
11:22
Speaker 4: the two things that lower the value of the car
11:25
Speaker 4: quickest is the amount of milege you put on it
11:27
Speaker 4: and the condition of the car. So let's save the
11:29
Speaker 4: vehicle was in an accident. So if I'm leasing my
11:32
Speaker 4: car and someone that my next door neighbors buying their
11:36
Speaker 4: vehicle and they're financing their car in three years, I
11:39
Speaker 4: have a lot more flexibility of what I can do.
11:41
Speaker 4: I don't have to worry about if my car was
11:43
Speaker 4: in an accident or you know, does somebody key my car?
11:45
Speaker 4: Did a garbage truck come down the street to hit
11:47
Speaker 4: my car? Because their value is dropped now, So now
11:49
Speaker 4: you're playing this guessing game of well, wait a minute,
11:52
Speaker 4: what is my car now worth? And you run into
11:54
Speaker 4: a situation where you finally pay off your car. You
11:57
Speaker 4: put money into the vehicle trying to fix it, and
11:59
Speaker 4: they turn around to hey, your cards worth six thousand dollars.
12:02
Speaker 2: Now.
12:02
Speaker 4: The other thing that we talked about was that technology
12:05
Speaker 4: is moving so fast, so things get antiquated quick. So
12:09
Speaker 4: that's why leasing is nice because in three years you
12:13
Speaker 4: may not need a small sedan right now, In three years,
12:15
Speaker 4: your life changes. You have a family, you have kids.
12:18
Speaker 4: Now I want to suv. My lease is up. I
12:20
Speaker 4: come out of the lising, I go into the brand
12:23
Speaker 4: new suv if I want can't fit quarding anymore?
12:25
Speaker 2: Exactly.
12:25
Speaker 3: Yeah, Now that's true. Technology changes even like the few
12:28
Speaker 3: if I have now, like I saw the two twenty
12:30
Speaker 3: twenty mode, I'm like, wait, yeah, that is ridiculous, Like
12:33
Speaker 3: I need that technology now. So it's like you can
12:36
Speaker 3: just come in every three years. Man, that's a that's
12:38
Speaker 3: a huge benefit in leasing. One of the things that
12:41
Speaker 3: is important when you're lease in all finances is the
12:43
Speaker 3: credit Yep, how does that work? Is there a specific
12:47
Speaker 3: bureau that car dealerships use, or the bank.
12:51
Speaker 4: So it varies between manufacturers, so different banks. So let's say,
12:54
Speaker 4: if you're going to Honda Honda Financial, Toyota has Toyota
12:57
Speaker 4: Motive Credit, Mercedes Benz has Mercedes Benz Financial. They all
13:01
Speaker 4: have different criterias, right, So it's not a blanket as
13:05
Speaker 4: far as what they use. Some people use transunions, some
13:07
Speaker 4: people use echo facts. Other manufacturers use what's called an autoscore.
13:11
Speaker 4: So an autoscore means your automotive history. So even if
13:14
Speaker 4: you had some trouble on your credit, but they saw,
13:17
Speaker 4: let's say, for whatever reason, you had some medical bills
13:19
Speaker 4: or something happened, but you always paid your car node
13:22
Speaker 4: on time. The bank may look at that and say, hey,
13:24
Speaker 4: well wait a minute, they missed some payments over here,
13:28
Speaker 4: but they always paid their car on time. So that
13:30
Speaker 4: means that, hey, you know what, this person needs that car.
13:32
Speaker 4: They need to get to work, they need to provide
13:34
Speaker 4: for their family. So no matter what happens, they're going
13:36
Speaker 4: to take care of that monthly payment.
13:37
Speaker 2: And another thing I want people to think too. A
13:39
Speaker 2: lot of times people will look at it like, okay, well,
13:41
Speaker 2: I'm not a business owner and we're talking about luxury cars.
13:44
Speaker 2: Just because we have luxury cars, but it's the conversations
13:47
Speaker 2: for any type of cass it doesn't matter. But also
13:49
Speaker 2: people have to realize is that you don't have to
13:52
Speaker 2: be a full time entrepreneur to be an entrepreneur because
13:55
Speaker 2: the tax system. I can't stress this up. The tax
13:58
Speaker 2: system is set up for entrepreneur and investors. It's not
14:01
Speaker 2: set up for employees. Right, So as an entrepreneur, you
14:05
Speaker 2: get all kinds of benefits. You can write off meals,
14:08
Speaker 2: you can write off travel, you can write off almost
14:11
Speaker 2: anything realistically as long as it makes sense. Don't get
14:14
Speaker 2: order and cars is one of the things that you
14:17
Speaker 2: can write off. Right. So if you work in a
14:19
Speaker 2: regular job and you might have a side hustle, why
14:22
Speaker 2: not get that incorporated, get an LLC, get a sea court,
14:25
Speaker 2: whatever you want to do, and get a tax id,
14:28
Speaker 2: opening up bank account. Now you have a business. So
14:30
Speaker 2: now you can lease that from your side hustle business,
14:33
Speaker 2: and you can deduct the same deductions like if you
14:36
Speaker 2: work the regular job. Right, Like now that that goes
14:39
Speaker 2: against any money that you make on that end. So
14:41
Speaker 2: I say that to say we have to think like
14:44
Speaker 2: business people and you don't even have to actually be
14:47
Speaker 2: a full time business owner salespeople as well. Right if
14:51
Speaker 2: you're a ten ninety nine or if you are in
14:54
Speaker 2: some form of sales where you can take deductions like
14:57
Speaker 2: real estate, stuff like that, insurance you show insurance the
15:00
Speaker 2: same thing. So a lot of times people you know
15:03
Speaker 2: they have negative views towards things because they don't they
15:06
Speaker 2: have a lack of understanding it. Once you have a
15:08
Speaker 2: lack of understanding.
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17:31
Speaker 2: And like I said, now, if you still choose to
17:33
Speaker 2: do that, then it's your decision. It's free country. But
17:36
Speaker 2: a lot of times if you make decisions based out
17:39
Speaker 2: of ignorance not knowledge, right exactly. So one of the
17:42
Speaker 2: things I want to ask you was you said MSRP
17:45
Speaker 2: versus price, right, what's the difference?
17:47
Speaker 4: It's selling price, all right? So yeah, so you have MSRP. Right,
17:50
Speaker 4: that's what's on the windowsticker, right, So the manufacturer suggests
17:53
Speaker 4: the retail price of the vehicle. That's MSRP. Manufacturer suggests
17:56
Speaker 4: the retail price. That's what they recommend you should be
17:59
Speaker 4: selling that car for now. The selling price is what
18:01
Speaker 4: you negotiate, right or whatever. However you can reduce the
18:05
Speaker 4: selling price of the vehicle. That's what that comes down to.
18:08
Speaker 3: Is that the same thing as a cap cost.
18:09
Speaker 4: So no cap cost. Let's say you're leasing or your
18:12
Speaker 4: finance in the vehicle. The final cap cost is the
18:15
Speaker 4: selling price plus anything else. So whatever money the bank
18:18
Speaker 4: is lending you, whatever it so least or finance, they're
18:21
Speaker 4: still lending a certain amount of money. So let's sayd
18:23
Speaker 4: the lease, if you rolled your taxes into your payment,
18:26
Speaker 4: that's going to add to your cap cost. If you
18:27
Speaker 4: negotiated a fifty thousand dollars selling price and then you
18:31
Speaker 4: rolled your taxes of two thousand dollars into the lease,
18:32
Speaker 4: that's fifty two thousand dollars cap cost. And is that negotiable. Well,
18:37
Speaker 4: it's based on what you negotiate as far as you
18:39
Speaker 4: let's say you're selling price. So whatever fees you put
18:42
Speaker 4: into it, those aren't negotiable. Those let's say taxes and
18:45
Speaker 4: DMV fees, things like that.
18:46
Speaker 2: So all right, we talked about okay, talk about leasing
18:49
Speaker 2: a car, but buying a car. Somebody wants to buy
18:51
Speaker 2: a car, right, and you were saying most of the time,
18:53
Speaker 2: if you do want to buy a car, it it
18:54
Speaker 2: makes more sense to buy a used cost.
18:56
Speaker 4: I always recommend people, if you are going to buy
18:58
Speaker 4: a car, buy a certified prince. Now, listen, there's vehicles
19:01
Speaker 4: you can find out these lots that are not authorized,
19:04
Speaker 4: let say Mercedes Benz dealerships or Toyota dealership. Me personally,
19:08
Speaker 4: I think you're better off going to You may pay
19:11
Speaker 4: a couple of dollars more, but you're getting it from
19:13
Speaker 4: the manufacturer, so you have the backing of manufacturers. Just
19:16
Speaker 4: give you an idea. Most companies, when they certify a vehicle,
19:19
Speaker 4: the vehicle goes through let's say, you know, one hundred
19:21
Speaker 4: and fifty pointe hundred and sixty point inspection. So not
19:25
Speaker 4: only will they inspect the vehicle to make sure that
19:27
Speaker 4: it's in certain conditions, so they'll eliminate things like let's
19:29
Speaker 4: say this frame damage to the car. If the car
19:32
Speaker 4: is frame damage doesn't qualify for certification, so it's eliminated.
19:35
Speaker 4: Most dealerships won't even take that car. They'll send that
19:38
Speaker 4: car out. And that's what you'll see the vehicles on
19:40
Speaker 4: these other side lots, right, and they're selling those vehicles.
19:43
Speaker 4: So there's really no recourse when it comes to something
19:46
Speaker 4: happened to the car. Not to mention the fact that
19:48
Speaker 4: once that car goes through the certification, a lot of
19:51
Speaker 4: manufacturers will put new car interest rates on those cars.
19:55
Speaker 4: So typically pre owned cars or used cars will have
19:58
Speaker 4: a higher interest rate than a new car. But if
20:00
Speaker 4: it's certified, you get a better interest rate. So like
20:02
Speaker 4: right now, like let's say you have one point nine
20:04
Speaker 4: nine percent, you can't get one nine nine percent on
20:06
Speaker 4: a used car, you know, anywhere else, you know what
20:08
Speaker 4: I mean, If the vehicle's certified, that's the way to
20:11
Speaker 4: do it. Me personally, the vehicles, as you guys have
20:14
Speaker 4: all heard this, people say, oh, well, the vehicle loses
20:16
Speaker 4: value as soon as you drive it off the lot.
20:18
Speaker 4: Now what happens is really it's once it's registered the
20:21
Speaker 4: vehicle loses value. That's when that's when the vehicle loses value.
20:24
Speaker 4: That's normally when you're driving off the lot.
20:25
Speaker 3: That's when you got it brand new.
20:27
Speaker 4: So yeah, when you're buying a car brand new, it
20:29
Speaker 4: initially loses its value when you drive it off a
20:32
Speaker 4: lot or the vehicle is titled. So now you're buying
20:34
Speaker 4: a vehicle, who's going to that's going to depreciate in value.
20:37
Speaker 4: That's what a car does. It's going to go down
20:39
Speaker 4: in value. So you're financing a car that's losing value.
20:42
Speaker 4: It already took a big hit right when you're buying
20:44
Speaker 4: new opposed to a certified pre own that the initial
20:46
Speaker 4: depreciation has already happened. It's already taking place that you
20:50
Speaker 4: knew that car was taking care of the manufacturer. The dealership,
20:53
Speaker 4: you know, is putting themselves behind that vehicle, saying, hey,
20:55
Speaker 4: we know this vehicle, We've inspected this vehicle, we know
20:58
Speaker 4: this vehicle's in good shape. We're willing to even put
21:02
Speaker 4: a new car rate on it. So you have some
21:04
Speaker 4: more confidence when they're buying that type of vehicle. Okay,
21:06
Speaker 4: all right.
21:07
Speaker 3: There was another thing that we saw when we were
21:09
Speaker 3: reading it was gap insurance. Now that's something that doesn't
21:12
Speaker 3: come on a finance, but it does come on the lease.
21:14
Speaker 4: Yeah, New York State leases all have gap insurance. Now
21:18
Speaker 4: what happens. People don't realize that if a vehicle is
21:20
Speaker 4: let's say total or stolen, any negative equity. So if
21:24
Speaker 4: your insurance company says, hey, your car was worth ten
21:27
Speaker 4: thousand dollars, but you owe the bank twelve or thirteen.
21:29
Speaker 4: Without gap insurance, you're responsible for that negative equity. Okay,
21:34
Speaker 4: you're a negative balance, you're responsible for that amount. So
21:36
Speaker 4: that's why all New York State leases will have gap insurance.
21:40
Speaker 2: All right, So for people that go into the dealership
21:43
Speaker 2: and they don't really know what questions. It's iluent to
21:45
Speaker 2: me because you don't really know if you're gett ripped
21:47
Speaker 2: off or not. You just call me, So like what
21:50
Speaker 2: questions should they ask? Like, how do you know if
21:53
Speaker 2: you're getting a good deal? How can you get the
21:54
Speaker 2: best deal? Everything negotiable, everything's negotiable, So how can you
21:57
Speaker 2: get the best deal?
21:58
Speaker 4: So here's what it is I mean, and it's the
22:02
Speaker 4: car business has this bad reputation, right, sometimes we make
22:06
Speaker 4: it harder than it has to be as a consumer. Now,
22:08
Speaker 4: if you know there's a vehicle you want, there's so
22:10
Speaker 4: much information out there. You can go online, you can
22:12
Speaker 4: do research, you can find out what the cost of
22:14
Speaker 4: the vehicle is. But at the end of the day,
22:16
Speaker 4: I always recommend trying to buy local. Try to buy
22:19
Speaker 4: where you're going to be servicing your vehicle and they
22:22
Speaker 4: want to take care of you when you have a problem. Yes,
22:24
Speaker 4: you can go to any matter of fact, you can
22:25
Speaker 4: go to any dealership and try to get help or
22:28
Speaker 4: have your vehicle serviced. But a lot of times when
22:30
Speaker 4: you buy local, they have more of an interest in
22:33
Speaker 4: taking care of you because you know what you purchase
22:35
Speaker 4: from them, They're going to take care of you first.
22:37
Speaker 2: Right.
22:37
Speaker 4: If you came to my dealership and you bought the
22:40
Speaker 4: car in Jersey, right, or another dealership, but another customer
22:43
Speaker 4: came in and he bought his car here, who would
22:46
Speaker 4: you expect me to take care of better?
22:48
Speaker 2: Or first? Right?
22:49
Speaker 4: If I have one loaner car left, I'm going to
22:50
Speaker 4: give it to the guy who's little to me and
22:52
Speaker 4: he say he's buying cars. As far as the price goes, listen,
22:55
Speaker 4: there's a lot of information online.
22:56
Speaker 2: You can go.
22:56
Speaker 4: You can look up what the costs of the vehicles are.
22:59
Speaker 4: I do reckon Comen. Listen. You want to shop around,
23:01
Speaker 4: but at the end of the day, once you have
23:03
Speaker 4: a bottom line number, go into your local dealership say hey,
23:06
Speaker 4: this is what I got. Can you guys match it,
23:08
Speaker 4: get close to it, beat it, whatever it is.
23:10
Speaker 3: What sites do you recommend, like Kelly Bluebook or.
23:12
Speaker 4: Kelly Bluebook's great. You know, there's a lot offormation. If
23:14
Speaker 4: you go to Google, you can search, you know, car gurus,
23:17
Speaker 4: they'll give you all types of information.
23:18
Speaker 2: What about what's the residual value? All right?
23:21
Speaker 4: Residual values what the bank? The bank sets what's called
23:24
Speaker 4: the residual value. A residual value is the estimated value
23:27
Speaker 4: of the vehicle at the end of the lease. Okay,
23:29
Speaker 4: so that's what the bank is assuming or hoping that
23:32
Speaker 4: the vehicle is going to be worth once your lease
23:34
Speaker 4: is over. Now, that's determined by the mileage, right, how
23:37
Speaker 4: many miles. The less miles you put on a car,
23:39
Speaker 4: the higher residual value is going to be a good.
23:42
Speaker 4: Thing about the residual is that you want to have
23:44
Speaker 4: a high residual value. The higher the residual value means
23:47
Speaker 4: that the vehicle is going to depreciate less. So you're
23:49
Speaker 4: paying a smaller monthly payment because your monthly payment is
23:52
Speaker 4: based on the depreciation. Okay, So let's give you mathematics. Right,
23:57
Speaker 4: If the car has a selling price, let's say fifty
24:00
Speaker 4: thousand dollars, Right, Let's say's an MSRP of fifty thousand dollars,
24:03
Speaker 4: just to use round numbers, and the residual value is
24:06
Speaker 4: fifty percent, So it's twenty five thousand dollars. It's what
24:08
Speaker 4: the vehicle's going to be estimated to be worth at
24:10
Speaker 4: the end of the lease. Right, So you're going to
24:13
Speaker 4: pay that difference between the fifty thousand and the twenty
24:16
Speaker 4: five thousand, that's depreciation. But let's just say you just
24:18
Speaker 4: negotiated your price down to forty five thousand, So now
24:22
Speaker 4: you're shrinking the depreciation because it's between forty five and
24:24
Speaker 4: twenty five a post to the forty five and fifty,
24:27
Speaker 4: so you're paying on that depreciation. Do you know what
24:30
Speaker 4: I mean?
24:30
Speaker 2: Okay? And what about the cap reduction? All right?
24:33
Speaker 4: Cap cost reduction, that's the money down. That's what your
24:36
Speaker 4: initial investment to bring your payments down. So you'll see
24:39
Speaker 4: a lot of times people come in they say, well,
24:41
Speaker 4: I saw an ad that said three forty nine a month,
24:43
Speaker 4: but in that fine print it said thirty two ninety
24:46
Speaker 4: nine cap cost reduction or money down. So a lot
24:50
Speaker 4: of times people come in they say, well, I don't
24:51
Speaker 4: want to put any money down. That means you're still
24:53
Speaker 4: giving your taxes, your first month's payment, your bank fee,
24:56
Speaker 4: your plates upfront. It's not mean doesn't mean you're not
24:58
Speaker 4: coming up with anything out of pocket. That just means
25:00
Speaker 4: you're not putting on a cap quest reduction. So to
25:02
Speaker 4: give you an idea, let's say in a thirty six
25:04
Speaker 4: month lease, one thousand dollars cap quest reduction is equivalent
25:07
Speaker 4: to roughly thirty dollars in your monthly payment. So if
25:10
Speaker 4: you're at you know, let's say four, you're at four
25:13
Speaker 4: to fifty a month, and you want to get down
25:15
Speaker 4: to four to twenty, you put a next thousand dollars
25:17
Speaker 4: down to get you done to that monthly payment after
25:19
Speaker 4: you've negotiated your best deal. Now, some people are opposed
25:22
Speaker 4: to putting money down. It's all a personal preference. Some people,
25:25
Speaker 4: let let's say they know they want this particular car,
25:28
Speaker 4: and maybe their company gives them an allowance for their vehicle,
25:31
Speaker 4: or they just want to keep the payment below a
25:32
Speaker 4: certain budget because they want to you know, work their
25:34
Speaker 4: numbers in there for their monthly payments, right, they may
25:37
Speaker 4: put that money down. Me personally, I don't put money
25:39
Speaker 4: down on the lease because I'm okay with my monthly
25:41
Speaker 4: payment and I'd rather have the money in my pocket.
25:43
Speaker 4: That's the way I think.
25:44
Speaker 3: And sometimes the dealerships have things built in, right, specials
25:48
Speaker 3: like that, Like.
25:48
Speaker 4: Yeah, there are specials where they have incentives from the
25:50
Speaker 4: manufacturer if they're trying to move particular products. You know,
25:54
Speaker 4: some people come in and say, well, wait a minute,
25:55
Speaker 4: why is this car fifty five thousand dollars and this
25:58
Speaker 4: car is fifty five thousand dollars. Let's say two differ
26:00
Speaker 4: and bran to different models, right, Or maybe an SUV
26:03
Speaker 4: wants a sedan and the prices are different, right. And
26:05
Speaker 4: what happens is we may have a lot more sedans
26:09
Speaker 4: in inventory and there's not a lot of these SUVs around.
26:12
Speaker 4: Everybody's buying SUVs. So the manufacturer says, hey, let's help
26:15
Speaker 4: the dealership move these vehicles by putting additional incentives on
26:18
Speaker 4: it so they're payment below.
26:20
Speaker 3: Is that specific time of year that that happens like
26:22
Speaker 3: I always see, like it's like a summer sale or winter.
26:27
Speaker 4: Every manufacturer has different sales events, like let's just say
26:29
Speaker 4: from Mercedes normally, then the end of the year is
26:31
Speaker 4: a big time. Also in June and July you'll see
26:33
Speaker 4: some nice sales events. But the way I look at it,
26:36
Speaker 4: it's all based on what you need, right, Depending on
26:38
Speaker 4: when you need your car is when you want to
26:41
Speaker 4: work your best deal. Do the payments fluctuate to a
26:43
Speaker 4: point where it's hundreds of dollars difference between those sales events?
26:46
Speaker 4: Not necessarily Normally it's a thirty forty fifty dollars difference
26:49
Speaker 4: in the monthly payment. So if you need a car, listen,
26:52
Speaker 4: you want to go into the dealership. You want to
26:53
Speaker 4: build a good relationship with your dealership, and if you
26:56
Speaker 4: spend some time work the deal obviously make sure that
26:59
Speaker 4: you're there for a reason. A lot of times people
27:01
Speaker 4: come in they go, you know what, just give me
27:02
Speaker 4: your best price. I'm leaving that. That makes it a
27:05
Speaker 4: little bit more difficult, And I get it.
27:07
Speaker 2: I get it.
27:08
Speaker 4: People get focused as far as the numbers go. I
27:11
Speaker 4: totally understand it. You want, but my thing is this,
27:13
Speaker 4: we want to give people great deals. We want you
27:15
Speaker 4: to buy cars. Right, It's not about the car business
27:18
Speaker 4: has this you know persona of being like, oh, they're
27:21
Speaker 4: gonna rip me off. That's not the case anymore. Listen.
27:23
Speaker 4: I'm sure there are people out there who take advantage
27:25
Speaker 4: of people, but that's not the case. And most highline dealerships,
27:27
Speaker 4: al most you know mom and pop, you know organizations
27:30
Speaker 4: where they really love to take care of people.
27:32
Speaker 2: And then you could buy a car at the end
27:34
Speaker 2: of the lease, right if you want.
27:35
Speaker 4: Now, you can buy your vehicle out at the end
27:37
Speaker 4: of the lease. That's one thing people ask me a lot. Look,
27:38
Speaker 4: I want to lease this car and I want to
27:40
Speaker 4: buy it.
27:41
Speaker 3: That was a big fun right went out least with
27:43
Speaker 3: the option to buy.
27:46
Speaker 4: So my thing is this, if you're going to buy
27:48
Speaker 4: the car, buy the car now, all right. Now, here's
27:51
Speaker 4: the thing. We go back to that residual value. You
27:53
Speaker 4: want that residual value to be high. You almost want
27:55
Speaker 4: it to be unrealistically high, because that means your monthly
27:58
Speaker 4: payment on you're going to your lease is going to
28:00
Speaker 4: be lower. Now here's the thing. Now, at the end
28:02
Speaker 4: of the lease, all of sudden you say, well I'm
28:03
Speaker 4: gonna buy it. You're buying it at that very high
28:05
Speaker 4: residual value. You have the option to buy it at
28:08
Speaker 4: that price. Okay, So now you're basically any savings that
28:11
Speaker 4: you took advantage of because that residual value is high,
28:14
Speaker 4: you're basically giving it right.
28:15
Speaker 2: Back to the bank. That's the other thing too, as
28:16
Speaker 2: far as with leasing a car, the monthly payments are
28:19
Speaker 2: usually lower than if you buy that.
28:20
Speaker 4: Yeah, call normally.
28:21
Speaker 2: That's another thing people have to understand too. It's like
28:23
Speaker 2: it's okay not to own everything. For me personally, I
28:25
Speaker 2: don't necessarily want to own a car. Because I'm gonna
28:27
Speaker 2: lose money on it, right, So I don't want to
28:29
Speaker 2: own something that I'm gonna lose value in. So that's
28:32
Speaker 2: like owning a house that you know is going to
28:33
Speaker 2: go down and value of what's the point of owning it.
28:35
Speaker 4: I'd rather in it.
28:36
Speaker 2: I have to have somewhere to live. I don't want
28:39
Speaker 2: to own a house where I know if I'm gonna
28:40
Speaker 2: pay one hundred thousand and then ten years it's gonna
28:42
Speaker 2: be worth twenty thousand.
28:43
Speaker 4: Well that's what I tell people. If let's say there's
28:45
Speaker 4: an area that you want to live in. Well, for
28:47
Speaker 4: whatever reason, the views or whatever is, the schools, whatever
28:49
Speaker 4: it keeps, you want to live there. But let's say
28:51
Speaker 4: the real estate agent said, hey, great news. This house
28:53
Speaker 4: is x amount of this apartment is X amount of dollars,
28:56
Speaker 4: and every year it's going to go down in value.
28:58
Speaker 4: You're gonna say, well, wait a minute, I don't why
29:00
Speaker 4: what I buy that that you better? You're better off
29:02
Speaker 4: renting it, right, you say, listen, I want to live
29:04
Speaker 4: here for three years, but guess what in three years
29:06
Speaker 4: from now, I want to go move to the suburbs.
29:08
Speaker 4: You know, I like the views where I am but
29:10
Speaker 4: I can't see myself raising a family here, right, you'd
29:12
Speaker 4: rather rent that apartment, And renting is like that that
29:15
Speaker 4: that case, like, it's like leasing where you have the
29:18
Speaker 4: option to walk away from it at the end of
29:19
Speaker 4: those three years.
29:20
Speaker 3: Now, there's something called a lease end calls. That's like
29:22
Speaker 3: something that's like a hidden court that I actually found
29:25
Speaker 3: out about. So like, if I have a Mercedes and
29:27
Speaker 3: I lease it, but at the end of the lease,
29:29
Speaker 3: I decide, you know what, I want to go to BMW.
29:32
Speaker 4: There's a price for that. So they have what's called
29:34
Speaker 4: the disposition fee. All right, there's basically a fee to
29:37
Speaker 4: turn in the vehicle. Now, here's the thing. If you
29:39
Speaker 4: go with another BMW, a lot of times they'll just
29:41
Speaker 4: wave that fee. Right Now, there is a reason why
29:43
Speaker 4: they charge it. It's not just a penalty for leaving
29:45
Speaker 4: the brand. They have to keep in mind, once you
29:48
Speaker 4: surrender that vehicle, they have to pick up that vehicle,
29:51
Speaker 4: they have to condition it for resale, so things like
29:53
Speaker 4: that that they go through this paperwork that has to
29:55
Speaker 4: be processed in order to do it. And obviously it
29:57
Speaker 4: does give you some sort of incentive to stay with
29:59
Speaker 4: the brand.
29:59
Speaker 3: Right, So if I say, there's that course, obviously they
30:02
Speaker 3: waved that for you.
30:02
Speaker 4: Most manufacturers wave.
30:03
Speaker 2: I learned that. I didn't know that. I learned that
30:05
Speaker 2: when I was trade my car.
30:06
Speaker 4: Yeah, that's why I have to stay with Mercedan.
30:08
Speaker 3: Were trying, man, we are trying.
30:09
Speaker 2: I got But before we go, I have one other question.
30:12
Speaker 2: I just saw recently online where somebody said that they
30:16
Speaker 2: they sold their car back to a dealership after they
30:19
Speaker 2: leased it. How does that? How does that work?
30:20
Speaker 3: With that?
30:21
Speaker 4: So very rarely does it happen where the vehicle has
30:26
Speaker 4: a higher value than the residual value. Okay, so let's
30:29
Speaker 4: say the visual value, like we talked about twenty five thousand,
30:31
Speaker 4: the guy kept it in great shape. You hardly drove it.
30:33
Speaker 4: You want to put minimum knowledge on the vehicle. Car's
30:36
Speaker 4: garage keptain. All of a sudden, for some reason, there's
30:38
Speaker 4: a there's a high demand for that particular vehicle. Let's
30:41
Speaker 4: say this thirty thousand dollars actually the book value for
30:43
Speaker 4: that car, and he was twenty five. He can turn
30:45
Speaker 4: out to the dealers and said, hey, I know my
30:47
Speaker 4: buyout is X amount of dollars. Would you be willing
30:49
Speaker 4: to buy that car from me? In order for me
30:52
Speaker 4: to trade.
30:52
Speaker 2: It back to you.
30:52
Speaker 4: Now they have some money that they could put towards
30:54
Speaker 4: another vehicle. Also, yeah, said.
30:56
Speaker 2: That, No, it was it was Matthew knows.
31:00
Speaker 3: Oh, and that pulled the t pain bought the one million.
31:03
Speaker 2: He didn't. He lost. He lost thousand.
31:06
Speaker 3: He blew the engine or something like that, and he
31:08
Speaker 3: sold it back to the dealership. He lost one thousand.
31:10
Speaker 2: Other years, well, he brought the car and then sold
31:12
Speaker 2: it six months later.
31:13
Speaker 4: Yeah, I mean, it's rare that that happens, you know,
31:17
Speaker 4: Like I said, cars are depreciating assets. It's very rare
31:20
Speaker 4: that that'll happen. My graduates from my school being forced bad.
31:26
Speaker 2: Drop bag drop Mike, drop bag drop drop.
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