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STOP BUYING CARS TO IMPRESS PEOPLE (REAL COST INSIDE) · Triple Da Money

• 0:11
  SPEAKER_01: Today we're breaking down something every young person should understand.
• 0:15
  SPEAKER_01: Should you buy a new car or a used one?
• 0:19
  SPEAKER_01: Let's be real.
• 0:20
  SPEAKER_01: If you're watching this, you're probably working a regular job.
• 0:24
  SPEAKER_01: Maybe customer service, maybe tips.
• 0:26
  SPEAKER_01: And that's completely fine.
• 0:28
  SPEAKER_01: Everyone starts somewhere.
• 0:30
  SPEAKER_01: But here's the real question.
• 0:32
  SPEAKER_01: It's not, how much does this car cost?
• 0:35
  SPEAKER_01: It's how many hours of my life am I trading for it?
• 0:39
  SPEAKER_01: Let's talk numbers.
• 0:41
  SPEAKER_01: If you make$15 an hour, you'd need to work about 96 hours just to afford the monthly payment on a new car.
• 0:49
  SPEAKER_01: And that's before taxes, before gas, before insurance.
• 0:54
  SPEAKER_01: That's just the payment.
• 0:55
  SPEAKER_01: Now here's something most people don't realize.
• 0:58
  SPEAKER_01: A lot of what you see online isn't real.
• 1:01
  SPEAKER_01: The cars, the lifestyle, it's often rented, sponsored, or staged.
• 1:07
  SPEAKER_01: But the richest people in the world?
• 1:09
  SPEAKER_01: They don't think like that.
• 1:10
  SPEAKER_01: People like Mark Zuckerberg and Warren Buffett don't chase flashy cars.
• 1:15
  SPEAKER_01: They focus on being smart with money.
• 1:17
  SPEAKER_01: And yeah, I wanted the$60,000 car too.
• 1:22
  SPEAKER_01: But instead, I chose a used 2012 car for$14,000.
• 1:28
  SPEAKER_01: Why?
• 1:29
  SPEAKER_01: Because I started thinking about everything else.
• 1:31
  SPEAKER_01: Insurance, depreciation, monthly payments, even small things, like what happens if I scratch it.
• 1:39
  SPEAKER_01: Then I looked at upfront costs.
• 1:41
  SPEAKER_01: Buying used saved me almost$5,000.
• 1:45
  SPEAKER_01: That's a trip.
• 1:46
  SPEAKER_01: That's experiences.
• 1:48
  SPEAKER_01: That's freedom.
• 1:49
  SPEAKER_01: Insurance is also much higher on a new car.
• 1:52
  SPEAKER_01: Because replacing a$60,000 car costs way more than replacing a$14,000 one.
• 1:58
  SPEAKER_01: But here's the craziest part.
• 2:00
  SPEAKER_01: The moment you drive a new car off the lot, it loses about 30% of its value.
• 2:06
  SPEAKER_01: Just like that.
• 2:07
  SPEAKER_01: But a used car?
• 2:09
  SPEAKER_01: That loss already happened.
• 2:11
  SPEAKER_01: Someone else paid for it.
• 2:12
  SPEAKER_01: Now let's talk about something even more important.
• 2:16
  SPEAKER_01: Opportunity cost.
• 2:17
  SPEAKER_01: That just means what else could you do with that money?
• 2:21
  SPEAKER_01: The difference between a new car and my used car was over$40,000.
• 2:26
  SPEAKER_01: Imagine investing that instead.
• 2:28
  SPEAKER_01: Both cars do the same thing.
• 2:30
  SPEAKER_01: They get you from point A to point B.
• 2:33
  SPEAKER_01: So what are you really paying for?
• 2:35
  SPEAKER_01: And here's a question nobody likes to think about.
• 2:38
  SPEAKER_01: What happens if you lose your job?
• 2:41
  SPEAKER_01: If you're stuck with a huge monthly payment, you could lose the car and still owe money.
• 2:46
  SPEAKER_01: With a cheaper car, you have flexibility, you have breathing room.
• 2:51
  SPEAKER_01: Now, yes, used cars can cost more in maintenance, but overall they're still way cheaper.
• 2:57
  SPEAKER_01: Look, I get it.
• 2:58
  SPEAKER_01: New cars look better, they feel better.
• 3:01
  SPEAKER_01: Everyone wants one.
• 3:03
  SPEAKER_01: But the truth is, rich people don't get rich by looking rich.
• 3:07
  SPEAKER_01: They get rich by making smart decisions.
• 3:10
  SPEAKER_01: So while others are working overtime just to afford their car, I'd rather invest in my future.
• 3:17
  SPEAKER_01: Turn off the radio, please.
• 3:19
  SPEAKER_02: Let's discuss about this topic.
• 3:21
  SPEAKER_02: So, what did you learn from this?
• 3:23
  SPEAKER_00: Honestly, a lot.
• 3:25
  SPEAKER_00: The biggest thing was understanding the difference between buying a new car and a used one.
• 3:29
  SPEAKER_00: Some people treat cars like phones.
• 3:31
  SPEAKER_00: They upgrade every few years without thinking about the cost.
• 3:34
  SPEAKER_02: Yeah, like they don't really feel the financial strain.
• 3:37
  SPEAKER_00: Exactly.
• 3:38
  SPEAKER_00: But a car is something you should keep for a long time.
• 3:40
  SPEAKER_00: It loses value, so spending a lot on it doesn't really help you long term.
• 3:44
  SPEAKER_02: That's true.
• 3:45
  SPEAKER_02: One thing that stood out to me was depreciation.
• 3:48
  SPEAKER_02: I didn't realize how much value you actually lose.
• 3:51
  SPEAKER_02: It's not just it goes down, it's real money gone from your net worth.
• 3:56
  SPEAKER_00: Yeah, and when you think about it, that money could go somewhere else.
• 3:59
  SPEAKER_00: Like travel, experiences, or even investing.
• 4:02
  SPEAKER_02: Right.
• 4:03
  SPEAKER_02: So what would you do with the money you save from buying a used car?
• 4:06
  SPEAKER_00: Honestly, anything more meaningful.
• 4:09
  SPEAKER_00: Even small things add up.
• 4:11
  SPEAKER_02: Makes sense.
• 4:12
  SPEAKER_02: What did you think going into this?
• 4:13
  SPEAKER_02: New car or used?
• 4:15
  SPEAKER_00: I was curious.
• 4:16
  SPEAKER_00: I like cars, but I wanted to understand how to save money too.
• 4:19
  SPEAKER_02: Same here.
• 4:20
  SPEAKER_00: I also realize this can really help people.
• 4:23
  SPEAKER_00: Most of us never think about how we treat cars financially.
• 4:26
  SPEAKER_02: What was the most interesting thing you learned?
• 4:28
  SPEAKER_00: That wealthy people don't always go all out on cars.
• 4:31
  SPEAKER_00: I thought they'd all drive supercars, but a lot of them don't.
• 4:34
  SPEAKER_00: They understand value.
• 4:36
  SPEAKER_02: That's a big mindset shift.
• 4:38
  SPEAKER_02: How does this change how you see influencers?
• 4:40
  SPEAKER_00: Honestly, it made me question things.
• 4:42
  SPEAKER_00: I used to think all those luxury cars meant success.
• 4:46
  SPEAKER_00: Now I realize it might not be real wealth.
• 4:48
  SPEAKER_02: Yeah, a lot of it is just for show.
• 4:51
  SPEAKER_00: Exactly.
• 4:52
  SPEAKER_00: Social media can be misleading.
• 4:54
  SPEAKER_00: It sets unrealistic expectations.
• 4:56
  SPEAKER_02: And that can affect younger people too.
• 4:59
  SPEAKER_00: For sure.
• 4:59
  SPEAKER_00: It creates pressure to live a lifestyle that's not realistic.
• 5:03
  SPEAKER_02: So if you don't have a car yet, how does this change your approach?
• 5:06
  SPEAKER_00: Now I see cars as just a tool.
• 5:08
  SPEAKER_00: Something to get from point A to point B.
• 5:11
  SPEAKER_00: I wouldn't spend big money on a new car early on.
• 5:14
  SPEAKER_02: So you'd go for something simple?
• 5:16
  SPEAKER_00: Yeah, something affordable.
• 5:18
  SPEAKER_00: Later in life, maybe I'd get a nice car for fun, but not at the start.
• 5:22
  SPEAKER_02: That's a smart approach.