John takes THE EXTRA MILE to the bank to explore tips and tricks for getting the most out of your auto purchase – from finding the perfect car to finaancing, and insurance options, John has you covered from A to Z.
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This is Thrive Radio, The Extra Mile, with your host, John Rush.
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Another edition of Drive Radio, The Extra Mile. Again, I’m your host, John Rush. You guys hear me on a routine basis. Appreciate you listening to this particular program, a continuation of Drive Radio that you guys hear from 3 to 4 p.m. on Saturdays. If you’re just hearing this for the first time, I know we’ve been doing this now for almost two months. Actually, it is a little over two months. Sorry, about a month. Sorry, how long? We’ve been doing this a month and a half. Sorry, Luke will get me straightened out. A month and a half. So we’ve got a few episodes under our belt, and for some of you who may be listening for the first time, again, thank you. And we do this recording earlier in the week because, as you all know, we’re live on Drive Radio from 10 to 1, and then this show we prerecord earlier in the week. Just happens to be Tuesday. of this week just so you know kind of the timeline and today i’m going to talk about and i know i talked about this one of our early programs on the extra mile was buying new cars how to buy a new car and so on well i had a message earlier this week uh sunday actually to be honest with you So first day of the week that basically said, hey, I know you talked about buying new cars and so on, but can you talk about more in the financing aspect of things? And why do certain people do certain things? And what’s the good and the bad and the ugly? And is there a bad way to go when it comes to financing and so on? And so I thought, you know what, that’s actually a really good theme. And we really just kind of brushed across that in buying a new car. And the other reason why I want to talk about this today as we head down the stretch into the end of the year is, This is the best time of the year to buy a car, new or used. So if you’re looking to buy a car right now, and as I’ve said even in the first couple of episodes of buying a new car, buying a used car, never buy when you have to. You still have plenty of time. Right now it’s December the 9th. That’s today. I know you’re going to be hearing this on this weekend’s episode, but you still have two full weeks. In that week between Christmas and New Year’s, dealers are open. And they are willing to deal. So you’ve got plenty of time to figure out what it is you want to buy and go make a deal. And for some of you that have already been working through what to buy, now is the time to pull the trigger. I was talking to one of my coaching clients the other day, Luke, that said, well, I think I’ll just wait until first of the year. And I said, you know, for tax reasons and so on. And I said, well, not to give you a lot of tax advice, but the reality is if you buy in 2025, you can make a decision with your accountant on whether you want to put the vehicle in 2025 or 2026 based upon when you’re doing your quote unquote in service. And the reality is you’re going to get a much better deal. buying a car at the end of the year than you are at the beginning of the year. And some would say, well, don’t they want to kick off the year right and get things going? Not saying they don’t, but do they want to end the year better? And the answer is always. So they will make deals at the end of the year that, frankly, they just will not make at other times of the year, because in a lot of cases they’re trying to meet quotas. They might even have a quota from the manufacturer that they’ve been given. That quota can be can be tied into deep discounts, by the way, retroactive discounts and or depending upon the vehicle you’re buying allocations into the next year. So let’s say it’s a really hot vehicle, one that might be hard to get. The reality is they might sell that vehicle to you now and then get more allocation of said vehicle next year. So lots of games. And I hate to call it that, but it is. I mean, lots of things. Let me say it this way, because I don’t want to call it a game because it’s business for them. But there’s a lot of things going on. inside of the new and used car world, but especially the new car world when it comes to the end of the year and making a deal. Now, why is there a good deal on the used car side of things? Because same deal. Business owners at the end of the year, they’re trying everything they possibly can to make their numbers look as good as they can. Because as they either build value in their business or they’re trying to have better take-home pay or they go to do financing, in a lot of cases used cars, they’re floor planning a lot of those cars. So the better their financials look, the more buying power they have, more credit they have, if you would, more paper they write, quote-unquote, for the cars that they’re actually buying. So at the end of the day, yes, this is a huge advantage to the new car side and the used car side to get deals done by the end of the year. Now, I did interview a guy earlier this week, and one thing that I was going to mention, this I’m going to talk about on Drive Radio as well, but here on The Extra Mile, CarEdge.com, which is not necessarily a buying service. It’s a website, a platform whereby you can go in and pretty much see what the bottom dollar is. of most cars should be in your area in your region they do it region by region so if you’re trying to figure out you know what’s a brand new you know f-150 you know equipped in this way and so on what should i be paying for that go to caredge.com and it will actually give you some advice on that now one thing i would caution you on i think even they would is this isn’t the bible okay in other words it’s going to give you some suggestions on what you know where prices and that should be but it’s never the bible you still have to go in and do the negotiation on your side and even some of the quote-unquote buying services they’ll tout that they can go in and get you a better deal and so on and even as i said in one of the previous episodes be careful of those In some cases, they can get you a better deal. In some cases, frankly, you could go there and get the same or better deal yourself, just depending upon your skill set when it comes to buying a car. And Luke and I talked about this again in one of the early shows. First things first, decide the car you’re going to buy. And when you go to said dealership to buy, you know, you get to the point where you realize that this is the car that I’m looking at, the car that I want to buy, and so on. Okay, that’s great. You get there, and off you go. Don’t buy something else because the dealership, quite honestly, is going to try to get you to, in some cases, if they don’t have the car that you’re looking for, they’re going to try to push you into a different car. And really, that just sort of throws everything that we’re going to talk about out of the water. So, and Luke, you know what I’m talking about there. You go to buy said car that maybe they advertise and maybe it was there, maybe it wasn’t. I’m not going to get into that, into things. And that is a game that they can play. You know, it’s against the law, by the way, for them to advertise a car that’s not there. But it’s not against the law for them to sell the car previous to you walking in the door, which is kind of the game they’ll play. Oh, yeah, we had that car, but somebody has bought it. Well, did they? Didn’t they? That’s one of those things you’d have to go through and prove to really decide whether it’s a deceptive practice or not. You know, bottom line is those games get played. You know, you walk in to buy the car that’s online. In some cases, you may have even called ahead of time to see if that car is there. But all of a sudden, guess what? You show up, car’s gone. So now they’re going to work you into a different car and your whole strategy, maybe that’s a way for me to say that, Luke, the whole strategy of buying the car, that car, changes because that car is no longer there. So the one thing I want to focus on today, and Luke, you’ve probably experienced this, is one of the first questions that most dealerships will ask you as you walk in the door and you start looking at said car I don’t know whatever we’ll pick this F-150 like I mentioned earlier you’re you’re walking in to buy 2025 F-150 one of the first things they’re going to ask you when you walk onto the lot is so what payment are you looking for Luke’s laughing because that you you’ve Luke you’ve experienced this you know what I’m saying
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Yeah, yeah. I was going to say, one of the things you’re told pretty early on, at the very least, one of the things I was told early on is, you step onto a lot, you do not say what your budget is. You don’t tell them how much money you’re willing to spend. You don’t do that. Precisely. You don’t give them any of that information.
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You are 100% correct. Luke’s giving out some great advice. Those are things you keep very close to the vest, even if you do have a number in mind, even a number in mind for the car, or you even got a payment number in your head, which you know that your family can afford or that you can afford if you’re a single person buying a car. Yeah, those are numbers you keep close to the vest. These are things that we do not share because they’re working that hard. So if you walked in and immediately said, you know what, I need a payment of, you know, I can afford 650 bucks. Everything they do from that point forward, they’re going to work backwards to that $650. It’s the wrong way to buy a car. First of all, do your homework. I’ve talked about this again in previous shows. Do your homework. Know what the car roughly is going to cost, the way you want it equipped, car or truck, SUV, van, whatever. By the way, this is true for even some of you guys that are on the fleet end of things. Figure out, you know, this is the car that I know I need, the vehicle I need. Here’s the price that I’ve seen on average that they’re going for and what’s out there and even using some of the services like CarEdge.com. This is what I roughly should be paying. And guys, you can go to websites like LoanCalculator.com. Spell it out, LoanCalculator.com, and you can put in there. By the way, you should already know the interest rate you’re going to be able to get based upon your credit. You can shop that on the front side, your own bank, your own credit union. You can go to places like LendingTree.com. There’s so many places you can go to to figure out whether you can get qualified for a loan or not. They’ll do a soft pull on your credit, meaning it’s not a hard pull, doesn’t affect your credit. They’ll tell you pretty much up front, here’s what we will do for you on a card. Rate, length of time, the whole nine years. You know what that is. So you’ve got this loan calculator now. You plug in average price of a new car is $55,000 and F-150 is probably $70,000. So, you know, you could plug in, you know, $70,000. Maybe you’ve got a $20,000 trade. So now it’s back down to the $50,000. So you say, you know, I’m going to end up with a loan at $50,000. You can play with the numbers. You can say, all right, I want a 60-month loan and I know I can get 4.5% interest. By the way, I’m not using numbers that aren’t out there right now. These numbers do exist. In fact, there’s some 0% deals with some manufacturers right now. Length of term will be less. But again, you can do the math. And that’s another thing I don’t think I’ve ever mentioned before. Every manufacturer has every type of deal. In some cases, there’s some hidden deals that the dealer might be able to tap into, some marketing funds and so on that you don’t see on the manufacturer’s website. But by and large, if you see something on the manufacturer’s website, you’ve got a college student, you’re a military and there’s a discount there, you’re a Costco member or a Sam’s Club member or, or, or, I can go down the list. Sometimes there’s a loyalty reward where you’re trading your car in and it’s the same make of car. They’ll give you a loyalty discount. In some cases, they’ll give you a discount for trading somebody else’s car in. There’s all these games that go on. And yes, in that case, it kind of is a game, a marketing ploy, I guess you could say. But the key there is know from their website. What are the deals that are out there at any given moment? And sometimes there’s regional deals even over national deals. So know all of that. Have yourself armed with that. Print a copy out or take notes on it if you want to. I would actually print a copy out. So if there’s ever any question inside the dealership, you can actually hold a piece of paper up or put it right in front of them and say, am I getting this deal? There’s this type of a program. There’s these kind of rebates. There’s employee pricing, whatever the case may be. Look at all of that on the front side so you know specifically what kind of deals are there so you then are basically getting every single opportunity that’s there to get the price of that car down as much as possible. So know your deals. And then on top of that, you pretty much should know the price you’re going to pay if you can get the right kind of deal swung. That’s where we’re going to go here in a minute. But you basically would know, okay, I’m financing $50,000. Here’s what I know I can do for an interest rate. Here’s what I know I can do for a length of term. Here’s what my payments are going to be. It’s really easy, folks. And I’m always surprised at how many people don’t know that those sorts of tools exist. And that is the particular program I use for a lot of things because it’s a calculator where you can do auto loans, mortgages, simple interest loans, things like that. You just plug the numbers in and it’ll give you the answer right there. And it’ll even give you the amortization sheet to tell you, okay – If I’m paying a little more interest on the front, which on a car you always are, when do I start breaking even? In fact, at what point do I not even worry about paying the car off because I’m paying all principal every month instead of interest or the majority of principal versus interest? Always good to have an amortization sheet on the cars that you buy on credit to basically know what I’m talking about. Because, yes, they’re going to be, you know, quote unquote, front loaded. And I know that I use that term loosely, but there’s higher interest on the front end of the loan than there is on the back end. For lots of reasons I’m not going to get into, but that’s just how car loans are done. So my point is, use a program like LoanCalculator.com. And this is new and used. And by the way, you can use Loan Calculator for everything. Hey, I want to go buy X. I want to go buy a piece of property to build a house. And that piece of property is 200 grand. And I can go borrow, you know, I’ll loan the money myself, or I’ve got somebody that’ll help me or whatever, and here’s what it’s going to cost, and so on. You can figure all that out on your own. It’s really, really simple, and it’s one of those tools, frankly, that should be bookmarked on most everybody’s computer. You click it, you find out exactly what things are going to cost, and or here’s how much money I can invest, because the opposite is true. You can actually go the opposite direction and get programs that say, okay, if I invested $100 a week in X project, fund and it makes x percentage here’s how much money i have at the end of a year five ten and so on so utilize that tool and and what i’m going to talk about is a little bit different than probably the dave ramsey’s of the world because dave would tell you you know don’t go into debt buying a car in fact you know what he will tell you is you know uh buy a car you know save your money beans and rice you know go buy a car with cash and i’m i’ve said this before Dave’s advice for a lot of people is solid and works. There are some exceptions to what Dave does where, no, in fact, it doesn’t work. So first things first, though, I will say this, and I’m sorry, new car dealers, but I’m just going to say this. Most people, and when I say most, if you’re not a business owner, and I’ve said this numerous times, you probably shouldn’t buy a new car. Now, if you’re uber rich and you’ve made a lot of money and you’ve got money to spend and you want to go buy a new car, you know what? Knock your socks off. Go buy a new car. I have no problem with that. That’s rare, though. Most people that want to go buy a new car are financing it to the hilt or even rolling over some negative equity from the last car, which I’ll get into on how that works. And at the end of the day, they’ve made a bad decision buying a new car. And I say bad decision because, and the reason I say only businesses should buy new cars is because they get a huge tax advantage in doing so. The way the tax structure works, if you can put that car into your business, quote, unquote, put it in the business, you have the ability to depreciate that particular vehicle either instantly in the year that you buy it, if it’s of the right make, model, and GBWR, or you can depreciate that out over five years. So bottom line is you get whatever your tax bracket is as a, quote, unquote, think of it this way, whatever your tax bracket is, you’re getting that money off the car. Because you’re saving that when it comes to the tax sides of things. So that’s why I tell people, typically speaking, the only buddy that should be buying new cars are business owners. Now, a lot of non-business owners buy cars. A lot of my listeners out there, some of you listening, are non-business owners. You’re going to buy a new car. Again, I’m one of those where you do you. I’m never going to criticize somebody for doing something. You know, you do you. All I’m trying to do is help you all through this process and make good financial decisions because that’s what somebody asked me to do for this particular program today and do it in such a way where you come out ahead at the end, not behind. So one of the things you have to be careful of in buying cars. is negative equity. So I’m going to talk about that for just one minute, because I said that a moment ago, a lot of people will roll one car, you know, one negative equity on a car to another to another. And I’ll be quite honest, they can’t get out of that cycle. And dealers will participate in that. I feel like at times they shouldn’t. And what I mean by negative equity, let’s say, for example, we use this, we’ll use this example of this $70,000 F-150. And I just said a moment ago that in this particular case, somebody has some positive equity in a car they’re going to trade in, so they get $20,000 down because of the truck they’re trading in or the vehicle they’re trading in. Well, let’s say it’s the opposite of that. Let’s say they’re looking at a new F-150, and they have a two-year-old F-150 that they’re, quote-unquote, upside down in. And they’re upside down to the tune of, let’s say, $10,000, meaning they have a vehicle that’s worth $50,000, but they owe $60,000. Or it’s worth $40,000 and they owe $50,000. Bottom line, there’s $10,000 of negative equity. And a lot of dealers will say, well, you know what we’ll do? We’ll just wrap that into the new car. So instead of that F-150 now being $70,000, it’s $80,000. And how do they get by doing that? They have a lot of pull with the credit end of things. They’ll stretch that term out. They’ll still get your payments down. They roll that negative equity into the next car and off you go. And unfortunately, that cycle continues because you immediately are not now 10 grand in the hole on that new F-150. Because remember, the minute you drive off the lot, it depreciates. That $70,000 F-150, the minute you drive off the lot, is now worth probably $62,000. It’s a 10% hit right off the bat, $62,000, $63,000, sometimes more. So now you’re not $10,000 in the hole, you’re $17,000 or $18,000 in the hole. Get where I’m going with this, folks. And it’s a cycle that really spirals out of control very quickly if you’re not careful. And I’ve known people. I’ve had family members that have done this where you literally roll one to the next to the next to the point where you can’t buy a car anymore. You are so upside down in the car that you own, the only way to get out of it is to go bankrupt. And by the way, I would not advise doing that. So you don’t want to have negative equity. It’s one of the things you want to really be careful of. And I’m sorry to say, yes, I think there’s some good, solid, honest dealers that will avoid. They’ll try their best to avoid you getting into a negative equity situation from your last car. But I will tell you right now, they’re few and far between. Most don’t care. If they’ve got to roll that 10 grand of negative equity in your last deal into this deal, and you’re buying a high enough priced car, trust me, they’ll make it work. Now, I have had situations, and I have advised people where they’re so far upside down in a particular vehicle that the only way they can get out of it is to do exactly what I’m talking about. Literally, there’s no other way out. And in those particular situations, yes, you’re okay in actually doing that. And those are very specific questions, or very specific situations, I guess I should say, and ones that I would have you send me that question on, is this a good idea for me to do X, Y, Z? All right, I’m going to do this. I’m going to take a quick break. We’re going to run a commercial here. Stay tuned. Luke and I will be right back. Again, this is Drive Radio, The Extra Mile.
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This program was recorded earlier for broadcast at this time. No phone calls can be accepted.
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All right, welcome back. Drive Radio, The Extra Mile. Spent a little bit of time there talking about negative equity, things like that. Luke, I know you’ve got a question. What is it?
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So, you were talking about car loans being so front-loaded with interest. Say you are a brand-new person into buying a car. You’ve never financed a vehicle before. You go to one of these loan sites that you recommended to do a calculation. You know how much you can afford a month, but those loan numbers are like hieroglyphics to some people.
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They are.
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What is an interest rate on a car loan? Obviously, all very variable, right? But around what number should you start running away from? At what point does that interest rate – at around what number does that become dangerous?
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By the way, great question, Luke. These are the kind of things that I want you guys to continue to ask me questions on. In fact, some of you have been out buying cars and have literally been in the process and have sent me even your deal sheets of – hey, am I getting this at a good deal? You know, am I doing this correctly? Am I making a bad choice? And so on. And I’m always there to help you with that. So any of you listening, please, please, I would rather have you take 30 seconds, click a picture, text it to me and say, Hey, john, I need your help really quick. You know, you even put like a 911 in the in the header of the message. And I’ll know quickly that it’s something I need to respond to very because I do see every message quickly. I may not respond to everyone. But if it’s got a 911 in it, Just like anybody else, yes, I’m going to respond quicker than I would normally, especially if I’m in the middle of something and it’s a Saturday afternoon or something. But great question, Luke. So here’s the way to do this. And not all of the loan companies… will build you the amortization sheet. They will once you get further down the road and ask, but initially when you’re just looking for an approval and a payment, they won’t. So Luke asked a really great question. That’s where you go back to LoanCalculator.com and whatever numbers they’ve given you. So it’s $50,000 loan. We’re going to do that for 60 months and we’re going to do it at 5% interest. You can literally build the loan in LoanCalculator.com, and it’ll say amortization schedule. There’s a little button you click. You click that link, and literally it’ll pop up, in this case, because they’re doing it year by year, five pages, because it’s annual per year, of what your interest is on each payment and your principal is on each payment. Now, Luke just said, at what rate do you run away from? Man, that’s a loaded question. A great question, by the way. Me, personally, and I think this has a lot to do with you, your lifestyle, what you can afford, where you’re at in life as far as credit and so on. The farther down the credit road you get and the better credit you have, the lower the interest rate becomes because you’re less risk. So interest rate is always based upon risk for that particular lender that’s lending out the money. The higher the risk, the higher the rate’s going to be. So if you’re a brand new person, to Luke’s point a moment ago, that example, where they’re saying, you know, you’re a brand new person and the best we can do is 10%. Personally speaking, I don’t think, and I know I’m probably going to offend some that are out there, on a new car, because you’ll always get, by the way, a better rate on a new car than a used car. And I can get into all the details why, but I don’t really have time. We’ve already spent 20 minutes out of 54, roughly, already. You can go look that up for yourself. It has to do with risk and so on, like what I’m talking about right now. Reality is you can always get a better rate on a new car than a used car, but probably the best… or the highest rate, if it were me being a new buyer, new credit, I wouldn’t go more than 10%, 11% in today’s market. And keep in mind, that’s going to start dropping. As the Fed’s lower rates, short-term rates, that is a direct effect. So if you see a quarter point decrease from the Fed, this is a Tuesday recording, tomorrow on Wednesday, if the Fed lowers it a quarter point, every car loan should go down a quarter point. Unless there’s already some subsidies from the manufacturer in said car loan, meaning it’s a 2% car loan, yeah, that’s probably not going to go to 175%. But if it’s an 8% rate, it should probably go to seven and three quarter or even seven and a half because their borrowing rate just dropped with what the Fed did. So where would I be? Again, personally speaking, I don’t think I, even as a new buyer, new borrower, I don’t think I could stomach much more than 10% knowing where the rates are headed. And if you just wait, let’s say 90 days, wait till March. Now that’s going against what I’m talking about because there’s good deals right now at the end of the year. But if you’re going to pay a super high rate, Because this is the other thing people think of. Well, I’ll just buy now and I’ll refinance it. This isn’t a house. It doesn’t work that way. If you buy a new car at a high rate and in six months you want to refi that car and lower the rate, unless there’s a huge drop in the market from the Fed on short-term rates because it’s now a used car, not a new car, going back to what I said a moment ago, you won’t find a better rate. And a lot of people I’ve seen make that mistake where they’ll say, oh, you know, I’ll do 10% today, and I’ll just get the car bought, and it’s a really great deal, and it’s the car I want, and it’s the color I want, and it’s got the interior I want, and all the other packages I want on it. And you know what? I’ll just keep it six months, and I’ll refinance it then. No, you won’t. You won’t. It just doesn’t work that way, folks. I wish it did. But it doesn’t. So on new cars, and I’ve said this before, be careful because once you buy it, you’re making a commitment for at least two to three years, probably three years to not be upside down. If you went out of that car within two years, and I haven’t talked about leasing yet, I may if we have time today, but if you want a car every two years, you should lease it and do something different. Rent the car, basically. That’s what leasing is, is renting. Dave Ramsey calls it fleecing. And I believe it kind of is. Now, again, certain people leases work really well for certain business owners. Leasing works really well for. So I’m not against the leasing, but I’m against it. If you’re just if you’re somebody that can’t afford a car and you’re just trying to lower your payments and buy a car every other year and you go lease one instead. Just remember, you don’t have a car in two years. Unless you figure out how to rebuy that car, the car you’re now driving, at the end of two years, you don’t have a car. You have no transportation. That’s the downside to leasing that they kind of tend to forget to tell you. Most of them say, well, we’ll just come in and re-lease you a car. Well, okay, but what if your credit’s changed a bunch? What if you’re not in the same job that you’re in today at that time? What if some of your other credit rating has changed? Maybe you had a string of bad luck. I mean, all sorts of, maybe you’ve had some medical issues. You have some things along those lines to whereby you just don’t make the money you were making prior. Yeah, leasing for some, good idea for some, awful, awful, awful idea. And that’s one of those things where you need to specifically look at your situation to determine. But Luke, that’s a great question. At what rate do you really just sort of turn and run away? A, when it gets so expensive you can’t afford it, but when you start looking at, man, that’s a lot of interest I’m paying over the course of, in this case, probably 60 months. If you’re paying that much extra in interest, you probably ought to look at doing something different. Buy a cheaper new car. Go buy a different used car. Buy a car maybe that’s a couple of years old that’s already had that 7, 8, 10 grand depreciation. We’re talking F-150s right now. Go buy a 2-year-old F-150 that’s already had that depreciation hit. And on and on we go. So, again, talking about making a good deal at the end of the year, you don’t want to walk in and just start talking payments. We want to know what’s the bottom dollar of the car and what’s it going to cost us. Now, the specific question that came in and what started this entire one-hour episode of Drive Radio, The Extra Mile, was somebody asked and said, why do people get into some of these crazy loans? They can be 84 months. They can be 96 months, which is darn near close to 10 years. It’s really getting up there when you get that far out there. A 10-year loan is 120 months. And by the way, there’s some of those loans out there on certain vehicles in the marketplace. Why would some people do that? Because they can’t afford to buy it any other way, and it gets their rate down. Now, here’s where… Long-term loans specifically for me don’t bother me. Now, would I ever go past 60 months? Personally, I don’t even try to go that long. If I personally buy something and I have to do it on credit, I try to do a two- or three-year note because you’re not paying much interest when you do that. And you’re paying such little interest that I can use my money somewhere else in that particular time frame and be ahead. Not everybody can do that. I fully understand that most people will buy a car and put it on a 60-month deal. And by the way, there’s times in my life I’ve had to do exactly the same thing. Would I go over 60 months? Only in rare situations. And here’s those rare situations. Let’s say that you want to go buy a specialty car. Maybe it’s your third car. You know you’re not going to drive it a ton. It’s your dream car. All the kids have moved out. You’ve got some money put away. You’ve actually got the cash. You’ve stored it, but you’re making money on that money. But you can go buy your dream car, and you can put it on a 72-month loan at 4% interest. If you’re already making money in other places higher than that, just go borrow the money and do your 72-month loan, and that car is going to be fine as far as its value because you’re probably not going to get rid of it in the next decade anyway, so who cares? That’s an exception to a long-term loan. Other exceptions are vehicles that you know have a really long lifespan. So you’re going to go buy a new Suburban, which, by the way, they’re $100,000. And to get the payments down to affordability for some families, you may have to do an 84-month loan. And by the way, that’s a vehicle where would it bother me to do an 84-month loan and some are going to yell at me and I’m going to get hate mail for this, hate emails and so on. Yes, in certain circumstances for certain families, as long as you’re maintaining that car well, would I buy an 84-month loan suburban? Yes. Yeah, because that’s a 10-year car. In fact, that car maintained well, that’s a 20-year car. No problem. I mean, guys, I’ve got some fleet vehicles that get run hard, plowing snow, pulling trailers, doing things. Guys, I get 10 years minimum out of all the trucks that I’ve got before I even send them to auction. Now, I maintain them. And now they may get a little beat up here and there because, you know, my guys could destroy an anvil. But at the end of the day, mechanically speaking, will they last that 10 years? Absolutely. And if you take care of a new car, will it? In most cases, yes. Especially on your larger trucks and SUVs, will they go a solid 10 years? Look at the marketplace and see how many 10-year-old vehicles are for sale. And you’ll answer that question just by doing that. In fact, go look at any make and model and say, is this a vehicle that will be around in 10 years? Go look up, you know, in this case, go look up a 2015 whatever. And see how many of them are for sale. Chances are there’s a lot because cars are lasting a lot longer than they used to. That’s why for me and my advice to some people is can you stretch that term out some? If that’s what your cash flow demands and it gives you solid transportation and you know you’re going to keep that car for at least the next five years, okay, do a 72-month loan. I don’t care. You’re not bothering me any by doing so. And you’ll be in good shape when it’s all said and done. Will you be upside down on the front side? Yeah. In fact, that’s easy to determine. In fact, that’s something that I negated to say earlier. So when you get your amortization sheet out, and we’ll use this F-150 as an example, let’s go backwards and say, okay, I wasn’t negative equity, but I don’t have a trade. I’m just going to buy the $70,000 F-150, and I’m going to put no money down and just buy it. By the way, fine. I don’t have a problem with that. And let’s say it’s at that 4.5% interest. You can run an amortization sheet and you can look at what’s the loan balance, let’s say at the end of year two. And by the way, I can probably really quick here as we’re actually talking because this is bookmarked for me. Let me just really quick, if I can get the internet to cooperate here, let me do the math on this for you all and tell you exactly how this works. Because my point is you can run the amortization sheet And look at where things will be at the end of year two. And you can get a pretty good idea of what the depreciation on F-150 is going to be at the end of year two. And you’ll know by looking at that, am I going to be right side up? In other words, am I going to have positive equity in this car? Or am I going to have negative equity in this car? And I can’t get, I’m sorry, I can’t get the internet to cooperate. But anyways, that’s how you would do that. You would basically go to the loan calculator, plug in your $50,000, do whatever term you think you’re going to have. You look at your payments. You look at the interest. You’ll know your amortization schedule. You’ll know what the payoff roughly. It’s not going to be to the exact dollar, but it’ll be pretty darn close. And you’ll know at the end of at the end of year two, my vehicle is going to be worth your my vehicle is going to have X payoff. What’s it’s worth going to be? And that’ll tell you where you’re going to be upside down or not. You can do the same thing at the end of year three. You get my drift. Now, some of you are saying, well, man, you kind of have to have a crystal ball to know what the value of that car is going to be. No, there’s historical evidence. I mean, you take an F-150 that has a strong resale value. So I picked a car that’s got a strong resale value. You can look at that car. You can pretty much go out there and say, OK, here’s a, you know, 2023 F-150 with, you know, 25,000 miles. So it’s a little under the 15,000 mile a year mark. So it’s about 12,000 miles a year. And here’s what they’re selling for. Now you’re going to say, well, what that vehicle costs new. Look it up. All over the Internet. You could take that exact same, you know, 2023 F-150 Lariat, you know, blah, blah, blah, blah, blah. And oh, by the way, here was here was a sticker price. By the way, you can take a VIN number and even plug it in and probably get the Monroney, the sticker price and tell you what the car was list. Now, it doesn’t mean that’s what somebody paid, but that’s what it was valued at at one time. And now you can say, OK, well, that’s what a sticker price was then. And that’s what they’re selling for today. Guess what? There’s your depreciation number. There’s how much you know in the case of yours at $70,000, roughly in two years, what will it sell for? It’s not going to be exact. And before somebody sends me a big long string of text message or email, no, it won’t be exact, but it’s close, folks. Because historically… This is what things are doing. Now, I understand there’s always blips in the market. Used car prices can go up. Used car prices can come down. And this goes back to, again, if you buy the car at the right time, i.e. end of year, and you get enough other discounts on it, guess what? That depreciation number is lower. Because you’re buying the car right on the front side, meaning that as time goes by, you need less money back out of it to make yourself whole again with the loan balance you have left over. So the question really came in earlier in the week. Why do people get into some of these crazy long-term loans? Affordability. Number one answer, affordability. They can. They will. And at the end of the day, it makes their, how should I say this? It makes their life more comfortable because they can afford the payments on that car. And where people have problems are people that don’t maintain cars. So they go buy a car, they put it on a long-term note, you know, five, six, seven years even. You know, they do an 84-month loan in some cases, 96-month loan, which typically doesn’t happen on daily drivers. You have to be usually a little bit more high-end car to do that. But let’s just say they go out and buy a daily driver and it’s 72 months, which can happen. They’re going to be upside down on that car for a while. And if they don’t maintain the car well, what I mean by that is they don’t keep it washed. They don’t keep the interior up. They don’t do their oil changes like they should. They don’t take care of alignments and some of the other fluid flushes and so on. Yeah, they have a car that 100,000 miles it’s wore out because they didn’t maintain it. And every car, I don’t care what manufacturer it is, if you don’t maintain the car, it’s not going to last. If, on the other hand, you will do the things necessary to maintain said car, your value will be fine and you’re not going to find yourself upside down. So, kind of recapping, go back through and, number one, figure out how many deals there are on the car that you’re looking at. And by the way, this might be the deal breaker between one type of a car that you’ve been looking at and another. If you’re looking at the end of the year now and you see, well, wait a minute, I can get like $2,500 more off of this particular brand than that brand just because of the way things are structured. Well, you know, $2,500, $2,500. And for me, truthfully, and I know a lot of people probably would not believe me when I say this, I’m not brand loyal. I’m not. Honestly, buying a truck, I don’t care if it’s a Ram. I don’t care if it’s GM. I don’t care that it’s Ford. At the end of the day, if I can buy that thing at the right price, that’s all I’m looking at. And most are not that way. I understand that. Most are looking at being brand loyal. I’ve only ever driven whatever. Okay, well, then guess what? The other brand is less money. You might just go ahead and let that money go away, I guess, and be brand loyal at that point. On the same token, if you’re looking for the best deal, look for the best deal.
SPEAKER 04 :
What brands with that sort of mindset, what brands do you think are more prone to being traps? Maybe you can get a good deal, but it’s a famously unreliable Mitsubishi or something like that. At what point does that become too much?
SPEAKER 03 :
Great question. And that’s a brand I would never buy, by the way. Sorry, Mitsubishi. Just in our area, dealer network and so on, not a car I would buy. This is tough for me to say. Sorry, guys, because I’m going to get hate mail on this one as well. I’m sorry I did this to you. I wouldn’t buy a Nissan truck. I’m sorry. I wouldn’t buy a Frontier or a Titan because it’s sort of what Luke is talking about along those lines. The resale value of those is not going to be as strong as some of its counterparts. Ram, some of the 1500s were… Kind of in that way, in that realm for a little while, they’ve come back. So it’s not quite as bad as it was. So that’s not as big of a deal. But, yeah, the Nissan sides of things when it comes to buying a full-size pickup truck, yeah, Luke just asked a great question. That’s one of those that, you know, honestly, even if they’re giving the truck away, probably would stay away from it just because it’s a vehicle that you’re going to have a hard time on the resale end of things buying. on down the road and i know i’m going to get hate mail from all of the titan lovers that are out there and there are some of you guys that are out there i get it i’m just being completely bold and honest when it comes to people asking questions like luke just asked a moment ago yes there are certain vehicles for me that i don’t care how cheap they are i’m not buying it because i know the resale side if you look at down the road what’s that vehicle going to do that’s one of those vehicles that just doesn’t perform super well on down the road
SPEAKER 04 :
A good buddy of mine, straight out of the military. He gets a 2016 Nissan Versa at over 10% interest. I think he ended up paying a total of almost $22,000 for that vehicle by the end of its life and ended up selling it for two grand because that’s how much it was worth.
SPEAKER 03 :
Meaning he really took a bath.
SPEAKER 04 :
Really, really bad.
SPEAKER 03 :
I’m sorry, but he took a bath. That’s a great example. That’s some of what we’re talking about. And again, for some of you that have a lot of money, you know, at the end of the day, go buy what you want, drive what you want. This doesn’t apply. You can do whatever you want to do. You’ve even got contacts inside of the industry. I’m not talking to you. OK, literally, I’m not I am not talking to you. You know who you are. You’ve already got this stuff figured out. You’ve got contacts and relationships and other things going on. I’m not talking to you. OK, I got more to say. Great questions coming from Luke. We’re going to come right back. Drive radio the extra mile.
SPEAKER 05 :
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SPEAKER 07 :
This program was recorded earlier for broadcast at this time. No phone calls can be accepted.
SPEAKER 03 :
All right, we’re back. Drive Radio, The Extra Mile, KLZ 560. Thanks for listening. And it’s always amazing to me, really quick, that we do like 54 minutes of this. I know it’s an hour, but by the time you put in some commercials and the bumpers and stuff, it’s about 54 minutes. And man alive does it go by fast. I thought, okay, I already talked about new cars. I’m not coming back to this. But, guys, this is one of those topics where literally you could talk. I could do three shows on this. and probably still not cover everything there is to cover. I haven’t even talked much about used cars today as far as the buying goes. We’ve literally talked about new cars, the budget, the financing. Why do people do some of the loans that they do and so on? And the reality is there are so many facets of this and so many ways. And again, Luke, I’ll be careful when I say game, but so many ways to play the game. across the board that it’s like anything else. The more educated you are, and this is what I’m trying to do during this hour, the more educated you are when you walk into that dealership, the better deal you’re going to make. Plain and simple. It’s like it’s with anything. You walk in to buy a new TV. The better educated you are, the better you come out with the TV you want. You want to go walk in and buy a computer or a monitor or a whatever. The more educated you are and the better you know that product, the better it’s going to be for you at the end of the day. The better you know the whole financing end of things and so on. And I did talk about this. I want to throw this in really quick. I talked about this in the first episode that we talked about buying a new car. When you go to the F&I department, that’s the finance department when you’re in there. You don’t need gap insurance. They’re going to try to sell it because you can buy that on your own through your own insurance company. If you feel you need it, buy it from your own insurance company. They’ll have it offered. Your insurance broker or anybody like Paul Bloomberg or the guys we deal with, they can sell you gap insurance. That’s really easy. You don’t need gap insurance. You don’t need an extended service contract. They did an entire episode on that. You can go back and look at the files for Drive Radio, The Extra Mile, and actually find my whole episode on buying extended service contracts, warranties, and so on. You don’t need that. You don’t need any of the other add-ons. that they’re going to try to sell you. Ceramic coating, window tinting, paint protection film, clear bra, all that. No, I can provide resources on all of that that will save you a boatload of money from financing that into the deal. So when you buy the car, you’re buying the car, that’s it. And even on the financing thing, I want to make sure I go back to this. You’ve already done your homework, and I know I said this before, but you’ve done your homework on this is what I can get for a loan. So I’ll give you a good example. A lot of you remember an intern that I used to have here. She helped me out immensely. She had to leave and actually ended up moving to Texas during COVID. But Cam, who used to be with me on Rush to Reason and Drive Radio on the weekends because she helped out a ton. In fact, I wish I had her back because she was a huge help and she could be reading my text messages now and telling me on air what they are. Anyways, she was a great girl. And her dad was in Texas, so she went to buy a car and she wanted to buy a car here to go to Texas with. And she said, I need help. My dad, he said, use you, et cetera. In fact, I probably knew more about it than dad did. And anyways, long story short, Cam did some shopping, which is what I told her to do. She basically did everything I’ve already explained. She narrowed her car down, knew exactly what she wanted to buy. She figured out where to buy it at and kind of had already been in and kind of had a relationship with a salesperson and then said, hey, John, can you come down and help me finish up this car deal? I’m like, Cam, love you dearly. Absolutely, I’ll come help you buy this car. Piece of cake. So we were already armed. We knew what we wanted to pay for the car. She already knew what kind of financing she could get from her own credit union. Everything we’ve talked about in this particular episode, to her credit, and she was only in her early 20s when this happened, she did all of that. By the way, she’s already got her car paid off and has done everything I’ve told her to do, and she’s the ideal person that I could use for an example because she did everything the way I said to do it. But we went in to buy the car. And these are some of the games a dealership will play. They were like, well, who’s co-signing? And I’m like, well, time out. I’m not her dad. I’m kind of her ex-boss, friend, mentor. I’m just here to help because my wife was with me. So they thought that my wife and I were her parents. No, no, no. We’re not her parents. We’re just here to help get the car bought. And I’m just making sure things go the way they’re supposed to so she doesn’t get taken advantage of. Of course, you always hear back, well, no, we’re not going to do it. I’m like, I know, but I’m just saying. I’m here to make sure that doesn’t happen. So here’s where it gets kind of weird. We finally get the car deal done. We get the price done. We get everything handled. I even get the rate set because I know exactly what we can do on the rate because of what she had already shopped for on the front side. We go into the finance department. They’re like, well, we’re not sure we can get that rate. I’m like, well, here’s the deal. Either you get that rate or this deal’s done. Period. We’re not jacking around here. You’re going to get this rate. which I don’t remember at that time what it was, but I think it was in the low fours because that’s when interest rates were really, really cheap. And I’m like, she can go get an interest rate of four and a half at the credit union. No, we’re not paying 10. So back to your point a moment ago, Luke, when do you run? That was our figure. Yeah, we’re not. It’s this rate or this rate or we’re not doing it. We were armed with what she could get approved for, and that’s really what made the deal work was, listen, if you won’t do the deal, this is like on a Saturday afternoon, we can either do the deal today or we can come back Monday with a check from the credit union. How do you want to play this out? And you know what? They ended up doing the deal because they wanted to make the money on the financing because they get a little bit of a kickback. Every dealer does. Even used car dealers will get a kickback in the financing. It’s like I’ve said before, don’t walk in and stand paying cash. You will not get the best deal doing that. Everybody thinks, oh, I’ll get a great deal because I’m paying cash. No, actually, you’re not because they get a kickback on that financing. So, no, you’re not going to get the best deal by saying I’m going to pay cash. You want to finance it. By the way, even if you have cash, you’re financing it to get the best deal like I just said. So long story short, we got Cam all bought, done, signed, sealed, delivered. I still have pictures of the day she bought the car, drove off, all worked out fine. She now has that car paid for. And by the way, that wasn’t that many years ago that we did all of that. Yeah, that was in COVID, but she had that car paid off, I think. She paid it off in like three years. Did a great job. Made extra payments. I mean, did everything the way you should do it and is now in a car that is free and clear that is less than five years old. She did really well when we did all of that. So to her credit, because I don’t think it was even 2020 when I helped her with that. It was either late 2020 or early 2021. Anyways, long story short, she’s done well, paid the car off, did exactly everything I told her to do. Meaning, if there’s any takeaway from the couple of programs we’ve done on this, just do what I’m suggesting you do and you’ll save money buying a car. You really will. You’ll save money. And like I’ve said before, if you go into a dealership and they’re not willing to do the things that I’m talking to you about, leave. Leave. I mean, I say this all the time. There’s a new car rolling off the assembly line every day. So if you don’t like that car, trust me, there’s another one coming down the pike. You never have to feel roped in to buying that car, even through this end-of-the-year cycle, which is what brought this particular show today on, because yes, it is a good time of the year to buy a car. Those of you that are looking to buy it for your business, those of you that are just looking to do an upgrade, and if you’ve been thinking about even buying a car in the next three months, you’ll save money buying it by the end of the year. You always do. And I’m not exaggerating when I say this. There’s never… a better time to buy a car than at the end of the year. Now, I want to add one more thing. I’ve got about six minutes or so left here, six to eight minutes left. What’s your current car worth? That’s always something that comes up. And it’s a variable. Because you’re going to go in and try to make the best deal you can on the new car, not telling them you’re trading. The trade comes last, like I talked about in the last program we did. But you need to get a good ballpark of what’s your car worth. Now, there’s this old saying, what’s your car worth? What somebody will pay for it. That’s honestly what it’s worth. Because some of you will go out and you’ll look on Marketplace or you’ll look on Edmunds or you’ll look at CarGurus or whatever, and you’ll see all these cars for sale. Keep in mind, folks, that doesn’t mean they’re selling for that. That’s the asking price. That’s not necessarily the sale price. So you got to take a little bit of that with a grain of salt. So if you’re looking at, you know, I think, man, everything I’m looking at, my vehicle’s worth, you know, 50 grand and I owe 40. I should have 10 grand of equity. Well, you probably don’t. You probably don’t. You probably have seven or eight, but you don’t have the full 10 because if you go to trade that car in and you’ve made a really good deal on the new car, you can’t double dip. You’re not going to get a good deal on both sides. You’re going to have to sacrifice on one side or the other to make the deal work. Now, Keep in mind, though, in the example I’m giving, you think you’ve got a car that’s worth 50 and you owe 40, going back to the whole F-150 scenario we’ve been using. So you think the car’s worth 50, you owe 40. You might only get 47 out of it instead of 50, but here’s where the catch is. Sales tax. In most states, Colorado included, you’re getting a credit for the trade. In other words, you’re only going to pay sales tax on the difference. So let’s say you’re paying the $70,000 for the new truck. you’re going to get $47,000, $48,000 out of the used truck. You’re only going to pay sales tax then on that difference, okay, from basically, what is it, $22,000 is all you’re paying on sales tax. So when you’re looking at how much value did I really get out of my used car, you got to factor that sales tax number into it. Because if you were to just go out and sell the car, and then apply that towards the new car, you’re not getting any kind of a sales tax credit, which on $50,000, $48,000, do the math, most of you are in an 8% taxing district. So in some cases, that’s $3,500 or so. It’s substantial. Now, if you’re in a lower sales tax area or in your rural area where you’re only paying county or state tax, it’s not as big. But those of you that are in some of the cities where the sales tax rate is 8%, 9% close to in some cases, that’s a lot. Keep in mind, 10% of $48,000 is $4,800. So if you’re in that 8% range, again, you’re down around the $4,000 mark or so, meaning that you’re saving $4,000 on sales tax. So it’s enough at that point to where, okay, can I take a couple grand less for my used car by trading it in that if I went out and sold it outright? Sure you can because you’re making it up on the sales tax. Because there’s no way, no way, trust me, I’ve had people try to debate me on this. There is no way to get credit for that old car unless you actually trade it in physically to the dealership and it’s a trade on your paperwork. If it’s not done that way, there’s no sales tax credit. Period. You’re not getting anything for the old car. So that’s one thing I didn’t talk about in the hour program I did here a few weeks ago. You need to factor the sales tax end of it in because people get misconception. There’s a misconception here, too. They think it’s the sales tax of whatever rate the dealership’s at. No, not in Colorado. You’re paying sales tax based upon where you live. If you live in the city of Centennial, if you live in the city of Denver, if you’re in, like me, unincorporated Jefferson County, then it’s a lesser rate because I don’t pay any city sales tax. So where Luke’s at, you’re the same like me. You’re only paying that county and state tax. You’re not paying a full city tax. So first of all, know where you live. know what your sales tax rate is. And by the way, you need to know that anyways. I’ve never mentioned this, but you should know that because when they’re doing your paperwork, buying the car, figuring the sales tax into the deal, know the rate is correct because in a lot of cases they may get that messed up and you could either go and oh or you could have a check coming back down the road which by the way you don’t want just just make sure that they’re doing it accurately on the front side by you knowing the sales tax that you should be paying on the front side what’s the rate and it’ll be all on your paperwork it’s going to say state tax city tax blah blah blah total of you’ll be right on your contract Not hard for you to figure out, are they figuring this correctly or not? By the way, that’s something that I don’t know that even on Drive Radio I’ve ever really talked about, making sure that they’re doing the paperwork correctly based upon where you live and that sales tax being accurate. Now, this is something else for some of you to think about. Some of you have businesses. Where is your business located? Is it in a higher sales tax area than where you live? You can play that game as well. You could say, well, where I live is less money than where the business is or vice versa. Register the vehicle at the address that’s cheaper. Again, this is one of those things I don’t know I’ve ever talked about on Drive Radio. In some cases, that could save you a couple grand or more. It’s substantial, folks. And keep in mind, that’s an ongoing thing where you can do that from vehicle to vehicle to vehicle. So just know that, hey, where you live, make sure that you’re dialing that in when it comes to having the right sales tax when it’s all said and done. Okay, so backing up. Number one, do your homework like I always say. Figure out exactly what kind of payments that you can afford and use the loan calculator to determine all that on the front side. Know what rate you can get. In other words, do some shopping on the front side. Credit union, all the different folks that are out there. I mean, if you just go look up, you know, best car loan for me and you Google that, you’re going to get half a dozen places that will offer you a deal. And by the way, I’m not exaggerating. A quick credit check. They’ll do a soft credit pull, like I said earlier. They’ll tell you straight up, this is how much we can offer you on that particular deal. And by the way, you can pick 36, 48, 60-month, 72-month. We’ll give it all to you. They’ll tell you. And by the way, if you want to buy it from them that way, they’ll walk you through the entire process, and they literally will give the money. They’ll wire the money to the dealership, and off you go. So you can do it that way. If you feel like you’re getting the best deal by doing it that way, then do it that way. Don’t forget, by the way, one thing I didn’t mention. Look at all of the memberships that you have. Everything from credit cards to Costco to Sam’s Club to AAA to you name it. Look at all of them. And in some cases, you might even be able to double dip. Okay? Sometimes you can. Sometimes you can’t. But bottom line is, greatest time, best time there is to actually buy a new car, and I mean that sincerely, figure out exactly your best deal. Figure out, by the way, the best dealership. You can do a lot of this over the phone or via the Internet, just emailing back and forth. And once you find that car… and you want to make sure that it is the right deal, you can always include me in an email or a text message, and I’ll do my very best to help you out with that. All right, that’s it for this week. Myself, Luke Cashman. This is Drive Radio, The Extra Mile, right here on KLZ 560.
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The views and opinions expressed on KLZ 560 are those of the speaker and do not necessarily reflect those of Crawford Broadcasting, the station, management, employees, associates, or advertisers. KLZ 560 is a Crawford Broadcasting guide and country station.
