How do you buy a car without getting ripped off? We go undercover to investigate how some dealerships push long-term loans without explaining all the risks.
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I don't understand why people can't use the simple formula of payment plus years of the loan. THAT is the price of the car!
$300 x 60= 18,000 or $450.00 x 60= 27,000.......not hard. When the salesperson says I can get you in this car for $325 for 60 months, THAT is the price of the car! 325 x 60= 19,500.
Yes and no. Usually what happens is that the car will be worth less than what is owed so even if the person sells it, they will still own money on their loan and be liable for that money. Dealers will then roll this negative equity that over into the loan of the new car
Yes and no. What the average Canadian has to realize is were in a different world now. You can't trust everyone...they may not appear as they seem. There will always be people trying to take advantage of you. But the average Canadian would like to assume everyone is polite and trusting. Again were in a different world now.
Well, I try to pay off my cars in 3yr or less. I am by no means rich but I purchase things without moving out of my comfort zone. I wish more people know about these things such as some of my less educated friends who gets clubbed like little dwarfs by the dealership.
Does hyundai not come with warranty its so garbage? And at what point do you ask yourself, if the cars garbage and im getting treated poorly and being left out in the cold, do i really want to do business with these people again😕
Broke people staying broke
I went to buy a car at a dealership and I told this lady I had 10k and nothing more. She was trying to sell me a car for 12K. I sad, no unless you can bring it down to 10K. This woman then has the audacity to tell me “ do you have a credit card you could put the last 2k on?” 😂😂😂 I know she’s just doing her job but omg rofl, people actually fall for that?
I came from a migrant family but i was grown in Germany and i know many Germans, including friends who are willing to pay 40 - 50.000€ for a
Audi, Benz or BMW SUV.
They say that the quality is it worth. Mostly couples where both are working or people who earn good money but for me that`s just dumb. I think it's a question of the mentality if you already are born in wealth, has a house, clothes, food, a safe job... i guess the annual holiday trip in a foreign country or a new car every 4-5 years is the only motivation to get up every morning...
I want to thank this young woman for coming forward at the risk of some embarrassment I am sure, to tell others the mistake and problems she has had. It is so nice to see her try and help others avoid the pitfalls that she fell into. Thank you so much.
Why would she think she can afford a brand new car with a cashier, likely hourly, position? I'm now in a salary position and I still think buying a new car wouldn't be reasonable. Live within your means. You either can or can't afford it. There is no in between, if there is an in between then you need to get your finances sorted out before even thinking about buying a new car. The moment you drive that car off the lot, it's depreciated. Think about what you're buying and if you can buy that car used and if the cost of maintenance would still be cheaper than buying a brand new car.
I think people have developed an askew view of their own finances. Sure they have insurance, but there a things your insurance won't cover. Many people are living paycheck to paycheck. If you are one of those people, then a new car is not for you.
Jenny is looking for her first big purchase...a new car...she's looking for a cheap commuter...she works for us... HOW LITTLE DID YOU PAY THAT SHE CANT AFFORD A HOUSE AND DECENT CAR? WITH ALL THE TAX MONEY CBC GETS FROM THE PEOPLE SHE COULD BE DRIVING A PORSCHE...NO WAIT THAT'S ONLY FOR EXECUTIVES.
Doesn't new cars come with a warranty? ten year/100.000 mile warranty. she said the car broke within a few months of owning it and she brought it new, so it should have been fixed with the warranty unless I'm missing something here.
Does she not have a parent or sibling or friends to discuss prior buying her first car? Did she get help from the government after the dealership broke the ethical code? Wish the end result was given. People need to think before buying anything. Always have a plan B.
she is brave for publicly admitting her poor decision on buying this car and going into 50k in debit for 8 years. I hope they can find something to help her out, most people just suffer in silence and end up getting their car repo'd or worse. You'd be surprised how many people buy cars that are way outside their means. I work in the military and I can't tell you how many times I've heard these young kids buying a car/truck for over 40k and end up paying over 600-700 a month and there's little i can do to help them. we need to do better at educating people on better financial management, we should start in school if not already and parents should take the time to teach their children or seek someone who can teach it better. Anytime you go to the dealership, always, always negotiate the price and not the payment. If you do the research before stepping into a dealership you will be better prepared.
The amount of victim blaming and brand favouritism in the comments is hilarious and sad at the same time. "If you can't afford it, just don't have a life"
Car dealerships aren't obligated to give you deals that leave them without profit, but they *should* be obligated to give you options and proper education about your investment.
"Hyundai" is no less "good" than "Toyota" or "Ford". Brands are just abstractions designed to relegate popular myths. Education about individual models and vehicle platforms on a MODEL YEAR and TRIM LEVEL basis, along with maintainence history are the only thing you need pay *any* attention to. Cars are just a collection of parts. Preventative maintainence and some actual care about your vehicle will help it last longer than any "bulletproof engine" or "reliable transmission" stories ever will.
Every vehicle can be a lemon. Be prepared and have a plan B. If something does break, ask questions, don't perpetuate blame towards a hood emblem.
My parents gave me a 01 Honda But I did the dumbest thing at 20 and wanted to buy a newer car so I signed myself up for a 6.5 year loan. I had no idea I would be paying for this car this long. Thankfully all the issues I've had with the car were covered under recalls otherwise my car probably would've gotten recalled. I pay my car off finally in July 2019.
Finance advice: don't buy and invest in a car or any single item for that matter that will take up to 50% of your annual income in any way. The minute you step into a vehicle you, the owner and driver, are destroying its value and will never be earned back again. Another thing is a bunch of dealerships sell your car in retail price(duh) so have that in mind the car typically is worth less by the thousands.
Generation after generation people buy car, house, etc, and surprisingly they still don't know how to buy it in the right way. That being said, I know people who bought 3 to 5 cars in their lifetime and still their kids don't know how to buy the car, same goes for house, mortgage, loan and any other thing that you buy multiple times in your lifetime. Even the most educated universities graduates don't know these things and are living in debt. Information is everywhere these days, just need to put in the effort to look it up. To make these decision in the right way, it is important, not to rush into anything, and take your time to understand completely what you are getting into.
OK i've seen this a few times. But I always wonder in Shantels case if she had a new car that started breaking down in the first 3 months..where there hell is the warranty? I buy chevy trucks new but always have a few glitches witch are all covered under warranty no question asked..5 years power train 3 years bumper to bumper..can't believe KIA wouldn't give her warranty work
I go through the credit unions because they will only finance a certain amount and generally give better rates. if you must finance a car at least try to buy something with high reliability not just a price point. let's say toyota and Honda vs Nissan. Hyundai, kia, and Nissan push heavy on sales yet they are extremely overpriced and have no resale value.
Taqiyya people using Taqiyya tactic = BIG Taqiyya profit. This is how they gonna drain the the west to paved for the ultimate goal of eventual takeover. As they’re doing it they as well preach to not criticize what they do otherwise they gonna accuse you of racism
A lot of Judgemental people on here. Lord forbid you be end up in this women's shoes. We all know where we've been...we all think we know where we going, but time will ultimately tell how you get there.
Honestly, there really is no excuse to overpaying on a new car! the internet is a thing that could give you all sorts of info and what to look out for but few people utilize such a tool. You can also ask family and friends yet few people use that tool. It's not always the dealer's fault, you have to use common sense before you buy a $17,000 car with money owing on your last car and with a baby on the way and you do not have the means to pay it off since you don't make enough.
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