How Car Debt Is Fueling the US Economic Crisis

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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.

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CHAPTERS

0:00 Intro
0:39 Total Car Debt in the US
1:56 Interest Rate
3:36 Loan Terms
4:42 Buy Cash or Buy Used Cars
7:58 Outro
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In today's eye-opening video, we're delving deep into the concerning world of car debt and how it affects millions of Americans.

1. Car debt is a significant issue in America, with the average car payment for new cars reaching over $700, and used cars surpassing $500 in 2023. Shockingly, the total American car debt has surpassed a staggering 1.5 trillion dollars this year, indicating a financial challenge many individuals face due to a lack of financial discipline.

2. Interest rates for car loans are alarmingly high in 2023, with an average of nearly 7% for new cars and a shocking 11% for used cars. It's crucial to understand how these seemingly innocent dealerships may not be in your best financial interest.

3. The average loan term for car loans has reached 72 months, or 6 years. This extended period means higher overall costs and less money in your pocket. Let's take Johnny, for instance. He buys a car for $25,000 at an 8% APR for 72 months, making a $2,000 down payment and financing the rest. At the end of the payment period, Johnny would have paid a staggering $35,000, a shocking $10,000 more than the car's initial purchase price. It's time to stop being taken advantage of by dealerships and start enriching yourself financially.

So, how can you avoid falling into the car debt trap and take control of your finances?

4. First, consider buying a car with cash. By avoiding monthly payments and thinking in terms of overall costs, you can save thousands of dollars in the long run. If you believe you don't have enough cash on hand, I have a video on how you can save $10,000 in a year, which might be just what you need.

5. Second, don't underestimate the value of used cars. Today's cars are becoming more reliable, and buying a used car that's between 4-7 years old and near the bottom of its depreciation cycle can save you a significant amount of money. Don't be fooled by the myth that used cars are unreliable - with proper research, you can find a dependable and cost-effective option.

Thank you for joining me in this critical discussion about car debt in America. By being financially savvy and making smart choices, we can avoid the pitfalls of car debt and work towards a more secure financial future.
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.