Financing a New Car & The WORST Financial Mistakes to Make | PKA Patreon AMA

all right this next one is this guy i need some help here i got to do this one first time uh but long time listener here i have a dilemma i want to finance a car at 21 years old but i'm not sure if it's the right decision as the car payment along with insurance required for a financed car adds up to about a thousand dollars a month give or take bro what kind of car are you getting the these numbers are not adding up in my head like are you financing for for 24 months or 30 what are you doing at a thousand dollars a month this doesn't make any sense to me like like it's like the third one down or so yeah what's his driving record like yeah like like i mean have you been driving in a nice france at all in recent years oh my god uh it says here that his income's roughly eighteen hundred dollars a month uh but his cost of living including food is about five hundred forty dollars a month so that's only leaving it he's basically going to have 300 a month of like spending money after his cost of living and his car um so the dilemma comes to fruition um having this car would mean of course that he could work as a lyft driver which would increase his monthly income or even erase the car note payment altogether i i i that's ambitious they are a pka sponsor so it is very possible i bet it is possible to make a thousand dollars a month as a lyft driver but but he has another job too right like yeah i guess actually if you're driving for lyft all the times where you're gonna be making the most money anyway are like social when people are out at bars when they're at games so i don't know maybe yeah dude i gotta i'm very confused about why it's a thousand dollars a month um for your your car and i understand that includes your insurance but like expensive insurance is is like 250 dollars a month like like my super sport camaro when i was 25 when i got it or something like that was like 250 dollars a month and i had lots of speeding tickets like literally like six speeding tickets already on my record like making that even worse i can't imagine that you're talking about 250 for your car for your insurance and then a 750 dollar note like like i i wish you had put in here like what kind of car you're talking about getting because like i hope you're not talking about getting like a a 50 000 car at twenty one late like that's a huge mistake like your first you can you can get a a very nice car for twenty thousand dollars or certainly thirty thousand dollars like you shouldn't be going much higher than yeah if you're twenty you shouldn't be spending thirty thousand dollars on a car anyway you can buy a used car get something reasonable that you can beat to [ __ ] and then just use it as an a to b transportation and while you load up and you save and you're you'll be less it'll be so worth it the the feeling of you sitting there in the nice car is going to be totally totally eclipsed by the fact that you're going to walk back into your apartment or your house or whatever and be stressed out about finances all day when you could just get a [ __ ] honda accord or whatever something that's not going to break down and you'll walk back in you'll feel better every day with an extra 400 a month in your in your pocket or whatever it comes out to just delay this out there this person makes 21 600 a year right he makes 21 grand a year you belong in a 4 dollar car you're just not at that stage in your life yet yeah you're not there you should have a four thousand dollar car hopefully no payment whatsoever and accumulate cash for your retirement for your next car etc and by the way invest in yourself right instead of investing in this car which is just going to be throwing away money find some way to make yourself more valuable than twenty one thousand dollars a year that's where you need to be figuring that out yeah if that's welding school university or something you need to invest in yourself become a pilot i don't give a [ __ ] what you do but where you are is not where you need to be dude it costs about it like fl pilot's lessons are like five thousand dollars or something like that like like i i mean he said become a pilot and and i bet a lot of people are like but it's so hard to be a pilot no he's talking about spending way more on some random car i for than it would cost to be a pilot it cost like five six thousand dollars he must be misunderstanding something about this like i feel like he added zero accidentally but he spelled out thousands that is an insane number i look and 300 dude if you if you think all right i've got this regimented i got it all figured out i'll have 300 spending money and the car that i want or whatever you're saying that's more of a car 300 than i would take on i i i've got i've got quite a bit of money stuck away and i do just fine i do i do pretty well i wouldn't pay that much i wouldn't do that like like the most that i would want for my car payment and my insurance a month would be like 700 and and that's if i'm like stepping up to some brand new like like really fancy truck and i'm not putting any money down for some stupid reason like no it would never happen it would ever happen because as i'm saying i'm like well no i would put like 40 down probably if i were gonna yeah i really rather just pay cash and like like save some money up over i don't like man this this is this sounds so i like the idea of you being a lyft driver like that seems interesting that you've thought of that so like i know there are minimum requirements for that your car has to be x amount of years old and it has to be certain things i don't know all the requirements but i know that the age of the car is one of them but even then instead of whatever the [ __ ] 2018 car you're looking at get a 2 000 i don't know what the year is probably something you know no i was saying that's 2010. get a 2010 or something like honda accord something that's still nice enough it's not going to die it's not going to have problems yeah man and you're going to have more than 300 to spend a month on yourself because hey do you do you like women do you like being around women because that's not enough money if you're looking to like set up a relationship or do you know 300 do you like going out tonight like you don't go out to eat that's a thing of the past now you're calculating every cent and in the guac on your chipotle burritos like you're going to give yourself so much undue stress if you make that kind of decision the bigger issue than just the undue stress of this month is the fact that he's not working towards his future in the slightest he buys an expensive car and isn't investing in himself at all you make 21 grand a year bo the lip thing can help poverty [ __ ] you know i i think but he is he's 20 right 20 years old 21 20 21 he's 21 he is okay yeah well he is working towards it like he's got a the idea for being the lyft driver makes sense i i don't know how much you make as a lyft driver if you're really getting after i don't know how much time you have to devote to that aside from potentially schooling as well as your other current occupation whatever that is you know we don't have a ton of information to work with here but i like what woody said about driving a 4 000 car i like what taylor said a lot about picking a realistic car that might still work for a lift like a you know a five or six or seven year old like honda those things are great and and like five or six results they still look really nice to me those body styles um you need to lower your your sights here like like i if you're talking about financing for like 60 or 72 months here and your payment is still going to be roughly 800 a month are i mean are you talking about getting a 65 000 70 000 dollar car and then paying you know that much that's why i'm so confused like i used to do this for a living and i'm doing this math in my head it's just not adding up any other way than you looking at like a [ __ ] like like a nice tahoe yeah a brand new nice ass suv or like a not even like a regular camaro like a like like the uh super like a supercharged [ __ ] camaro or like a limited edition boss mustang or something i i can't imagine what you're going after here bro but you gotta lower your sights a little bit uh with your with your income um people who make twenty thousand dollars a year don't drive sixty thousand dollar cars um i i so so so that's our advice you know you i'd love it i'd email chis i'd love to have more information from you like like i'd like to know what car you're looking at what how much that car cost how many months you're talking about financing what the actual breakdown is between the cars payment and the insurance if this is just an estimate that you've come up with in your head or if you've actually went to a dealer and called an insurance company and come up and gotten these numbers from professionals or if this is just something off the top of your head i'd like to know what you do for a living what your education uh yeah i want to know your trajectory i want to know everything that works because this is fascinating to me because it either i don't want to insult you but either either you're making some terrible decisions or we just don't have enough information about you um to be to be as polite as i'm capable of being so so yeah email chess give us more information please because i want to revisit this at a later date and come back to it but um you've got our advice i think on this yeah yeah that's do you i mean we all have friends and we've you know seen them make decisions what's like the the biggest uh mistake i guess financially or anything like that that you've seen like a friend make and in the process of doing it like it could be a new car don't say my boat you you watch it you know what i was gonna say didn't cross my mind i didn't i didn't think about it i was like i knew a guy who left painkiller already over like almost nothing you know because he [ __ ] uh wanted the july revenue was skipping the june expenses or whatever the [ __ ] it was himself over real good that's he [ __ ] himself over real good thank you wings praise wings uh yeah yeah i uh i made out like a bandit because after like you guys the experience with like the negotiations and [ __ ] like it was literally a text yeah what he was like hey uh want to do pka i'm like okay all right found a host let's go yeah man lefty lefty is the worst negotiat he is part native american so it's in his ah that makes a lot of sense yes like remember we should offer the beats who are the indians who like sold manhattan island for like a box of beads he's related to them [Laughter] he's related to that very shiny beads i found out the indian thought on this i think i said on the show before but apparently they didn't have they thought that owning land was like a stupid ridiculous concept like you could own wind so when they're selling land for something that is real and tangible like beads and necklaces they're like oh dumbasses here's where we were like you were trespassing red man yeah i was like wait wait wait trespassing like i don't know i thought you just owned it i don't know this is our land that you were standing on it's not like that's a bamboozle or a trick it's like because it it's not like only you know western europeans at that time had invented the concept of owning land like if you went to china at the time and we're like i'll give you these all these beads for for this farmland here it's gonna be like oh you get the [ __ ] out of here all my food you're dealing with the population that hasn't invented a goddamn fence yet frankly the continent we haven't changed a lot [Laughter] another tribe comes in and kills us [Laughter] offense i don't get it we just chase cows for [ __ ] ever i

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Id: ETwn_kTjQRE

Length: 11min 51sec (711 seconds)

Published: Wed Jul 15 2020