When should you trade in for a new car?

what's going on everybody hope you're

having a good day as always just want to

say thank you for all the viewers that

have subscribed recently you know I feel

like my channel even though it's still a

small channel has been growing faster

than it ever has before you know I

started off at zero just like everyone

else and so to everyone that has

subscribed just want to say thank you so

much means a lot to me now today's video

is going to be a little bit different

because I want to try and engage you

guys to make a decision for one of the

viewers who's going through a situation

that honestly a lot of people find

themselves in and that is is it time to

get a new car you know at some point in

time everyone wants to train in what

they currently have for something

different right now the question is and

what I want you guys to answer is when

is that the right time you know a lot of

people will say it's things like you

know I'm having a kid and the car that I

have just doesn't have enough space for

my family now or you know it's just it's

getting old before anything you know

kind of breaks down I don't want to go

through that stuff so I should trade it

in you know or maybe it's my current

gets horrible gas mileage right and I'm

going to get a car that gets 40 miles to

the gallon instead of the 17 that I'm

getting right now you know there's a

thousand different reasons why you want

to trade in the question is how do you

know that it's the right one so that's

where I want you guys to answer today

because one of my viewers sent me an

email kind of finding themselves in the

situation and really it was because a

lot of things had been causing him grief

about this vehicle you know initially it

sounded like you know the loan was

financed for three years and he found

out to hit five years remaining on it so

that's frustrating there's been a lot of

mechanical issues like you know when you

talk about buying a lemon this probably

is like the definition of that car you

know I think it had parts of its engine

that needed to be rebuilt I think a

badly needed to replace new tires like

all that stuff costs money and whenever

you have to like fix a car frequently

like you kind of hate your car at a

certain point because you know it's just

been such a headache dealing with it now

the good side is that every

is fixed it's running really really well

you know you put solid parts in so you

know that your car is really reliable

now and the last thing that you want to

do after committing so much time and

resources and getting your car fixed is

start all over with a new loan a new car

and who knows maybe that bad stuff that

happened it's just going to happen again

so that's the situation would you guys

trade in your car and get a new vehicle

or do you think this is a good enough

reason to buy something different you

know when you trade in your vehicle it's

more than just getting a new car it also

means you're getting your credit pulled

again a lot of times it means you're

starting over with a new loan amount

possibly a different interest rate

higher payment you know there's a lot of

things that going in to just I'm gonna

get a new car right now it's far more

than that you know if you have a bigger

car payment well then that means

everything else is going to be that much

more difficult to pay and in my opinion

a lot of the times like the new loan

offsets any benefits that you would

possibly get from the vehicle you know

like if you want a car that has better

gas mileage

well yeah it's nice going from 20 miles

again to 40 miles a gallon but actually

do the math figure out how much it would

save you each month and then find out

how long does that take to actually pay

itself off when I have to finance a

whole new vehicle right if you're saving

$100 a month in gas well that's really

really good but if you own your car free

and clear and now you're financing you

know a brand new car for the next five


well that's $400 a month or $500 a month

whatever it may be that you have in a

new car payment is a hell of a lot

higher than the hundred dollars a month

that you have in gas savings so that's

what I really want to find out is when

is it smart to trade it in do you need

to trade it in or are you just kind of

you've got that itch for that new

feeling again that you know is going to

fade away at some point you know what

another thing that I think would be fun

to add onto this is comment with your

car not necessarily like your license

plate and everything like

but tell us like what is it that you

drive how long have you had it how many

miles are on it and you know brag about

your car especially if it's like pay it

off it's like a family car that's been

in there for a long time and it just

it's sentimental almost you know new

cars are nice but at the end of the day

it doesn't have like the character that

this car has because honestly I love

those cars the cars that have stories

and history to them and they don't cost

anything regarding a monthly payment now

I want to take a quick minute and talk

to the person that sent me that email

and say I think I know what decision

you're going to go with and I'm really

really happy that you decided to go that

route just because I think it's a better

position for you to be in and you know

you can always change things later down

the road so that's what I want to talk

about today you know this is the

situation that so many people find

themselves in and oftentimes they I

think make the wrong decision and that's

the last thing that I want from my

viewers so thanks for watching guys stay

tuned to the next video like subscribe

give suggestions for questions that you

would want answered regarding personal

finance but that's what I have for you

today take care and have a good one

hey guys thanks again for watching this

video I hope you learned something new

from it and you were able to strengthen

your financial position I'm going to

keep coming out with more videos to

please stay tuned but go ahead and like

subscribe comment and have a good day