Кто имеет право взять ипотеку на жилье - How to buy your first exotic car (And NOT LOSE MONEY!)

If you're watching this video, that means it's 2021! Happy New Year to everyone. Please consider subscribing to the channel so I can keep putting out car content!

Below I've summarized this video:

—01:02 Car Selection: Pick a car that is mostly depreciated, but not old enough to fall apart constantly. This involves doing research on common problems, and investigation into WHY the car depreciated the way it did. Don't be afraid of 'higher mileage' cars but ideally you want to stay under 50,000 miles to broaden the list of potential buyers in the future.

—01:51 Financing/Loan History: Regardless of your income and credit score it will be challenging to get a $60,000 loan with no history of other larger car loans. "Snowball" the loans. Get a $30k loan. Pay it off. Get a $40k loan. Pay that off too...repeat.

—03:32 144 Month Loans: This is a great way to buy a high end exotic car that's destined to appreciate in value, or is known not to depreciate significantly. If the former is true, a 144 month loan can let you make REAL money on an asset that isn't yours...just like real estate. Unfortunately, chances are you're looking to spend around $50-80,000 for your first exotic car, and the majority of lenders won't issue you a loan term that long for that amount. Most cars that will appreciate in value are ultra low production and are well into the 6 figure price range.

—04:32 Extended Terms for your First Exotic: Check out this below list of banks and credit unions. These institutions offered me great interest rates, with loan terms that fit my targets:
Woodside Credit
SnoCope Credit Union
DCU
Premier Financial Services
PSECU
ECU
Most above are credit unions, smaller, can specialize more.
Most big banks can't offer competitive rates because they don't have specialty programs for exotic cars. To them it's just an older car.


—06:12 Negative Equity: Most important part of this video.
Most of America is upside down on their car loans. Two reasons this happens
-rolling over a trade-in balance into your new loan (and repeating this every 3 years or less)
-depreciation

Just say NO to negative equity. Find a car that is nearly done depreciating to avoid getting STUCK owing more on a car than what it's worth.

—07:39 The 10% Rule.
-Don’t buy a car that costs within 10% of your yearly salary
-Don’t buy car that’ll lose 10% of its value in a year
-Don’t trade your car in if it’ll add 10% negative equity to the loan

—08:07 Mileage: Limit mileage to under 5,000 miles a year. Be sure to span it out so the car is still started and driven somewhat regularly.

—09:14 Insurance: Save THOUSANDS with a specialized insurance policy on your exotic car with Hagerty or American Collector's. I only pay $62 a month to insure my V12 Aston Martin DB9. To qualify for these policies you need to store the car in a garage when not in use, and provide proof of another car that will be used regularly.

—10:35 Maintenance: this one will vary GREATLY depending on what you buy, and of course I strongly recommend a PPI from a reputable shop before you make a purchase. If you wrench on your own cars, this will mean you can buy a more expensive car because you save all the money that would've otherwise gone to a shop's labor expense. Be realistic about your mechanical ability before stepping into an exotic car. Even simple things like fluid changes can sometimes be complex on exotic cars.

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Music provided by RFM: https://youtu.be/RG0mPEzYhHw

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NOTE: The activities that take place in this video are part of sanctioned events and should only be performed by professionals on a closed course.