Investing in a depreciating asset

This was true 5 years ago. You could buy a Tesla and then flip it for 10 grand more to someone who didn't want to stay on the waiting list

he also already had an old car (which he didn't mention until shortly before the end) that he's now gonna sell for $2500.

One car at 24% the other at 13%, very strange “2 for 1 deal”. Also his mom’s car was the cheapest on the lot but the twice the price of his in this deal.

There’s no hopeless situations. Just hopeless people in situations

NOOOOO YOU CAN'T WUESTION TBE RELIABILITY ANDNQUALITY KF THE WHOLESOMERINO ELECTROMOBILIO AND TJE BASED TOYOTA SIR AND/OR MADAME

The issue is he's not going to be able to course correct. In this middle of this he's thinking about taking out a third car loan for a massively more expensive car that he doesn't need and he doesn't quite understand interest rates to the point that a car lot managed to talk him into a 24% loan without him realizing.

Watch the video, or at least the first 2 minutes of it, the guy is literally r-slurred. Like "hey, how are you doing today?" and face freezes and takes 45 seconds to say "yeah, i guess" as an answer type of r-slurred

He has like 40k in debt and the combined minium payments on all of them is like 1/4 his monthly income

yeah, he's not in a bad situation yet, assuming his income increases for the next few years. but if he's wasting money on high interest debt at this early stage it will only get worse, even with a good career he'll end up making $200k but spending most of that servicing stupid debt, never any retirement savings, always just a couple bad months away from bankruptcy.

Not that bad right now

In 5 years this dude will be destitute because he’ll keep making these types of decisions, definitely one of those people that actually needs Dave Ramsey because he can’t be trusted with his own money lol

That's because he's only 22. His mom is a leech and he makes some comment early on saying something along the lines of "well I'm young so I can fix things later"

I don't know but that would be a profitable sidehustle for him to pick up. He's gotta get on that grind.

It's actually worse in Europe. It's because banks have a set collection of bonds they buy and until verrry recently bonds were going for pitiful rates. So you have several years of bad (and during COVID flat out atrocious) bond rates that simply return the dollar amount so it's not even beating inflation. There's a bank run going on right now because folks like me realized you can casually get a 5% return through your stockbroker compared to the FIVE CENTS per ten thousand dollars I get per month from my bank.

Generally the more developed an economy the lower the bonds though you can be a kooky little nutjob like turkey and Argentina and have higher rates than someone like Botswana.

If you have decent credit, even with the current interest rates, you could easily find a sub-10% rate on a used car (new are usually much lower). But the combo of bad credit, the fact that it's a second car loan, and him being a total idiot who fell for obvious sales tactics designed to maximize loan rates led him there.

Looks like shreddedmanlet but not a midget, so very aryan looking.

A 10k toolbox is pretty r-slurred too.