Imagine driving an old Toyota Corolla. Paid for in cash. No mods, no wraps, great fuel mileage and its all your needs. Imagine.

Dealers here in AZ still think a Z06 is 75K over and C8 are 25K over. LOL saw a GT4RS for over 300K. Stealerships didnt have any problem gouging people for the last few years, so if the market collapses in on them they are just getting what they deserve.

I worked three years of overtime to save up for a down payment on my C8. Also, I sold my 2015 370z to help with the down payment. My plan was to not pay over $700 a month. My car is at MSRP and no extra charges. My allocation was accepted by the factory a few weeks ago. Hopefully my car will be delivered in a few months.

The car market needs to have a 2008 type crisis. What dealers are still doing is insane. Car dealers shouldn't exist

Went to get the oil changed in my 2015 C7/3LT convertible that is paid for and dealership sales rep calls and ask do l want to trade it in for C8, l told him make it make sense for a man that just retired has a car thats paid off low miles for another car at $1200-$1500 a month. He said l perfectly understand. Can't believe what people are paying for these overpriced cars...SMDH

Great video bro. Never rush into a decision that can cost you thousands. Good learning experience for a lot of us. The car market is definitely coming down. No more chip shortage.

If you want the car more than the deal, you’re in trouble.

Don't feel too bad. When I bought my 1st home back in 1982 (long time ago) the going interest rate was 15% - 16%, - take it or leave it. My wife and I "took it". Inflation was horrible back in those years. We made a point to pay our house off in less than 10 yrs and did it. We celebrated for sure when we made our last home payment. Like I said, interest rates have been much higher than now. They could and probably will continue to increase. Good luck on your C8 sale. Just subscribed.

Who buys an 80 thousand dollar car with a 1200 dollar payment with the intention of "loaning" it out to people on turo...........

thanks for being real with us, I hope you continue on growing!

It's awesome that you are so open and honest about this and are treating this as a learning experience and admitting to getting caught up in the emotion. Most people can't and won't do that. I can understand your initial rationale, the C8 was a hot car and was selling, on average, over MSRP and used ones were selling over MSRP consistently. With Turo supplementing your payment it seemed like a good way to go, but things obviously changed. It's funny because I had ordered a C8 at MSRP and waited 6 months and then decided to cancel and get my deposit back because of inflation and high costs on everything. Even though I was going to put $40K down I just did not think buying an $80K car right now made sense. I am so glad I did now and I am hoping to get into a used C8 in a year or two when the market drops. Good luck!

Credit Unions can give you 5-6%, which will make it much more reasonable. And it can go even lower if you do something like 36 month or shorter

I can’t imagine what the finance manager is thinking when you’re signing documents for an 84k loan for a car. I’m surprised they’ll actually let someone do that, it’s really sad. I do appreciate your honesty though & how you’re taking steps to get out of any long-term debt.

That’s why you save up and pay cash.

The moral of the story: Don't try to keep up with the Jone's, they'll pass you like your sitting still leaving you holding the bag...

Thank you for the honest information. Love the channel.

Thank you for making this video and being honest, there's too many people that don't understand what they are truly paying every month.

Perfect example of WHY you should pay attention in math class and maybe taking an accounting class… repeat after me me thanks uncle Joe!

props to you for making this video; I saw your first video and was thinking some of the thoughts you said in here. Ultimately, I think its a good move to sell and get back in, shows your willing to address things and fix them when you know it doesnt make sense. I always have a rule, if you cant pay for half the car in cash at least, dont buy it. Not just for the interest but giving away hard earned cash is way harder emotionally then signing onto a loan

Wait till they crash your c8.your insurance will not pay for it being a rental car. You will be out of gas

I hate to tell you this, but I warned you. Your loan is higher than what your Corvette is worth. Dump the Jeep as soon as possible and you will have to dig into your pocket to get rid of the Corvette. I have seen at auto auctions watching the values of used cars going down and down. Repos are coming in by the hundreds weekly. Now think of this...what about the people that paid that adjusted market value add-on. They will never get out of their loan unless they let it get back. Sorry to hear of your $$$ situation.

damn ouch bro that hurt me to hear man. Never the less! welcome to the Vette family brother

Appreciate you informing your followers about the current market and LTV issues. I bet there are a lot of buyers in the same position. Good luck.

Smart guy get rid of that debt before it breaks u

Thank you for sharing such a personal vlog I myself is thinking of buying a C8 and based on what I'm hearing from you I'd probably be paying as much as you on a monthly basis and now I'm having 2nd thoughts and really think waiting for a while till I jump the gun .

Sold my GT-R recently, got 8k over top offer from dealership to a private party, always try private party too! Also bought a C8 for exotic car rental business lmao Definitely takes money to make more money, better than holding in in the bank with low returns

All sounds like doom and gloom but what revenue are you making on rental of the Vette? If you bring in $1500/month in rent you have a little cash flow, rent is covering the payment, AND you can write off the interest on the loan since it's a business. Interest costs will go down every month as the principle goes down. I wouldn't give up. BTW, you can write off the depreciation on the car too since it's a business vehicle.

Most people I see with toys work very hard but never own anything. It's all one giant payment each month.

Unfortunately, COVID era caused this and people were willing to pay more money than sticker price and pay inflated prices in general. If nobody payed these absorbent mark ups we wouldn't see the inflated prices we do today. I look forward to seeing the market flooded with vehicles people can't afford to pay for, This will correct the market

Ya better sell it quick! Unfortunately you’ll eat some of that loan

I’m forty nine years old and they won’t even let me have a ca drivers license. Only thing I can do is live vicariously.

This makes me feel extremely fortunate for the deal I got on my brand new 2022 Ram Laramie 4X4 a few months back

I get the strategy and the emotion of wanting the C8.

Respect the genuine content

sheesh 7.1% with 25k markup over msrp u got slammed and interest just went up again. Might as well return it to the bank and file for bankruptcy soften your financial blow.

How can you lose 25K on a car? Wouldn't you be better off just to keep it, pay it off?, drive it? You can never dig your way out of a debt hole by buying, then selling newer high end cars. Why did you pay a mark-up on the c-8 when so many are sitting on lots for sell? Just don't make good sence.

What was the age restriction you had for your c8 on Turo? I was gonna rent one out once I’m 26 but had to be 30 now I’m thinking of buying my own and rent it out on Turo at times like to make the payment at least. But it yours was renting out it doesn’t make sense to me why you’d get rid of it

Mark, Maybe you should wait on buying another vehicle until you find out how much you will have to pay out of pocket to close out those two loans. Otherwise you're going to be in the same situation as you are now. Plus when they run your credit report for a new vehicle loan they're going to see that you have 2 or 3 loans on file. You have your tundra, Jeep and a Corvette loan correct. You will need to wait until the 2 fall off to be able to get a decent financing rate. That's if you can....

Thanks Joe!

Thats crazy when i got my 2019 ram i was at 18% crazy i keep it for 2 years and refinanced it a 5% now i can see progress in the loan hope you find what works for you.

Good video, thanks for the honest info

How many times did you rent it out on Turo, and how much did you make per month while doing it?

Love the video. Smart move, that interest is crazy. We care more about the Tundra anways lol. You will get a Vette again.

Good luck great video. My 2023 Camaro 2ss 1le is no where close to the price of the C8 I paid $61k OTD no mark up but I put $31k down so I have a loan just a couple dollars short of $30k which put my payment to $496 a month. I was number one in line and got the call for allocation on a hellcat redeye widebody. I was going to be close to 100k OTD I backed out just to much money to pay for a fun car. It was hard to back out I could pay it my wife said get it if I wanted but it was just to much for a weekend type car. Don’t feel bad we all make decisions we sometimes that are not wise. Things will work don’t be down on yourself.

Great video, thanks for sharing.

It’s beautiful that you’ve discovered the pain of financing. You just graduated in your “wiseness”

My friends cousin had her Mercedes repoed thought the Accord was beneath her. Choices

Interest rates up, better to be the lender. I took my new Tacoma truck money and put it into a 10 month CD @5.50% interest. I’ll earn a free 3k by May. Keeps me from doing something unwise jumping on an early 2024 marked up for peak demand. Hopefully the truck market is a bit more reasonable once the CD matures.

I got a new car 6 months ago, can I still cancel the extended warranty

Dude your car payment on that Vette is more than my house payment including interest, principal, property taxes & homeowners!

Hey brother ,I've been selling my cars to a company called Car Trackers, got my scat pack paid off even when it was negative 2 years ago, my wife's jeep Cherokee they are pretty competitive and flexible however they are in Cali

Sorry you have to sell. Hope you enjoyed it. The camera movement is too much sometimes…

I feel your pain, brother. I am working on a lower valued car than you but feel the exact same way. You can't help beating yourself up.

Great honesty but the first mistake paying above MSRP !!!

7.1% is a really good rate! Im looking at getting one at 10.25% lmao

7.1% is very high. I thought my 1.75% interest was bad for a 30k, 48 months loan.

Yeah we sold our 991.2 Carrera S for 94K. I gotten it back in late 2020 for $84K for 1.9%. Market is coming down hard and I am glad that I had my fun with it.

Man, that's tough. My apr 3.25% on my home, and 3.74%on my 22 wb charger. I make an 114k yearly and thought about a hellcat. My dream car is the new c8 vette. But it wasn't logical for me to have a payment supercede my mortgage. I'm glad i don't live outside of my reality trying to keep up with KZfaq and social media. I feel like some really do live in the matrix 😎.

The interest rate is not bad considering current rates. The higher monthly paid interest is from the long term seems like he has a 10-12 year loan term

Not bad. $1200+ is not a lot.

Fifteen grand more and you can get Porsches 911 base model new.

build up a dividend portfolio, and once things get rolling good with that, go for the vette again

just remember trade in value and retail value is different

Should have traded in both the Jeeps toward the corvette it’s could have lowered the value of the C8 by a cool $50k

I really like the hat you have on the new one dude 😅😊

Young people mostly learn the hard way.

Thanks for the inflation Joe. Last thing we need is 4 more years of this.

I'm assuming that is an 84 month loan too because $1,300 a month seems low considering the $5,000 "down payment" basically just covered sales tax and other fees. Smart for you to get out.. he who panics fist panics best.

We're is Phillips car dealership located thanks 😊

Yeesh didn't know it was that bad with Repos

I own a 2021 c8 convertible and a 2022 wrangler rubicon xtreme recon 392 and a 2022 Colorado zr2 and my total car payments are $1,900 a month!! It’s depends how much $$$ you had going into it. Nevertheless my house is only $1,100 a month 3% 😝 money down makes a world of difference. Good luck man.

Dude no disrespect whatsoever but these numbers make no sense

It's just a negative learning experience, the car rental business part didn't go the way he expected, sometimes to make it big you have to learn the hard way.

Mark I have to give you credit for making this video, it goes to show that these finance writers at these dealerships do not give a s*** but, Yes I have to agree with you. You Made a huge mistake buying both of those vehicles. I have to say amount you put down on the car of that price is way to low. I bet your total interest paid over the life of the loan if you were to keep it would be about 20 grand. Didn't you read the contract before you signed it, it's all there line by line dollar for dollar. And I can't imagine how much the vehicle insurance is costing. I hope you won't lose too much when you sell them. Should have kept your Silverado...now that was a beautiful looking truck.... I wish you luck on the sell of both of them.

The car market is disgusting. I got into a Tacoma last year and got Toyota down to a 700$ payment which started at 1000-1100$ a month😂. But they sure beat me down in 4 hours to finally sign. But that shows how high they start right off the bat. I ended up selling it back to Toyota a year n half later. Took a bit of a loss. But now I’m saving about a grand a month between gas insurance and payment. I’m guessing with the mess dealers are in right now. Everything is going to crash and it’s going to be the best buyers market right n year. Just give it another 6 months. With people saving money with Christmas around the corner. Dealers are going to be begging people to buy cars. Dealers did this to themselves with the mark up in 2021-2022. Now they are too used to selling a 30k car for 50-60k😡. Now they are f*cked 🤷‍♂️ Can’t forget Bidenflation either and the green new deal. The dems want dealers to become all electric but some insane date. Like 2030-2035. Which is just insane.

just pay cash

I bought a 2005 VW Golf TDI 142000 miles for 2,500.00,,,, seller said it needed a new transmission, my transmission guy said just needs solenoids and valve body, 800 bucks for the repair. I commute 100 miles per day 5-6 days a week, i now have 166,000 miles and she purrs up and down I 95 here in CT......

Not to criticize just an English vocabulary correction , the word is IMPRACTICAL, not un-practical.

Bidenomics!

When I heard your final numbers I vomited and craped at the same time 😮

What did we learn? Quit voting Democrat!

Thats not too bad. Don't backtrack, instead work on increasing your revenue

Imagine paying 1200+ every month for a GM… and it’s not a Duramax… danggggg…

I think you did like a lot of people did you got caught up in the excitement? At least you’re admitting it right now just take care of the problem and get out of it.

I purchased my 2021 GMC Denali 2500HD new in 2021 for 78K 4.25 % $1,245 a month. Payments are relative to your income, so $1,245 is not a big deal for me.

Lol 😂 why give up you can’t handle the pressure of what it takes to enjoy a beast 😅

Did you not know the rates before you signed it my god wtf is wrong with people

The American dream! Spend $2 for every dime you make! 😂

I do not know your age but you look to be young enough to recover from this mistake, me I have a number of toys, 22 HTC z51 3LT car but I put 50% down and paid below book price, and also no disrespect but that car is not very desirable 1LT with no options those are cheap to purchase, most 1LT Vette's are purchased by first time corvette owners, because they only see the car not the big picture as who will want this if I have to sale it.

This is out of control. The new Corvette's are amazing i would love to have one but it is just another toy.

5k down on any car well about 60k is hilarious. I want one but i plan on putting down 25k.

Can you put a price on the amount of enjoyment you received? The story you're able to tell? You're car enthusiast. Bad investments are part of the life. In the future, just try and find a balance.

I was fortunate enough to learn how loan aggregation works at an early age (got hired by a mortgage company). My experience from that has helped me make better financial choices and understand the market in general. Even with that knowlege, it is easy to make a purchases you think are financialy sound but do not end up that way. Any loan you take the financer is going to be making a minimum of 60% off the top for the first half of the loan before the principal vs. interest rate starts to flip. Homes typically tend to retain and increase in value vs. automotives which decline absurdly as soon as you drive it off of the lot.

I have a 2013 genesis coupe and 2018 Suzuki GSXS1000 completely paid for. Not buying a new car for a couple more years.

you live super close to me..small world

30k offer for the jeep is good

Don’t really like the front end lower air dam

I dropped 45k down payment. My payment is 920 ish…..

Bagholding cars. Terrible financial decisions. Blame the world for your poor decisions. #nocarpayments #dontoweshittoanyone

We all make bad choices in our lives.