Depreciation

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It's one of those things, just as a
natural part of life.
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00:00:03,662 --> 00:00:08,183
You know, you buy something, you grab the
keys or the receipt,
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00:00:08,183 --> 00:00:10,745
and the second you grab it and you've paid
for it,
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it's already not worth as much as you just
paid for it.
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Even though it could still be brand new
and in the box,
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it's not worth as much. Just because now
it has an owner,
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it has title, it's
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Property of somebody else. Essentially,
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when you manufacture something and sell it
to a distributor until it is sold
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00:00:30,405 --> 00:00:34,738
to a actual consumer, commercial
businesses don't hold the title
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00:00:34,739 --> 00:00:37,629
on these vehicles per se. Essentially,
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once you grab those keys, you're the first
owner of that vehicle and that product.
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It's kind of weird how it actually works
out in society.
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And how we all look at it and always ask
to ourselves,
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why? Why is what's sitting in my driveway
worth so much less than yesterday when
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I paid sixty thousand dollars for it?
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Why did I lose over ten percent the second
I grabbed my keys?
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And in some cases, thirty-three percent.
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Well, that's something that AutoLooks is
gonna be taking a look at.
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00:01:10,230 --> 00:01:11,230
Today.
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00:01:18,917 --> 00:01:20,647
Welcome back to the AutoLooks Podcast.
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the Automotive Industry,
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00:01:24,358 --> 00:01:28,049
Mr. Everett J, coming to you from our host
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So, like I said in the beginning,
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depreciation. We all know it.
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And for just a small few of us,
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like we say, the 1% club, all of us are
subjected to it.
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Even the people that are millionaires who
are part of that top
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10% of the population, they're still
subjected to it when they buy vehicles.
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With everything you buy, essentially
nothing super appreciates.
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I worked it out when I bought my first
house.
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When I sold it to get my second house,
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I went back through, did the entire
mathematical equation for the amount
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of money I spent on all of the services to
own that house.
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And in the end, everybody's like,
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Well, you made $70,000 off selling your
house.
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You know, for living in it for 10 years
just because of the appreciation
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of the value of the area around you.
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I said, Yeah. And in the end, after
maintenance,
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taxes, regular bills, and every single
thing else to maintain and keep that house
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underneath my feet and not falling down,
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I walked away with three thousand five
hundred dollars.
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Thirty five hundred dollars.
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Not too shabby, right? $66,500 is what I
walked away from.
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I lost that because my house essentially
cost me money.
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An automobile is one of the biggest money
pits you can own.
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And if you talk to some people out there,
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some pretty affluent people in money
world.
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Let's just go with
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With somebody like Kevin O'Leary.
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If actually go back and read an article
from him a few years back,
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he actually talks about car ownership
being one of the worst pitfalls that keeps
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people poor. And essentially he's got a
point there.
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You know, for us being people of the
automotive industry,
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trying to promote the automotive industry
and get you to purchase cars.
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We actually agree with him. And this is
why we agree with him.
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Because unless you're buying ultra-rare
vehicles.
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Automobiles don't appreciate in value,
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unlike owning land, owning a house,
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owning a business that's successful.
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They appreciate and create value for you
where your automobile doesn't.
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It depreciates. And like I said,
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except for that 1% club in the world,
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everyone else loses money on their
vehicles.
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That 1% are the people who can buy
vehicles.
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Get on the list for a brand new Enzo
Ferrari back in the day and sell your
build
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slot off for six times more than what it
was worth for you just to get on the list.
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I remember that. That's one of the
vehicles that Essentially started.
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With companies having rules for even
selling build slots.
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Six hundred forty thousand dollars Enzo
Ferrari eBay sale over six million.
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Because somebody couldn't get on the list
to get one.
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So they bought somebody's build slot.
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Appreciation. Meanwhile, if you actually
look at some of
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the facets depreciating vehicles,
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a lot of luxury makes are in there.
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Jaguars, especially. Same with Mercedes
and BMWs.
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But you also get everyday products like a
Kia.
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Yeah, Kia Sorrentos.
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One of the worst ones. When you grab the
keys from that vehicle,
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when you make that payment, let's say you
paid $60,000 for that fully loaded
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Sorrento. The second you grab those keys
and about to walk out that door,
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30% of the value of that vehicle is gone.
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You've literally just lost 30%.
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It's a lot.
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I don't know about you, but I really don't
have $18,000 to just throw away.
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But when you grab those keys, you
literally just threw $18,000 down and
said,
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I don't care about this. then if you're
leasing,
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you just ~ you're just getting into a
whole different ball game right there.
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That's actually a podcast for future time.
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We'll we'll get into you know leasing,
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financing, and write out purchasing.
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Differences and which one?
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And which payment style would be better.
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But with depreciation, it comes from a
multitude of different factors.
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One, you have the initial brand value.
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Something like a Kia isn't valued as
highly as a Lamborghini.
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You hear the word Lamborghini,
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the thing could be 60 years old rotting in
a garage.
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And it could still be worth more than what
it originally sold for,
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even with
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inflation incurred. Literally these things
you can go through and
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Make money off of them. How many of those
videos have you seen on TikTok,
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Instagram, Facebook, YouTube, all about
these amazing barn finds?
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It's like this ultra rare car.
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There's only six of them made,
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and this guy bought an original at a
dealership,
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paid about twelve hundred dollars back
then,
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which transfers into being over forty
thousand dollars today.
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And somebody's buying it from them for
over a hundred thousand dollars.
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You see, that's where value is perceived.
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Rarity of a vehicle. The history behind a
vehicle.
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That makes it so it's worth more.
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Where depreciation, like initial brand
value,
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nobody looks at a Kia or a Hyundai or even
a Chevrolet
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and automatically thinks major great
quality.
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You may think technological Marvel with
Hyundai's because they got all
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the bells and whistles. But all the bells
and whistles will last
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you about three years before they crap
out.
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And the initial brand value at the end of
the day is worth shit.
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Buying something like a Toyota or Honda,
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you're gonna lose a lot less. The vehicles
that depreciate the least amount
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are mostly Japanese vehicles, specifically
from Toyota,
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Honda, Suzuki. They build vehicles that
create brand value to keep.
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Their values higher. Sure, they still
depreciate because there's millions
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of them out there. And that's one of the
things.
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Production volumes really plays a role in
the depreciation of your vehicle.
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Think about it. How many Corollas are out
there?
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You want to go out, even finding a Corolla
from the 90s now.
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Yeah, there are people willing to pay
$20,000 or $30,000 for a mint condition
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one these days. But even still,
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it's not going to be worth as much.
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As let's say a DeTomaso Pantera from the
early nineties,
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because it's sought after, was built in
low volumes,
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and in all sense, it's high demand.
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Production volumes kept it down.
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There's tons and tons and tons of Corollas
out there.
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Now it's got the brand value to make it
sure the depreciation doesn't
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hit it right in the jugular the second you
grab the keys.
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But it essentially won't hold its value
forever.
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Now there are specific ones of it.
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The Corolla AE86, as we all know,
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the Trueno from initial D.
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That vehicle back in the day nobody wanted
to pay even a penny for because
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it was just a cheap, boring, bland
vehicle.
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And then we found out how great it was and
it started appreciating because everybody
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who originally owned one got rid of them.
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When I was in college, somebody had one
for sale for about $400.
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I had friends that bought CRXs and Civics
from the late 90s,
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just like the ones you see in Fast and
Furious.
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You know, they're paying
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$1,500. Sometimes even less for those
things.
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And how much do they cost now?
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We're looking back then and they're
everywhere.
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You could find them. I'm not gonna spend
like $8,000 on a used car.
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I don't care how good it is. No,
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it it they're dime a dozen. They're all
over the place.
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So production volume really plays into it.
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So you got brand value.
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Production volume, the amount of vehicles
that manage to stay alive,
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that could be another one. Because
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Some vehicles will crap out. The perceived
value of my Kia Borrego that
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I used to own was very minimal.
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In the country of Canada, less than
fifteen hundred of them were ever sold
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in the one year they sold it. A body on
frame,
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four wheel drive, Kia product.
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And trust me, that thing took a beating.
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It was actually pretty well built,
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even for a Kia. It was. Now the
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major problem you had to change the
starter constantly of it because the
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oil was at the top of the engine and it
dripped down and dripped over your
friggin'
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alternator constantly. Every two years you
gotta change the damn thing.
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It's annoying. But that's all engineering.
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But that goes with the brand value.
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Now another thing is history. Like we got
into our classic EV one.
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The Tucker Torpedo. If you saw one of
those on a parking lot in the 1960s
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or even in the 70s, you wouldn't pay a ton
of money for it because it's from
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an ill fated car company that nobody
wanted and they didn't make it.
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How am I supposed to get parts or fix this
or keep this on the road?
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No, they depreciate it. They went
nosediving.
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Until got a little help from a movie that
basically showcased it
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00:10:57,634 --> 00:11:02,498
off and educated the public about the car
company that should have been.
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00:11:02,648 --> 00:11:06,810
So the depreciation can reverse roles to
appreciation,
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00:11:06,810 --> 00:11:09,651
but only when they're very limited
numbers.
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The resale market really plays a role in
depreciation.
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00:11:13,443 --> 00:11:15,904
See, throughout the 90s and the 2000s,
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and even the teen years, there was tons
and tons of used cars on the market.
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So brand values were very low.
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We're talking like go back.
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So about 2015, I could pick up a Toyota
4Runner SR5 in decent shape from
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a dealership for about $6,000.
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Base minimum one. But I might be able to
get one for about $10 or $11.
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For a vehicle at that point in time cost
about $38,000 Canadian,
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brand new. It depreciated, a lot better
than
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Other vehicles out there, but it's still
depreciated.
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But the resale market at that point in
time,
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00:11:51,756 --> 00:11:56,863
there was tons of used cars. Do you not
remember before the 2020s when
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you used to drive down the road and there
were used car dealerships,
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more of them than new car dealerships?
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00:12:02,140 --> 00:12:07,621
Nowadays, you drive around, and most used
car dealerships are essentially just used
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00:12:07,621 --> 00:12:11,203
car divisions of brand new car
dealerships.
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In my home city during the 2020s,
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in the major downfall of the marketplace,
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the production chip market just getting
hammered,
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and brand new cars not being able to get
to market,
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we lost tons and tons of vehicles in the
resale market.
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So naturally they appreciated.
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00:12:29,209 --> 00:12:32,542
And now vehicles, yeah, they're starting
to depreciate a lot.
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Quicker within the first five years than
other ones because of perceived brand
value
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00:12:38,096 --> 00:12:41,748
and all around value to consumers over the
long run.
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People because of videos, because of
social media,
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00:12:45,100 --> 00:12:50,114
are now understanding why some vehicles
you should avoid like the plague.
229
00:12:50,114 --> 00:12:52,906
My favorite one is you go to the
autolooks.net website,
230
00:12:52,906 --> 00:12:55,949
click the help tab that pops down
underneath corporate links.
231
00:12:55,949 --> 00:12:58,331
There's one that'll bring you to a company
called.
232
00:12:58,518 --> 00:13:00,860
Car complaints, okay? Carcomplaints.com.
233
00:13:00,860 --> 00:13:03,271
It's not just the lemon aid book.
234
00:13:03,271 --> 00:13:05,883
It's recalls, it's warranties,
235
00:13:05,883 --> 00:13:09,657
it's personal blogs and corporate
findings.
236
00:13:09,657 --> 00:13:14,270
It's every single thing to show you how
bad vehicles are.
237
00:13:14,270 --> 00:13:19,023
Because of sites like that, some of these
vehicles depreciate faster than anything
238
00:13:19,023 --> 00:13:21,395
else before. Because now we know.
239
00:13:21,545 --> 00:13:25,407
There's a bad one out there. And we know
which ones are good and we know which ones
240
00:13:25,407 --> 00:13:28,880
to stay away from. That has affected the
resale market.
241
00:13:28,880 --> 00:13:32,482
Just like I said, the COVID era affected
the resale market.
242
00:13:32,482 --> 00:13:37,725
It appreciated the value of the used car
market because supply was running out.
243
00:13:37,725 --> 00:13:41,847
But when supply was rampant during the
1980s and 90s,
244
00:13:41,847 --> 00:13:44,288
you could pick up things for like $100.
245
00:13:44,288 --> 00:13:48,091
You could pick up a $200 car back in the
late 80s.
246
00:13:48,241 --> 00:13:50,422
That would get you around for a couple
years.
247
00:13:50,422 --> 00:13:53,103
By the time I started needing vehicles for
my family,
248
00:13:53,103 --> 00:13:54,673
you know, into the teen years,
249
00:13:54,673 --> 00:13:57,284
and it spent $500 to get a vehicle.
250
00:13:57,284 --> 00:13:59,975
I was lucky if I got about two years out
of it.
251
00:13:59,975 --> 00:14:03,556
And on top of that, I was usually spending
over those two years
252
00:14:03,556 --> 00:14:07,698
at least another thousand or two thousand
dollars to keep this thing on the road.
253
00:14:07,698 --> 00:14:10,508
So it wasn't a five hundred dollar wreck
that kept me going.
254
00:14:10,508 --> 00:14:12,799
It was a twenty five hundred dollar wreck
that kept me going.
255
00:14:12,799 --> 00:14:13,799
So
256
00:14:13,369 --> 00:14:16,990
That was because the resale market started
drying up.
257
00:14:16,990 --> 00:14:18,340
Another one that brings it down,
258
00:14:18,340 --> 00:14:22,412
and this is where China really kills their
marketplace.
259
00:14:22,412 --> 00:14:25,634
They really kill the used car marketplace.
260
00:14:25,634 --> 00:14:31,402
China is famous for this in making every
single vehicle they have depreciate faster
261
00:14:31,402 --> 00:14:34,308
than anything else. It's not because of
brand value.
262
00:14:34,308 --> 00:14:35,308
We get it.
263
00:14:35,098 --> 00:14:39,322
Not all Chinese manufacturers are the
world's greatest and build quality
vehicles.
264
00:14:39,322 --> 00:14:43,716
A lot of them are getting up to being on
par with companies like Stellantis
265
00:14:43,716 --> 00:14:46,709
and Ford and some of them even Toyota and
Honda.
266
00:14:46,859 --> 00:14:48,185
But they do
267
00:14:48,335 --> 00:14:50,255
Quick updates to their vehicles.
268
00:14:50,255 --> 00:14:54,675
How many times have you heard of a waiting
list of 30,000 people waiting
269
00:14:54,675 --> 00:14:59,897
for a brand new car from a Chinese
manufacturer only to find out that it's
going
270
00:14:59,897 --> 00:15:01,787
to take 18 months before they can get it?
271
00:15:01,787 --> 00:15:07,419
Within 18 months, they release the second
generation of it with complete updates.
272
00:15:07,419 --> 00:15:10,000
These people haven't even gotten the first
generation one,
273
00:15:10,000 --> 00:15:12,270
and the second generation one is out.
274
00:15:12,270 --> 00:15:14,821
They're flooding the market too quick.
275
00:15:14,971 --> 00:15:18,364
Like the Chinese haven't looked at the
video game marketplace and seen
276
00:15:18,604 --> 00:15:22,668
the reason why Mega Man and Final Fantasy
have literally kicked the bucket,
277
00:15:22,668 --> 00:15:25,801
or even Guitar Hero. Guitar Hero is more
of a fad,
278
00:15:25,801 --> 00:15:30,815
but it grew too fast. Final Fantasy took
forever to get to number seven.
279
00:15:30,815 --> 00:15:32,967
But after number seven, it was number
seven,
280
00:15:32,967 --> 00:15:34,128
then number eight, number nine,
281
00:15:34,128 --> 00:15:37,371
number ten, number eleven, like every
single year they did a new one.
282
00:15:37,371 --> 00:15:39,493
They didn't make you wait forever.
283
00:15:39,643 --> 00:15:42,566
Grand Theft Auto is going into its sixth
iteration.
284
00:15:42,566 --> 00:15:46,499
It's been what? Over twenty-five years of
Grand Theft Auto?
285
00:15:46,499 --> 00:15:49,671
Hell, we're getting close to thirty years
of Grand Theft Auto,
286
00:15:49,671 --> 00:15:51,012
and they're only on their sixth.
287
00:15:51,012 --> 00:15:55,066
Mega Man had their tenth before I was even
finished college.
288
00:15:55,216 --> 00:15:57,587
Releasing products too quickly.
289
00:15:57,587 --> 00:16:03,310
So, how fast you get it to the retail
market can also cause quick depreciation.
290
00:16:03,310 --> 00:16:07,042
Because if you're releasing a brand new
updated variation of the vehicle,
291
00:16:07,042 --> 00:16:10,725
you know, not something you could download
as a software update,
292
00:16:10,725 --> 00:16:12,906
but an actual hardware.
293
00:16:13,056 --> 00:16:15,467
Manufactured in a plant product.
294
00:16:15,617 --> 00:16:19,282
Like said, Chinese manufacturers within 18
months the second generation
295
00:16:19,282 --> 00:16:22,707
is coming out before the first generation
people are even getting them.
296
00:16:22,707 --> 00:16:25,902
So your vehicle is outdated before you
even get it.
297
00:16:26,052 --> 00:16:27,192
What do you think that's gonna do?
298
00:16:27,192 --> 00:16:29,254
You're gonna toss it into the retail
market.
299
00:16:29,254 --> 00:16:33,047
In the used car marketplace, you're gonna
overflow the used car marketplace,
300
00:16:33,047 --> 00:16:36,159
bringing down the price of vehicles
substantially.
301
00:16:36,309 --> 00:16:38,621
gonna literally flood the market.
302
00:16:38,621 --> 00:16:43,310
And in a country that does that similar
run to a lot of other Asian
303
00:16:43,310 --> 00:16:46,742
and even European marketplaces that give
time frames on vehicles.
304
00:16:46,742 --> 00:16:48,398
So you can't own something for,
305
00:16:48,398 --> 00:16:52,858
you know, like fifty years and keep
driving it unless you get it certified
306
00:16:52,858 --> 00:16:53,858
as a classic.
307
00:16:53,629 --> 00:16:57,542
These vehicles hitting the resale market
will get bumped and shipped
308
00:16:57,783 --> 00:17:01,175
to third world nations. They get flooded
into the back place.
309
00:17:01,175 --> 00:17:06,050
They'll even try and change the title so
they can resell it as a brand new vehicle.
310
00:17:06,200 --> 00:17:07,772
And when people start finding this out,
311
00:17:07,772 --> 00:17:11,907
your brand value starts come crumbling
right below you,
312
00:17:11,907 --> 00:17:14,720
depreciating everything in your
marketplace.
313
00:17:14,720 --> 00:17:17,473
Doesn't matter if you got a million dollar
car in your market,
314
00:17:17,473 --> 00:17:22,850
it's gonna disappear because you destroyed
your market by bringing products
315
00:17:22,850 --> 00:17:24,362
out way too quickly.
316
00:17:24,512 --> 00:17:28,419
Appreciation value. Being too quick can
also hurt you.
317
00:17:28,569 --> 00:17:33,581
Recalls and warranty claims are another
thing that adds into depreciation
318
00:17:33,581 --> 00:17:38,092
of vehicles. Look at this generation of
the F-150 and the previous generation
319
00:17:38,092 --> 00:17:41,303
of the F-150. When they out of full size
pickup trucks,
320
00:17:41,303 --> 00:17:43,684
and you gotta remember, full size pickup
trucks are one of
321
00:17:43,684 --> 00:17:48,095
the slowest depreciating vehicles and
segments out there.
322
00:17:48,095 --> 00:17:49,965
But why? Why is it?
323
00:17:50,115 --> 00:17:53,267
Not all of them are great. Pickup trucks
hold their value.
324
00:17:53,267 --> 00:17:57,359
And the odd one that actually holds its
value very well is the Jeep Wrangler.
325
00:17:57,359 --> 00:17:59,350
Even with more and more competition,
326
00:17:59,350 --> 00:18:03,662
its namesake keeps it in the value form.
327
00:18:03,662 --> 00:18:07,394
Man, a lot of their vehicles are still
waiting lists to get them.
328
00:18:07,394 --> 00:18:08,795
Sure, you can see them on dealer lots,
329
00:18:08,795 --> 00:18:09,936
but if you want a specific one,
330
00:18:09,936 --> 00:18:11,257
you gotta wait.
331
00:18:11,407 --> 00:18:13,498
So you're getting recalls and warranty
claims,
332
00:18:13,498 --> 00:18:15,607
the past two generations of Ford F-150s,
333
00:18:15,607 --> 00:18:20,210
if you didn't notice, there were tons and
tons of recalls on them.
334
00:18:20,210 --> 00:18:26,671
In one year, Ford had the most recalls for
a single vehicle in history
335
00:18:26,671 --> 00:18:31,523
for an F 150. They surpassed the number
two and number three place
336
00:18:31,884 --> 00:18:33,184
for warranty claims.
337
00:18:33,334 --> 00:18:38,105
They issued so many recalls that they
became the only pickup truck
338
00:18:38,255 --> 00:18:40,136
to depreciate quicker than the others.
339
00:18:40,136 --> 00:18:43,037
Because people saw it as a problem.
340
00:18:43,037 --> 00:18:44,438
Not all of them were problems,
341
00:18:44,438 --> 00:18:48,450
but you have to remember when you build
millions of vehicles
342
00:18:48,600 --> 00:18:51,181
and there's hundred thousand warranty
claims,
343
00:18:51,181 --> 00:18:54,835
as opposed to building 3,000 vehicles and
having one.
344
00:18:54,985 --> 00:18:57,117
Is a difference. The perceived value.
345
00:18:57,117 --> 00:18:59,611
More people buying them, more people
considering.
346
00:18:59,761 --> 00:19:03,612
It could be mine. We kind of went into
this with the retail market
347
00:19:03,612 --> 00:19:08,708
for the electric industry a couple of
years back when Tesla was releasing
348
00:19:08,708 --> 00:19:10,639
the Model 3 into the marketplace.
349
00:19:10,639 --> 00:19:14,802
We're saying they're getting into a market
that's going to slowly bring down their
350
00:19:14,802 --> 00:19:19,383
brand value. Because if they don't get
every single thing spot on when that
351
00:19:19,383 --> 00:19:21,594
car comes out, and trust me, they didn't,
352
00:19:21,594 --> 00:19:24,776
you're going to destroy the overall value
of your vehicles.
353
00:19:24,926 --> 00:19:27,328
The fastest depreciating vehicles,
354
00:19:27,328 --> 00:19:31,671
electric vehicles, depreciate faster than
internal combustion engine
355
00:19:31,821 --> 00:19:35,213
and even hybrids. Hybrids depreciate
actually a little bit faster than internal
356
00:19:35,213 --> 00:19:39,896
combustion engine, only because the
perceived complexity of the hybrid system,
357
00:19:39,896 --> 00:19:43,559
everybody thinks that they're gonna have
to spend thousands of dollars more than
358
00:19:43,559 --> 00:19:44,960
an internal combustion engine,
359
00:19:44,960 --> 00:19:47,903
a lot quicker because you got to replace
that battery stack.
360
00:19:47,903 --> 00:19:50,755
Not 100% true with every single one of
them out there.
361
00:19:50,905 --> 00:19:54,948
Gonna remember there's Prius is still
kicking around from the second generation
362
00:19:54,948 --> 00:19:58,300
on our roads. Some of those products were
built to last.
363
00:19:58,300 --> 00:20:01,472
Electric vehicles, a lot of them are built
a lot better today.
364
00:20:01,472 --> 00:20:03,273
Their batteries last longer today.
365
00:20:03,273 --> 00:20:08,326
We we talked about that in our classic EVs
podcast not too long ago.
366
00:20:08,326 --> 00:20:11,958
How those batteries will make it so those
vehicles don't have
367
00:20:11,958 --> 00:20:14,050
a great perceived value in the future.
368
00:20:14,050 --> 00:20:15,050
They
369
00:20:14,400 --> 00:20:16,523
Those Tesla roasters, the original ones,
370
00:20:16,523 --> 00:20:19,926
you're spending thousands of dollars to
keep it on the road,
371
00:20:19,926 --> 00:20:22,819
but you turn around, can you sell it to
get your money back?
372
00:20:22,819 --> 00:20:26,083
No. Cause there was no perceived value.
373
00:20:26,233 --> 00:20:28,813
It's just like the recalls. Tesla put it
out.
374
00:20:28,813 --> 00:20:32,274
People started finding all kinds of
quality issues because they're pushing
these
375
00:20:32,274 --> 00:20:33,864
vehicles out to the marketplace.
376
00:20:33,864 --> 00:20:37,065
They tried to enter a market too quickly.
377
00:20:37,065 --> 00:20:39,316
And you've got to remember they were
scaling up.
378
00:20:39,316 --> 00:20:41,367
When you're scaling up an industry,
379
00:20:41,367 --> 00:20:42,547
we actually talked about this,
380
00:20:42,547 --> 00:20:44,418
God, what was that three seasons ago?
381
00:20:44,418 --> 00:20:50,089
production woes of startups. There are a
lot of issues that bring down perceived
382
00:20:50,089 --> 00:20:51,089
values.
383
00:20:50,919 --> 00:20:52,740
When you're trying to ramp up production,
384
00:20:52,740 --> 00:20:55,371
you're trying to go from building a few
thousand vehicles to a
385
00:20:55,371 --> 00:20:57,152
few hundred thousand vehicles.
386
00:20:57,152 --> 00:20:59,874
The scale is completely different,
387
00:20:59,874 --> 00:21:02,195
and you're more likely to have issues.
388
00:21:02,195 --> 00:21:04,026
And when those issues start coming out,
389
00:21:04,026 --> 00:21:05,847
your brand value is going down,
390
00:21:05,847 --> 00:21:09,277
and the amount that people are willing to
pay in the used car marketplace.
391
00:21:09,277 --> 00:21:12,769
Electric vehicles, people are willing to
pay a lot less for a used
392
00:21:12,769 --> 00:21:14,560
one than an internal combustion engine,
393
00:21:14,560 --> 00:21:17,862
only because they know that battery pack
has to be replaced.
394
00:21:18,012 --> 00:21:21,405
Your engine, we all know we can have a
transmission issue.
395
00:21:21,405 --> 00:21:25,017
But some people can go three, four hundred
thousand kilometers before they even
396
00:21:25,018 --> 00:21:27,199
get any sort of issue with it.
397
00:21:27,199 --> 00:21:31,192
We're an electric battery, you know it's
only got a specific amount
398
00:21:31,192 --> 00:21:33,174
of time before you have to replace it.
399
00:21:33,174 --> 00:21:34,505
Yeah, there's people that have put,
400
00:21:34,505 --> 00:21:36,716
you know, half a million miles on these
things,
401
00:21:36,716 --> 00:21:40,870
but they have to be very specific in their
charging schedules,
402
00:21:40,870 --> 00:21:42,872
their operation schedules, and
403
00:21:43,022 --> 00:21:46,427
Maintenance schedules. Anyone can keep any
vehicle forever.
404
00:21:46,427 --> 00:21:49,821
You just have to be able to maintain it
properly.
405
00:21:49,971 --> 00:21:53,622
If you didn't know this, there are
actually Hyundai Ellantras about
406
00:21:53,622 --> 00:21:58,213
two generations ago that would crack over
a million miles for a Hyundai.
407
00:21:58,213 --> 00:22:00,614
A company literally just throws vehicles
together.
408
00:22:00,614 --> 00:22:04,665
And you have to remember if you want the
reason behind us always kind
409
00:22:04,665 --> 00:22:06,477
of putting down Hyundai and Kia,
410
00:22:06,477 --> 00:22:11,229
is because they're the automotive company
that utilizes robotics more
411
00:22:11,229 --> 00:22:15,181
so than anyone else and has for the past
20 years.
412
00:22:15,331 --> 00:22:19,798
In a production plant, they will use
thirty percent less people,
413
00:22:19,798 --> 00:22:21,881
less eyes from humans. I get it,
414
00:22:21,881 --> 00:22:23,584
human error can go a lot worse,
415
00:22:23,584 --> 00:22:28,520
but a human error can usually be caught by
a human quicker than a robot.
416
00:22:28,670 --> 00:22:32,766
That's reason why we give them a bad
perceived value is because when there's
417
00:22:32,766 --> 00:22:35,520
a problem, their problems are big,
418
00:22:35,520 --> 00:22:37,132
not small.
419
00:22:37,282 --> 00:22:39,233
All comes down to quality control set,
420
00:22:39,233 --> 00:22:40,233
right?
421
00:22:39,625 --> 00:22:41,316
They used to have some that lasted,
422
00:22:41,316 --> 00:22:45,667
but why do you still pay like pennies on
the dollar to get one
423
00:22:45,667 --> 00:22:46,748
of those old Elantras?
424
00:22:46,898 --> 00:22:49,919
Because it's brand value. People don't
value those vehicles.
425
00:22:49,919 --> 00:22:52,610
And who knows? Maybe that person kept
their vehicle.
426
00:22:52,610 --> 00:22:55,741
We're only hearing about like one or two
of them every single year.
427
00:22:55,741 --> 00:22:59,873
It's not like the original Lexus LSs that
came out in 1989.
428
00:22:59,873 --> 00:23:04,204
You hear about tons of those going over
400,000 kilometers guaranteed.
429
00:23:04,204 --> 00:23:06,444
Just like my Tacoma. Tacoma.
430
00:23:06,594 --> 00:23:10,746
Not rated super high. It's number six for
vehicles guaranteed to
431
00:23:10,746 --> 00:23:13,948
get over two hundred and fifty thousand
miles.
432
00:23:13,948 --> 00:23:17,480
See, I'm I'm supposed to push almost four
hundred thousand kilometers
433
00:23:17,480 --> 00:23:20,001
on my truck very easily. Number six,
434
00:23:20,001 --> 00:23:21,766
a 4Runner ranks higher than it.
435
00:23:21,766 --> 00:23:24,064
I don't know why. It's the same body
style.
436
00:23:24,064 --> 00:23:27,644
The 4Runner you think would be less
because it's less commercial people.
437
00:23:27,644 --> 00:23:28,644
I I don't know.
438
00:23:28,477 --> 00:23:32,472
You see, trucks, the top ten list is
mostly made of trucks.
439
00:23:32,472 --> 00:23:36,086
And there's actually only one non-Japanese
product in the top
440
00:23:36,086 --> 00:23:39,070
ten vehicles that'll go over 250,000
miles.
441
00:23:39,220 --> 00:23:40,980
And it's German. Imagine that.
442
00:23:40,980 --> 00:23:43,691
But trucks are always rated at the higher
level.
443
00:23:43,691 --> 00:23:47,182
See, the brand value and value of a
segment.
444
00:23:47,182 --> 00:23:53,014
See, people perceive a dedicated utility
vehicle as being more valuable than
445
00:23:53,014 --> 00:23:58,684
a crossover utility vehicle. A Jeep is
more valuable than a RAV4 because it's
446
00:23:58,684 --> 00:24:02,435
perceived to last longer and take harder
abuse because that's the market
447
00:24:02,435 --> 00:24:03,435
it was built for.
448
00:24:03,315 --> 00:24:08,629
A diesel pickup truck will hold its value
better than a gas pickup truck.
449
00:24:08,629 --> 00:24:10,460
Because the diesel pickup truck,
450
00:24:10,460 --> 00:24:14,973
we all know diesels are built for the
transportation and commercial marketplace.
451
00:24:14,973 --> 00:24:21,037
So those vehicles are always guaranteed to
go over 200,000 miles without issues
452
00:24:21,037 --> 00:24:26,170
because they're built for transportation
and literally just beating the shit
453
00:24:26,170 --> 00:24:29,663
out of it as opposed to a gas residential
vehicle.
454
00:24:29,813 --> 00:24:31,338
Standard consumer use.
455
00:24:31,488 --> 00:24:34,938
Then you get into cars. See, smaller the
car,
456
00:24:34,938 --> 00:24:38,359
the less value perceived in it than the
bigger cars.
457
00:24:38,359 --> 00:24:41,550
Bigger cars will hold their values better
than smaller cars.
458
00:24:41,550 --> 00:24:46,112
The CUV marketplace is one of the only
ones where bigger doesn't always
necessarily
459
00:24:46,212 --> 00:24:51,634
mean better. Because we start seeing a
Ford Explorer versus a Ford Escape.
460
00:24:51,634 --> 00:24:55,515
The escape can be seen as a little bit
more perceived value.
461
00:24:55,665 --> 00:24:59,468
Only because it's built for the everyday
marketplace where the Explorer
462
00:24:59,618 --> 00:25:03,771
is built for the home environment where
people are more likely
463
00:25:03,771 --> 00:25:07,572
to travel longer distance and tow shit
with it than an escape.
464
00:25:07,572 --> 00:25:12,285
See, perceived value plays a big part in
the depreciation of vehicles.
465
00:25:12,285 --> 00:25:14,516
But then brands do it to themselves.
466
00:25:14,516 --> 00:25:16,817
Luxury brands are famous for it.
467
00:25:16,817 --> 00:25:18,368
So in 2025.
468
00:25:18,518 --> 00:25:21,611
They did a list of the fastest
depreciating vehicles.
469
00:25:21,611 --> 00:25:24,294
Number one, Jaguar iPace. Number two,
470
00:25:24,294 --> 00:25:27,016
BMW 7 Series. Number three, Tesla Model S.
471
00:25:27,016 --> 00:25:29,778
Four Infinity QX80. There you go,
472
00:25:29,778 --> 00:25:33,226
this CUV Maserati Ghibli, BMW 5 Series,
473
00:25:33,226 --> 00:25:35,178
Nissan Leaf, Maserati Levante,
474
00:25:35,178 --> 00:25:38,551
Tesla Model X, and a Cadillac Escalade
ESV.
475
00:25:38,551 --> 00:25:40,212
Brand new vehicle to the marketplace.
476
00:25:40,212 --> 00:25:42,004
And yet it lost.
477
00:25:42,154 --> 00:25:45,940
In five years, sixty two percent of its
value.
478
00:25:46,090 --> 00:25:53,084
$56,000. The Maserati Ghibli lost 64% over
five years of its value,
479
00:25:53,084 --> 00:25:56,115
which means you lost $70,000.
480
00:25:56,115 --> 00:25:59,707
What a perfect example of it. Jaguar Land
Rover has a very
481
00:25:59,707 --> 00:26:02,748
bad perceived value because of its
dealerships.
482
00:26:02,748 --> 00:26:06,900
It's considered one of the worst consumer
experiences.
483
00:26:06,900 --> 00:26:09,431
And most of its dealerships around the
world have that.
484
00:26:09,581 --> 00:26:12,814
But Jaguar Land Rover, a lot of people
have started to understand that they're
owned
485
00:26:12,814 --> 00:26:14,535
by Tata. And I'm sorry to say,
486
00:26:14,535 --> 00:26:18,988
but we don't view cars from the Indian
marketplace as quality yet.
487
00:26:18,988 --> 00:26:22,430
They're kind of like where China was 25
years ago.
488
00:26:22,430 --> 00:26:24,842
Their market is growing. They're getting
bigger.
489
00:26:24,842 --> 00:26:27,654
Help, Mahindra just released their first
pickup truck,
490
00:26:27,654 --> 00:26:29,606
and it it's actually pretty cool.
491
00:26:29,606 --> 00:26:31,548
Go and check it out. It's on the website.
492
00:26:31,698 --> 00:26:33,739
So they're growing, they're getting
better,
493
00:26:33,739 --> 00:26:35,211
their quality is getting better.
494
00:26:35,211 --> 00:26:39,014
But when you think Tata, the nano still
stands out.
495
00:26:39,014 --> 00:26:41,266
Tata can build whatever it wants,
496
00:26:41,266 --> 00:26:47,020
but until you get past the entire
generation that grew up knowing the Tata
Nano
497
00:26:47,170 --> 00:26:51,552
as the cheapest vehicle produced in
history.
498
00:26:51,552 --> 00:26:54,884
Well, not in history, but in the 21st
century.
499
00:26:55,034 --> 00:26:59,907
We will not perceive its ownership for
even its luxury makes as being
500
00:26:59,907 --> 00:27:01,637
a valuable product.
501
00:27:01,787 --> 00:27:04,355
We said brand perception plays a big role.
502
00:27:04,355 --> 00:27:07,666
BMW loses its value due to production
numbers.
503
00:27:07,816 --> 00:27:12,348
Just because they produce tons of cars to
throw them at their dealerships,
504
00:27:12,348 --> 00:27:14,168
even if their dealers can't sell them.
505
00:27:14,168 --> 00:27:18,470
So they're sitting on them. So they
depreciate quicker because your vehicle
gets
506
00:27:18,470 --> 00:27:23,152
there, it could sit there for three
quarters of a year before it ever even
gets
507
00:27:23,152 --> 00:27:24,432
sold. So by the time you're getting it,
508
00:27:24,432 --> 00:27:29,144
the thing's literally been weather beaten
before you put your foot on the gas.
509
00:27:29,144 --> 00:27:32,855
Maserati loses its value due to its
limited products.
510
00:27:33,005 --> 00:27:37,669
and bad perceived quality. Jaguar loses
its value due to its quality,
511
00:27:37,669 --> 00:27:41,042
brand image, change in image constantly,
512
00:27:41,042 --> 00:27:44,575
and its dealer network issues and
complaints.
513
00:27:44,575 --> 00:27:48,518
Yes. Jaguar Land Rover is always ranked in
one of the top ones
514
00:27:48,518 --> 00:27:51,921
for worst consumer experience across the
globe.
515
00:27:51,921 --> 00:27:54,393
It's kind of funny, but across the globe.
516
00:27:54,393 --> 00:27:57,556
Now with them completely changing the
image of Jaguar.
517
00:27:57,706 --> 00:27:59,668
They're destroying themselves even more.
518
00:27:59,668 --> 00:28:01,799
They want to go up against Bentley and
Rolls Rice,
519
00:28:01,799 --> 00:28:07,114
but seriously, they're completely
alienated every single thing from its
past.
520
00:28:07,114 --> 00:28:11,197
You're changing its image, which is going
to bring down the overall value
521
00:28:11,197 --> 00:28:15,811
of the vehicle. Nissan is losing its
market share due to its bankruptcy
522
00:28:15,811 --> 00:28:20,015
and decline in quality. See, Nissan was
chasing numbers.
523
00:28:20,015 --> 00:28:22,657
They were trying to be like General
Motors.
524
00:28:22,807 --> 00:28:25,959
They didn't understand. General Motors
chased numbers for years,
525
00:28:25,959 --> 00:28:30,271
but never chased quality. Now their
bankruptcy is showing them that they need
526
00:28:30,271 --> 00:28:31,772
to build better quality products,
527
00:28:31,772 --> 00:28:35,194
not better quantity products. It's the
exact same reason
528
00:28:35,194 --> 00:28:40,457
why Volkswagens depreciate and a lot of
their products depreciate faster than
anyone
529
00:28:40,457 --> 00:28:44,240
else's. It's because we all know they're
going through bankruptcy.
530
00:28:44,240 --> 00:28:45,791
Corporate image.
531
00:28:45,941 --> 00:28:47,742
Destroys the value of your vehicles.
532
00:28:47,742 --> 00:28:51,044
It'll bring your value down even faster.
533
00:28:51,044 --> 00:28:55,196
Take a look at it. See how many
Volkswagens out there are actually cheaper
than
534
00:28:55,196 --> 00:28:58,648
their competition now, even with less
kilometers on it.
535
00:28:58,648 --> 00:29:02,900
It's because their corporate image has
literally pulled its roots up.
536
00:29:02,900 --> 00:29:08,823
Kia loses its value as its products are
overpriced for the quality that you get.
537
00:29:08,823 --> 00:29:09,823
And
538
00:29:09,333 --> 00:29:12,125
Because they build so many of them at such
a low price,
539
00:29:12,125 --> 00:29:13,957
there's so many of them on the
marketplace.
540
00:29:13,957 --> 00:29:17,320
And even when they flood the resale
market,
541
00:29:17,320 --> 00:29:20,602
there's tons of them. You can go to a
dealership.
542
00:29:20,602 --> 00:29:23,674
Back in the day, you used to go to a
dealership and you'd see at least four
543
00:29:23,674 --> 00:29:25,816
or five Kia Rios just sitting there.
544
00:29:25,816 --> 00:29:27,567
Where you might find one Corolla.
545
00:29:27,567 --> 00:29:32,421
So I got five to choose from. And you're
trying to tell me this one's five grand,
546
00:29:32,421 --> 00:29:33,421
this one's three.
547
00:29:33,732 --> 00:29:35,542
One's one. What's the difference?
548
00:29:35,542 --> 00:29:38,412
No, I'm gonna pay $2,500 for any of these.
549
00:29:38,412 --> 00:29:40,782
But there's one Corolla. You mean it's
five grand?
550
00:29:40,782 --> 00:29:44,172
I'm taking it. Because the guy down the
road has one for $6,500.
551
00:29:44,172 --> 00:29:47,353
See? The amount that hits the resale
market.
552
00:29:47,353 --> 00:29:49,003
There could be tons of them out there.
553
00:29:49,003 --> 00:29:52,144
But they built a lot of them over a long
period of time,
554
00:29:52,144 --> 00:29:54,415
not a lot of them in a short amount of
time.
555
00:29:54,415 --> 00:29:57,086
And like we said, how fast to getting to
the retail?
556
00:29:57,236 --> 00:30:01,248
Kia and Hyundai like to update their
vehicles every two to three years,
557
00:30:01,248 --> 00:30:03,501
similar to that of Chinese manufacturers.
558
00:30:03,501 --> 00:30:05,798
Where you get somebody like Stellantis,
559
00:30:05,798 --> 00:30:08,760
it doesn't for a lot of vehicles like
every 10 years.
560
00:30:08,760 --> 00:30:13,143
They take that. But if you look at the
depreciation of the vehicles that have
been
561
00:30:13,143 --> 00:30:15,284
around for a lot longer, they hold it.
562
00:30:15,284 --> 00:30:20,028
Remember the Crown Vic? It held its value
even at the end.
563
00:30:20,028 --> 00:30:22,430
Even though you saw them as cabs and
police cars.
564
00:30:22,662 --> 00:30:24,634
everywhere. The resale market,
565
00:30:24,634 --> 00:30:28,819
they were still worth it to get because
perceived value.
566
00:30:28,819 --> 00:30:30,491
You knew those things could take abuse.
567
00:30:30,491 --> 00:30:34,925
Tesla loses its value due to degradation
of its battery,
568
00:30:34,925 --> 00:30:38,348
which people will not pay full price to
replace.
569
00:30:38,498 --> 00:30:42,050
Most people who are looking for electric
vehicles are looking for a
570
00:30:42,050 --> 00:30:44,592
50% off sticker on it. Essentially,
571
00:30:44,592 --> 00:30:48,335
when you buy a Tesla, even if you only
drive it for five years,
572
00:30:48,335 --> 00:30:52,458
you'd be lucky to get 50% of your money
back.
573
00:30:52,458 --> 00:30:58,333
Doesn't matter if it's an you know a Tesla
Model S plaid in cherry red,
574
00:30:58,333 --> 00:31:02,827
glistening in the sun. This is one of the
only ones they made this color.
575
00:31:02,977 --> 00:31:05,379
And I got the plaid interior custom made
for it.
576
00:31:05,379 --> 00:31:06,860
People are still gonna look at it and be
like,
577
00:31:06,860 --> 00:31:11,013
yeah, and the battery pack and that one
compared to the standard entry-level model
578
00:31:11,013 --> 00:31:14,776
over there is pretty similar. They're both
gonna crap out me in 10 years.
579
00:31:14,776 --> 00:31:17,578
So fuck you, 50%, take it or leave it.
580
00:31:17,578 --> 00:31:22,962
They don't hold their value because people
know about the replacement cost of parts.
581
00:31:22,962 --> 00:31:27,015
And that's the other thing that really
kills your resale value.
582
00:31:27,015 --> 00:31:28,296
Depreciation.
583
00:31:28,446 --> 00:31:32,920
Is tied into overall maintenance in the
future.
584
00:31:32,920 --> 00:31:37,013
Everybody knows when they buy a Kia when
it's five to ten years old,
585
00:31:37,013 --> 00:31:40,857
they're gonna be spending twice the amount
they're paying for it off
586
00:31:40,857 --> 00:31:44,498
a lot within two years, just in
maintenance.
587
00:31:44,498 --> 00:31:47,470
Trust me, I bought my Rio for five grand.
588
00:31:47,470 --> 00:31:52,134
In the first year, I probably dropped
almost five grand on repairing it.
589
00:31:52,134 --> 00:31:53,295
I bought that car.
590
00:31:53,445 --> 00:31:58,136
My ownership and I've I literally have
only driven it half of the lifetime that
I've
591
00:31:58,136 --> 00:32:00,426
owned it, and I've bought that car three
times.
592
00:32:00,426 --> 00:32:03,817
I got rid of my Suzuki at a Suzuki SX4.
593
00:32:03,817 --> 00:32:08,922
Paid $11,000 for that. car. when I
replaced the brakes two years before I
594
00:32:08,922 --> 00:32:11,572
got rid of the car, and I owned that car
for
595
00:32:11,736 --> 00:32:12,761
Thirteen years.
596
00:32:12,911 --> 00:32:18,723
So after 11 years, I had finally spent
eleven thousand dollars in repairs on it.
597
00:32:18,723 --> 00:32:21,103
Thousand dollars a year. That's it.
598
00:32:21,103 --> 00:32:25,970
So it's perceived value. Like you go out
and you see Suzuki SX4's in North America,
599
00:32:25,970 --> 00:32:31,364
you can still find them going for $5,000
or even higher with under 100,000
600
00:32:31,364 --> 00:32:33,734
kilometers on them. Because people know,
601
00:32:33,734 --> 00:32:34,825
even though it's
602
00:32:34,975 --> 00:32:38,036
They're not true zombie cars, but in the
North American climate place,
603
00:32:38,036 --> 00:32:40,466
there is zombie car. And if you want to
know about those,
604
00:32:40,466 --> 00:32:42,087
we did a podcast about zombie cars.
605
00:32:42,087 --> 00:32:45,278
Go back and listen to it. It's one of the
cool images that we made too.
606
00:32:45,278 --> 00:32:46,538
But in the North American marketplace,
607
00:32:46,538 --> 00:32:48,519
Suzuki doesn't exist. So it's like a
zombie car.
608
00:32:48,519 --> 00:32:50,099
And you're like, can I get parts?
609
00:32:50,099 --> 00:32:51,390
And but people are looking at this,
610
00:32:51,390 --> 00:32:52,847
but it's like, Can I get parts?
611
00:32:52,847 --> 00:32:56,311
wait, it's Suzuki. Like, I won't have to
buy that many parts.
612
00:32:56,311 --> 00:32:59,732
And even if I have to, like, I could fix
it myself.
613
00:32:59,732 --> 00:33:00,732
Trust me.
614
00:33:00,492 --> 00:33:03,525
Lot of the replacement stuff on that car I
did myself.
615
00:33:03,525 --> 00:33:07,638
It was easy. God, changing the serpentine
belt on that was the easiest thing
616
00:33:07,638 --> 00:33:11,601
I ever had to do. Sure, you had to take
the the tire off and the dust shield
behind
617
00:33:11,601 --> 00:33:14,052
the tire off, but you're right at the
crankcase.
618
00:33:14,052 --> 00:33:15,344
And they actually had a bolt right on it.
619
00:33:15,344 --> 00:33:19,121
Just pull the bolt down and it would
adjust The adjustment pulley.
620
00:33:19,121 --> 00:33:20,121
Pull it down.
621
00:33:20,052 --> 00:33:21,133
To give yourself a little more space,
622
00:33:21,133 --> 00:33:23,164
put the serpentine belt on, pull it down,
623
00:33:23,164 --> 00:33:26,105
goes around it, and then just release and
it tightens it right up.
624
00:33:26,105 --> 00:33:27,966
god, my old Concorde even the Kia,
625
00:33:27,966 --> 00:33:30,318
I had to fight with the stupid bolts on
top.
626
00:33:30,318 --> 00:33:32,439
But I had to replace them more often.
627
00:33:32,439 --> 00:33:34,670
That car, knowing it's so easy to replace,
628
00:33:34,670 --> 00:33:36,932
I don't mind if I have to replace the
part.
629
00:33:36,932 --> 00:33:39,772
I could do it. So replacement of parts.
630
00:33:39,772 --> 00:33:42,153
People know that when you're buying a
used.
631
00:33:42,303 --> 00:33:44,264
Use them again, Toyota or Honda,
632
00:33:44,264 --> 00:33:48,238
you're you're still not gonna spend that
much money repairing it.
633
00:33:48,238 --> 00:33:51,551
Overall cost for owning specific vehicles.
634
00:33:51,551 --> 00:33:55,004
Yeah, an electric vehicle can save you
tons of money if you buy it brand
635
00:33:55,004 --> 00:33:56,666
new and drive it for 10 years.
636
00:33:56,666 --> 00:34:01,059
But if you're the second owner of it and
you bought it after that 10 year mark,
637
00:34:01,059 --> 00:34:04,502
knowing that there's five to seven years
left on that battery before
638
00:34:04,502 --> 00:34:05,502
you gotta replace it.
639
00:34:05,553 --> 00:34:07,144
Your perceived value is a lot more.
640
00:34:07,144 --> 00:34:11,378
Yeah, I got it for 50% off, but I'm gonna
have to spend 30% of the value
641
00:34:11,378 --> 00:34:14,761
of the original car to get a new battery
for it within those years,
642
00:34:14,761 --> 00:34:17,143
just so I can keep driving it for another
10 years.
643
00:34:17,143 --> 00:34:21,690
So it's actually gonna be cost me more
than its original resale value.
644
00:34:21,690 --> 00:34:26,944
So naturally, the market is gonna
depreciate and bring that down to a point
that
645
00:34:26,944 --> 00:34:31,248
we can afford to own and drive it and keep
it in the resale market.
646
00:34:31,398 --> 00:34:34,390
When you don't hit that line and you're
way above it,
647
00:34:34,390 --> 00:34:37,963
nobody buys your vehicles, and essentially
your vehicles become throwaways.
648
00:34:37,963 --> 00:34:40,945
The Hyundai Pony, when it first came to
North America,
649
00:34:40,945 --> 00:34:42,366
was actually one of those cars.
650
00:34:42,366 --> 00:34:46,889
It was more expensive to fix it than it
was to buy a new one.
651
00:34:46,889 --> 00:34:51,652
My Rio was the same thing. It was more
expensive to fix it than to get a new one.
652
00:34:51,652 --> 00:34:54,884
So you literally just when you got one
major problem in it,
653
00:34:54,884 --> 00:34:56,836
you called wreaker and they took it away.
654
00:34:56,986 --> 00:34:59,819
You didn't fix it. There was no resale
market for it.
655
00:34:59,819 --> 00:35:03,483
That made those cars cheap. That made it
so that even if they were in
656
00:35:03,483 --> 00:35:08,398
the used car market, they depreciated and
had very little value to anyone
657
00:35:08,398 --> 00:35:09,739
out there because nobody wanted it.
658
00:35:09,739 --> 00:35:12,772
And everyone knew that even if it was out
there,
659
00:35:12,772 --> 00:35:14,293
it wasn't worth it.
660
00:35:14,443 --> 00:35:16,234
Funniest thing I always find with all of
this.
661
00:35:16,234 --> 00:35:18,495
A lot of these things, like brand value,
662
00:35:18,495 --> 00:35:20,116
the amount of vehicles that are going out,
663
00:35:20,116 --> 00:35:22,488
the you know, perceived value of it,
664
00:35:22,488 --> 00:35:26,220
the repair costs, all of those things are
out there and apply to
665
00:35:26,401 --> 00:35:28,422
all kinds of vehicles, except for one.
666
00:35:28,422 --> 00:35:31,273
The Jeep Wrangler. I'm gonna put that out
there.
667
00:35:31,273 --> 00:35:36,105
Jeep Wranglers hold their value better
than any other utility vehicle out there.
668
00:35:36,105 --> 00:35:38,236
And yet, out of the utility marketplace.
669
00:35:38,386 --> 00:35:39,928
They're one of the worst quality,
670
00:35:39,928 --> 00:35:42,142
they're one of the easiest to rust,
671
00:35:42,142 --> 00:35:44,554
and they're the highest in repair costs.
672
00:35:44,554 --> 00:35:46,936
So why do they hold their value?
673
00:35:47,086 --> 00:35:50,931
They hold it because of the last
depreciation value.
674
00:35:50,931 --> 00:35:53,794
History. People still perceive Jeep.
675
00:35:53,944 --> 00:35:59,423
As being the utility vehicle. How many
people out there see an off road four
676
00:35:59,423 --> 00:36:00,986
by four and go, look at that jeep?
677
00:36:01,136 --> 00:36:03,777
I used to know people back in the day that
bought a Ford Escape and they're like,
678
00:36:03,777 --> 00:36:05,758
I'm just gonna go, you know, I got a new
Jeep.
679
00:36:05,758 --> 00:36:08,220
I'm like, you got a Jeep? That's a Ford.
680
00:36:08,220 --> 00:36:10,281
It's not a Jeep. Yeah, it's it's a Jeep.
681
00:36:10,281 --> 00:36:12,042
Because they didn't know what to call it.
682
00:36:12,042 --> 00:36:15,063
Jeep is its own marketplace.
683
00:36:15,063 --> 00:36:18,405
It created that segment. It is that
segment,
684
00:36:18,405 --> 00:36:21,787
and it's been around since the inception
of that segment.
685
00:36:21,937 --> 00:36:24,819
Seriously, if there were other cars that
came out similar to
686
00:36:24,819 --> 00:36:28,340
the Volkswagen Beetle and it created its
own marketplace,
687
00:36:28,340 --> 00:36:29,791
it would be perceived
688
00:36:29,941 --> 00:36:32,263
Lowest depreciated vehicles. Doesn't
matter.
689
00:36:32,263 --> 00:36:34,385
All the other things can be thrown out the
window.
690
00:36:34,385 --> 00:36:36,557
Just like Jeeps. The Wrangler.
691
00:36:36,557 --> 00:36:37,968
And I'm not talking about every single
Jeep.
692
00:36:37,968 --> 00:36:40,670
Just the Wrangler. The original Jeep,
693
00:36:40,670 --> 00:36:42,952
Willie's Jeep, because that's what it was.
694
00:36:42,952 --> 00:36:46,370
It was the Willie's Jeep. The Bantam Jeep.
695
00:36:46,370 --> 00:36:47,481
The Ford Jeep.
696
00:36:47,631 --> 00:36:49,236
It was a Jeep, it was a product.
697
00:36:49,236 --> 00:36:50,439
It became a segment.
698
00:36:50,589 --> 00:36:52,273
Sure they might start losing ground.
699
00:36:52,273 --> 00:36:56,121
Now the Broncos back. An FJ cruiser is on
its way.
700
00:36:56,121 --> 00:36:58,303
And then Land Cruiser is come back.
701
00:36:58,303 --> 00:36:59,303
But
702
00:36:58,944 --> 00:37:01,925
Even in other marketplaces, the Wrangler
still holds it out.
703
00:37:01,925 --> 00:37:06,389
Land Rover came out and built itself off a
luxury.
704
00:37:06,389 --> 00:37:09,241
Essentially, it was originally built off
of being the Jeep
705
00:37:09,241 --> 00:37:12,502
of the European marketplace because it's
built off a Jeep platform.
706
00:37:12,502 --> 00:37:15,033
Want to know about that? Go back and
listen to our podcast,
707
00:37:15,033 --> 00:37:20,035
Jeep World. Pretty good. You'll find out
how many vehicles the Jeep product
actually
708
00:37:20,035 --> 00:37:22,676
created in the globe. They're responsible
for everything.
709
00:37:22,806 --> 00:37:26,437
Every single major utility vehicle that
you see and the underpinnings
710
00:37:26,437 --> 00:37:31,099
of it actually helped create half of the
competition that exists even today,
711
00:37:31,099 --> 00:37:33,339
whether it be big or small. Yeah,
712
00:37:33,339 --> 00:37:35,393
we're not joking. It's a great podcast.
713
00:37:35,393 --> 00:37:37,163
But even with those ones out there,
714
00:37:37,163 --> 00:37:41,155
the Wrangler still holds it. It's one
vehicle that it's funny,
715
00:37:41,155 --> 00:37:44,796
the Chinese really haven't tried to copy.
716
00:37:44,946 --> 00:37:47,147
Like build an exact replica of it.
717
00:37:47,147 --> 00:37:50,519
They've done Defenders, they've done FJs,
718
00:37:50,519 --> 00:37:53,620
they've done Broncos, but they don't do
the Wrangler.
719
00:37:53,620 --> 00:37:59,683
The Wrangler holds the right in every
single marketplace to that eight slot
grill.
720
00:37:59,683 --> 00:38:04,285
That grill is registered. That image is
registered.
721
00:38:04,285 --> 00:38:06,506
And because they created the marketplace.
722
00:38:06,656 --> 00:38:11,160
Everywhere in the world, that vehicle is
protected everywhere in the world.
723
00:38:11,160 --> 00:38:14,582
So it'll never depreciate, like the
competition.
724
00:38:14,582 --> 00:38:19,366
No matter how bad it is, it defies the
logic of the depreciation.
725
00:38:19,366 --> 00:38:22,342
You know, there's always got to be one of
those weird unicorns you got
726
00:38:22,342 --> 00:38:24,194
to throw in there, right? It's like you
know,
727
00:38:24,194 --> 00:38:26,145
this causes this, this causes this,
728
00:38:26,145 --> 00:38:28,257
this, you know, you have one bad apple,
729
00:38:28,257 --> 00:38:31,940
and the entire batch is gone, and you're
gonna bring down the whole thing.
730
00:38:32,090 --> 00:38:34,530
Mountain. Literally just pull one can out
of the bottom,
731
00:38:34,530 --> 00:38:36,351
the whole thing comes crumbling down on
you,
732
00:38:36,351 --> 00:38:38,574
right? You know, tear down the wall.
733
00:38:38,574 --> 00:38:40,568
A little pink Floyd for you people.
734
00:38:40,568 --> 00:38:44,329
But yeah, tear down the wall. One tiny
little thing will bring it down.
735
00:38:44,329 --> 00:38:48,631
So many things work against the automobile
to depreciate it and take
736
00:38:48,631 --> 00:38:52,072
its value away from you. But there is that
one unicorn,
737
00:38:52,072 --> 00:38:53,072
like we said.
738
00:38:52,752 --> 00:38:56,786
Now on the other plate, there's a lot of
things that'll help vehicles appreciate
739
00:38:56,786 --> 00:39:01,310
in value. Let's get that to that another
podcast down the road.
740
00:39:01,310 --> 00:39:03,942
But depreciation. Essentially,
741
00:39:03,942 --> 00:39:06,545
it's perceived value, brand value,
742
00:39:06,545 --> 00:39:07,686
repair costs.
743
00:39:07,836 --> 00:39:09,791
Production volumes Updating.
744
00:39:09,941 --> 00:39:13,686
I mean history. History can work with it
or against it.
745
00:39:13,686 --> 00:39:17,161
You think Ford would ever release a
vehicle called the Pinto again?
746
00:39:17,161 --> 00:39:18,161
No.
747
00:39:17,899 --> 00:39:20,241
So in all reality, no matter what you do,
748
00:39:20,241 --> 00:39:22,412
your vehicle is gonna lose you money.
749
00:39:22,412 --> 00:39:24,713
You can keep it forever. Like my like I
said,
750
00:39:24,713 --> 00:39:27,465
my little crappy Kia Rio, I I get it,
751
00:39:27,465 --> 00:39:29,526
it's a piece of crap, throw away car.
752
00:39:29,526 --> 00:39:32,328
It's a stick shift. And my son wants it
now,
753
00:39:32,328 --> 00:39:34,069
so I gotta hold on to it.
754
00:39:34,219 --> 00:39:36,511
But it'll never be worth its value.
755
00:39:36,511 --> 00:39:38,402
Even when it's a hundred years old,
756
00:39:38,402 --> 00:39:41,654
it won't be worth as much as it originally
was.
757
00:39:41,654 --> 00:39:44,635
It depreciated on me because of the logo,
758
00:39:44,635 --> 00:39:48,719
the history of the car, and its perceived
value.
759
00:39:48,719 --> 00:39:51,011
It could be the last one in history,
760
00:39:51,011 --> 00:39:53,162
and it still won't be worth its waiting.
761
00:39:53,312 --> 00:39:55,296
It has everything working against it.
762
00:39:55,446 --> 00:39:58,828
And that's essentially what depreciation
gets you in the end.
763
00:39:58,828 --> 00:40:00,021
A loss of value.
764
00:40:00,171 --> 00:40:03,182
So, in all reality, do we need
depreciation in the marketplace?
765
00:40:03,182 --> 00:40:04,653
Is it something that should be there?
766
00:40:04,653 --> 00:40:08,244
Should we lose that much money when we
grab those keys?
767
00:40:08,244 --> 00:40:11,756
We shouldn't, actually. We should actually
be getting it for the price
768
00:40:12,016 --> 00:40:14,737
of the depreciated value when we grab our
keys.
769
00:40:14,737 --> 00:40:18,349
That just proves you that there's that
much markup on the vehicle
770
00:40:18,499 --> 00:40:21,260
for the dealership to make off of you when
you purchase it.
771
00:40:21,260 --> 00:40:24,201
But then again, dealership doesn't make
money.
772
00:40:24,351 --> 00:40:26,332
So which means it can't pay its employees,
773
00:40:26,332 --> 00:40:30,143
it can't stay open, and it can't sell you
new vehicles.
774
00:40:30,143 --> 00:40:32,273
So everybody's got to get paid somehow.
775
00:40:32,273 --> 00:40:37,335
Trust me, I see it every single day of my
day job of being an estimator.
776
00:40:37,335 --> 00:40:39,766
You gotta keep the doors open somehow.
777
00:40:39,766 --> 00:40:43,417
You gotta make money. So depreciation is
there.
778
00:40:43,613 --> 00:40:47,255
It's a built-in factor at the very
beginning of any major purchase.
779
00:40:47,255 --> 00:40:52,124
Now, it can have aspects work with it to
appreciate it in value,
780
00:40:52,124 --> 00:40:57,167
or it can have tons of aspects work
against it to depreciate it in value.
781
00:40:57,167 --> 00:41:01,060
And in the world today, more things will
work against you to depreciate
782
00:41:01,060 --> 00:41:04,372
it than with you to build value.
783
00:41:04,372 --> 00:41:07,114
Depreciation is here, and there's no way
to stop
784
00:41:07,264 --> 00:41:09,698
The only thing you could really do is just
sit back,
785
00:41:09,698 --> 00:41:12,451
watch the value of what you own just drop.
786
00:41:12,601 --> 00:41:16,383
And understand that there's nothing you
could really do about
787
00:41:16,533 --> 00:41:17,924
So if you like this podcast, we'd like,
788
00:41:17,924 --> 00:41:20,335
share, comment about it on the major
social feed or streaming sites that
789
00:41:20,335 --> 00:41:22,295
you found the AutoLooks Podcast on.
790
00:41:22,295 --> 00:41:24,205
Like us, share us, comment about us,
791
00:41:24,205 --> 00:41:28,567
any social feed or streaming site that you
found the AutoLooks Podcast on.
792
00:41:28,567 --> 00:41:31,788
After that, click the like button at the
bottom so you can get more
793
00:41:31,788 --> 00:41:37,099
of the updates from both the AutoLooks
Garages and the AutoLooks Podcast right
794
00:41:37,099 --> 00:41:39,810
to your streaming device or website.
795
00:41:39,810 --> 00:41:40,810
On top of that,
796
00:41:40,860 --> 00:41:42,951
Stop by the website, read some of the
reviews,
797
00:41:42,951 --> 00:41:45,112
check out some of the rigs, go to the
corporate links website page,
798
00:41:45,112 --> 00:41:46,222
big or small, we have them all.
799
00:41:46,222 --> 00:41:47,433
Car copies from around the globe,
800
00:41:47,433 --> 00:41:50,584
all available at the autolooks.net
website.
801
00:41:50,584 --> 00:41:56,106
And there you could download the beta copy
of the AutoLooks Garages application.
802
00:41:56,106 --> 00:41:59,794
Get it before it blows up. Not to say it's
gonna cost you a fortune,
803
00:41:59,794 --> 00:42:02,902
because it cost me a fortune. But now you
guys,
804
00:42:02,902 --> 00:42:05,192
I I don't want to try and make money off
you.
805
00:42:05,192 --> 00:42:06,923
Not to say I never will, but
806
00:42:07,333 --> 00:42:11,943
Not now. No, I I like to get information
just like this podcast out to the public.
807
00:42:12,093 --> 00:42:13,979
You guys listening as being the rep.
808
00:42:14,129 --> 00:42:15,860
And like I said, after you do that,
809
00:42:15,860 --> 00:42:19,401
send us an email, hit us up, ask us those
questions.
810
00:42:19,401 --> 00:42:21,873
Why is my vehicle depreciating so much?
811
00:42:21,873 --> 00:42:24,185
And we might have some of those answers
for you.
812
00:42:24,185 --> 00:42:28,818
We can usually find it or usually steer
you in a direction where you
813
00:42:28,818 --> 00:42:31,501
can get the answers from it. And if not,
814
00:42:31,501 --> 00:42:33,172
you don't want to ask us, go to the
website,
815
00:42:33,172 --> 00:42:37,074
check out the help pages, and you can find
the information from companies like
816
00:42:37,235 --> 00:42:39,136
Car Complaints, Edmunds.
817
00:42:39,286 --> 00:42:41,378
Even lemonade. Not the world's greatest,
818
00:42:41,378 --> 00:42:43,469
but it's still there. So check it out,
819
00:42:43,469 --> 00:42:46,109
read some of it, and drop us a line.
820
00:42:46,109 --> 00:42:49,000
The AutoLooks Podcast is brought to you by
Ecomm Entertainment Group
821
00:42:49,000 --> 00:42:50,871
and distributed by Podbean.com.
822
00:42:50,871 --> 00:42:51,898
If you'd like to get in touch with us,
823
00:42:51,898 --> 00:42:55,163
send us an email over at email at
autolooks.net.
824
00:42:55,163 --> 00:42:57,604
So for myself, Everett J, the host,
825
00:42:57,604 --> 00:42:59,555
the owner, the operator, and hell,
826
00:42:59,555 --> 00:43:03,177
the guy that basically operates every
single thing for the Autolux.net website,
827
00:43:03,177 --> 00:43:05,998
the AutoLooks Podcast, and Garages.
828
00:43:06,148 --> 00:43:10,434
Strap yourself in for this one fun wild
ride that the AutoLooks podcast
829
00:43:10,594 --> 00:43:12,066
and depreciation's gonna take you on.