07.21.22 Under Pressure: Effects of High Vehicle Costs / Automatic For The SAVINGS

The Clark Howard Podcast

Clark Howard

Investing, Entrepreneurship, Business

4.6 • 4.9K Ratings

🗓️ 21 July 2022

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Clark discusses the impact of vehicle shortages & elevated costs including illegal repossessions & how to protect yourself from this, plus new ride sharing offerings. Also - Good Intentions don’t lead to results. Autopilot does. Clark makes the case for automatic saving & investing, especially for those without a 401(k). Vehicle Cost Pressures - Market Effects: Segment 1 Ask Clark: Segment 2 Automatic For The SAVINGS: Segment 3 Ask Clark: Segment 4 Mentioned on the show: CarMax Review: 5 Things To Know Before You Buy or Sell Carvana Review: 5 Things To Know Before You Buy or Sell Vroom Review: 5 Things To Know Before You Buy or Sell Luggage Hero - Luggage Storage Near You Checking monthly statements key defense against credit card hacks How To Open a Roth IRA What Are Index Funds? What Is a Thrift Savings Plan? Clark.com resources Episode transcripts Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's my pleasure to welcome you to the Clark Howard Show, where our mission is to serve
0:09.4	you and empower you to make better financial decisions in your life.
0:14.9	Today, we all know that car prices have gone up, up, and away.
0:20.7	Well, got a warning for you with your car loan.
0:24.6	And also, some good news about how the marketplace is starting to adjust.
0:31.5	And later, I want to talk about a mental trick that I find can help you save more.
0:38.6	So of all the news of the weird I've seen lately, there have been local TV news stories
0:45.5	about what are known as illegal repose of people's vehicles that dealers that are by here,
0:55.1	pay here, want the inventory back so badly because they can apparently resell the vehicles
1:02.2	either at auction or to another buyer for more than you're on the hook for the vehicle.
1:10.4	So this is really, again, I don't want to emphasize this too much, it's just a sign of the
1:16.0	times with how much used vehicles at one time had gone up 70% and price because of the
1:23.8	severe shortage of rental cars.
1:28.2	And then because of the issues and manufacturing new vehicles because the chip shortages
1:34.9	and compounding what had happened earlier with factories being closed down because of
1:40.6	COVID spreading through workforces.
1:43.5	So it's hard to believe and I don't, again, I don't want to dwell too long on the illegal
1:49.8	repose.
1:50.8	But the most important thing is if you have purchased a vehicle from a dealer where you're paying
1:55.9	them instead of paying a traditional lender, please document every payment you make.
2:02.7	Many times people will go buy and they'll hand cash over at the lot.
2:08.6	Well, where's that receipt?
	...

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