The hidden costs of buying a car

@financebynick

8.4K followers · usually 5.8K views a post

Views

20.0K

Likes

1.4K

Comments

47

Shares

36

SoundTikTok sound · The Perfect Girl (Instrumental)

Promoted product

2020 Camaro 2SS

Why it worked

The video provides a transparent and detailed breakdown of the actual costs of buying a car, which is a common and relatable concern for many viewers. The creator's personal experience and itemized expenses make the information practical and trustworthy.

Summary

The video details the hidden costs associated with purchasing a 2020 Camaro 2SS. The creator breaks down the list price, final price after taxes and fees, loan amount, monthly payments, and additional upfront costs like insurance, a security system, a dash cam, and appearance modifications.

Structure

1Introduction of car and list price
2Final price after taxes and fees
3Loan details and monthly payment
4Upfront costs: down payment, insurance, security system, dash cam, cosmetics
5

Original caption

My wallet is cooked #carbuyingtips #newcar #camaro #PersonalFinance

More from @financebynick

Product placement

2020 Camaro 2SS: This is the car that the video is about. Its purchase and associated costs are the subject of the video. Removing it would change the entire video. It ACTS as the subject of the video. Chevrolet: This is the manufacturer of the Camaro. It appears as part of the car's model name. Removing it would not change what happens in the video.

On-screen text

The hidden costs of buying a car List Price: $34,000 Final Price: $38,500 Loan amount: $33,500 $587/month, 72 months, 7.84% Down payment: $5000 Insurance: $1433 Security system: $1360 Dash cam: $170 Cosmetics: $40 Total: $8160

Transcript

Today I'm gonna be breaking down all the costs that are associated with my new to me 2020 Camaro 2SS. The listing price for the car was $34,000, but after taxes, fees and shipping cost the final price was around $38,500. I decided to put $5,000 down, so the total amount that I will be financing is $33,500. So I went with a 72 month loan at 7.84% and that comes out to around $587 a month. I don't love on paying this extremely aggressively, so it won't matter too much in the end. Now I'm gonna get into some more costs that I paid for before obviously the down payment was first. So $5,000. Insurance I paid upfront so that was $1,433. I paid for a security system because these cars get stolen all the time and that was $1,360. I bought a dash cam to protect myself in case of an accident and that came out to around $170. I've spent about $40 on appearance mods. In total that is $8,160 and I've had the car for two days. So yeah, those are all the payments that have gone on my new Camaro. Follow along for the journey.