I Owe $56,000 On My Car And Only Make $51,000
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- Опубликовано: 2 июл 2019
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Dave Ramsey calling broke grown men honey😅
My Dad calls my (adult) Brother "Baby" once in a while. 😄
That's 2019 for ya
😂😂
LOL!! I think that is why the guy became confused...
Of Mice And Mandrakes 100 😂🤣🤣
As the 7 minute call ended, the car went down $5,000
🤣
I guess he over paid for a used 7 series because those are 100k new
@@takhsisprime $100,000 new? Why do people always choose BMW over Tesla at this point when a Tesla is electric and has no gas needs and you can go for the higher battery option where you can go as much as 400 miles or about 7 hours of driving before it says battery low.
@@hbarudi A tesla won't ever come close to a 7 series... Ever!
All flash no cash.
7series is for executives not people on entry level salaries.
People wanting to impress others they’ll never meet.
Executives, movie stars and dumb people
If I tried to impress my friends with all the stuff I had, I’d be called out for being stupid because most of them make as much or more than I do
the depreciation sounds about right. don't know why Dave was surprised by it. Luxury cars have faster depreciation than regular cars. This guy bought a car he couldn't afford. On top of that he has a 50k salary living in an expensive city. No one making a 50k salary would have thought of buying a 7 series except for this fool.
@@electricfeel9501 he should of brought a car for £10k
He needs a 1994 Toyota celica
I know a guy called scotty that has one but dunno if he will sell it!!
owen k he won’t even sell the screws for the license plate lol
🤣🤣🤣🤣
Rev up your bmw
or a rusted 2000 Honda CRV.....😂
"no, honey.." 🤣🤣 I'm dead!
Taj Mahal hilarious
Taj Mahal 😂😂😂
💀💀💀
Yeah he kinda slipped that1 out. To be truly honest I slip sometimes and call my sister bae bc I'm constantly calling my wife bae, baby, and bbygrl. So it happens ppl
😱😱😱😱🤣🤣🤣🤣🤣😝😝😝
"Beemer makes a wonderful product"
*Scotty Killmer has entered the chat*
Take financial advice from Dave.
For car advice Scotty Kilmer!
I was just about to comment something like this haha
Not that darn wonderful for this drop in price. But otherwise, I guess. I don't know.
😂😂😂.... Scotty definitely would disagree and I would listen to him about cars .
Matt Kroening Rev up your household income
No honey; what was the price of the freakin' car? That was funny.
I died immediately
😂😂
The price of the physical car? Or the metaphorical emotional price?
Lol 🤣
Lolllll, it really was funny
Don't go broke trying to look rich!
hope he at least got some action out of the deal 😂
@@learenng1267 Right, I honestly was in a similar situation when I bought me a 2015 BMW M3 back in 2018 for $51k but I had to get rid of it a year later and sold it for $45K. I was easily afford its payments back then because I used to make around $125k a year but then I start making less because I was doing so many car events like going to track and car meets etc… so so when my semi truck had a major break down, and my income dropped dramatically, that’s when I made the decision to get rid of it, and back to focus on my career. Sold the M3, sold my daily Audi A4 and I spent a whole year working my a$$ not having a car at all. Then I hit me a 2010 Lexus 250is for $7k cash and life went great after that. I believe that mistakes can be blessing because they give you an eye opening lessons and make you a better person with wise decisions.
"BMW's are endless money pits"- Scotty Kilmer
Jose Guapo ok but what about when I was young mechanic in the 60s
All cars are money pits
I love Scotty!
Toyota
-Scotty
@@T25de...and the Supra has a BMW engine!😁
A prime example of Dave's own words: "We buy things we don't need with money we don't have to impress people we don't like"
BMW -> Big Money Waste
😂😂😂😂😂😂
True👍🏿
Chris L Broke My Wallet *
They are absolute money pits , and poor quality at that. He is wrong on this one.
Y’all have obviously never driven one
Be honest... anyone else ever listen to these stories because it makes you feel better about your own financial situation? 😂
Everyday
Yes. I hate to admit that.
Ya got me 😂🤦🏾♂️🤷🏾♂️
Why else would you watch these?
I listen to these to fuel myself never to be like these people.
Why buy a car that is literally your yearly income.. smh
Gotta make people who don't care think you're cool.
Because he likes the car. It's just a bad decision.
To make people think you make double what you actually make.
because he thinks he's bright and thinks the 3-5 year plan to buy it equates for his income to be 3x-5x than it actually is..
To impress hotties like you, hello!
Dave being shocked at a BMW 7 series losing value is why I don’t believe when he says he’s a car guy.
He's not shocked that it lost money, he's shocked at HOW MUCH money it lost in a year.
@@Only2GendersCommonSense That's the point. Every car guy knows BMW'S tank A LOT in value, especially a 7 series. The fact that he is shocked by that shows his ignorance in cars.
@@mycobrahatesyou Not really. Its certainly classes of beamer. Same thing with Mercedes, Jaguar, etc.. Certain models depreciate drastically faster then others. Some hold their value very well. If you don't know that, you shouldn't consider yourself a car guy either.
He likes cars but doesn't know cars
The sedans depreciate fast. But an X7 or X5 would depreciate slower
Dave Ramsey: "BMW makes a wonderful car."
Scotty Kilmer: "Hold my wrench."
he shouldnt have even qualified for that loan with that income smh
The elephant in the room..
Just like the subprime mortgages. NINJA loans. No Income, No Job, No Assets. You don't pay, we come with a tow truck and take it away. (and it's easy to find as oftentimes finance companies install a GPS tracker in the car)
@@VC-Toronto Wow! Never knew they installed GPS trackers. Is that legal?
It's often in the fine print of the sales contract.
This guy reminds me of my father. Every 3-4 years he goes to a dealership and buys a new car and rolls over the negative from the previous vehicle. Just keeps taking on debt that he really cannot afford.
...but in his mind he genuinely believes people think he is successful because he drives nice things...
you may or may not see this, but my father is the same way. You know what's worse, it's that his decisions drag us along with him, we have never been able to have a home
My MiL and her husband traded RVs they lived in every two to three years for decades. Every time they would roll the negative equity into the new loan. The last one they financed, he lost his job and took off out of town while she was visiting relatives. When she returned the place had been repossessed. The loan company contacted her and the balance on the loan was equal to the purchase price from three years prior. She called us super confused and thinking they had pulled something. We sat down and showed her that even with paying every month they had notpaid anything off on the loan. She was hoping to get some money out of it. Trading cars every three years is a sure way to get in a lot of debt really fast
It's a BMW, Dave. Those cars depreciate every five days.
LOL 😂
Not sure why Dave is surprised a BMW lost that much value in a year they are terrible at retaining their value. He should’ve bought a Toyota or Honda...
Yup. We have paid cash for new Toyotas for years. We drive them for over a decade then sell. They are still rock solid when we replace them. And yes we can afford it.
I’d be soooo scared to call Dave if I did this😅
Like going to the principals office
My thing is, why do it in the first place? He knew this was a bad idea.
No doubt!!
Diana Hughes why do u think BMW and Coke spend billions on advertising?
That's the litmus test isn't it? Would i do x and then be happy to call and ask Dave it was the right thing? If answer is no. Don't do it.
50,000 salary living in NYC, that’s tough with no car at all!
In New York you don't need a car. Subway is fine
I completely forgot that he live in new york🤦🏾♂️... no way the caller live on his on with that yearly income, and can afford those monthly payments for that car.
He probably getting government help
If you're living in NY on 50K you're not in the city.
... Unless he's living in the car.
Scotty Kilmer says BMW's are garbage!
Scotty Kilmer ROCKS!
Lexus is where its at
@@raptorm8242 Absolutely!
Toyota celica 💯
Rev up your engines!
He should be driving 1998 Toyota Camry instead... My car is 20 years old , it just has to get me from point A to B safely. I don't need to impress people at stop lights.
Yutube SuspendedMyAccount hey I have the same car
Yutube SuspendedMyAccount you are smart 👏🏽👍🏽
I drive a 14 year old car. It still runs great and looks good for its age. I'm going to drive it until it won't go anymore and then pay cash for something else. I won't do car payments anymore. I did that whole song and dance before and I'm not doing it again.
@@KayleeCee same own a 14 year old mini, but still looks good. :)
I have a Toyota Corolla and it's almost 9 years now. Expect for the regular oil changes, I only spent $1000 so far on a brake and tire change (due to natural wearing down). Seriously the most reliable car ever and I plan to continue driving for many more years.
Calls him honey
Isiah Martinez that was cute
I genuinely mean it when I express my stress and concern regarding the market crash and high inflation, particularly in relation to my retirement. I have been experiencing losses for quite some time, and while some may argue that crises can present opportunities, I am feeling overwhelmed. However, I understand that investing is a long-term endeavor, and it is crucial to maintain focus on the bigger picture and the long run...
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $760k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
how do I get in touch with this consultant that assist?
STEPHANIE KOPP MEEKS, that's whom i work with look her up and thank me later
Thanks for the info . Found her website and it really impressive
These car debt calls never get old. 😅
At least he knew the car was a mistake as soon as he called 😂
This is why I drive a used car that I paid cash for. 😂
But a reliable used car typically carries a big price tag also that most people can't save. He did something dumb. He could've financed a cheaper car.
kmike1976 people should live below their mean. I make $40000/ year with 2 little kids. Work extra while driving a 99 Honda for 3 years and I save $18000 for a Honda CR-V. It was hard but I haven’t to a restaurant, movie theater or nail salon for the past 4 years. It’s hard but it’s possible.
Used car all day. Let someone else pay for the "brand new feeling" b4 you buy it a few years later for cheaper.....
New car...NEVER...😁
You are a wise woman who drives a used car. And own no money on it. Good job. Every one is jealous of your financials.
Smart! I’d still be driving my paid for car had it not broke down!
Dave the 7 series depreciates faster than anything I’ve ever seen he’s correct
Hey Dave. Just a heads up, the 7 series BMW is the highest depreciating internal combustion car in the USA.
@@TheAck201 no he doesnt think he knows a lot about cars…he knows that cars arent good investment coz they depreciate. theyre only good if you pay em cash and if youre rich.
...but he's such a "car guy" that praises BMW and can't imagine a 7 Series losing value quickly...
no one:
Dave: HONEY
😂😂
I learned the hard way when I bought a BMW a few years ago. The maintenance costs are outrageous!
Every time I think about getting a new car I watch Dave
"No honey..." oh Dave you're just awesome. Love your videos. Gives me the motivation to keep pushing thru my own medical debts.
Cars depreciate. Why spend more than your yearly income on something that loses value so fast.
Specifically, BMWs depreciate like rocks.
I bought a paid off 2008 c300 Mercedes 80k clicks for 10000$ on it i make 50k lol i still feel like i made a mistake lol would have saved for a house
People want to show off things they can't afford or buy cars because they like, or you only live once mentality. A lot of my coworkers feel need to buy a $50k truck, but they complain about no having money, struggling financially if they only work 40 hours.
As a rule of thumb I decided to NOT spend more than my monthly after tax income on anything other than house or health emergency, God forbid. My current car, Toyota , looks good, drives well, low mileage.... cost less than my monthly income. Previous one was even cheaper but older but I drove it for 5 years no issues apart from the usual wear and tear that cost less than $500 a year to fix.
7 Series BMWs depreciate like a falling rock. That's true of just about any expensive luxury car. That's why so many of them are leased.
"I'm pretty sure you're gonna yell at me." 🤣🤣🤣
LOL- he had his combat helmet on when he made the call!
7 series depreciate SO fast! I worked at BMW and we would see 7 series cars that were only a few years old that were in “like new” condition that were $100k new that were selling for $20-30k
What? This just isn't even remotely true.
"A beamer" ...yes Dave... those cars don't keep value.
Dave - you're an intelligent guy
..... Yeah no.
@@johnnymichael1804 Dave likes to say things that "feel good" to him.
@@wmurray003 I meant he was saying that to the caller at one point in the video...
And I was saying this caller is far from intelligent lol.
@@johnnymichael1804 I know.
Stupid Dave thought they did keep their value.
Don't say "I got myself into a $57,000 car loan". Say "I borrowed $57,000 to buy a car".
He put the 5k down payment on a credit card?!??!?!!! 🤦🏾♀️
😂😂
People care too much a expensive car, expensive shoes and clothes, but don’t even have 1k In an emergency fund! Sad
He needs a Total Money Makeover lol
@@amandawithlov3908
Or a lobotomy.
I make 95k and i would never dear to buy a car over 15K my car i drive around costs 6k. I m’d rather be at peace.
Smart man
I make 105k a year and I bought a car for 25k.. and I regret it lol
Same. I make 105k and my car is 18k
2 or 3 monthly incomes, Much more should not be.
I make $60k, bought a Honda for 12k, 5 years ago, paid off.... I ain't buying another car. I can't justify buying a brand new car.
Recognising your mistake is a good start to good finance.
Don’t follow Dave Ramsey’s plan to a tee, but I feel a lot better about my situation 90% of the time after listening to these videos
Go listen to the "I make six figures with 6 figures saved what should I do with it?"
A. Ridg true. I may be broke but at least I don’t have any debt
The 7 Series depreciates tremendously, brand new they're very expensive and somehow they all end up being less than $10k.
That's a beautiful Miata if that's yours
@@thatsyrianguy487 It is, thank you!!
Yup I see 740iLs all day on craigslist for 5-7k
"You're obviously a bright guy." That was a shot across the bow.
I cringed when I paid $13k for my used car after fees and taxes. I can't imagine spending more than $20k when thousands of vehicles are made every year and the value plummets as soon as you drive it off of the lot. Plus scratches and potentially even small dents will mar the car over time.
Exactly I've learned enough in my life I can't be trusted with keeping things in top condition, glad I learned that lesson on sht like mac books and phones 😂
"it went down ten grand in a year?" - Well, it's a BMW, so "Bring More Wallet", "honey" :-)
thanks honey
It’s difficult to build wealth driving any BMW.
It's debatable if you're a sales or broker type of person driving your clients around you're going to need an expensive car with all the options to rake in the cash. You're not going to get a sale on a $1m house with a Toyota.
Btw I own a Toyota too that's cost me $14,000 in the 12 years I've had it. It's right now in the garage getting the transmission swapped with another used one. That'll be a $1,200 bill all up. Like I say it's not just about the brand.
I bought a 2004 Lexus 5 years ago for $7k. Had 110k miles, now has 176k. I’ve only spent $300 on repairs in 5 years. Other than that, just tires and oil changes. Runs like a top and it’s in fantastic shape in and out. Now it’s worth $3k. So a $4k depreciation over 5 years. If you want luxury you can get it without breaking the bank.
It wont lose as much now value now once you hit 3k or so. Those older Lexus are great cars.
dont kid yourself you now damn well youve had suspension problems on that Lexus
I’m actually very surprised that Dave didn’t call him out for making this mistake AGAIN. To roll in $15k of negative equity means that he purchased a car that was too expensive for him prior to this and now he’s made the situation even worse by purchasing a BMW 7 series. He’s not smart, he’s foolish. Just because he’s debt free doesn’t negate all of his other living expenses.
I have a 2011 Accord.. it being paid off got WAAAAAY more appeal than a 7 series BMW
No Honey how much does the car cost lol I'm screaming
Only question he ever asked was, “How much down and how much per month”
Odd...don’t hear men calling other men “honey” too often! Lol. Anyway, great call!
It's a southern thing. "Honey", "Baby"...
Southern thing
@anonymous reviewer maybe if you're calling a woman that.. a man.. unless he's your bf.. you won't call him honey.
@@wmurray003 No, It's a prison thing.
Got gap insurance? Cartwheel that joker off an overpass lol
😂😂😂
Gap insurance wont cover that much negative equity....read the fine print.
@@makstone it will get rid of the bulk of the debt.
Gap only covers accidents. FYI I never even heard of gap before 3 years ago. A rip off invented at dealerships. It means they sell over what it's worth
Encouraging insurance fraud? Good job.
All these executive cars are not build to buy them new as a broke person. They are made to be leased by big companies for their executives and the lease companies throws them on the market after 36 months for basically nothing.
“No, honey.” 😂😂
Beemers are NOT great cars. Sorry Dave.
thanks for sharing your financial knowledge Dave Ramsey, stay blessed brother. what you do is true prosperity teaching.
Not only is the caller crazy enough to buy a car more than he is worth, but he’s also okay being called honey by another man.
Classic case of when trying to keep up with the jones' goes bad.
What's an example of keeping up with the Joneses that ends well?
@@snowman7234 You win the lottery and become the new Joneses.
or he just really likes bmw vehicles and spent beyond his means?
I tune in ever time I get the itch to buy a new car but no note is always better. I’m saving up for my truck I will buy in 3-5 years from now😎
Make sure to put it all on a credit card like this dummie 💳😂
Why don't they teach financial responsibility at school? Just wondering.🤔 All schools should include Financial Peace University in the curriculum.
Its easier to manipulate stupid people.
Why would they teach it? America runs on debt
Because if they did most ppl wouldn't go to college
@@funkyzone431 An extremely accurate statement
My school actually did. And I'm glad they did
Dude flexing on the poors in that thing 😂😂
Lol 'on the poors'
BMW good car ? Ok Dave . Toyota forever
Identifying quality automobiles apparently is Dave's Achilles Heel.
Great scenario, so many people have this problem thanks DR!
"I'm pretty sure you gonna yell at me " hahahaha..
Dude! you make me laugh as well 😂🤣
$51K/yr income in a city such as New York City is nothing.
He doesnt even need a car in NYC! I think this was a splurge for him
You'd have to be living in your car. Better make it a nice one.
Yup, that's probably like making 35k in florida
He should have bought a highend Toyota 4Runner for that price and kept driving it for 25 years lol.
Amen!
So not only did he roll over $15k he used a credit card to pay for a $5000 down payment?! His down payment didn’t even cover the warranty with the taxes smh.
EXACTLY my comment word for word. Totally ridiculous. And he's asking can he keep? SMH.
Homie must’ve had a brand new lease, said know what after 2 months of paying it. I want to flex so let me get a bmw now 😂. Rolling over 15k into a already expensive car is crazy. Then paying 5k down with a credit card is even more mad🤦🏾♂️
Scotty says - “It’s a big money pit”! 😀
Surprised he’s shocked at the depreciation. BMW 7 series depreciate faster than sinking ship...
Keep the warranty if it's a good, BMWs are extremely unreliable.
It dropped 10,000 in a year because in nyc everybody’s bumper scratched and damaged because of terrible parking situations they have
🤣🤣🤣
Sad but true
Sorry Dave, you're wrong on the BMW depreciation. It's one of the highest depreciating models in America. It's only worth 40% of what it cost new after 3 years.
I wish M series devalued that much
@@weswest8666 they do. Go look at M5 prices
Dave clearly knew it was used and already a few years old. He also said in 5 years it'd be worth 10. Which part of that says he doesn't know??
thats besides the point. who care if it doesn't depreciate in value. the dude can't afford it and he shouldn't have been qualified for that loan at all. thats he point. he can't afford it not the car value. Jesus Christ
What is he doing making 50k driving a 7 series. I make 350k a year and drive a 14 year old Hyundai Sonata... and its paid off... 280k miles and I dont care about it. That's an expensive car for such a small annual net
Jason Donohue curious what do you? 350k is a nice checkycheck
@@jordanmichael4228 I run buildings. Currently, I'm the director of Engineering for Terminal B at LaGuardia Airport. It's a lot of work, but it pays the Bill's.
How do you buy a 7 series for $45,000? Must have been a used one. If your broke, dont buy rich people things.
I would think a 7 Series starts around $70k.
It start at 86k for based model
Sounds like: “Dave in calling you with a problem I just got into”
B=Break
M=My
W=Wallet, he didn't mention the yearly maintenance costs on the BMW. Don't get a BMW unless you can afford it and it is a fraction of your net worth.
BMW= Big Money Wasted
When he said, “No honey, what was the price of the freaking car!” I had to pause the video I almost peed my pants.
Never buy a BMW new. Let the first owner eat all the depreciation.
Yeah with any luxury car. A rich guy that was a family friend taught me this when I was a kid. He bought Mercedes all the time and when the dealership got a good used vehicle in they would call him to let him know. Private sale, used is the way to go if buying a luxury car
The callers BMW is used as well. I think brand new the 7 series is around 100k
"No honey" the way I just busted out laughing 😂😂😂
Yeah ...nobody wants a used BMW where every little problem is thousands
anonamous365 well it’s a 7 series so yeah. I’d disagree with a 3 series, from my experience
Paying 60k for a bmw that’s not a m series is stupid 😂
2:35 I’m not surprised the thing plummeted in value, German luxury cars are known for high depreciation rates. No one wants a used BMW. As Scotty Kilmer would say, “their money pits!” 😂
Cause you not gonna get an M series for 60k. M3 your looking at least 100k
Josh m3 is 70k
@@Mevskiii MSRP is 70k. Dealer prices are closer to 100k
@@JK20239 Just 2 months ago I was looking at an F80 M3 brand new for 73k after about 8k in discounts. The only way to get a brand new M3 to 100k is either to put stupid options on it like carbon ceramic brakes, OR to jump into an M3 CS, which is different than a regular M3. Pretty sure SoHo Dan is talking about used M cars when he says "60k for a bmw that's not an M series is stupid", since the only M you can buy brand new for that is an M2.
Full size flashship sedans depreciate alot s class, a8 etc. Esp the 7 series. Doubt a brand new 7 series was 45k
For sure, it had to be used, and he bought one that was "new" enough to still have a little value. It's gonna keep plummeting.
@@ScBoyyx yep too expensive to fix.
....why they lose so much value!
Yup 45k gets you a new 5 or 3 series with 4cyl and non leather seats in most cases 👎🏽
@@kesando84 no bmw has cloth seats lol
do you mean like not napa leather?
also you have to pay same/more for alcantara so its usually leather
Loved it when Dave kept calling the caller honey lol
So many people like this when you drive by poor neighborhoods, they just get suckered in by marketing
From Dave, "tryn to impress people at the stop light that you'll never get to meet..😒"
As a former BMW dealer service advisor I would NEVER buy a BMW and you couldn't give me a 7 series.
"Do you see why". Lol that was awesome.
A 5 year old BMW 7 series depreciates 71.1%. It has the dishonor of being the first car to surpass the 70% mark @ 5 years.
Even at that rate of depreciation it's still not a good buy for the guy looking for a used luxury car. Major component replacement costs are through the roof and their I-Drive technology is notoriously unreliable. Not cars you want to be paying upkeep for when the warranty runs out.
"The actual cost of the physical car itself?"🤔And he wants kudos for paying off a down-payment for which he used a credit card. And the insurance must be $$$$$.
Though he does deserve credit for realizing his situation.
He's not bright.
Don't forget to add BMW sized maintenance/repair bills
Dave calls the elderly "kiddo" and full grown men "honey". XD love this guy!
That 7 BMW becomes a HUGE money pit at about 60,000 miles, which is why they loose so much value.
1:51 to 2:00 i cant stop laughing. Dave is full of surprises 🤣
7 series are for people who make 7 figures. The fact you had to use a credit card to get the car was a red flag smh. BMW not even making good cars now.
7? ...try 6.
Cash back or points? I'd pay a down payment with a card. I'd pay it off at the end of the month though.
@@pseudonymshqipe854 That is actually a smart thing to do, but in his situation he couldn't afford the car from the start.
Atleast he knows what he signs up for when he calls!! haha
Nothing depreciates more rapidly than a 7 series BMW.