I'm $96,000 in Car Debt, but That's Not All!
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- Опубликовано: 26 сен 2024
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For anyone that needs this, remember that no matter how tough life gets, there is a way out. Wishing all of you guys nothing but the best!
💕💕
I really needed this, I really appreciate the positivity
Thanks for sprinkling this love, same to you
thanks, man.
Thanks bro needed that!
She sounds like she expects the dealership to give her what she paid for it LOL
As they say, when you drive off that lot, put your head out the window and listen. That's the sound 5-10 grand or so disappearing instantly.
I used to work for a dealer. You'd be surprised how many people don't know what depreciation is
Even a Lexus drops in value, albeit just slower than most.
Americans love affair with car finance amazes me. I speak with Chinese friends and they are taught to always pay cash for vehicles
My understanding is the new generation of Chinese coming out of school are using alot of debt similar to western counterparts.
Who gets up one morning and decides buying a 65,000 dollar Suburban is a good idea.
Hopefully someone that can afford it.
People who make 90k w/4 kids and 150k in total debt.
You’d be surprised. Aspirational marketing works and US is proof of this.
A doctor's wife!
I remember I worked with a woman who bought a new suburband for over 40k in 2004. Just check and see how much you can buy one of those for now lol. Almost all these SUV type vehicles lose their value FAST.
I swear these videos make me feel better about my own finances. 😂 Thank you DR
Schadenfreude
Everytime lol
I listen to them to remind me of how I used to be.
Right haha
What a horrible thing to say.
"We have four kids and needed something big." Darling, thats what a van is for! I can't imagine what it takes to fill the gas tank in that thing. Take the loss and get rid of it now! -$10,000 is much less than -$56,000.
She's pretty dumb for that
I know people who think that driving a mini-van is beneath them, so they go for the more expensive car/SUV. Can't figure out the logic there if it's difficult to make the payments.
@@jeanneplymette411 they may not be pretty but their so comfortable and functional.
Probably around$ 210. I watch this man fill up an Escalade and I thought he would never stop pumping.
You don't need a $64,000 car to carry a few kids. A cheap minivan would do it. It worked for us.
Dave always says he doesn't care how nice of a car you buy. As long as you pay for it in cash and it is less than half your total income "includes everything you own with a motor."
"but but on instagram they have....me want shiney things too. I'm a child." Propaganda machine just keeps going.
$100,000 in car debt is INSANE!! They should have known that even without reading Dave's book!!
People just want to drive something flashy.... in my area everyone drives luxury cars, suvs and trucks
But how else will people think you're rich??
Sometimes the loss is worth taking if you’ve made a bad mistake.
They need to find someone selling a 20 year old Lexus that is in pristine condition for it's age. Pay $2,000 for it. My Lexus is 26 years old and runs better than $20K brand new junk cars.
@@Answers721 how is the maintenance btw? Is it true that its better to bring it to the mechanic for cheaper price than the lexus dealership?
@@unfairsanic5089 Always cheaper to bring to a mechanic than dealership for mainstream cars.
Agreed. Dave would probably say being 10k in debt is a lot better than 65k in debt.
I took a 6k loss in 2008 when i started Nursing school. I later negotiated to pay 3k out of that. Since then, i swore not to do car loans. I go to dealers auction to by agood used car. I pay the dealer i go with 10% and no monthly payments. Thank God.
She's not selling, just for the fact that "what will the neighbors think getting rid of this, and then there's a 2005 caravan in the driveway, people at work will talk"
Status is far more important than progress for so many in this country so I'd have too say your on the money here
Yup you’re definitely right. It’s better for people to think you’re poor when.......... you’re actually poor! 😂😂😂 That’s it!
She can say it was a rental.... unless she screamed "I bought a new Suburban "!!...
That 2005 Caravan will be a money pit and cost 2k a month in repairs ..LOL
The norm now a days,imagine credit cards didn’t exist how broke half the population would be 😂
If I’m dropping $64k on a vehicle it’s definitely gonna be on something nicer than a suburban...
She drives a Chevy truck! Who knew that would be chic!
ThatDoll25: GM's marketing team is brilliant.
@@TeeroyHammermill rebadged Tahoe is 100k Escalade. Bingo
For a big family, I really like the Suburban. That said, you can a get a nice used one for $18K.
@@justinacase2623 definitely not the case with the 2021 escalade.
When she said "throughout the book", I thought she said "threw out the book". I was waiting for Dave to lose it.
😂😂😂
She practically did throw it out in practice
I thought the same thing! Lol
🤣🤣🤣🤣🤣🤣🤣🤣🤣
thought the same thing! 🤣🤣
"but we have 4 kids" people try to justify their irresponsible spending 🤦♂️
yes and this line seems to be common in the US of A
Exactly. Whenever someone in America is struggling financially, it almost always has to do with their own stupid choices. Period.
For real. Like the kids didn't not ask for that car
Plus it’s a Chevy. If she leased, which is bad enough, the money she put in it is never coming back. And if she is buying it, it will have many problems in the first 5 years.
@@dannyv2230
Exactly , smart people will buy reliable - Foreign. No one will pay 60k for a Chevy
You do NOT need a new Suburban with 4 kids.
Nope just get a cheap 10000 van
@@leadnsteel1428 Yes, you can get a nice bulletproof reliable 10 year old Toyota Sienna for around 8K-ish
It is beyond me how my parents got by with a 1960s eight passenger station wagon with four of us kids. Surely they needed one of these loaded truck wagons that cost as much as a modest house.
JDave Foster - I didn't WANT a new car while my 4 kids were growing up. I drove a Dodge Caravan when they were still at home. I knew that there would be the inevitable food/drink spills, sickness (yes, my kids got sick in the van a couple of times), and dirty shoes/boots from rain and snow. I didn't care what others thought about what I drove.
@@waterheaterservices Oh yes! The venerable STATION WAGON!! Brings back good ole memories!! 😁 They were the de facto mode of transportation for all self-respecting families, all the way through the end of the 80s, when I was a kid. _1984 Chevy Caprice Classic Station wagon_ anyone?
I dont see anyone paying 64,000 for a used car.
Im looking at used Porsche's, at 150 thousand. Many are over 200 thousand, I'm writing a check for it. No, never read Mr. Ramseys books.
This didn't age well
@@WIentertainment yes it did. Why pay 64k for a used car. You can by a brand new car for the same amount. Most people smart with their money would never buy a car where if the car were totaled couldn't get back at least half of what they paid for it
@@michellerichardson3090 no it didn’t stupid
"You owe more on your cars than you make, Oh My God 😭😭😭😭"
Dave is sad
I think he’s sad that they qualified to buy those cars. It CANT be at a good interest rate. Which is even scarier.
I thought they said they brought home 9500 per month. Prolly got an 84 month loan....under 800 with decent credit. Bet they got that True Coat rust proofing too:)
perotal Dave is honest
I love cars and I'm a driving enthusiast but this is what happens when you buy a car for others, not for yourself. Just trying to show off the neighbors. When I picked up my first expensive car earlier this year, the BMW sales guy asked if i wanted him to take a picture of me with the car for my IG or FB. I looked at him confused and said "no, this car is for me and I don't exactly want people to know I have an expensive car". Which made a lot of sense to him but he never thought of it that way since all of his clients always wanted a pic to post somewhere
You aren't part of any car clubs on Facebook that you might want to share your excitement with?
BMW = Broke My Wallet
@@leadnsteel1428after doing a ton of research I found BMW to be the value option. Best in class performance with best mpgs and good interior (Merc does interior the best) and reasonably affordable with 10-11% off msrp. Porsche was the wallet destroyer. It takes like an hour to configure a porsche. Everything is an option and none of it is cheap.
What about Volvo, Audi and Volkswagen? Might as well forget about the Asian made cars.
@@Primitive_Code I was mainly looking for a balance between performance and styling. Audi is a bit too grown-up for me in terms of styling while Volvo and Volkswagen simply don't have the performance figures I was looking for. To be honest, everything else similar had quite a bit worse performance figures as well (GLC 43, Macan S, SQ5). I ended up with an X3 m40i. It's like a personal rollercoaster with a 0-60 of 4.4s
"... we have 4 kids..." and here we go with the rationalization.
Lame excuse all of them use to get into car loan.
I saw a meme online once that said “people will tell you college is too expensive but will have a ton of kids like that’s not financially draining either” lol.
Wow, speaks volumes. Need to prepare now to be pretty embarrassed - after balling in posh cars and now turn up with old bangers. 😏💰🚘🚛
@Lua Dipa Minor correction... "mama" needs to look fresh when she drops off the kids.
Also, I should clarify that I am NOT criticizing the caller for having 4 kids (I don't think she's an idiot for that)... my criticism is using the fact that she has 4 kids to buy an expensive vehicle. The husband is also definitely out of line with that truck.
I rather owe 10$-15k than 60k-90k
60-90k is gross negligence. 10k-15k on a used car is typical. This caller is an out lier
@@JK20239 $10k to $15k debt on a car is not typical. That's the problem, people don't mind getting in debt because of cars. That's what keeps them broke. Just save up and pay cash, no matter how much you make you can always buy a car with cash, relative to your income and people need to realize that. Stop trying to impress others and wake up to reality.
And that’s exactly what DR and AO were telling her.
@@ilikelittlejimmys yea it is typical. The price of used cars have gone up significantly. Think about it. If folks stop buying new cars, wouldnt that drive up demand for used cars and the price? 🤔.( economics 101, supply and demand, demand greater than supply means more for product) Even used toyotas and hondas are 10-15k without 500k miles on them and not dumping 5k in repairs
@@ilikelittlejimmys so true.
96k in car debt?!?! $2000/month in car payments. I cant breath indeed.
Ooof
When she mentioned the 32K loan for the other vehicle they just lost it in silence.
Bring home is 9500 a month. Still good income though
Rey Kennedy - I wish my take-home pay was $9500 a month. Sounds like these people are trying to impress others.
High income doesnt fix financial irresponsibility. You need a brain for that
Many of us live, and live well, on a fifth of that.
I rather lose 10K than be in debt for 64K!
Smart woman if u were single I would marry u
Buying a new Suburban? Madness; 2020 model: $65k, a 2019 model depreciates to $43k. $100k on cars. Insane
I love it when people buy new cars. They eat the steep depreciation, and I can buy it 2-3 years later at a 40-50% discount 🙂
That’s not true for most Toyotas. Tacomas, 4Runners, tundras, etc.
Yea right.
@@righand find me a Tacoma 4Runner or tundra that has depreciated 40-50% after 2-3 years I’ll wait 🤣
@@TheGarrettZone FR. People out here are literally profiting off selling their tacomas/tundras with tens of thousands of miles several years old.
Although I agree with buying used cars I doubt you’re getting 50% off of big name cars like Toyotas or Fords. You’re probably still paying close to full price 2-3 years down the line
She said the most idiotic thing ever :” I got 4 kids so I needed it” there are so many cars half that price you just wanted to stunt stop playing yourself. That’s illogical smh just be truthful you bit off more than you can chew
Could have caught a 2019 Suburban for 40 Gs with 50k miles on it. But this lady had to get the 2020 for the status.
She reminds me of my frd that went out and bought a new Cadillac Escalade, because she needed "something big enough for the carseat". She only had one child. That was crazy! Unfortunately, she lost her job, apartment, and SUV less than a year later.
No one is going to do a private sale for that much money. Too risky. Car could be stolen, multiple leins, you could get robbed... Safer to go to the dealership.
Or maybe they get lucky, with doctor or business owner who can cut a check, and they only loose 5k maybe. I'd be hot on that trail.
She's lucky Dave was talking over her and didn't hear when she said, "I mean, we can make the payments, but..."
Lol. Dave doesn't care. He has no sympathy for people like that.
I don't wanna make those payments. Honey, did you get the car mortgage this month?
@@Primitive_Code That's my point. She was making a bogus justification in her mind and Dave would have annihilated her if he heard her.
5,000 car is basically a POS that your going to have pay lots of repairs on.
I can never understand how someone could bring in $9.5k a month and be struggling with money. I would be rolling in it. Now I just need to find a way to make that kind of money!
In fact. I can live off $2k per month. So I could invest $7.5k per month and be a millionaire in 8 years.
Just ridiculous to be struggling with this kind of income.
Well remember in commiefornia 100k a year has you living paycheck to paycheck
You must be single with no mortgage and no kids .. you can’t live on 2k unless you kid less, and live with your parents
@@davidespinoza310 wrong try puerto rico familys of four survive with that
@@Alztism yeah I take it no college fund .. two different senecios
Sell the car and take the loss. No other way out of it. She should've bought used.
@Captain ObviousPerhaps. But they called Dave Ramsey because they felt differently.
I've had new and used. Can't tell the difference. Cars are very well made, generally.
When I feel down that I still drive my 2003 I just watch Dave... now I know that everyone driving old cars out there are the smart ones with $ and the ones driving around brand new cars are the broke ones...
Yup😅😅
They take home $9,500 a month if I heard that right. They could be out of debt very fast if they bought used cars and aggressively paid off the student debt. In 4-5 years they can buy those cars with cash while investing into their 401k
Anthony is such a great co host. Honestly all of Dave’s co hosts are
They really are!! All seem to have their own mind and as awesome and as strong of a personality that Dave has, they don't seem to cower to him.
Almost no matter where you are with your finances, you can come back and build wealth
If u didn't capture the run from 08 til now I believe u may be in serious trouble unless Gov't grossly inflates economy with UBI. we shall see but fundamentals say low returns for years moving forward til we clean our country up. If we get a return to sound money (rising interest rates) we are in for a real tough 10 years
I’ve looked at new car prices these days and ask myself “who can afford these things?”
I guess stupid people can afford them!
Or you save up 15-20k for a few years and essentially finance half the cost which a lot of people do if they want something expensive or nice. Maybe everyone else makes that much :P
I’ll never understand why people would want to prioritize buying an expensive car other than wanting to look good to other people.
@@bluesky5384 nope, some like me, want a new car to use for 20 yrs or until it dies. My car’s remote start and heated seats/steering wheel makes my winter life easier. I can’t get that on an older 15k car.
My sister has 3 kids she and her husband bought a SUV from an older woman(65+) the car was only $6000 but was in great condition with very little mileage under 60000 miles.Great deal honestly they've had it for over 4 years already. Point is you don't need to put yourself in a terrible position with expensive car payments to have a decent or even a nice car.
Right on. I will never finance a car
Dave: That’s a hard car to sell.
Dealer who sold it to her: I mean, it’s tough, but not impossible.
“That’s a hard car to sell to to an individual” meaning not to a dealership
She will not get close to what she owes
These people are crazy to have car payments this high.
I'm glad that Ansley and her husband found Mr. Ramsey. Given their income, and their awareness that they have a problem I expect that they will be in a far better place in five years.
I bought a '06 Honda Odyssey for less than $5,000 two years ago to haul my family and I have no car payment. $60,000+ is too much to haul kids around. I hope this woman can get rid of her vehicle soon.
That’s what we did, but with a sienna.
I honestly feel like if you have kids you need to get an affordable car or a used one. I have 2 and I'm not buying a brand new or my dream one until I'm the only one driving in it lol
sell the car to the dealer. take the 10k loss
9500 a month is great income, they can drive 30k dollar toyota highlander and still be balling out
Yea I don’t understand why they got a gas guzzling suburban. So many family friendly cars out there for half the price. That was a ridiculously high amount.
Subaru Ascent all the way! Turbo and AWD!
Exactly! Shoot they could even buy a 2018 or 2019 Suburban. It wouldn’t be a smart choice but dang it’d be waaaaaayyyyy smarter than what she did...
Just get a Tesla
@@cap3724 Im waiting for a Toyota Highlander size equivalent EV before I think about getting one. Preferably one with 300 mile+ range
Never judge a book by its cover! If they pulled up next to you at a light, you’d think they are big money driving a new 2020 suburban. They don’t even make 6 figure either.
She said they bring home $9500 a month. If that is net of taxes, that is over $100k. Even if it were gross, that is still six figures, but she did not say how much house they pay for, that is probably huge too!
Most of the time when I see families in cars like that I think "I wonder how much debt they have?"
Yeah and they always driving fast like crazy with their pick ups because they think they are rich
These people are clearly trying to keep up with the Jones's. In guessing 400 plus k in mortgage debt as well 500k in the whole. Like Dave said your not building any wealth
@Hugh Jazz guess you gotta open up your ears there bud
I read Total Money Makeover just to read all these completely common sense and simple ideas condensed into a small book, but I didn't learn anything groundbreaking that I already didn't know out of sommon sense since I was a teenager. I have a 2008 Toyota Corolla that I paid for in cash and have never taken out any loans.
“I have another question....”
Dave: click.
55k worth of non-dischargeable student loans and they decided to buy 100k worth of new vehicles. I don't feel sorry at all for people like this.
Funny story--I put a $1000 dollars to hold this truck I wanted in another state, after realizing what I did I decided not to buy it but convinced myself I can’t lose that $1000 I need to buy it now. So I did traveled to Utah from California. 2 months later transmissions starts acting up, sold it to another dealer 2 months later $8-9,000 loss. All because i didn’t want to lose the $1000 down payment 😂😂😂 what an idiot I was years back...
We learn from our mistakes brother and we teach those who want the advice. I use to lease phones 😆 boy was I dumb
Broken Guitar lol forsure. 😆👍🏻👍🏻👍🏻
Judging by her awkward laugh she's not going to actually follow through
Ding ding ding you're a winner.
I think she was thinking through selling her husband on the idea of selling his truck and buying a $5k car.
@@brandonjuber3576 exactly. Doubtful her husband read the book. She knows he won't go along with it. Left to her own devices I bet she would bail out of that car in a split second. It's the reason she called in the first place.
Yes , and this is a valuable lesson to learn , just like the college tuition that they paid .
I was thinking the same ... I bet her husband won`t sell his truck ... I have a friend that has a Ford F-350 and he paid 87grand for it ... He pulls his boat with it .
“Just finished reading Total money makeover and threw out the book” 🤣🤣
When you laugh when somebody says they cant breathe from your debt your most highly likely going to stay poor. Debt isn't a joke.
A little advice to you car people. Make a vehicle account. Make the payment to yourself monthly, and you will always be able to drive a nice vehicle. I’ve had a paid off truck for years now. You’ll lose the desire to buy a new vehicle when your account continues to grow. Having money trumps driving a new vehicle. Trust me
Part of the reason I believe the economy will collapse is how much car, house, motorcycle, etc. people get approved for that they can’t sensibly afford. There are now companies that are financing purchases for clothes! Our country is so ridiculously broke and living above their means it’s a wonder the economy even exists.
If she wanted the Suburban, she should have gotten a 2015 at least. Would have been tens of thousands of dollars cheaper. There are family cars, 7 seaters, for 20k and under.
Yeah...you can get a nice SUV used for $18K.
“I just had a baby. I NEED a $65K tank to haul them around in. Nothing else will do for my kid! Anything less would be child abuse!” This is the mentality of these nitwits who think you need this much car/truck to get their kids from point A to point B.
A Dave video a day keeps any debt away :))
Oh man, that's a lot of stupid. I've never had a car loan, started out buying used now I buy new modestly priced base models and keep them for over a decade. At this point I can basically buy any car made with cash but I'm sticking with our existing vehicles as they fit our needs perfectly. I will never buy another new pickup as they're now horribly over-priced, not well made these days and I still really enjoy my 2006 GMC Sierra Ext. cab K1500. There are so many low cost ways to drive that are still lots of fun, why spend far too much?
I've been there. About 12 years ago. It took me about 10 years to clean everything. It is worth to stop buying in payments.
Why do people insist on trucks? A 4 door sedon will do for a family that big, heck you could buy 2 sedans for half of what she spent on that truck.
Exactly and if you need a bigger car get a minivan. Minivans loose their value quick.
I live in a big city so I don’t own a car (and the cars are small over here anyways) but we just went to suburban Colorado and everyone had a huge truck. Is that common outside of cities?
Unless it's required for work or they bought a fixer upper home and is constantly remodeling, no one needs a truck besides aesthetic reasons.
She has 4 kids btw. So needs 6 seats. Minivan is more appropriate, but 32k truck is insanity unless he needs it for work.
I've been driving a four door sedan (Toyota Corolla) for years at this point. It's just a commuter car and I really don't need anything else. My daily 15 minute commute just doesn't require a larger investment.
We're Texans though. And my dad has been giving me a hard time for years about how I need to get a big truck. I just don't care. I bought the sedan for cash 7 years ago and mechanically it's been probably the best car I've ever owned. It was incredibly inexpensive back then and I could sell it in a heartbeat today and still get half my money back despite putting 100k miles on it (my neighbor keeps telling me when I decide to sell to see him first).
I can tell you what the car stealership was thinking. They were thinking "we don't care if we are putting them into financial destitution as long as another unit gets sold and we get our commission checks.". I don't call them stealerships for no reason.
"stealership"
Pulling in $9500/month after tax, the truck doesn’t sound completely outlandish. With the other debts probably worth downgrading.
If it takes you 4+ years to pay off a car, you can't afford that car!!
I just genuinely don’t understand why you’d ever need to buy a car that costs more than $15-18k. You can get a nice car at that price.
Agree, 15K is our max. But more like 10K. We have not bought a new car in over 16 years. And we are still driving that 16 year old minivan and it runs perfectly fine.
You are totally right. I got a really nice used 2011 buick with a bunch of nice features for only 9,000, 11,000 after taxes. Wrote a check and was on my way. I love calls like this cause even though I don't make much it lets me know that I'm doing it right
True 🙌
I think a used 20-30k car is the sweet spot for me I would never buy a new car depreciates all the time
I WANT a Tesla SUV, I don’t NEED one. I’d rather retire earlier than drive a fancy car. Priorities are a personal thing. But even with a Tesla SUV, I neither keep that amount of cash on hand (over a years worth of my expenses), nor is it under half my annual take home wages. By Dave’s advice it’s a no go too.
What’s REAAALLLLYYYYY sick is these land yachts loose value FAAAAAST!!! And then folks like me buy them before the leather is creased for a FRACTION of the original sticker, and it feels so GOOOOOOOOOD! You can still smell the new, but so much cheaper!
Agreed!👍👍👍
Selling a 64k to a private sell. That's gonna take a while.
You be lucky if someone can take it off your hands for what you owe
Anyone with $64k cash to buy that thing has the $67k in cash to buy one brand new that her 4 kids haven’t farted in...
@@JamesJamersonIsAGod you don't need 64k in cash.
You can always talk to a bank or credit union to help buy the SUV from them.
"Auto loan "
2nd owners be saving money then buying pre own from the dealer.
Dont even have to put a down payment.
Thing is. Will the 2nd owner take over the total remaining balance or have the 1st owner pitch in extra money , say 4k
"You want out dont you"
Just takes a little longer to get somone approved for the loan.
You working with one bank
Where as the dealer works with a hand full of banks
Anyone wants to buy thier ride, yall be savings about 10k to 15k with few thousands of miles .
They desperate to get out
They not gonna make money, they paying the price to be free
Daniel Garcia very true. But still if someone is going to drop all that money and go through all that trouble, they’d probably just but a new one straight from the dealer. Her car isn’t even 4 mos old.
@@ThatDoll25 yes and no. Most depreciation happens as soon as you drive off the lot. I didn't catch what she owed and what she paid. You're right, 4 months no way she can get out without owing though.
True savings are found by being the guy that bails out that seller. I have an '18 Escalade. Sticker was $98k. I got it in Feb of '19 with 9k miles on it for 64.9k. CPO too. 6 yr/100k mile warranty. I was looking for a Yukon. Couldn't find one as cheap as the Cadillac. Luxury cars drop like a rock. Plus no one pays anywhere near retail for a GM anything.
@@DanielGarcia-zz9eg buyers don't pay above what it's worth just because seller is upside down. Seller needs to pony up the difference in loan payoff and purchase price. And you save way more than 10-15% on a gently used SUV, especially a GM. What she has going for her is that people want Suburbans badly.
From a 2020 Suburban to an old beat up van? Smart yes, but I don't think they'd do that. Takes a lot of humbleness and maturity 🤷🏼♂️ Either way I wish her and her family the best in their debt free journey!
Cars are so expensive, you'll being seeing 10 year loan terms on them soon.
Oh that’s terrifying...
Thats disgusting
My coworker got a 10 year loan from a buy here pay here place about 4 years ago. The interest rate was also about 10%. Her son was 18, so I asked “Imagine if you were still paying for the car you were driving when your son was 8. How would that feel?” The monthly payment and getting a new car was all that mattered.
They already have 9 year car loans.
@@k.c.marshall921 Not surprised.
I always buy a vehicle that everybody else doesn’t want and pay cash. Everything that drives down the road on rubber just loses money.
Exactly right. I love this advice.
When I started my business I ran it without even having a vehicle for the first two years and when I was finally in the position to get our first work vehicle. I bought an excellent Pontiac Vibe (they have Toyota motors) and it’s absolutely perfect for the business and completely paid offfff. This was great advice, love these types of videos
Throw the car away!!! I can't believe almost $100k in just car debt. But she's recognizing her mistake. She's gotta listen to Dave and take the loss. They need a couple of cars under $10k each. I've never heard of a $64k car unless it was luxury for ppl who could afford it.
She owes more on cars then I owe on my house. Ridiculousness
The $64,000 question ?
I clicked so fast, I thought I broke the button, she needs to cough up that 10k and take that L
Crazy that you start to realize how many people you know that believe this is normal.....100k in car loans that’s insane
For a second there, I thought she said, "I threw out the book". :)
yeah she was speaking slowly and stupidly
she needs to give that thing to the dealer asap if theyre offering 54-56 and she owes 64 thats less than 10k loss.
I make 125k a year in Arizona. You know what I drive a 2013 Camry. I wonder how much the car payment is on a 64k car.
Just think.... If it's on 60 months (5 years)
.. A little more than 1,000 bucks a month.
Around $1,000 per month
That's a pretty nice car, I'm jealous :)
Hahaha I make 175K and drive an 2014 Corolla
Life is good
I make 50k and drive a 2012 focus with 250k miles on it
$5k car a hoopti? Lol $500-$1500 is a hoopti.
I know right!! He always says that. He’s starting to lose touch on the lower end items since he’s so wealthy now. He knows what an unreasonable buy is but a $5-6k car can be pretty dang nice!
Right? A lot of his videos now he says to buy a 5k car, a few years ago he always said a 1k car.
It is a hooptie in 2020 dude
*Hooptie*
10k loss doesn’t even take into account the 6k in taxes already paid! Ouch. Hard to imagine the rationale of taking a 64k dollar car loan just to drive a Chevy.
Yeah, Suburbans are over-rated/over-priced. You can get a couple year old Mercedes Sprinter BluTec with 40,000 miles and leather interior for like $35k and it drives better/less maintenance and more room.
This is why I only pay cash for cars and drive old beaters that cost less than 1/5 my annual income. This has allowed me to invest and participate in the stock market and see huge gains.
Congratulations! I’ll be investing soon
@@SergioGurrola Thanks! I share my investing journey on my channel. Check it out if you like to learn more or follow my journey.
"We have 4 kids so we needed something big.." could've bought a 3-4yr old Toyota sienna for 20-25k and it would've done the same job.
But we live in Athens, GA! Where there are affluent Southerners in their giant SUVs!! We have to fit in!! Bwhahahahahaha
Not even! I have a family and kids too and I would never spend that much on a car. In 2015, I bought a used 2007 Honda Pilot SUV (8 seater), fully loaded with 120K miles for $11K. I paid it off in a year and still driving it today. My car before that was a used 1992 Toyota Camry that I bought used for $2300 cash. It lasted me 8 years with no issues until that transmission started failing at 292K miles.
Always buy used and Japanese cars.
I have a 04 toyota sequia with 380k miles pd 3k for it drove almost 100k now and still driving
That’s what I did I love cars but am not going to pay 40k for a Sienna
And they bought a CHEVY of all cars. If ur gonna drop that much money at least get something reliable.
I thought she said, "aaaand threw out the book." LOL
64k I paid 37k 3 months ago for a 2019 sounds like you got ripped off
I bought a 2017 Q7 for 40k with only 13k miles on it. New cars are such a bad buy unless you can afford to pay for it in cash, even then you’re gonna lose money. Only makes sense for people with $500k+ in net worth who can afford the depreciation.
Nope, they just paid full sticker on a new one. You are much smarter and got essentially the same car for almost half the price and what it has 20-35k miles on it? Big deal. Good job!
JamesJamersonIsAGod I bet they didn’t even negotiate for a deal. There is no way you should pay sticker for a brand new car unless there is crazy demand for that specific model, in which case dealers usually charge a high markup due to the demand, and only desperate fools pay that price.
@@JamesJamersonIsAGod almost guarantee they didn't get the new body style either 2021 model 🤭 for the same price
Can you imagine the auto insurance payment?
She isn’t going to sell with one of them. 😂
Dump the car at the dealership since they're willing to take it off your hands
Dam right! Never buy a new vehicle. Paying interest on a depreciating asset is stupid!
My husband and I don’t own anything on our cars and we’re still thinking about selling one. 😳 I couldn’t imagine esp when you have 4 kids... think of what you could get for your kids with that money every month. Instead, you’re spending $1000+ to take them to daycare.
If you own it keep it in the garage do routine maintenance that way when the other one poops you have the other already payed off.
Ty J that’s generally the thinking just stinks that the other car is a gas guzzler . 🤗
A minivan is MUCH cheaper.
A $10,000 loss is better than being in $64,000 worth of debt see it as she’s teaching herself a lesson😢 also if she keeps it then when it comes to selling it the loss we be much more and she will have to sacrifice some parts of life to pay for it. Is it worth it ? Only she knows and the others who are in the same situation. Great advice Dave 👏🏾👍🏾
"And I do have one more question for you-" *Talked over the rest of the call* LOL
They make enough to buy cash cars... Makes no sense.
I had to actually go on the Chevy website to confirm the price. I can't believe people would pay that much for a vehicle.....holy moly.
Where I live the cars I see with a "For Sale by Owner" sign in the window are very old and beat up, for around a few thousand dollars max. It is hard to imagine a private buyer paying $65000 for a used car, no matter how good the condition. She will attract low-ball offers, or even worse, con artists. Personally I would not pay more than one-half the original purchase price to a private seller without a guarantee or certification.
There are high end auto brokers, who can handle this. They can shop it ,she may get out for less than 10k loss. Worth a shot
96k at 3.11% for 60 months, is $1730/mo
I love when he tells them to go get 5k junkers 😂
Dealerships get you with the “payments” once they get you away from the cost of the car they got you!! Almost no one pays cash at dealerships and they bank on that.
We have 3 kids in college, 5 drivers, 3 Mercedes, 1 $11k car loan, $13k total debt & I hate it. We can pay off our debt in a month or two if we worked at it realistically. My point is that you can have nice things without drowning in debt. We just did our research. Best of luck everyone!
I feel like every body that calls in should say there name and monthly income before they start with there issue lol
You guys are definitely very wise. Thanks for the knowledge.
Caller: Hi Dave,a catastrophic Hurricane is about to hit my area what do I do with my assets?
Dave: What is your household 🏠 income 🤔.
Original.
Stack up on rice and beans
Deliver pizzas tonight!
Are you married?
you Saved my life DAVE. THANK YOU SIR.....
I’m so close to becoming debt free.
I’ve paid off $7500 of my student loans in 3 months. I have about $2k left and will finish paying off the remaining 2k by the end of 09/20. After I pay off my student loans, I will never put myself in debt ever again!!! I have a 2007 Honda Civic, bought it 4 years ago for 4K and it still works till this day. As long as it gets me from point A to point B. I can’t imagine the amount of debt people put themselves in buy purchasing a car. They drop in value so quickly, it hurts.
barjrob thank you!!!