same here. I worked for them too long, knew exactly what trans it was. We replaced six to eight of them a week at my old job. Six in one day on the day I left.
Yeah, had an old Nissan Pathfinder and the transmission went out super fast. Third and fourth gear just disappeared one day after driving a few cities away... XD
I think the whole “pay cash” mentality is to also help give people perspective. When you’re financing, $25K-30K doesn’t sound like much. When you’re paying cash, suddenly 10-15K seems much more reasonable.
Two years ago I paid $1500 to fix the head gaskets and some other issues in an 18 year old 4Runner. It had about 140k miles then, 170ish now and still driving it and a nearly as old Accord with no further issues. People at work laugh at my beaters because they both have cosmetic issues, I laugh harder at their $300 to $500 monthly payments that I put in savings and investments instead of the money pit of a car. My headgasket repair was the equivalent of three months of car payments for those suckers, and since I didn't have the car payment I had thr cash on hand to pay for it. Think I'll just keep driving my pair of 20 year old "beaters". Paid for, cheap to insure, can fix most common issues myself and have a solid mechanic for bigger issues like the head gasket, tranny, etc.
3 years ago I bought a 2000 Acura TL with 165,000 miles. Never gave me problems until a month and a half ago at 236,000 miles. I paid $700 to get it fixed and it runs like new (for the most part) I use it everyday but part of my job is driving long distances and this is the best freakin car!!!! I’ll have 241,000 miles on it by year’s end. Every time I see new fancy and shiny cars the ONLY thing I can think is “gah, that car payment must be huge!” I love my car. I’m going to drive it until it literally won’t drive anymore.
Car payments make my stomach turn for real. I was raised by the old school and my mom almost always paid 300 or $500 cash for Ford ltd's back in the day and Grand Marquis which were really good running cars. Only one time she had a car note on a almost brand-new looking vehicle and she paid it off lickety-split so she wouldn't have to get it repoed. She taught us never to have credit cards and to buy most everything you 1, in cash baby and it has done me wonders. My FICO score is -0 but I haven't had any trouble renting apartments, only a pinch with paying a little extra security deposit but other than that it's been fantastic! No student debt either which I'm glad because I taught myself computer stuff at home that they did in the office, and learned on the job as went back in the late 1990s and early 2000s.
Some people need a wake up call..never turn away people who know their logic is insane and have the common decency to _themselves_ to ask others for a reality check.
egarciaeg420 yeap. That's the same asininity as asking hitlery Clinton to respect our 2nd amendment rights lol. Just from the other side if the moral questioning spectrum
Man I wish I had found Dave in my 20's. I fell into the trap of having money for the first time and buying one new car after the next because I thought I had earned it. If I had just kept driving my paid off honda civic I would probably have the money to buy my first house in cash by now. 5 years ago I bought a toyota corolla and havn't had a car payment since, paid off all my debt, and feel more free than ever. I don't care if my car gets scratches or dings, as long as it gets me where I need to go reliably.
@@manuelibarra7667 yeah and I see a lot of folks my age work themselves to the point of mental illness and depression. They both work extreme hours, don’t raise their own children, sticking them in daycare centers to be raised by strangers and then they wonder why they don’t feel full-filled even though they have all this money.
New? I don't think we listened to the same segment. Dave essentially told her to get the used (probably over 150k mile) van or 3-row SUV she wanted - but to find a way to pay in cash.
Rent a car for 2 months? Has Dave checked the prices for renting a car lately? You'd spend wayyyyy more renting a car than just going and buying a cheap car lol
Branton Hudson i agree. that part of his point didn’t make sense. the other one is the mentality that a 4k car vs an 8k car will have the same chance of needing repairs is sortof absurd. the last part to his point would be the best advice. borrow a car! borrow/rent a car from a relative for cheaper! problem solved.
Under Dog I used Hotwire I live in Fl so I did the Miami airport location I rented twice because I was expecting to have had a new car by the end of the first 15 days I booked for, but it didn’t work that way. 1st deal was a hot deal where the reveal who the agency is after the deal is booked which was hertz and that came to around 170ish after taxes because the the deal was 9 dollars a day, and if you use a major credit card you do not have to get their insurance... just don’t hit nobody unless you have your own insurance to cover u(good luck 😉) also the 200$ you put down as your deposit is usually reimbursed to your card by 3-4 days again with a major CC they won’t let your money sit on hold for longer than 5 days max ( at least not capital one) Returned the 1st rental and booked another hot deal again it was hertz, Had the car for 17 days for for some reason I paid less than what was quoted at 12$ a day I forget, but the manager charged me 8$ a day. (That was long) also u should book a compact unless u absolutely need a bigger one they usually upgrade u for free.
I wondered about the same thing while I was listening to Dave. If she were to rent a car for 2 months, the least she'll be paying is $48/day. That's roughly $1300 a month. What!? If he suggests that she spend that kind of money on a car that she'll never own, then a $300 car payment doesn't sound too bad
Love how he said if you want to use emotions to rationalize going into debt... That is such an awesome phrase. She is not being logical and overly dramatic for no reason.
I wish I had discovered Dave when I was 18-20. I’m nearly 28 and am inspired to change my family tree as he said. My parents didn’t and still don’t have squat but bad credit and debt. My dad dissolved his 401k at a young age to put his wife at the time through college. One divorce later he was broke and had nothing but a mortgage and a couple cars. Thanks Dave for giving us advice.
At least in the 3k car you have now, you know the problems. The different 3k car could be more a headache and expense than the current one. I’ve used this logic in the past and backfired.
I've had the $3,000 car and it drives great for the first year. Then comes a $1,500 dollar fix which you pay for. Then another $1,000 fix some many months later. Then a new radiator and thermostat is needed shortly thereafter and you do that yourself for a couple of hundred dollars. Then very shortly after that another expensive repair crops up and it's going to cost another $1,000+ dollar fix. At that time it's time to take your licks and limp it into oblivion 2.5 years later. Then again you can have issues with a newer car also, but it's not nearly as common. In an older car when you think you have all the problems licked another one can crop up in no time.
Michael B. Very true. I’m saying it’s better to fix the current car, rather than buy another car of the same value, which is really a toss up, even with a mechanical inspection. I’ve had a 30k truck have an unknown bad transmission at 45k miles. I’d rather fix a car I know about rather than buy one of the repair value.
Mark G It was a Toyota a 1991 Toyota Camry to be exact that I just got rid two years ago. It really was a good car that I really enjoyed driving, but when you have to keep turning around a dumping lots of money into it I just got too frustrated. I have three other Toyota vehicles that I own and they are super reliable. My 2011 Rav4 that I bought brand new I keep in tip top shape and hasn't given any trouble except new brakes and tires and I stay on top of regularly scheduled maintenance items religiously. Still drives just as good today with 136,000 miles as the day I drove it off the lot with 1 mile on the odometer. My 2016 Toyota Corolla is too new to really have many maintenance issues. My other 2010 Toyota Corolla that I bought used last year with cash with 48,000 miles I use for my teenage daughter and it's been completely trouble free. Yes, I agree Toyota vehicles are super reliable. I just attribute my expensive mechanical issues on that one car with the fact I bought it used and I really don't know how it was cared for over the last 25 years by the previous owners when I got rid of it in 2016.
Michael B. I have a 06 Rav4 with v6 212k miles and not many issues outside regular maintenance. Take care of fluids and treat well they usually last awhile.
He says "Five million dollars" and my eyes bugged out. She just calmly says "M-hm"... She wasn't listening. She was waiting for him to stop talking so she could hang up.
This lady is going to end up financing! You can hear it in her voice!!!! Dave, spent too much time trying to convince her. Had that been me I would've already known to fix it or replace with another $3000. vehicle.
MarkJM55 The assumption is that the "other" 3k car is ONLY temporary. If 3k is ALL she has to fix up her current car then she should do so. She just sounds like she wanted DR to justify her financial missteps.
According to Scotty Kilmer... 5 Worst car brands 1. Fiat / Chrysler 2. GM 3. Nissan 4. Kia 5. Mitsubishi 5 Best car brands 1. Toyota 2. Honda 3. Ford 4. Mazda 5. Subaru
I have two older Toyotas clean but a 06 and 08 with higher miles...get more enjoyment seeing my networth closing in on a million. Avoid car payments..debt and save and invest and good things will happen.
Dexter M. 07 Corolla brother. No debt and investment. Your comment is encouragement. Love my Toyota. It does what I need it to do extremely well. Paid for
Young lady...don't forget Nissan CVT transmissions have a 10 year limit. You may be within warranty with your 08 Rogue. call your dealer before you do anything. good luck. (Mike in Ohio)
My Financial Peace car is a 2002 Hyundai Santa Fe with 148k miles. Every oil change I get they give me a list of things I need to fix. I take that list to my mechanic and he tells me if they need to get fixed or not. If they do I buy brand new parts and fix it before any major problems start to happen. This method is so much cheaper than a car payment. That's how I've been able to pay $25,000 towards my student loans. I'm on the road towards financial freedom! Thanks Dave.
If the $3000 car breaks down, you can buy a completely different $3000 car and still come out ahead vs the $8000 car. No guarantee that the $8K car will have any fewer issues than a $3K car.
$3,000 cars are generally trash and can easily need three to $5,000 of repairs if you're not mechanically inclined to fix it yourself, her car is a $3,000 car because she is only 10 years and knows the history of it problem
Greg Sheeter some mechanic would have probably bought that car and pulled the transmission out and fixed it from like 800 dollars. Then he’d probably sold it for 6,000 dollars and bought something else to fix and sell.
Bad advice. Fix the car, you already have it paid off. & they've had it for 10 years so they know how well it's been maintained. Worst case you have to sell it & get your money back.
Yup, you now have a car you know the history of PLUS it now has a new transmission. While it's in the shop pay extra for an oil and coolant change and new belts and hoses.
I am so happy that I am a “master” hobbyist mechanic who is not afraid of repairing anything on a car - I’ve done transmissions! Most only need about $600 in parts. Also: avoid anything with CVT or direct injection!
@@brandonjohnson5205 Well bless your car - with millions of Nissans made, there have to be some outliers in the statistics. Bet it won't work that way on your next Nissan CVT. All you can look at going in is the averages, and by a long shot the averages do not favor Nissan CVT's.
I bought a 2004 Mercury Grand Marquis Ultimate edition last week for under $6,500. 44,000 miles, perfect leather seats, everything works like new. One bulb ($4) needs replacement . I'll do that myself this weekend. I didn't pay cash...it is too heavy. I had bank issue a cashier's check from my checking account. I've been with Dave since 2000. Debt free since 2002 Let's Roll! Wolf
You can hear it in her voice and the way she is saying "mmhmmm". She has no interest in having a similar car, she just wanted to hear Dave say don't put money into the broken down car you have.
Michael Marquez ; she feels she’s “ENTITLED” to a new car, entitled parents are the worst, I’m surprised she didn’t bring out the “my kids got good grades, they *DESERVE* a new car!” Trope
Yes!!!! Ten years of marriage and $1,500 is the most we've spent on a car. They last just as long as the expensive ones if you buy the right car. Our Jeep has lasted 5 years for $1,500 and going strong. All minor repairs. Our Honda for $750 same story. You are so right Dave.
I agree. Have a '13 Altima which looks and runs like new with 84k miles. If the transmission failed it would be pointless to dump it for a used car I knew nothing about versus keeping the car I've owned for 5 years and know.
Dude... if a tranny has gone out on a car, it’s bound to have other major issues pop up soon. Imo she def should just finance the car for a year. Relying on a $3,000 car with 4 kids and being on a fixed income isn’t a smart move imo, because like you said, a $3,000 car is $3,000 for a reason. She should just get a reliable used Toyota that’s like 6 years old or so
"Drive like no one else so that later you can drive like no one else." Fantastic quote for having a cheap cash car when you are broke, saving payments, investing, so that one day you are wealthy enough to buy an outstanding car.
Wouldn't a new $3k transmission for an otherwise perfect vehicle (worth $8k after the work) make more sense than downgrading to a $4k vehicle? Like Dave said any vehicle can have a transmission die so get it fixed and enjoy the warranty on the replacement while it lasts!
4dscdriver Typically I would agree but in this case, I would junk the car since the transmission on this car has a near 100% failure rate. The new transmission is likely to fail again in just a few years and the car is very low resale value due to this know problem. It’s a throw away car sadly.
Dave never seems to take any stock in the concept of the devil you know and the devil you don’t know. Getting a “new to you” car is always a wild card vs fixing your existing ride which has served you well for years before having an eventual mechanical failure.
The less money you spend on a car the less devastating it is when it breaks down. Scenario 1.) $1,000 car lasted 1 year you were able to save $5,000 in that 1 year. Scenario 2.) $6,000 car lasted 15 months and you only have $1,000 in the bank. The less money you invest the less of an impact a breakdown has on your bank account. Cars are efficient pieces of machinery. The odds of finding a reliable used vehicle outweigh the fear of driving a used car.
35 years in the business, I would fix the car that they have. It would be no different than buying another used car that had a brand new transmission with a warranty.
That’s what I’m not getting. If you have a solid car, outside of the transmission issue, why buy another one you know nothing about? Get the new transmission with a warranty and problem solved. Nissans aren’t bad (their transmissions are eh, but the motors aren’t bad).
As others said, it's a Nissan. It'd be a waste, at that milage the transmission is just the start of the issues. Nissan's used to be good, but they have really gone downhill. Best course of action is just to do some research on reliable cars (spoiler: Toyota Corolla/Camry or Honda Civic/Accord) and put the money towards a used mid-90's-early 2000's model year car.
What works for you may not work for someone else. Also not everyone is mechanically inclined or has the time to work on a vehicle. Paying a mechanic can be very expensive. It’s a risk either way.
Dave, please show us a pic of you in that borrowed car that you always talk about. I have a hard time placing what time period I'm imagining you in, Retro 80s Dave or Curly Permed Fro 70s Dave, but I don't think you are that old. I'll say 1987 Dave.
6% is a safe expectation because you're never investing every dollar all at once. Also, the average investor will not get returns much higher than that.
Caleb For today's market, 12% is not a safe bet, especially not consistently. It's really not that easy, and expecting that to continue from all time highs is delusional.
I'd want to know the condition of the first car, the Rogue. They have known CVT issues, so if it's just $3k to fix the transmission and you're likely to be done for a while fixing things after the repair, then I would say the repair is the better option. I've never owned a Nissan but I consider them reasonably reliable cars despite their issues. My preference would be a Honda or Toyota from the beginning, however. Also, I think the idea of comparing the cost of a repair to the market value of the vehicle when deciding on the repair is fundamentally flawed as a car-owner; you should really be considering the cost of the repair with the cost of the vehicle you would have to buy to replace the car needing repair. That is what your pocket-book is going to feel. You are looking for the cheapest path to reliable transportation.
For me it's very simple; get the transmission fixed. If you get another 7-8 years out of it, how much money have you saved for your retirement fund? Yes I know that something else can go bad, but doing routine maintenance can make any car or truck can make it last so much longer. I will put it this way; if the roof on your house is leaking, do you tear down the whole house? No, you fix the roof.
Nissans are great cars. I’ve had several of them. The Murano I drive now is 8 years old with over 250,000. The transmission went out at 239,000 miles. Out of all of my cars, I took the best care of this Murano. You must do regular maintenance. I did have a rebuilt transmission put in it a year ago at 239,000 miles. The car is still rolling.
This is a known issue with these. When was the car purchased and how much mileage is on it? Nissan extended the warranty on these to 10 year/ 120,000 miles. Might be worth looking into.
While I took the time living with my dad, I purchased an old car (92 Honda Prelude) that was just a bare shell but with a clean title. So I took the time to purchase and rebuild a motor, drop in a transmission and ensure all my wear-and-tear components are replaced. Although, this is not a guarantee that everything worked okay but because of this, I learned to wrench on my own car whenever it did broke down when I moved out. Probably a bit overkill for anybody to do but this is one of my favorite cars of all time and I wanted to somewhat stay frugal when I was out on my own.
1:03 I would highly advise anyone to not go that route. Fix the current car you have. Even if the cost is equal, or more than the value of the car itself. Your car becomes that much more reliable, and tou already should know what's wrong with it. You can go out, and find a $3k car, and pay a mechanic to look it over for a piece of mind, but you still never know what problems that car may have. I can also guarantee that *ANY* used car is going to need immediate work / repairs.
His "logic" here always frustrates me.... She's asking about taking a small loan and paying it off within a year or less (possibly 2 months). She didn't ask him if she should sell her car and buy a brand new $65,000 Lincoln navigator. An $8,000, 36 month car loan with 5% interest in Missouri is $240/month.
I don't get this one either. The only possible answer I can give is it's a Nissan and maybe Dave is thinking that getting a more reliable car is better, but the more reliable cars have a higher resale value and are usually much more expensive to buy.
I don't agree with Dave. He is such an alarmist. No, you cannot just borrow cars from family or friends... not realistic. No, you cannot just buy a reliable $3000 car. Transportation is what gets us to work so we can pay for food and lights. No, I don't carry debt. No, I don't have a car payment. But I did have to borrow a small sum very early on to get a basic car. Yes, we paid it in 24 months (actually less). We are disciplined and we know how to manage money. Dave's advise does NOT work for everyone. I would rather teach people to pay cash when they can, if you must borrow a small sum or a mortgage then do so responsibly. Build responsibility not just complete abstinence from all credit situations. Without credit, most folks couldn't even start their lives. I wasn't born with a car or money. Just to START your life you need a car. There wasn't one in my crib and my parents couldn't buy me a car. No car when I started and I would have NO JOB right now.
Exactly having a car is for convenience. So when he says "I'd walk before I have car payments" is just stupid. Really? Would rather take hours to get to work just to avoid couple hundred a month?
Honest Opinion you clearly only have half a clue. Also you clearly didn't pay attention to this video nor any other content from ramse solutions for the past two decades. He ALWAYS tries to tell people to stay away from debt. Get real about " his advice doesn't work for everyone" unless you meant to add " for idiots that are hellbent on staying slaves to debt vendors ", then sure. They won't listen to ANYONE with half a brain that is building wealth or have already done so.
Honest Opinion i buy and sell cars. Go find a trust worthy mechanic “either you know one or some one you know does” pay them $150 to go with you to look at a car on craigslist that you already looked at your self and if he clears it then your good Its not that hard seriously. It pisses me off that every one is so terrified to buy used or from an individual As long as you dont buy something with over 130k miles and the inside and out side condition shows its been taken care of then $3000 is very easy to get a good reliable car which you can then re sell a year later for almost same price, now i will say most people dont know how to sell or list things properly to get exposure
How can the average person afford a $500 monthly car payment? That just doesn't make sense to me, especially if you have life, family, rent/mortgage, other monthly life expenses
Stacy Stalstone - Yeah well he gave some pretty poor advice on this one. If you have young kids you can’t gamble on a POS car. Fix the Nissan (and plan on another 80k Miles) or buy a newer (read reliable) used car for 8-10k and pay it off as fast as possible. Buying a $3000 car is a huge gamble ( in general, I know people will start giving examples of their cheap cars, I have my POS commuter too....)
Been driving my Kia Forte for 10 years now and it doesn't have much life left in it (maybe 6+ months if we're lucky). Just sold the motorcycle and we're looking for a used 5th gen 4Runner. Should be able to find one for less than 100K miles and pay cash for it. Feels good not having a car payment for 5+ years and it'll feel even better paying cash for our dream car!
Bad Advise Dave. She can get another tranny or repair this one for less than 2900. But buying a 3000 car is beyond stupid. Dave you’re awesome but you’re wrong on this one
Yea if the car is otherwise reliable you now have a car with a brand new transmission for $2900, instead of an old beater with who knows what problems.
Guys, ive been doing this for over 20 years. I Buy a 10 year old car or truck with low mileage. Say 120k and no more than 160k. I pay cash for it and i Keep the oil changed. I usually get at least 100k .more miles out of it. I take as good care of it as i can. I buy, tires, alternators, water pumps. Things that cost a few hundred dollars. When the big thing happens i sell it for scrap and buy another car. I drove 1000 dollar cars for years. Didn't hurt me a bit.
A $3000 car has much more propensity to leave you stranded, late for work, cause unnecessary danger to your life, etc. A $3000 car isn't what it was back in 2005 Dave. We are post cash for clunker aka a $3000 car is basically a $1000 car.
C Leh exactly, I don't think Dave has realized how much cars have changed in the last decade, and what you get for $4000 now is the equivalent of what you got for 2000 back before 2008 and cars are getting harder to work on with all the computers and crammed engine Bays and extra electronics
I just looked at my local CarMax and there is exactly one option under $10k; a $9k 2010 Kia Forte. So you can't shop there for a $3k car. How about any dealer within 25 miles of me? $4000 for a 2008 Dodge Avenger with 169k miles $4000 for a 2008 PT Cruiser with 111k $4500 for a 2009 Yaris with 166k miles So OK, no dealers. While private party is fine, a benefit of a dealer is that there are laws that "prevent" them from selling you a known unsafe car and they have some sort of reputation to protect. So, we're left with private party where I do get two options' 2008 Pontiac Torrent and a 2009 Avenger, each with over 170k miles, each that I would trust about as far as I can throw as far as reliability. DR mentions renting a car for two months to save up enough to not take out a loan. I checked Enterprise, Budget and Avis and all started around $1700-1900 for two months. Does spending $1700+ to avoid a couple of hundred in interest really make sense?
rosen380 when you start looking up stuff and being logical, and just being a average person that knows what cars cost nowadays, his advice on buying old used cars clearly shows he's 10 years out of date on the issue. Most cars are designed for 7 to 10 years or up to 150,000 miles of reliable use, after that things have to be replaced left and right to keep them running many miles, those are the $3K cars you run into as people don't want to do all the maintenance on them
I can understand telling someone to not buy new But buying used at 16k for 5 years isnt bad I bought a nice car for 16k, 19k after tax Payed it off in two years Now i own nice car, and its great.
I agree with the strategy, but struggle to understand the comment at 3:55. $507/month compounded annually at 6% return for 40 years is less than a million. Even at 10% it's under 3 million. Still a lot of money, but in no way "in excess of 5 million."
"It doesn't seem like it would last us" lol, lady. You drove the freakin car for 10 YEARS. Considering the way new Nissans are, you got pretty far on that transmission. You probably have a solid car. Things break. Nothing lasts forever.
I think there are a few options here: 1. That tranny might still be under warranty which dealer should fix for free. 2. If the only major issue with the car is the cvt tranny then I'd fix the tranny. I'd rather take my chances with a car I maintained than a unknown car. 3. If you do go for another car then spend $100 or so and have a quality mechanic check it out. 4. Used corolla would be my first choice since they are the number 1 selling car in the world. Not flashy but gets you from A to B
This is one of the very few subjects that I do not 100% agree with Dave. You can't find a descent used car for less than $7500. You don't have to get the car of your dream till your out of debt, but a reliable car is a must have.
I’m in a similar situation as the caller. I have a car with 9 months left of payments. I learned that it had a blown head gasket this past May but, although I’ve been looking at other cars and salivating, I just keep driving it. I worry about the winter coming and I assume it won’t start or have a catastrophic failure at some point, but I commute 14 miles to my job, which isn’t too far. I just can’t see myself, if I can avoid it, buying another car and having the remaining payments of this one rolled into another. Add to it that, as compared to just a few years ago, I see a lot of cars out there with 150K miles on them that cost what a car with 70K miles would’ve cost. I would also bet that there are still cars that are cleaned up from natural disasters for sale. Those who are worried about buying used, haven’t heard of Dave, or are into impressing other people feel forced to run out and buy a car for minimum $30K. I earn a decent living and don’t have the kind of debt I’ve heard some callers have. But, I’m in my 50s, have never been married, my mother has turned into an aging narc who is unlikely to leave me what she’s long promised and, although I have a good job now, I will N.E.V.E.R. trust the job market again IN LIFE. So, I am FAR less eager than I was as a young, naive person where spending money is concerned. I really don’t care if I end up on the side of the road, as long as I have an emergency fund that I can tap into if I desperately need to.
Private Private Look into a product called Irontite. The Ceramic Seal version will buy you time on the head gasket as long as it isn't a major leak. I take care of all my own maintenance and repairs on my cars because I like to and have used Irontite to buy time with a bad had gasket issue and I can tell you from experience - It works. Talk to your mechanic about it.
Depends. Have you replaced the suspension and brakes and emissions components? New tires? Good paint? Low miles? Fix it. First. Determine the quality of the vehicle. If it’s a solid product fix it. If not scrap it. New more efficient car.
I took out student loans so I could complete a double major degree program, in school. And feel that after graduation it does lower your confidence in life having student loan payments. It wasn't too bad of a payment as my dad had helped me a lot on my first 4 years of school (out of six years it took to graduate). However, my sister bought a inexpensive chevy chevette to help her get to work. And I think it helped her a lot in her career because it made her look reliable in her ability to get to work. It can help one look a lot more dedicated to the job as they have more dependable transportation.
I try to fix things if it's with reason and after the fix, the car runs the same or better. My cars are going on 15 years old and are keep in the garage. I get the 50000 tune up service and checkup. One piece of the puzzle I am using to stay out if debt. I just have the house mortgage left.
Totaled my '13 caravan Easter Sunday. No one seriously injured in 4 car collision. Bought a $3200 '07 Terraza with insurance money. Blessing in disguise, no more $550 car payment! I don't recommend totalling your vehicle. It was traumatic. That '07 runs just fine even makes trips from IL to AL with ease.
I agree with you. She bought the Nissan new so chances are it’s been taken care of and is nicer than anything else she’ll find. Fix the tranny and keep going. The car has already proven itself over the years. She just wants a new car and this is her excuse to get one!
Agreed, that's the rule of thumb should be never put more into a car then it would be worth if it's totaled, so even if she fix this car for 3 Grand and it got totaled, she would get her $3,000 back
ThePatriots010304 Agree. She should shop around and find a better deal on the transmission. Some of the CVT Altimas got extended warranties for known problems with the transmission, if this car has the same kind of transmission (not sure offhand) she could check with her dealer to see if Nissan could do a goodwill repair or at least help out since it is a known problem.
Agree. I did that on my Mitsubishi Mirage. It lasted another good 5-7 years. Used until couldn’t drive and finally sold to get a newer car. If the Nissan is in good condition I would bet on my car before getting junk $3000 that can die in 1 month.
My Camry cost 2.2k when I got it back in 2018. It broke down recently and I donated it; and got 500 in return. Wish I could have sold it for 1.5k at least. Dave's advice here is great!
the second she said Nissan I already knew it was a transmission problem.
"metoo"
same here. I worked for them too long, knew exactly what trans it was. We replaced six to eight of them a week at my old job. Six in one day on the day I left.
Yeah, had an old Nissan Pathfinder and the transmission went out super fast.
Third and fourth gear just disappeared one day after driving a few cities away... XD
Wife had a 2013 Nissan rogue cvt went out at 100k
Ubuv the CVT
I think the whole “pay cash” mentality is to also help give people perspective. When you’re financing, $25K-30K doesn’t sound like much. When you’re paying cash, suddenly 10-15K seems much more reasonable.
Didn't even think about that but that makes sense
exactly
“Pulling up to a stop light and comparing payments I mean cars with everybody else” fantastic quote
Imao that one got me😂
yes, i liked it too :D
Don't buy a Nissan with a CVT...
Which is 98% of them lol
We had a Pathfinder less than a year. It was a 3 year old car. The transmission went out :(
Yeah everything but the Armada, 370Z, Titan, frontier. Oh yeah and the Nissan leaf has no transmission.
A single speed reduction gear IS a transmission.
Ace Bragg Thanks for the correction. I didn't know they used gear reduction. Yes that would be a single speed transmission.
Two years ago I paid $1500 to fix the head gaskets and some other issues in an 18 year old 4Runner. It had about 140k miles then, 170ish now and still driving it and a nearly as old Accord with no further issues. People at work laugh at my beaters because they both have cosmetic issues, I laugh harder at their $300 to $500 monthly payments that I put in savings and investments instead of the money pit of a car. My headgasket repair was the equivalent of three months of car payments for those suckers, and since I didn't have the car payment I had thr cash on hand to pay for it.
Think I'll just keep driving my pair of 20 year old "beaters". Paid for, cheap to insure, can fix most common issues myself and have a solid mechanic for bigger issues like the head gasket, tranny, etc.
3 years ago I bought a 2000 Acura TL with 165,000 miles. Never gave me problems until a month and a half ago at 236,000 miles. I paid $700 to get it fixed and it runs like new (for the most part) I use it everyday but part of my job is driving long distances and this is the best freakin car!!!! I’ll have 241,000 miles on it by year’s end. Every time I see new fancy and shiny cars the ONLY thing I can think is “gah, that car payment must be huge!” I love my car. I’m going to drive it until it literally won’t drive anymore.
My eyes bugged out at $507!!!💵💵💵
ya my Toyota looks beat but under the engine it still runs nicely at 190,000 miles
My 2004 oldsmobile is a money pit. Has 180,000 miles.
Car payments make my stomach turn for real. I was raised by the old school and my mom almost always paid 300 or $500 cash for Ford ltd's back in the day and Grand Marquis which were really good running cars. Only one time she had a car note on a almost brand-new looking vehicle and she paid it off lickety-split so she wouldn't have to get it repoed. She taught us never to have credit cards and to buy most everything you 1, in cash baby and it has done me wonders. My FICO score is -0 but I haven't had any trouble renting apartments, only a pinch with paying a little extra security deposit but other than that it's been fantastic! No student debt either which I'm glad because I taught myself computer stuff at home that they did in the office, and learned on the job as went back in the late 1990s and early 2000s.
I still can't understand the logic behind calling Dave Ramsey to ask if you should go into debt
Maybe they think their situation is the exception where Dave will say ok.
Some people need a wake up call..never turn away people who know their logic is insane and have the common decency to _themselves_ to ask others for a reality check.
egarciaeg420 yeap. That's the same asininity as asking hitlery Clinton to respect our 2nd amendment rights lol. Just from the other side if the moral questioning spectrum
egarciaeg420 I cant understand the logic of calling Dave Ramsey
Debt isn't inherently bad. The real problem is people who use it to spend more than they should.
Man I wish I had found Dave in my 20's. I fell into the trap of having money for the first time and buying one new car after the next because I thought I had earned it. If I had just kept driving my paid off honda civic I would probably have the money to buy my first house in cash by now. 5 years ago I bought a toyota corolla and havn't had a car payment since, paid off all my debt, and feel more free than ever. I don't care if my car gets scratches or dings, as long as it gets me where I need to go reliably.
That's a great mentality. Dying knowing that you change for the better is enough.
She wants a new van or 3-row SUV. Mentioned 4 kids to justify it.
She'll head to a dealer today...car fever is raging.
Meh life is short. Dave’s theory is live like a hobo so you can be rich in time to die.
@@ISUBAJA funny because dave has a bunch of millennials becoming millionaires with his plan. Kinda ironic.
@@manuelibarra7667 yeah and I see a lot of folks my age work themselves to the point of mental illness and depression. They both work extreme hours, don’t raise their own children, sticking them in daycare centers to be raised by strangers and then they wonder why they don’t feel full-filled even though they have all this money.
New? I don't think we listened to the same segment. Dave essentially told her to get the used (probably over 150k mile) van or 3-row SUV she wanted - but to find a way to pay in cash.
She had 4 kids when she could barely afford one... she is damn near beyond saving at this point.
scotty kilmer would say sell the nissan (they have unreliable CVTs per him) and get a $3k used toyota as long as mechanic inspects it.
a 94 toyota celica to be exact
That guy is a hack
I bought a 97 Toyota celica with 135k miles from craigslist for $1k. After BS3 I sold it for $1,900
@@foford2010 bs3 ?
@@Dread_Pirate_Homesteader Baby step 3 is to save 3 to 6 months of expenses
Rent a car for 2 months? Has Dave checked the prices for renting a car lately? You'd spend wayyyyy more renting a car than just going and buying a cheap car lol
Branton Hudson not always the case, I paid less than 300 for 1.5 months. You have to rent with wisdom
Branton Hudson i agree. that part of his point didn’t make sense. the other one is the mentality that a 4k car vs an 8k car will have the same chance of needing repairs is sortof absurd. the last part to his point would be the best advice. borrow a car! borrow/rent a car from a relative for cheaper! problem solved.
Just Gen What company did you rent with? All the rental places I know of would charge an arm and a leg for 1.5 months
Under Dog I used Hotwire I live in Fl so I did the Miami airport location I rented twice because I was expecting to have had a new car by the end of the first 15 days I booked for, but it didn’t work that way. 1st deal was a hot deal where the reveal who the agency is after the deal is booked which was hertz and that came to around 170ish after taxes because the the deal was 9 dollars a day, and if you use a major credit card you do not have to get their insurance... just don’t hit nobody unless you have your own insurance to cover u(good luck 😉) also the 200$ you put down as your deposit is usually reimbursed to your card by 3-4 days again with a major CC they won’t let your money sit on hold for longer than 5 days max ( at least not capital one)
Returned the 1st rental and booked another hot deal again it was hertz, Had the car for 17 days for for some reason I paid less than what was quoted at 12$ a day I forget, but the manager charged me 8$ a day. (That was long) also u should book a compact unless u absolutely need a bigger one they usually upgrade u for free.
I wondered about the same thing while I was listening to Dave. If she were to rent a car for 2 months, the least she'll be paying is $48/day. That's roughly $1300 a month. What!? If he suggests that she spend that kind of money on a car that she'll never own, then a $300 car payment doesn't sound too bad
Love how he said if you want to use emotions to rationalize going into debt... That is such an awesome phrase. She is not being logical and overly dramatic for no reason.
I wish I had discovered Dave when I was 18-20. I’m nearly 28 and am inspired to change my family tree as he said. My parents didn’t and still don’t have squat but bad credit and debt. My dad dissolved his 401k at a young age to put his wife at the time through college. One divorce later he was broke and had nothing but a mortgage and a couple cars. Thanks Dave for giving us advice.
Darn, judgy
You need a better god lol
if you are watching Dave Ramsey, you should start watching Scotty Kilmer for car advice
Never
Scotty Kilmer ... yup 👍
Honda CR-V!!! Best purchase for 1200 quid ever
no that guy is legit
… Rev up your engines! … 😁😁😁
I can imagine the lady say ... "This man is crazy, let's buy a newer car" after the call ends.
😂 true
At least in the 3k car you have now, you know the problems. The different 3k car could be more a headache and expense than the current one. I’ve used this logic in the past and backfired.
I've had the $3,000 car and it drives great for the first year. Then comes a $1,500 dollar fix which you pay for. Then another $1,000 fix some many months later. Then a new radiator and thermostat is needed shortly thereafter and you do that yourself for a couple of hundred dollars. Then very shortly after that another expensive repair crops up and it's going to cost another $1,000+ dollar fix. At that time it's time to take your licks and limp it into oblivion 2.5 years later. Then again you can have issues with a newer car also, but it's not nearly as common. In an older car when you think you have all the problems licked another one can crop up in no time.
Michael B. Very true. I’m saying it’s better to fix the current car, rather than buy another car of the same value, which is really a toss up, even with a mechanical inspection. I’ve had a 30k truck have an unknown bad transmission at 45k miles. I’d rather fix a car I know about rather than buy one of the repair value.
Get a Toyota much more reliable usually.
Mark G It was a Toyota a 1991 Toyota Camry to be exact that I just got rid two years ago. It really was a good car that I really enjoyed driving, but when you have to keep turning around a dumping lots of money into it I just got too frustrated. I have three other Toyota vehicles that I own and they are super reliable. My 2011 Rav4 that I bought brand new I keep in tip top shape and hasn't given any trouble except new brakes and tires and I stay on top of regularly scheduled maintenance items religiously. Still drives just as good today with 136,000 miles as the day I drove it off the lot with 1 mile on the odometer. My 2016 Toyota Corolla is too new to really have many maintenance issues. My other 2010 Toyota Corolla that I bought used last year with cash with 48,000 miles I use for my teenage daughter and it's been completely trouble free. Yes, I agree Toyota vehicles are super reliable. I just attribute my expensive mechanical issues on that one car with the fact I bought it used and I really don't know how it was cared for over the last 25 years by the previous owners when I got rid of it in 2016.
Michael B. I have a 06 Rav4 with v6 212k miles and not many issues outside regular maintenance. Take care of fluids and treat well they usually last awhile.
He says "Five million dollars" and my eyes bugged out. She just calmly says "M-hm"... She wasn't listening. She was waiting for him to stop talking so she could hang up.
maybe because she knows that 5 million number is BS
So what if Dave is off by 50%? That's still 2.5 million all for stupid car payments.
Ace Bragg, I'm glad a 50% margin of error is good enough for you.....
Soljarag5 dont be so quick to ignore that number. If you save even 10 dollars a month from age 30-70 you will end up with 10 million dollars.
ACR, hahaha $10/mo = $10 million.
This lady is going to end up financing! You can hear it in her voice!!!! Dave, spent too much time trying to convince her. Had that been me I would've already known to fix it or replace with another $3000. vehicle.
What happens when the transmission goes out on the other $3k car? Bad idea to be buying $3k cars, same as its a bad idea to buy brand new cars.
MarkJM55 Nope, nothing wrong with buying new cars if you: (A) know you will keep it for at least 10 years (b) buy from a reliable manufacturer.
MarkJM55 The assumption is that the "other" 3k car is ONLY temporary. If 3k is ALL she has to fix up her current car then she should do so. She just sounds like she wanted DR to justify her financial missteps.
If I bought a car in cash it would look like I'm a drug dealer
I pray my car keeps working. A 2005 Camry. No car payment. Is a blessing. I can eat.
Get a toyota camry 1996 -2003, for $1500 its the most reliable car and cheap to fix.
This is a true statement
Her family to big for that she has 4 kids
williams milton one in front, three in the back.
@@DozensOfViewers Where does the husband sit then...? They need a minivan!
Steve Bay on the bus :)
"Mhm... mhm..." she checked out. She's not getting a $3,000 car she's taking out a loan.
Oh u picked up on it too😅🤦🏾♂️
Yeah she sounds like she's going to make the right choice instead.
A 3000$ corolla will way outlast that rouge
According to Scotty Kilmer...
5 Worst car brands
1. Fiat / Chrysler
2. GM
3. Nissan
4. Kia
5. Mitsubishi
5 Best car brands
1. Toyota
2. Honda
3. Ford
4. Mazda
5. Subaru
I thought nissan was good?
@@easton7131 Not since they merged with Renault and put CVTs on most their vehicles in the 2000s. In the 90s Nissan was great.
What about chevy
@@blacksabbath4252See GM
No car payments YES!!! I had one car payment when I paid for my toyota, CASH! Thank you Dave! Toyota so good!
Dave said - 1:48 / 7:43 > "I'll walk before I will have a car payment". I LOVE IT! God Bless you Dave! You are the BEST!
I have two older Toyotas clean but a 06 and 08 with higher miles...get more enjoyment seeing my networth closing in on a million. Avoid car payments..debt and save and invest and good things will happen.
Living humbly is the motto
Same here. But my car is an 02 accord
Yep! Love our 04 Highlander and 09 Corolla. They aren’t flashy but they drive great!
Dexter M. 07 Corolla brother. No debt and investment. Your comment is encouragement. Love my Toyota. It does what I need it to do extremely well. Paid for
The only thing I learned from this is don't buy a Nissan.
Really?
Thats the only thing?
Nissan have been trash since Renault bought them out in the early 2000s
I've had three Nissan's I love Nissan
Scotty Kilmer
Young lady...don't forget Nissan CVT transmissions have a 10 year limit. You may be within warranty with your 08 Rogue. call your dealer before you do anything. good luck. (Mike in Ohio)
My Financial Peace car is a 2002 Hyundai Santa Fe with 148k miles. Every oil change I get they give me a list of things I need to fix. I take that list to my mechanic and he tells me if they need to get fixed or not. If they do I buy brand new parts and fix it before any major problems start to happen. This method is so much cheaper than a car payment. That's how I've been able to pay $25,000 towards my student loans. I'm on the road towards financial freedom! Thanks Dave.
If the $3000 car breaks down, you can buy a completely different $3000 car and still come out ahead vs the $8000 car. No guarantee that the $8K car will have any fewer issues than a $3K car.
Michael Jay - Value Investing thank you for repeating EXACTLY what Dave said.
By your logic, why not salvage the $3000 clunker and buy a $1000 clunker? They all have the same chance of breaking down, right?
$3,000 cars are generally trash and can easily need three to $5,000 of repairs if you're not mechanically inclined to fix it yourself, her car is a $3,000 car because she is only 10 years and knows the history of it problem
SAAN27 the cars you know..end.
SAAN27 So what do you think? Get another car from 2014?
“That car scarred me psychologically” lol
I think it depends on the condition of the rest of the car. Is there any rust? Does the AC work? If everything else is ok I would get it fixed.
Greg Sheeter some mechanic would have probably bought that car and pulled the transmission out and fixed it from like 800 dollars. Then he’d probably sold it for 6,000 dollars and bought something else to fix and sell.
It's a Nissan. Does that help? :P
Bad advice. Fix the car, you already have it paid off. & they've had it for 10 years so they know how well it's been maintained. Worst case you have to sell it & get your money back.
Brother, I just said the same thing. Stick with what ya know.
Yup, you now have a car you know the history of PLUS it now has a new transmission. While it's in the shop pay extra for an oil and coolant change and new belts and hoses.
I would not fix a nissan with a bad cvt for 2500 bucks its got to be a salvage trans, they are not rebuildable and new ones are around 8 grand
I am so happy that I am a “master” hobbyist mechanic who is not afraid of repairing anything on a car - I’ve done transmissions! Most only need about $600 in parts. Also: avoid anything with CVT or direct injection!
2013 nissan maxima cvt 230,000 miles going strong!
@@brandonjohnson5205 Well bless your car - with millions of Nissans made, there have to be some outliers in the statistics. Bet it won't work that way on your next Nissan CVT. All you can look at going in is the averages, and by a long shot the averages do not favor Nissan CVT's.
I bought a 2004 Mercury Grand Marquis Ultimate edition last week for under $6,500. 44,000 miles, perfect leather seats, everything works like new. One bulb ($4) needs replacement . I'll do that myself this weekend. I didn't pay cash...it is too heavy. I had bank issue a cashier's check from my checking account.
I've been with Dave since 2000. Debt free since 2002
Let's Roll!
Wolf
Sadly she’s not going to follow his advice and will be calling in next year because she has a $20k car note.
You can hear it in her voice and the way she is saying "mmhmmm". She has no interest in having a similar car, she just wanted to hear Dave say don't put money into the broken down car you have.
That's probably true.
bhs she was busy searching for a fancy car on autotrader lol
Hahaha she has four kids and needs a new car!!
Michael Marquez ; she feels she’s “ENTITLED” to a new car, entitled parents are the worst, I’m surprised she didn’t bring out the “my kids got good grades, they *DESERVE* a new car!” Trope
Yes!!!! Ten years of marriage and $1,500 is the most we've spent on a car. They last just as long as the expensive ones if you buy the right car. Our Jeep has lasted 5 years for $1,500 and going strong. All minor repairs. Our Honda for $750 same story. You are so right Dave.
Really depends on how many miles you drive. If you drive infrequently it might be okay.
mechanic husband??
I had an 01 Honda Accord. I gave it to my brother and he still drives it today. I only paid $2,000 for it
01 has 210k on it have 20k in savings
$3000 cars cost $3000 for a reason. If the current car is in good condition aside from the transmission, fix it.
mikes1929 that’s right
I agree. Have a '13 Altima which looks and runs like new with 84k miles. If the transmission failed it would be pointless to dump it for a used car I knew nothing about versus keeping the car I've owned for 5 years and know.
jimwavect no doubt
Know about cars before trying saying anything.
Dude... if a tranny has gone out on a car, it’s bound to have other major issues pop up soon.
Imo she def should just finance the car for a year. Relying on a $3,000 car with 4 kids and being on a fixed income isn’t a smart move imo, because like you said, a $3,000 car is $3,000 for a reason.
She should just get a reliable used Toyota that’s like 6 years old or so
I'm driving a 20 year old car. 150,000 miles. Well-maintained, runs like a champ. Paid $2800 for it 5 years ago.
"Drive like no one else so that later you can drive like no one else." Fantastic quote for having a cheap cash car when you are broke, saving payments, investing, so that one day you are wealthy enough to buy an outstanding car.
I am so glad I started listening to you six months ago. I am changing my family tree! Thank you for your Godly wisdom on handling money.
“I’d walk before I have a car payment” 😂
Easy to say when you’re a multimillionaire.
@@wldktz1 I would have agreed with you had you said, “Easy to say when you’re living in a first world country”.
Walk to where ? Your home office ? 😂
Facts, I have walked it was rough. Now in a much better position
Wouldn't a new $3k transmission for an otherwise perfect vehicle (worth $8k after the work) make more sense than downgrading to a $4k vehicle? Like Dave said any vehicle can have a transmission die so get it fixed and enjoy the warranty on the replacement while it lasts!
not with a cvt transmission. guaranteed to go out. get rid of the nissan
Only if you do it urself
Fix the car. You already know the history of it. Buying a $3000 car with unknown history is stupid.
4dscdriver Typically I would agree but in this case, I would junk the car since the transmission on this car has a near 100% failure rate. The new transmission is likely to fail again in just a few years and the car is very low resale value due to this know problem. It’s a throw away car sadly.
@@mylesgray3470 i agree
I have toyota corolla 2003, I payed for it $3000 3 years ago. It is just running great. Recently I had an offert to sale for $ 3000.
Your a smart person your exactly right!
@@haha-cm6pg only an idiot would buy that for $3000
"looked like a bondo parachute rollin down the road..."😂😂😂
That was funny!
Dave never seems to take any stock in the concept of the devil you know and the devil you don’t know. Getting a “new to you” car is always a wild card vs fixing your existing ride which has served you well for years before having an eventual mechanical failure.
You can get a decent car for 3000, hire a reliable mechanic to look at the car before you purchase it
Well said!
My priority is to live free and stay that way! This is why I like Daves message so much, thank you Dave 🤠
The less money you spend on a car the less devastating it is when it breaks down. Scenario 1.) $1,000 car lasted 1 year you were able to save $5,000 in that 1 year.
Scenario 2.) $6,000 car lasted 15 months and you only have $1,000 in the bank.
The less money you invest the less of an impact a breakdown has on your bank account. Cars are efficient pieces of machinery. The odds of finding a reliable used vehicle outweigh the fear of driving a used car.
35 years in the business, I would fix the car that they have. It would be no different than buying another used car that had a brand new transmission with a warranty.
That’s what I’m not getting. If you have a solid car, outside of the transmission issue, why buy another one you know nothing about? Get the new transmission with a warranty and problem solved. Nissans aren’t bad (their transmissions are eh, but the motors aren’t bad).
Still pretty new at 2008, if you fix the trans it will last you another 10 years
fearlessreview it’s Nissan 🤣🤣🤣
Nissan is absolutely trash. Run.
This is a Nissan, not a Toyota. It worked for those 10 years. Don’t throw good money into a worn out car.
Exactly, probably a CVT, surprised it lasted this long (constantly variable transmissin)
As others said, it's a Nissan. It'd be a waste, at that milage the transmission is just the start of the issues. Nissan's used to be good, but they have really gone downhill.
Best course of action is just to do some research on reliable cars (spoiler: Toyota Corolla/Camry or Honda Civic/Accord) and put the money towards a used mid-90's-early 2000's model year car.
Been driving my 1995 Chevy Silverado that I bought for $2000 for about 10 years now. No major problems. There are no rationalization for car payments!
What works for you may not work for someone else. Also not everyone is mechanically inclined or has the time to work on a vehicle. Paying a mechanic can be very expensive. It’s a risk either way.
I have a 2000 Toyota Camry as a backup and still runs great. If your car is mostly in good shape it would make sense to repair it.
Dave, please show us a pic of you in that borrowed car that you always talk about. I have a hard time placing what time period I'm imagining you in, Retro 80s Dave or Curly Permed Fro 70s Dave, but I don't think you are that old. I'll say 1987 Dave.
4Knewt He said he hated it. He said 3 months felt like 10 years. I doubt he took a picture in it.
scottwidiculous lol!
@@clydeb7713 he probably means investing money.
$ 507 monthly for 40 years at 6% has a future value of $1,001,867
nah bro 12%. Always 12%
6% is a safe expectation because you're never investing every dollar all at once. Also, the average investor will not get returns much higher than that.
K R using an investment calculator, it's over $5m at 12%. And 12% is safe. 12% is average.
Caleb For today's market, 12% is not a safe bet, especially not consistently. It's really not that easy, and expecting that to continue from all time highs is delusional.
K R sure it's not the market average, that's what agressive portfolios and mutual funds are for.
I'd want to know the condition of the first car, the Rogue. They have known CVT issues, so if it's just $3k to fix the transmission and you're likely to be done for a while fixing things after the repair, then I would say the repair is the better option. I've never owned a Nissan but I consider them reasonably reliable cars despite their issues. My preference would be a Honda or Toyota from the beginning, however.
Also, I think the idea of comparing the cost of a repair to the market value of the vehicle when deciding on the repair is fundamentally flawed as a car-owner; you should really be considering the cost of the repair with the cost of the vehicle you would have to buy to replace the car needing repair. That is what your pocket-book is going to feel. You are looking for the cheapest path to reliable transportation.
For me it's very simple; get the transmission fixed. If you get another 7-8 years out of it, how much money have you saved for your retirement fund? Yes I know that something else can go bad, but doing routine maintenance can make any car or truck can make it last so much longer. I will put it this way; if the roof on your house is leaking, do you tear down the whole house? No, you fix the roof.
A car and a house are not the same. Houses can appreciate while cars will depreciate.
Nissans are great cars. I’ve had several of them. The Murano I drive now is 8 years old with over 250,000. The transmission went out at 239,000 miles. Out of all of my cars, I took the best care of this Murano. You must do regular maintenance. I did have a rebuilt transmission put in it a year ago at 239,000 miles. The car is still rolling.
This is a known issue with these. When was the car purchased and how much mileage is on it? Nissan extended the warranty on these to 10 year/ 120,000 miles. Might be worth looking into.
Sounds like they've owned it since new.
I bought by 2001 Ford Focus in 2014 and it’s still going 5 years later with NO ISSUES! People just make excuses so they can get a new car.
The bluebook price is a fallacy in thinking. Just keep fixing your old car if its fixable unless you can get a newer car with no payments.
2000 Acura TL still going strong. A trusted 👨🔧 is a blessing.
Dave,l bought a 2600 Buick century 3 yrs ago still going strong.
While I took the time living with my dad, I purchased an old car (92 Honda Prelude) that was just a bare shell but with a clean title. So I took the time to purchase and rebuild a motor, drop in a transmission and ensure all my wear-and-tear components are replaced. Although, this is not a guarantee that everything worked okay but because of this, I learned to wrench on my own car whenever it did broke down when I moved out.
Probably a bit overkill for anybody to do but this is one of my favorite cars of all time and I wanted to somewhat stay frugal when I was out on my own.
There is greater rewards in waiting for the best of the best!
“As for me and my house, I’m gonna serve the Lord”... WORD!
1:03 I would highly advise anyone to not go that route. Fix the current car you have. Even if the cost is equal, or more than the value of the car itself. Your car becomes that much more reliable, and tou already should know what's wrong with it.
You can go out, and find a $3k car, and pay a mechanic to look it over for a piece of mind, but you still never know what problems that car may have. I can also guarantee that *ANY* used car is going to need immediate work / repairs.
Heard Nissan rouge and instantly knew it was the transmission
His "logic" here always frustrates me.... She's asking about taking a small loan and paying it off within a year or less (possibly 2 months). She didn't ask him if she should sell her car and buy a brand new $65,000 Lincoln navigator. An $8,000, 36 month car loan with 5% interest in Missouri is $240/month.
Seriously Dave...replacing the transmission would be the most viable option. At least you know you have a new transmission.
The transmission is usually the first thing to go before everything else starts breaking. If the transmission goes it's time to cut your loses
I question Dave's reasoning in this. She had the money to fix the car, so why spend $4000 to fix a $2900 problem?
It’s because the car will probably continue to have more issues
@@DesiMeRollin290
At least the car is rolling down the road making you money with the hope you can buy a better car in a few months.
@@DesiMeRollin290 but likely so would a different $3k car.
I don't get this one either. The only possible answer I can give is it's a Nissan and maybe Dave is thinking that getting a more reliable car is better, but the more reliable cars have a higher resale value and are usually much more expensive to buy.
I don't agree with Dave. He is such an alarmist. No, you cannot just borrow cars from family or friends... not realistic. No, you cannot just buy a reliable $3000 car. Transportation is what gets us to work so we can pay for food and lights. No, I don't carry debt. No, I don't have a car payment. But I did have to borrow a small sum very early on to get a basic car. Yes, we paid it in 24 months (actually less). We are disciplined and we know how to manage money. Dave's advise does NOT work for everyone. I would rather teach people to pay cash when they can, if you must borrow a small sum or a mortgage then do so responsibly. Build responsibility not just complete abstinence from all credit situations. Without credit, most folks couldn't even start their lives. I wasn't born with a car or money. Just to START your life you need a car. There wasn't one in my crib and my parents couldn't buy me a car. No car when I started and I would have NO JOB right now.
Exactly having a car is for convenience. So when he says "I'd walk before I have car payments" is just stupid. Really? Would rather take hours to get to work just to avoid couple hundred a month?
Honest Opinion you clearly only have half a clue. Also you clearly didn't pay attention to this video nor any other content from ramse solutions for the past two decades. He ALWAYS tries to tell people to stay away from debt. Get real about " his advice doesn't work for everyone" unless you meant to add " for idiots that are hellbent on staying slaves to debt vendors ", then sure. They won't listen to ANYONE with half a brain that is building wealth or have already done so.
Honest Opinion it's not about being an alarmist either. But people in general need a wake up call about handling their money. Especially most muricans
I never understand when pipo say "I don't agree with Dave"?!! Really?! Then why are you on his channel then....😂😂😂
Honest Opinion i buy and sell cars. Go find a trust worthy mechanic “either you know one or some one you know does” pay them $150 to go with you to look at a car on craigslist that you already looked at your self and if he clears it then your good
Its not that hard seriously. It pisses me off that every one is so terrified to buy used or from an individual As long as you dont buy something with over 130k miles and the inside and out side condition shows its been taken care of then $3000 is very easy to get a good reliable car which you can then re sell a year later for almost same price, now i will say most people dont know how to sell or list things properly to get exposure
How can the average person afford a $500 monthly car payment? That just doesn't make sense to me, especially if you have life, family, rent/mortgage, other monthly life expenses
Mmhmm. Mmhmm. Right. Mmhmm. Mmhmm. Mmhmm yeah. Right. Mmhmm
Didn't hear a darn thing
Stacy Stalstone - Yeah well he gave some pretty poor advice on this one. If you have young kids you can’t gamble on a POS car. Fix the Nissan (and plan on another 80k Miles) or buy a newer (read reliable) used car for 8-10k and pay it off as fast as possible.
Buying a $3000 car is a huge gamble ( in general, I know people will start giving examples of their cheap cars, I have my POS commuter too....)
Been driving my Kia Forte for 10 years now and it doesn't have much life left in it (maybe 6+ months if we're lucky). Just sold the motorcycle and we're looking for a used 5th gen 4Runner. Should be able to find one for less than 100K miles and pay cash for it.
Feels good not having a car payment for 5+ years and it'll feel even better paying cash for our dream car!
Nissan has had bad transmissions ever since they used cvts.
You betta preach. This is Probably my favorite call from you ever.
Bad Advise Dave. She can get another tranny or repair this one for less than 2900. But buying a 3000 car is beyond stupid. Dave you’re awesome but you’re wrong on this one
Yea if the car is otherwise reliable you now have a car with a brand new transmission for $2900, instead of an old beater with who knows what problems.
Ooooooo that ending was too GOOD. Glory to God for all His wise principles.
"My car has scarred me psychologically..." Amazing sentiment. I'm driving a p.o.s. car and listening carefully!
Guys, ive been doing this for over 20 years. I Buy a 10 year old car or truck with low mileage. Say 120k and no more than 160k. I pay cash for it and i Keep the oil changed.
I usually get at least 100k .more miles out of it. I take as good care of it as i can. I buy, tires, alternators, water pumps. Things that cost a few hundred dollars. When the big thing happens i sell it for scrap and buy another car. I drove 1000 dollar cars for years. Didn't hurt me a bit.
"Had to get a bigger engine because the bass were outrunning them..." LOL, I'm dying over here!!
A $3000 car has much more propensity to leave you stranded, late for work, cause unnecessary danger to your life, etc. A $3000 car isn't what it was back in 2005 Dave. We are post cash for clunker aka a $3000 car is basically a $1000 car.
C Leh exactly, I don't think Dave has realized how much cars have changed in the last decade, and what you get for $4000 now is the equivalent of what you got for 2000 back before 2008 and cars are getting harder to work on with all the computers and crammed engine Bays and extra electronics
I just looked at my local CarMax and there is exactly one option under $10k; a $9k 2010 Kia Forte. So you can't shop there for a $3k car.
How about any dealer within 25 miles of me?
$4000 for a 2008 Dodge Avenger with 169k miles
$4000 for a 2008 PT Cruiser with 111k
$4500 for a 2009 Yaris with 166k miles
So OK, no dealers. While private party is fine, a benefit of a dealer is that there are laws that "prevent" them from selling you a known unsafe car and they have some sort of reputation to protect.
So, we're left with private party where I do get two options' 2008 Pontiac Torrent and a 2009 Avenger, each with over 170k miles, each that I would trust about as far as I can throw as far as reliability.
DR mentions renting a car for two months to save up enough to not take out a loan. I checked Enterprise, Budget and Avis and all started around $1700-1900 for two months. Does spending $1700+ to avoid a couple of hundred in interest really make sense?
rosen380 when you start looking up stuff and being logical, and just being a average person that knows what cars cost nowadays, his advice on buying old used cars clearly shows he's 10 years out of date on the issue. Most cars are designed for 7 to 10 years or up to 150,000 miles of reliable use, after that things have to be replaced left and right to keep them running many miles, those are the $3K cars you run into as people don't want to do all the maintenance on them
FWIW- the *average * car on the road in the US today is about 11 years old.
rosen380 Using logic destroys Ramsey everytime. His advice is only for the dumb and gullible
People make fun of my body, but at least I work.
Michael B. 😂😂😂
Maybe you should work on your body
🤣🤣
Michael B. At woman's club?
🤣🤣🤣
I can understand telling someone to not buy new
But buying used at 16k for 5 years isnt bad
I bought a nice car for 16k, 19k after tax
Payed it off in two years
Now i own nice car, and its great.
Dave has been driving Mercedes’ for too long and forgot what it’s like to have a $3000 car
I agree with the strategy, but struggle to understand the comment at 3:55. $507/month compounded annually at 6% return for 40 years is less than a million. Even at 10% it's under 3 million. Still a lot of money, but in no way "in excess of 5 million."
"It doesn't seem like it would last us" lol, lady. You drove the freakin car for 10 YEARS. Considering the way new Nissans are, you got pretty far on that transmission. You probably have a solid car. Things break. Nothing lasts forever.
I think there are a few options here: 1. That tranny might still be under warranty which dealer should fix for free. 2. If the only major issue with the car is the cvt tranny then I'd fix the tranny. I'd rather take my chances with a car I maintained than a unknown car.
3. If you do go for another car then spend $100 or so and have a quality mechanic check it out. 4. Used corolla would be my first choice since they are the number 1 selling car in the world. Not flashy but gets you from A to B
😂😂😂DYING as he's describing that Cadillac! 😂😂😂
This is one of the very few subjects that I do not 100% agree with Dave. You can't find a descent used car for less than $7500. You don't have to get the car of your dream till your out of debt, but a reliable car is a must have.
I’m in a similar situation as the caller. I have a car with 9 months left of payments. I learned that it had a blown head gasket this past May but, although I’ve been looking at other cars and salivating, I just keep driving it. I worry about the winter coming and I assume it won’t start or have a catastrophic failure at some point, but I commute 14 miles to my job, which isn’t too far. I just can’t see myself, if I can avoid it, buying another car and having the remaining payments of this one rolled into another. Add to it that, as compared to just a few years ago, I see a lot of cars out there with 150K miles on them that cost what a car with 70K miles would’ve cost. I would also bet that there are still cars that are cleaned up from natural disasters for sale. Those who are worried about buying used, haven’t heard of Dave, or are into impressing other people feel forced to run out and buy a car for minimum $30K.
I earn a decent living and don’t have the kind of debt I’ve heard some callers have. But, I’m in my 50s, have never been married, my mother has turned into an aging narc who is unlikely to leave me what she’s long promised and, although I have a good job now, I will N.E.V.E.R. trust the job market again IN LIFE. So, I am FAR less eager than I was as a young, naive person where spending money is concerned. I really don’t care if I end up on the side of the road, as long as I have an emergency fund that I can tap into if I desperately need to.
Private Private Look into a product called Irontite. The Ceramic Seal version will buy you time on the head gasket as long as it isn't a major leak. I take care of all my own maintenance and repairs on my cars because I like to and have used Irontite to buy time with a bad had gasket issue and I can tell you from experience - It works. Talk to your mechanic about it.
Robert Smith thank you sooo much! I will buy this today.
Marry me :)
Judith Sabol I’m sorry. I’m single. But I’m a straight woman. Thanks for the offer though!🙂
Judith Sabol, whats your BMI?
Depends. Have you replaced the suspension and brakes and emissions components? New tires? Good paint? Low miles? Fix it. First. Determine the quality of the vehicle. If it’s a solid product fix it. If not scrap it. New more efficient car.
My car payment is less than $200 but my car is 10 years old with low mileage so it's a small loan.
I took out student loans so I could complete a double major degree program, in school. And feel that after graduation it does lower your confidence in life having student loan payments. It wasn't too bad of a payment as my dad had helped me a lot on my first 4 years of school (out of six years it took to graduate). However, my sister bought a inexpensive chevy chevette to help her get to work. And I think it helped her a lot in her career because it made her look reliable in her ability to get to work. It can help one look a lot more dedicated to the job as they have more dependable transportation.
I try to fix things if it's with reason and after the fix, the car runs the same or better. My cars are going on 15 years old and are keep in the garage. I get the 50000 tune up service and checkup. One piece of the puzzle I am using to stay out if debt. I just have the house mortgage left.
Totaled my '13 caravan Easter Sunday. No one seriously injured in 4 car collision. Bought a $3200 '07 Terraza with insurance money. Blessing in disguise, no more $550 car payment! I don't recommend totalling your vehicle. It was traumatic. That '07 runs just fine even makes trips from IL to AL with ease.
Don’t buy another $3,000 car. Put the new transmission in and continue driving it.
I agree with you. She bought the Nissan new so chances are it’s been taken care of and is nicer than anything else she’ll find. Fix the tranny and keep going. The car has already proven itself over the years. She just wants a new car and this is her excuse to get one!
Agreed, that's the rule of thumb should be never put more into a car then it would be worth if it's totaled, so even if she fix this car for 3 Grand and it got totaled, she would get her $3,000 back
ThePatriots010304 Agree. She should shop around and find a better deal on the transmission. Some of the CVT Altimas got extended warranties for known problems with the transmission, if this car has the same kind of transmission (not sure offhand) she could check with her dealer to see if Nissan could do a goodwill repair or at least help out since it is a known problem.
at least she'll know the transmissions good
Agree. I did that on my Mitsubishi Mirage. It lasted another good 5-7 years. Used until couldn’t drive and finally sold to get a newer car. If the Nissan is in good condition I would bet on my car before getting junk $3000 that can die in 1 month.
My Camry cost 2.2k when I got it back in 2018. It broke down recently and I donated it; and got 500 in return. Wish I could have sold it for 1.5k at least. Dave's advice here is great!
Wow 😳
@@TheHoriginal yeah it happens
I don’t have a car payment of $550. It’s $140... I paid off my last car in like 2.5 years
I paid cash for my 2017 GMC👍
Clark Kent How come such a new car? I can’t imagine spending over 5K on a vehicle
Fila Kri Right! Sadly I know a few people that do have those 400-500 payments 😨
I love when Dave pauses his guest when he is giving his dissenting opinion lol. I think he has stopped me twice from buying a car 😂.
Totally hypothetical advise, completely depends on the car selection. He's correct, IF all things go as planned, most times it doesn't.
Just fix your current car. You already know what its problems are. Buying another used car could have lots of hidden problems.