You’re Deep in Car Debt!
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- Опубліковано 19 чер 2024
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dude is shy of a 200k yearly salary and has no money in the bank. absolutely crazy.
He likes to make it rain. Good on him.
But he's so smart right....
He can get out of debt quick though. He has the income to pay everything off.
That’s what happens when neither you are you spouse think about savings
Oh. He makes 200k. He has money in the bank! His money is just owned by the bank.😅
It always amazes me how most of America has their retirement and kids college fund and financial freedom sitting in their driveway
If they'd drive more modest cars AND learn to keep them maintained themselves, this would be far less of a problem.
I hope people like their cars. Many will end up living in them.
How did you come up with "most"?
So true!
you gotta enjoy your life too
Now is definitely NOT the time to be buying a car. Average car cost $47K?! That's insane!
Check your ego at the door - you need a vehicle to get back and forth to work, not to impress anyone. An auto finance rate of 7%+ is an insult to anyone with excellent credit. No thanks. Those new cars can sit on the lot and rot away for all I care.
I'm with you. I don't care how much it costs to keep my current cars running.
I'll drop new engines and trans if necessary I refuse to buy a new car.
Yeah, Im glad I keep seeing this message because I want a new car, but man these prices are crazy
The best course of action is to ask a consultant or investing coach for guidance or assistance on purchasing a car.
Speaking with a consultant helped me acquire my car effortlessly using the best plan available without affecting my portfolio.
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person
Found his website easily. It was like the first thing that came up when I searched his name. I'll surely touch basis with him to see what the best step is for me to take right now. THANK YOU!!!
I watch ramsey in the morning now instead of politics i feel better 😊
Cutting out politics every morning did more for my mental health than therapy ever could
@@willfunderburk6240 your smart. Thanks for the reply
Just had a conversation with a classmate where he showed me his new 2024 F-150. It's his 6th or 7th New vehicle in the last 11 years. He's retired, has no money saved, & lives on a monthly pension of $2,400/month. His monthly pickup payment is half of his pension. Too many people have this disease. What's worse is that he doesn't even care.
@ronolson2024 - That was painful to know this guy has such an expensive truck!
Damn that might be the dumbest person alive. Including Biden.
Really depressing
Irresponsible is an understatement. Goodluck to him lol
The mindset of “I work hard so I deserve to have _____” is one of the most dangerous things in our population. It’s as American as apple pie and in 20 years will result in a lot of homeless elderly people.
"We bought this house with no money down"
Dave: "yeah i can tell" lmao
Yeah that was funny.
Dave has good one-liners
I love when one of the hosts ask “do you have any money saved” 99.99% of the time it is a no
Does it make you feel better about yourself?
@@jonathanandrew2909 I bet that 99.99% of the time, it does 🙂
Sex!!!!!
@@jonathanandrew2909yes it does , any other stupid questions?
@@koreyg8552 just one: why u so gay?
If this dude puts together a budget, he will be SHOCKED at how much money he’s spending.
Crazy how Dave didn't even ask where all his money was going to. Yes his cars and mortgage, he has alot more money going elsewhere as well
One of my friends just leased a 2024 Yukon Denali for $1,300 a month. Insane
Let your friends live the life they want. The Yukon makes them happy
Dave Ramsey's insights have been a game-changer for me! His practical approach to financial management has empowered me to take control of my money and work towards a debt-free life. The Total Money Makeover is my go-to guide, and I appreciate how he breaks down complex concepts into easy-to-follow steps.
😂JENNY PAMOGAS CANAYA SCAM!!
$90k worth of cars with no savings is definitely a red flag
Sure...that the guy who entered into a deal like that is a financial idiot.
red flag of how stoopid and greed take over???? i agree
people are stoopid....
if you cant pay for a car, you CANT afford a car
Love how Dave knew he had no savings before he even admitted it 😂
After listening to this show for over 15 years, I also have learned to read people pretty well based on how they talk about their financial picture without them even saying some of the big details yet, like just after their opening comments usually
guy is 35y old. still young to turn around the mindset and with a nice income, he can quickly turn it around. thanks for sharing.
I would put money on that never happening.
Yea indeed😊
@@oldbloke204yeah, it’s going to take discipline. Most people’s expenses start catching up to their income after awhile. Especially with car payments.
@@jonathanandrew2909 It's very easy to go from spending little to spending more but difficult to go the other way.
It will take big commitment from both parties which is unlikely imo.
Hopefully I'm wrong for their sake.
I'm the same age and our household income is right around 100k and all we have is my wife's car debt. Its insane, i wish i was in HIS shoes, I'd turn it around real quick
Stupid car debt, no savings, AND he is moving to Florida where people can't afford homeowner insurance and HOA assessment fees... I don't think it takes a crystal ball to realize what happens next 🙄.
They will always be broke. They could live in a cheaper area, like we do, and live great - lower housing prices and no HOA fees.
I agree...my bf just rents in FL and it's pretty high and I am in NJ with a high cost of living as well so that's saying a lot! i don't why people seme to think Florida has a low cost of living.
@@littlesongbird1it used to thats why. Also, compared to cali and ny its cheaper
Orlando Florida ain't cheap.
Homeowner insurance in Florida is skyrocketing. I moved to northern Wisconsin a couple years ago from South Carolina and it was the best move I ever made. Way cheaper. Way less people. Quality of life a gazillion times better. I just take one warm vacation in winter and I am good.
Makes 180K a year. Flat broke. Zero money in savings. Gotta love it.
Ballpark same income, zero car debt. I drive an 8 year old Subaru that I paid cash for. Every time I start thinking it would be nice to have a car that's a little snazzier I just watch a few Dave Ramsey videos. And that works, I drive past the Audi dealer on the way to and from work and I'm still driving the Subaru.
And did Dave say "stream of payments" or "scream of payments". I like the latter.
I am sure your financially responsible lesbians. Congrats
@@integralx1988 Whose "financially responsible lesbians"? Yours or mine?
Congrats?
@@integralx1988 you are stooppid
I have a neighbor who leases vehicles for three years and keeps leasing new cars. I have a 2006 Lexus Ls 460, my only vehicle I bought used for $25,000 in 2011 paid off in 2016. I have 148,000 miles and it still runs like when I first bought it. I only had to change the transmission, and recently the radiator. I want to buy a new car, but my father tells me to wait till it runs no more. I see guys in my hood driving a new Corvette and a new Mercedes. They are both retired, and I recently retired in Sept. 2021. My father is a Korean War Vet. and
always told me to save money since I was a kid. Now he has 3 rental properties in California, and they are all paid off. He is also a retired Income Tax Consultant after working 50 years.
That LS460 is the one of the best Lexus ever. Surprised you had transmission issue. Please change your trans fluid every 40k miles.
LS 460 is a budget grocery vehicle, how did you end up paying 25k for it??? 😂😂😂🤣
@@parker1981xxx I went online, and I had seen it on sale at an Orange County dealership in Westminster, Cali. It was the lowest price online out of all the other LS 460 at the time. It was in 2011. Now they are a lot more expensive, and most have over 100,000 miles on them believe me I checked. Mine had 65,000 miles on it. In 2024 still runs like new. Very quiet and smooth like driving on a cloud. Now 150,000 miles.
They owe more in cars then most Americans make. Dang.
Dave is right, I work for a captive auto finance company and when building out the account overview page, management specifically asks us to hide the lease factor “interest rate” for lease customers. However we must show the interest rate for retail customers.
Wow that's wild
Thank you for that information!
Had a guy tell me there was no interest on leases and I didn’t understand them. Lmao
I had them try saying no interest just a finance charge each year. "And what is that charge?"..... no answer
Money factor what?
I'm amazed at the amount of people that think having a car payment is just something that everyone has to have. I'm 28, never had a car payment in my life and I don't plan on having one. Cars are tools we use to get places, not toys.
I didn't until I was 33. Made sure I took care of other things first
Agree. I bought a basic car for 4k cash a year after i got my first job. Then 15k cash 8 years later i got a focus with 12 months warranty when i finished studying and got a well paid job. Drove that for 12 years while i bought a house and some investment properties. Just sold that car for 3k and bought a 24k (cash) 2022 fully specd suv with 5 years warranty I feel like a a queen in the new car and ive spent a total of 40k on cars IN MY ENTIRE LIFE. This car will last into my 50s.
I have personal net worth separate to hubby and fully earned without help of over 3M. Including the home we live in and i still put off upgrading my car until my old one started struggling with second gear.
I cant imagine having as little as this dude and having a leased car with a balloon payment of 50k!
Where i live when a guy spends too much on a car we waggle our pinky finger and acknowledge hes compensating for something.
Haha,making $180k with $89k car loan is funny! Also no saving is ridiculous! 😂
not bad he can make it
Talk about pay check to pay check
Better than that debt making half
I see 89k as a big chunk of the worth of a house, what a waste
@lionheart93 you sound like a broke person. He should be buying cars with cash.
Love watching Dave Ramsey this is a great start to anyone’s year keep the videos coming 👏🏽👍🏽👊🏽🥂
When he said he was new to making that money, we can tell... showing off how much they make by blowing it all.
Fleece I love that word.
Dave Ramsey is right on a lot of things except for how a lease works. It goes off money factor and currently it equates to 7-9% rate
Buy a good used fuel efficient Toyota or Honda. Pay it off. Enjoy the ride.
I've lived in the Orlando area for over 30 years. Married with children. Oviedo, Winter Springs, Longwood and Chuluota have great public schools.
I like Dave Ramsey. I think he's a real swell guy. A real guy's guy, a real life of the party kinda guy. I know I'm repeating myself a bit here, but boy oh boy, I gotta say it, man. Dave Ramsey really does come across as one HECK of a super swell guy!
Callers always claim they follow Dave's program then proceed to display their incompetence.
He didn’t claim to “follow Dave’s program.” He clearly said that he was a new listener.
He didn't say that. He said he listened to some clips and now he is thinking he made some mistakes and wants to do better.
Every. Time!!!
So quick to judge you don’t even have your facts correct lol, the internet is funny.
Says you.
I got 1 more year to pay my truck off. I can’t wait to not have a car note anymore. Last new truck I purchase. I luckily bought my truck new $10k below MSRP in 2019. I will be taking the money I would pay on my truck and put it towards buying a new home in the next few years.
I'm not going to lie. I watch a lot of these videos to hear people regret their stupid choices. Then get a sense of pleasure for not making those choices.
Indeed😂 yea
Haha totally
You will have endless entertainment.
Same lol
Be glad they do. The economy would be in ruins if not for auto loans .
The thing is, you can get really nice, reliable and/or cool vehicles for not a lot of money, you just have to make sure it has a good service history & doesn't becone a money pit as they age. I paid 6k for my used mid 2000s Lexus with 180k+ miles on it & it runs & drives better than a lot of cars half it's age
I’ve never paid more than 8 grand for a car in my life, and never had a repair over $500.
I picked up a 2000 honda prelude 5 speed for 3500$ its mint a 1998 tacoma 4wd 5 speed showroom condition for 10000$ and 2 150k mile 2010 lincoln town cars for 4000$ each thats my used car fleet i got everyting covered my dailys “town cars” go fast car “prelude” and my workhorse off road snow car the tacoma and since they old i pay like 120$ a month to insure them all and that’s full coverage on the tacoma how did americans get conned into buying 50000$ cars to save money on repairs
yes, mid 2000 Lexus are the best used car to buy. ES300, ES330, ES350, GS350...
@@fisephalnoxtI got a 2015 NX in 2018, been 5 years no issues. They’re great cars too.
@@BlueStreak706 Yes!
A little struggle to buy a car cash makes a huge difference
If you buy a new car- you drive it at least 10 years!
Factssss
I BOUGHT A BRAND NEW PICK UP IN 2007 AND I STILL DRIVE THE SAME VEHICLE AFTER 17 YEARS, SO FAR I HAD TO FIX THE A/C, BRAKES AND BOUGHT A NEW BATTERY THREE TIMES IN 17 YEARS, BOUGHT NEW TIRES AND OF COURSE I HAVE TO KEEP UP WITH MAINTENANCE LIKE OIL CHANGE, BALANCE AND ALIGNMENT, BRAKES, TUNE UP ETC. SO FAR I THINK I HAVE SPENT ABOUT $7,000 MAINTAINING THIS VEHICLE DURING 17 YEARS. I WILL NOT PURCHASE A NEW VEHICLE UNTIL MY MY CURRENT VEHICLE FALLS IN PIECES. I ALSO HAVE A TOYOTA COROLLA IS 26 YEARS OLD I BOUGHT IT BRAND NEW WHEN MY SON WAS BORN, THE CAR IS STILL RUNNING AND I USE IT WHEN MY TRUCK IS IN THE SHOP FOR ROUTINE MAINTENANCE.
IMO a new vehicle when maintained should easily last you 15 years. No longer is 100k miles a lot.
@@patriciaramirez3139 We do the same thing.
My 4Runner is 34 years old now. Things are starting the break so I am selling it to purchase a new car. I purchased it for $9000 back in 1999 and I am selling it for $4000 in 2024. I put 190,000 miles on it.
LOL that greeting
"Welcome to the Ramsey show!"
"...hi!"
Dave "Hi!"
Thank you so much for adding the information at the end about why leases are priced the way they are! I’ll never forget when I was in high school my 11th grade economics teacher told us that leases were the smartest way to stay in a brand new car! Can y’all believe that?!
Apparently, leases are indeed cheaper than buying a new car (selling the previous one) every 3 or fewer years.
They're not really the optimal approach for early wealth building
Lease car payments will also impact how much you can borrow as it counts as a credit payment. Paying them off or selling them before getting a mortgage will prevent this headache from happening. Lenders want to see folks with credit card, car payments, etc under 10% or so and your average lease is going to be 10% or more of monthly gross income. What this means is you qualify for a smaller mortgage meaning a smaller house.
Yikes
I ran into a dozy yesterday. A 27 year old, renting home and driving a $110,000.00 truck while working a part time government job.
She purchased 1/10th of a million dollar car and has no money for gas or food.
How and why?
I don’t care how rich I am, I’d never buy a 100 k car.
As a non American I am used to new cars being configured and then ordered, not bought on the spot (it just doesn’t happen where I live). It surely incentivises impulsive purchases to have immediate access.
2- 20 year old cars here.
02 Xtrra 4x4 full coverage ins, registration and maintenance $900. A year.
04 silverado 4x4 Same thing. $1,100. a year.
We do have a continuous $8,000. emergency saving for repairs. Nothing major yet.
But we are mortgage and CC dept free also.
Vehicles are bad.
.
That's crazy. I never thought have a lease was a good thing. Yet that was when I thought living for a credit score was the thing to do!
Just had a back n forth with a buddy about that. He leases bc of maintenance. I explained to him the simple things you can do to self maintain your car and is very easy and low costs.
Funnily enough cars are cheaper in the US than in Europe for example (less regulation, taxes and stuff) but apparently you guys just looooove your rides
Funnily enough cars are cheaper in the US than in Europe for example (less regulation, taxes and stuff) but apparently you guys just looooove your rides
Multiply the money factor by 2400 and that is the interest rate of your lease.
Orlando! Born and raised!
Sometimes renting costs a lot more than a mortgage right now.
Yep. But some people can't afford the down payment
Not really when you add taxes, repairs, hoa
You can work hard and still have a nice car. I got a 2016 Lexus IS that looks brand new with 90k miles for $18k cash. Less then most new cars that nice
Drive Scotty kilmer’s ’94 Celica. 😂😂
My 2 paid off vehicles (both purchased used for under $20 grand) have never prevented me from doing anything I wanted to in say a $50k vehicle. I have since taken all my extra money and paid off my mortgage 23 years ahead of schedule. And all that extra money now is going into investments and not a new car. Maybe when i reach $2 or $3 million net worth I will buy new.
Probably better off continuing to make payments and then hand the trucks back at the end of the lease. Guy has put no thought into this, other than moving to Florida and getting another VA loan to skip the down payment.
As Americans we need to stop letting these dealerships destroy us financially…
It’s not the dealerships fault it’s the peoples fault no one is telling u to spend 50k on a car
@@Au_blickymouse yes 💯
You sign so many documents when you buy a car if someone is in car debt how is that the dealerships fault??
“ I need a safe and reliable car, boohoo” is what these idiots always say to justify their purchase or fleece.
"STEALERships" just say no.
As Americans we need to stop being so STOOPID. Dealerships have NOTHING to do with it. Personal greed does.
loan this loan that, all adds up
people live beyond their means. BAD parenting and educational systems not teaching people
One of my family members has just been divorced for a third time. He's buying a car this week and it will cost him about 5000 dollars - and many of Dave's callers should be similarly frugal when it comes to choosing what to put on the drive.
He needs to quit marrying them. Rent a chick is a lot cheaper. These days, many girls are just giving it away to all and sundry for free. As long as he gets snipped so nobody can try to nab him for child support, he can quit paying lawyers if she just quits getting married.
Dave said he drove a hoopty.❤
It’s always a truck.
I love cars, i just dont like the payments, so i will just admire all those pretty cars. 180k a year and no savings? 😮 he needs a budgeting lesson ASAP.
Nah, he just needs to man-up and earn more.
I will ride a bicyle before i take out a car payment. I also save
30% of my income. Its about priority. Becoming rich is more important than acting rich
Vee-hick-kel😅
Why is anyone surprised by this? Regardless of whether someone can or can't afford "the car", American's identity is tied to what they drive!!
I had that identity crisis when I was in my late teens, early twenties but fortunately I came through it. The car I drive gets me from point A to point B and all I care is its functionality. Most speed limits vary between 45 to 75 and every car will go those speeds. I don't need heated seats or heads up displays. I don't need a truck that I could go up the side of a mountain but I'll never go up the side of the mountain. I don't need a vehicle that seats 8 if I only need 4. People's self esteem should not be tied to their vehicle.
I've been able to put my money to better use by not being addicted to the car I drive!
" poor people ask how much down and how much a month" 👍🏾
My honda has $180 k miles with problems. Have a $1000 in bank. Should I budget fixing it or down payment on new?
What is with people and car debt? My car was under 10% of my gross annual hh income.
People getting into big car debt is tied to depression I have no doubt and low self esteem. They feel down about life want to be respected and figure an expensive car will buy respect not thinkinvg of what they will have to pay.
Providence RI is crazyy😂
Orlando has public transportation, have a hoopti and ride the bus.
Florida's nice it's the insurance that gets you
That’s why you visit and leave
I love my beaters, no need to carry collision, they are owned free and clear and even if I have to spend money on a repair, it is always cheaper than buying a new asset losing means of transportation. I could afford a new vehicle but why make the banks rich, besides I only drive 30 miles a day round trip and I have 5 different beaters to choose from.
I laugh at people who say my truck is only 2 wheel drive and only a 2 seat truck. It's been paid off 6 years now, almost 15 years old (i bought it used with low miles). It did cost me a lot last year, mostly maintenance. It also has a new frame and suspension all around as of 2021. Maybe it has power nothing, no cruise control, all the toys..but it still starts every day
He has a contract to “rent” these vehicles likely with money on the front end. Walking away still leaves my man in need of transportation. Start saving and then pay cash for whatever you can afford at the end of the leases. Do not borrow or lease for a vehicle ever again!
Is a Honda accord hybird 2017 worth it for the long term ? 30 k ?
Yes. Just drive it til the wheels fall off in 30 years. And put 10k down.
Why do people take so long to get to the question??
I know, it drives me nuts. They want to spit out their whole life story every call.
He's still talking.
He didn't even get to the question. Dave finally cut him off and started asking questions and giving his advice. Do not even know the caller's question.
Trying to justify what they did
Auto insurance in Florida probably triple the amount he's paying now for those ridiculous cars.
A fleece 😂
Sometimes dave forgets about taxes
Always......180k is 135k or so
Very northeastern call
Do not spend more than 20% maybe 25% of your annual earnings on a car. NEVER. A last few year has been so skewed. My car payment is at 3% interest, and my CD is paying 5.2%. So I have decided not to pay off the car at this stage; I am making a car payment. This is about the only time I would say stop paying it off. A situation like this will rarely happen. When you have a depleting asset like a car, try to pay off unless you can make more money with the money.
I drive a 2004 liberty with 227k miles. Paid 18k cash for it in 2005 with 4000 miles on it. House is paid for, have investments and money in bank. First ss check comes next month which I can easily live off it. I never made more than 55k a year. Stop trying to impress others. A car is absolutely the worst purchase you can make. Keep it and take care of it. Learn to do your own maintenance. Utube will show you how. The stupidly of some of these people is just unbelievable!
Hes not selling it for a profit every other house has went up the same amount
People driving around in a brand new car/truck for maximum status but basically renting it. A decent 2nd hand car that you own is the way forward. Unless of course you're rich then it doesn't really matter
Wait, how do they have that much in lease buyouts?
Dear Brett. You have NOT made 50-60K on your house. The house prices in the area you are moving to HAVE GONE UP TOO. Do NOT think you suddenly have 50-60K to spend - you do not!!!
100%!! I bought my house in 09 for cheap, it's 4x now. That means to buy my type of house now would be 4x what I paid!! I'd be scared to death to buy right now..
Trucks are not luxury vehicles but more expensive than luxury. Trucks should be haulers and they were marketed as luxury cars.
No money and $180k income?! Insane.
Everything in life comes down to a choice.
I don’t rent I live in my car and I’ve stacked serious cash just from living in my car !!!
Lease is a waste money
$50ish k profit with a house isn’t a lot right now, unless he bought it last month. Where is he planning on living?! Surely you need that equity for your next place. Why is he trying to pay off these silly leases?
Leasing vehicles: let’s have a massive monthly car payment except not own the car at the end
....livin' large....
My current car is 20 years old and I was looking for another so I could go to work but instead I bought a bicycle and going to commute to work and abuse the cr^p out of the old car until it explodes lol
am I the only one who gets so frustrated at people....who call to get ADVICE.....and then just wont stop talking!!! I know it's due to nerves, but wow its frustrating.
They are car rich!
If he is a vet he can use orders to get out of the leases
I see many people with vehicles worth more than their dwellings
He makes $188k a year.. he’s not suffering if he just start getting getting rid of the car.
Can I place a phone call to him while he’s on stream? I’d love to talk for a couple minutes about my financial life
At that amount in a buyout he’d probably be a lot better off finishing the leases and then just buying something new for half the price
People, you can lease a car. It’s your money. Obviously if it’s a terrible deal then don’t do it. But it’s your money. You worked for it. You can spend a little of it on things you like. It’s okay to spend money on things you like. It’s YOUR money. You don’t have to listen to EVERY word someone says on the internet that tells you how to spend your money.
Average car is $32-40k, imagine having that in cash. Would you still exchange all that cash for set of 4 wheels that u can get for $4-6k & keep the rest.
They are leases, you just turn them in when the lease is done and then buy a car that you can afford. You do not have to keep these cars. When this is done, if you need a truck, get a New Colorado or a Maverik for $24K, or a small Toyota truck. You do not have to buy these cars at the end of the lease. Or the car place wants to sell a new car/truck and offers an early buy out. Take it and get rid of more than half of the potential debt.
Colorados and Mavericks have issues that require money to fix.
We have a Colorado and yes we have had to change the oil and replace the tires over several years. Our neighbors have a Maverick, it is less than a year old so the long term repair costs are not demonstrated yet. But the point is that you don't need to buy a $65K-110K truck, if you do not use it for work. This guy will have 49K left to pay on his truck after his lease is up. So it was expensive, and he does not use it for work. You can have a lot of repairs done for that 100% increase in price. (But never buy a new dodge truck, at any price, it is a bad deal.) @@superblump87
Good luck finding those trucks at MSRP
Not a problem, go to free NYS. You can get the incentives too. @@thedopplereffect00
I wish Dave had asked the year, make & model of the car & truck.
Idk why, but its almost always truck…
Keep the cars. Not everything is about depreciation. They make enough money to keep them.
How will he be a millionaire in 5 or 6 years?
How can u buy a house and still paying for it ,you pay down on a house