Keep The Car I'm Upside Down On?
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- Опубліковано 27 сер 2024
- Brad is upside down on one of his car debts and asks Dave if he should sell it.
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Cars are the biggest scam. After the honeymoon phase its just from point a to b. My car is an accord at 13k and my wife got a benz 39k. All we do is go from one point to another. What a waste.
NeoAndersonReloaded so did you sell them yet?
@@n.w.414 Of course he didn't. Lol
No need to.@@n.w.414
My car cost me $5000. My gf just bought a $32000 car. She makes half as much money as me. I just can't grasp how someone can spend that much money on a single item.
NeoAndersonReloaded not really, some people enjoy driving their vehicle
Driving fancy while broke = the American dream
JDave Foster well no one’s going to respect you driving around in a used Honda Civic your whole life. He got the car that showed the world he is a somebody. There’s nothing wrong with that.
ACR spoken like a true BROKE fool
ACR so broke he can’t even buy fuel to drive his car, nothing wrong with that
@@costco_pizza hondas do there job lol
@@costco_pizza your an idiot
Learned from mistake like i did and move on, never buy borrow money again not even 5 dollars
Not even $5, this is very true.
Did you stay on this path? How is it going in 2024?
Best way to stay broke lol sounds like you can't manage your own debt and make it work in your favor.
Before I found Dave's show, I never knew a car could have negative equity rolled into the next purchase of a car.
Even worse, some people do it multiple times and end up owing 40k+ on a car that's worth 20-25k.
But they realllly wanted that new car. . .
I almost got suckered to trading in my 13 malibu for a 15 tahoe something told me ask questions once I noticed what they were doing and not telling me the left over amount of the car was being rolled over and adding almost 8k to the new car, I ran out and never looked back. Nope not today Satan!!!!!!!
@@chevyboss97 Yes! In Dave's words, they are "unethical slimeballs!". He always says to sell it yourself.
@@aprilsanchez5402 yes I know but this was years ago way before I even heard the name Dave Ramsey. I was looking for a bigger car but the numbers didn't add up so I just kept my little car and kept moving.
Same!!!
When I started listening to Dave, I was just starting the process of buying a new car. Did a few test drives, did some research, talked to friends about their experience.
Less than 1 year later, I'm still driving my 10yo car, paid off $10k in credit cards, no debt other than my mortgage, and in the process of buying my first investment property.
I have a $30k credit line from 3 credit cards but I only use $1k/month to pay utilities, insurance, and subscriptions that I'd be paying anyway. That's just more convenient for me.
Thanks to Dave I eliminating the thinking that it's okay to carry a credit balance and approach all my spending from an available cash-based perspective.
But without a doubt the biggest thing I've taken away from listening to Dave is that vehicle debt is the great paralyzer!
yamamancha Great job! You’re on your way! I would just get rid of the credit cards. Everything you do with a credit card you can do with a debit card except go into debt.
@@mkite715 The credit vs. debit thing doesn't really bother me. I ultimately spend more when cash is in hand because it means that money has been "cleared for use" from by cash flow structure lol. Credit cards instill a certain sense of debt paranoia about the monster coming 30 days from now. It can actually be quite debilitating as it takes me months to make the smallest purchasing decisions.
The great news for Brad is that he lives in Wichita, KS.
Wichita is a very affordable place to live (median home value around 126k).
It is a great area of the country to build wealth.
Yeah because it’s in tornado alley , home prices are low because they keep getting destroyed
Career Watch everything is relative.
Sure the home price is 126k but what’s the average median income? 40k?
It’s all relative, my friend ;-)
@John Holleran It is relative. Incomes on the coasts are higher.
I live on the east coast. I make an average salary and it is very tough to find an ok house that is 3 times my salary.
That is if I don't want to live 2 hours from work.
Career Watch I’m on the east coast too. (Massachusetts) one of the highest cost of living states in the country, but also one of the highest median incomes in the country. Luckily my job offers a ton of OT so I’m able to make up for my otherwise average salary lol.
I'm making 200k a year in Buffalo, NY. I bought a house in '94 for 104k, paid it off many years ago. I've been investing 6K a month for years. YAY me!
He rolled one car into another car into another 😳 wow the dealer must have had a party 🥳 on him
“Yeah you about normal” 🤣🤣
70,000 miles is nothing
I have to point out, salling an upside down car and buying a “cheap car” can be an absolute disaster financially. Keep your cars, pay them off and stop buying new cars.
How?
Great advice Dave.
In 2017, I financed a brand new honda crv exl.. my only regret was making they payments much higher than required.
"My car is very reliable" - got a new engine at 70k. Sell both of them and free your bodies of this weight
He got a new engine in the other one that he owes $12k on, not the $23k one with the 100,000 mile warranty :)
Plus it was covered under warranty. Factory defects do exist, doesnt mean that that particular vehicle is unreliable.
It’s a difficult process to sell an upside down car. The paperwork, finding a buyer. Then you also have to replace the vehicle with something else to get you to work and home reliably. You are really only upside down on your car if you want to trade it in, if you are going to pay the car till the end of the loan you are not really upside down.
So their net is around 100k. How the fk do people live beyond their means like they do.
PNWresistance he said 67000
@@fallguy4209 67k was their gross income.
poosmate yup
poosmate gross means before net. Gross means before anything is taken out. Net is after taxes and other deductions
Thank you Dave
I don't understand the thinking that a car that needed a new engine at 70k is reliable.
Taah Daah It was his other car that need a new engine. Both cars have warranty.
You do realize that not all engine failures are indicative of a "lemon," or conversely, a vehicle model that is prone to engine problems or failures? Some vehicles, including Toyotas, suffer from manufacturing defects and/or random mechanical failures.
@@danieljohnson4418 It was the other car
You can be upside down in a house if you have a mortgage too.
I have some question for you about my car loan I paid 3 years on a five year loan and my total only dropped 3k when I bought at14k
That's called interest. STOP BORROWING MONEY!!
stupid cars......theme of the century
Good Advice
what if the car is not reliable anymore?
Where do I go to ask dave Ramsey a question online?
@Harley Russell that stinks. I dont have a twitter
@@pulse45 Sign up for one.
How do I get rid of a car if I can no longer make the payments?
I have negative equity and it’s worth 48k in value.
My car note is $1108 monthly.
My car is a 2022 Lexus RX 350 Fsport with 24,534 miles.
Please advise.
😮💨😓 I'm in the same situation. I need to get rid of a 2022 Lexus rc 350 f sport. I owe $70k but it's only worth $55k. Payments are $1100 😢
@@christianpastrano6247 Do you know what to do yet? I definitely don't.
@@CareerPivotNow if I was y’all I would sell the car but take out a personal loan to pay for the negative equity. You lose money now but in the long run you can count on that extra $1000 a month
I am spending thousands to keep my 11-year-old car on the road because I do not want the debt and I don't know if I'm right or wrong.
S Douglas eventually there won’t be anything left to repair. By then you’ll basically have bought a new car again 😂
I don't want to go into debt in order to get a new car. So, I am stuck between the devil and the deep, blue sea. @@PNWresistance
Buy a car for 10k and use that money you'd be spending to fix the old car to pay off the newer one. Spending thousands doesn't make much sense.
Just to clarify, when I say run it into the ground, I mean drive it normally until it becomes "not financially viable" to fix it.
Let's say you buy a 20k car and payment is 400 a month. That's 4800 a year plus full coverage insurance, gap, and whatever else comes with buying a new car.
If you spend 3k a year that's only 300 a month and you shouldn't have to do that every year.
Like someone else said once you fix everything its fixed. I'd keep your old car, its cheaper.
Guys car is either a Hyundai or a Kia. 100k mile warranty is only available on those car lines.
I’d keep it. They’re pretty reliable
Hyundai and Kia are also cars that are more likely than other brands to drop in value so fast you are underwater.
Joe B that’s true. Unfortunately
Worked at both, they are reliable except the 2.4 GDI.
Or a Mitsubishi
Did he crash? Why is the car upside down. Flip the car over problem solved
Marko Josipovic Upside down mean he owns more than the car is worth. He said he bought the car new and now it’s at 70k miles and the car has not been paid off yet.
@@shiftautomotive854 I know I was joking lol
Marko Josipovic r/whoosh
Hi Dave
Sell it. If you have already put a motor in it after only 70k miles, its going to need another eventually if they put the same motor in it. And chances are the next motor wont be under warranty. My friend had the same thing happen to his v6 camaro, first motor blew, warrantied. Kept it around instead of selling it and then had to replace it out of warranty again not long after. When an engine wont last 100k dont expect the same engine to last longer after you replace it...
Nice
I need a 5year old car with less than 100,000 worry free miles. Any suggestions? I have cash but dont know what to get. Under $12,000 preferred.
Go on KBB, plenty of options I suggest Toyota or Honda sedans such as Corolla, Camry, Civic and Accord. You might probably need to get a 6-8 year car though depending on area. Craiglist as well.
Used Honda Civic that a 50 year old used to own.
Honda fit
Kia soul
Toyota Corolla
All affordable cars and 2014-2010 models are still reliable
Anybody buy a car from J.D. By ROB YA?
Worst mistake of my life
Hi Dave. I'm a 49 year old blue collar debt free millionaire. Should I keep my paid off Hellcat? LOL.
point man
Only if Sharon says it’s OK
Hey, should i invest money in business or do a master degree in business Administration. Bcz Master degree costs me around 40k$. I need sincere advice
Aiza javed you better off invest in real estate. Buy rental properties instead of trying to go for master unless that degree gonna get you 200k in salary.
Early squad