CASH IS KING!!!!!!!!!!! I own a 2005 honda accord with 150k miles. I'm driving it until the wheel fall off while my co-worker leasing a new 2018 vehicle for $700 per month for the next 3 yrs. Once my car breaks down I already have about $20k for a new car.
Getting out of that mentality of always wanting a new car is SO TRUE! I always say "don't keep up the the jones' because the jones' are broke". Car notes keep the middle class in the middle class. This is awesome advice! Thanks for sharing!
Holding a paid off vehicle then making a car payment to "yourself" for the next one is an excellent strategy! Great job of explaining this on this video.
Thankfully, they did it in mine. We pretty much watched short clips if Dave Ramsey seminars according to the lesson. I never even want to touch a credit card or anything that's debt related (Unless it's a bond mutual fund where people owe the buyer(s) money)
I always pay cash for my cars until I got married and hubby said you need to get credit cause had 0, my family always told us to pay cash for everything and dad always said if you can't pay in full for your credit card every month then you can't have a credit card. But hubby and his family said I needed a credit card and to finance, I hated those payments 😭😭. Never again, one time was more than enough! I hate debts just like my daddy and you guys. It feels great to know someone else thinks like you 👏👏👏👏
Well credit cards are actually good! You are only rewarded if you are financially responsible. Use your credit card on small purchases just to build your credit and don’t spend money you normally wouldn’t spend. Think of cards as tiers I believe there are 4 tiers :) I recommend Discover it and chase freedom because those are cash back cards also the Citi double cash. So even if your approved for 10,000 only spend what you normally would and just pay it back at the end of the month in full :) I have 2000 credit limit I only spend $50 of it cause I can afford that then I pay it off in full and credit goes up. Lol but I’m not trying to convince anyone cash is still king 🙏🏾
Thank you for this great video. This is my last car loan. It will be paid off this year and I plan to never go back in debt with it again. This is just great confirmation for me. You guys ROCK!
My husband was smart enough to buy 2 vehicles with cash last year. I was planning to buy a 5 year old car with a car note, but you just changed my mind.
It's such a sigh of relief to see someone else talking real sense and not focusing on making financial institutions rich just because it's what most people do. I also hope to one day buy a home cash as well. I always feel like I'm by myself when I talk about these things I'm always outnumbered. Thanks for posting!
My husband and I never bought a car new and d we always paid cash. I bought all my cars from crgislist never had an issue. The great thing about CL is that you don't have to pay taxes to the state. It's between two people. Which saves you hundreds of dollars. If the car is 5k then you're only paying 5k not 5k plus x,y,z taxes and other fees.
this is why I buy vehicles from private owners!! Just pay for the title transfer , insurance, and registration!! That's it for me!!! I never finance cars!!!
In Georgia u have to pay the purchase tax in order to register the car. It's based on the kbb value of the car. Eventually other states are going to do the same thing to make more revenue.
This is great information. My car is a '99 w/264K miles on it. I had it for the last 5 years and paid $2300 cash and it is treating me good. I put 50K miles on it and if it breaks down on me tomorrow I won't be mad because I got more than my monies worth out of it. I have been saving up money for the time it breaks down and I'm ready to pay cash for another one. Subscribed!
I'm working towards paying cash for a car. My fleece ends in November and my plan is to NEVER have a car payment again. So I'm working to save up enough money to get something reliable. When I do, it'll be my 1st car ever without a car payment going home with me. Thanks for the inspirational video. I needed it right now since buying a car with cash is my #1 goal this year.
Want to hear an interesting story ? Well , I bought a 1991 Toyota pick up truck brand new because I needed a vehicle that I could depend on for several years ahead and I knew that I did not want to pay rent for several years and that I would eventually move into a house that would soon become my home, and I would need to move the furniture that I had and I did not want to spend the first payment on the house using a moving truck. I used my pick up and moved every piece of furniture that I had myself. It was hard work , but it was done. I am still driving this truck today. It is 24 years old and still going . I knew that my pick up would not last forever , so I did buy another vehicle in 2012, which was another Toyota, but an suv this time. I still use my pick up to go to work in the snow and it gets me there and back every time. The paint has left the truck , but it is still going strong. It was difficult getting used to a payment again, but that too will soon end. I started off putting the payment that I did not have anymore from the pick up into a savings account until I found out that I had cancer. I am cancer free today and back on track. Love you guys, thanks for sharing your helpful information.
As a plumbing contractor I have worked on many different types of homes. I have noticed several of the people in the higher end neighborhoods drive older paid off cars. They are intelligent enough to know that a car is a depreciating investment. They would rather invest in a nice home that will appreciate over time. Something to think about. If you added that monthly car payment to your mortgage you could either pay your house off quicker or afford a better house with a higher monthly payment.
I never like car payments, but my friends would say to me "that's how you buy cars,,, with a car loan" since hearing Dave Ramsey and you guys I finally feel validated. keep up the good work guys!
Such an important video! Thank you all for sharing this. I have been doing my best to instill this message in our children as well. A car payment can be such an unnecessary drain on finances. We are car payment free for 2 years and no looking back. Wish we had seen the light sooner!
For the Love of Organizing That is so wonderful that you are teaching your kids about this! Congrats to being car payment free for 2 years!!! No looking back...I love it. Thanks for sharing and watching.
What a TEAM! Inspiring message! It took us 4 years into our marriage before we were car payment free. We did the same thing and redirected that payment into savings. We only carry a mortgage payment and pay cash for everything else.
I really appreciate you guys! My husband and I have been debt-free for the past 17 years, and it is such a liberating feeling. Thanks for sharing your good old common sense methods. Keep it up!
I like the fact that you two are on the same page when it comes to Family Finances! I know a lot of people that are not and it causes a lot of tension in relationships.
Hi His and Her Money team - I'm a new subscriber to your channel and I just want to say it's awesome. But I wanted to tell you I bought a brand new 1994 Toyota Tercel in 1994 and paid it off in 1998 and I'm still driving it. It is and has been my only vehicle and still going strong. Keeping up with maintenance on your vehicle is PRICELESS. Also, I only went to the Dealership the 1st year for maintenance. After that I would go to Monro Muffler, Midas Muffler, etc. for oil changes, tires , etc. They do everything the Dealer does at a much cheaper price. Keep up the great work and may God continue to bless you and your family. P.S. I'm a female that takes care of her vehicle. 😀😀
This is awesome. Havent had a car payment since 2000. I drove 500 cars because im not trying to impress anyone but now i have 4 cars all paid for. I go to auctions regularly, The profit i make off of those cars buys whatever car i want. Great video!
Thank you both so much. I am so at this point in my life right now. I am desperately trying to get rid of this heavy carnote I have. I knew before I jumped into the loan that it was a bad move but being in that desperate mindset I took the plunge and regretting it since. I am so tired of debt and I am going to change things around for me. Your show and Dave Ramsey is just the boost I need.
Great video. Instead of having a car payment several months ago, I decided to put a new engine in my 1993 Acura Legend four months later it's still running beautifully.
It is so refreshing to see a young couple with good old fashion common sense. I'm 65 & I haven't had a car note since 1999. I paid for my car in a year with 0% financing....btw, I still own that '98 minivan & just put 100,000 miles on it. I've been putting my "car payment" in a savings for a while now. I'm retired & mortgage free as well, but I'm subscribing because I'll never get too old to learn some new tricks. Thanks !!
Another favorite video!!!! I so needed it. I need a car right now but I am paying cash because my cousin is selling his. NO MORE CAR PAYMENTS BABY!!!!!
This video is golden!!! I made the terrible mistake and leased a car 2 years ago and my lease will end in October. I'm definitely using this advice to put that car note AND insurance money in an account so I can purchase a car with cash. Thanks for the tips!
Thank you for this tip! Unfortunately, I have to buy a car after having my car for the last 10 years and paid off for 5 years! But after I pay off this new purchase I will continue to save my car payment for the next vehicle. Great video!!!
Hubby and I have our cars for over 10 years, mine is 11yrs old, my husbands is 14 years old, still saving for a new car for when we retire. Hoping to only to buy 1 for both of us then and paying cash!! We also make sure we keep up good maintenance on the cars so they will last a long time. Good advice!!
Great video, as always guys. I remember when my friends and I were buying our first cars. Everyone was getting a loan. I didn't understand it then, and I don't understand it now! It's so ingrained, it's just one of those crazy things people do because they think it's the only way! And then as soon as something small goes wrong with you're car, everyone tries to talk you into buying another one instead of fixing it. GAH!
Glad I found this. Ive been saving to pay cash for my car and friends and family have been putting pressure on me to get a loan so that I can buy a better car brand. It seems my choice isn't a match to that of my co workers in my field of work. I just don't want to be paying for the next three years. Tnx for keeping it real.
My first vehicle I had for 13 years. I'm on my second vehicle which is currently 10 years of age. Hoping it will last 13-15 years before needing replacement. I do my own maintenance where I can. Doing your own maintenance saves a lot of money. Great Video!
Wow if only I could convince my husband to watch this video. I'm top heavy with a car loan now not out of need but out of want. Once this $7,000 is paid off I have a new plan when it comes to purchasing a car - I won't be - I'm gonna drive this jaguar till the wheels fall off! Thank you both for my Sunday night one on one!
Tangy 248 Yes...once you pay it off...NEVER go back! It is so much better this way. Be the example you want your husband to be. Once he sees your determination, it's going to be easier for him to jump right on in. Thanks so much for sharing and watching.
Michael Abrakson I'm a big Mazda fan, for the past 25 years they haven't made anything horrible but with maintenance and replacing the rubbers once in a while you can make it last a million miles easily
Thank you for this video. My husband and I were just having this discussion we are $8000 in debt and our car is breaking down.... I knew and have been adament. I didn't want us to have car payment, and for reasons you both stated... He's been asking for months for us buy not a used but new car and you guys conveyed my point clearly and unbias. We are apartment renters. ... Your advice is being heard . Please continue on where to put the money... I almost passed out when I heard you guys have 13 acct.. We have three but don't really know how to make it work
+Saida St Surin We are happy to see spouses having conversations about money! Continue to put one foot in front of the other and you guys will be debt free. Thanks so much for sharing and watching.
I did that based off of my auntie’s (God rest her soul) words. I wanted a car but I was young and needed a Co-signer. She said put the money to the side including insurance for a certain time, so I did, then I had more than enough to put down for a vehicle and continued with pymt and insurance. After that when I paid off the car I just kept putting money to the side. Now I’m going to look at your other videos 😉
First of all I love this and all of you guy's videos. Just a word of caution if your followers are looking on Craigslist to buy cars. We had a vehicle stolen while parked outside of a mall during the Christmas season. After a month, our vehicle was found and returned to us. A few weeks later, the vehicle went missing again, this time from in front of our house. Another woman reported it stolen and it was recovered and returned to her. Can you imagine the confusion?!!! Turns out, our vehicle was sold on Craig's List when it was stolen the first time. The woman who bought it thought she was purchasing a legit vehicle because she received a title. The sellers(thieves) had a fake, also known as washed, title and sold it to this woman for $3000.00. Once the police were able to figure out what happened, the vehicle was picked up from her and placed in police impound pending a property hearing. THIS WAS 6 MONTHS AGO. We are still awaiting a hearing but the police say we will get the vehicle back, since we are the true owners, but this lady is out of $3000. So, my advice whenever purchasing a vehicle from any private owner, especially Craig's List, be sure to do your due diligence by running a VIN Report, title search, or VHR. This can be checked online, maybe even through Carfax although they do not guarantee all data will be available. You will have to pay for the best searches, but $50 bucks to save you $3000 bucks is well worth it.
***** Thank you so much for sharing your experience. We are so sorry to hear that happened to you. It is so important to do your due diligence when buying a vehicle. We plan to do another video on how to buy a car in the future. We highly recommend paying the money and doing a vin search and title search. As a matter of fact, we almost bought a car from Craigslist but backed out; after paying to get a full report we found out that the engine was rebuilt. We did not want to take any chances. Thank you again for sharing and watching!
That will be great. Feel free to share my story if you'd like. I think it's important for people to know what can and will happen. Nothing against Craig's List. I've found some amazing deals from seller's listings. And have sold things myself. But unfortunately, because sellers and buyers are not tracked or held accountable there is a major risk when ever you make a sell or purchase through them. Anyway, you guys are amazing. Keep sharing those tips. We are listening and are appreciative.
My husband and I made that mistake also, buying a brand new car and then the car payment was so outrageous we actually had to let it go and had to ride around in the car I've had since I was 16. We eventually got a used car and once our hospital debt is gone we're gonna get it paid off asap! Love you're guys' videos, cant wait to try this for our next car!
You guys are amazing!!!! Just discovered your channel and I am definitely subscribing! I am working my way to being debt free of $25k from school loans.. Thanks for the motivation!!
Great advice! this method can also be applied to purchasing a home as well. doing this, one can pay cash for there home and not have a mortgage. Thanks again.
I love you guys, thanks for always sharing practical tips! I do have a question, every couple years I get a call that my car warranty is about to expire, and I’m given an offer. Do you all keep warranty on your vehicles, or would that money come out of the car savings if something went wrong with your car?
Great video I learn so much from your videos, I wanted to know can you gave out some advise about on how you can talk a good deal on cars, and how can you go about looking up the car on KBB?
I know this is an old video but I was just introduced to your channel, so please forgive my late response. The philosophy of paying cash for cars is very logical because the money we use to pay for a depreciating asset each month could definitely be put to better use. HOWEVER, I have to be honest, a car note is an expense that I'm willing to live with just like I pay for lights, food, gas, cellphone, etc....Because I don't want to think about the repairs on a used paid off vehicle or that it just may not start one day. I'm willing to pay for reliability and that cost outweighs the concept of being car debt free. Also, I've had older paid off cars and because of the way my husband is set up (bless his heart :-)) we don't take care of them the way we should and therefore they don't end up being as reliable as they could be. So I'm even to the point where leasing, basically renting, a car is an option when it comes time for my next vehicle (which will be soon considering my car is 10 years old now) because I know that with a lease, I can turn it in and get something new every 2-3 years.
Excellent tips! Would you recommend someone save their car note after their car is paid off if they still have other debts and have yet to build a 3-6 month emergency fund or apply the money that eas going to their car note to their other debts to get out of debt faster and after getting out of debt start saving for a replacement vehicle?
Great video. I kept my first car 16 years, my second 8 and the car I'm driving now is going on 5. I did my research on all of them, choosing midels with good teack records. And since I don't know anything about car maintenance, I make sure that I have it serviced at the intervals recommended. Since I am now retired, I will definitely look into that system of setting aside money for the future purchase of a car. The idea of paying cash, and not having a car note really appeals to me!
I love you, guys. I want you to adopt me, haha. I've been watching your financial videos all night and i realized that i've been an idiot for years. Now i'm thinking about starting a complete new life with low or no detb at all. God bless you both!
So helpful and we will try this in our household! 7 habits of highly effective people really got my husband attention especially no car payment. We hate car payment with a passion but recently had to get one. So this is a must for us! Thanks so much for sharing!
Live debt free, an octogenarian, and bought a new 2013 Chevy Malibu in 2013. Paid cash. Don't know how much longer I'll be alive but this will probably be my last one. I usually keep and maintain them for ten years. It's wonderful going to bed at night knowing you owe no one a penny.
We paid cash for the first time for a car! It was great! The dealership was having a great sale on last year models. And got them to lower the price since we were paying cash! Best feeling ever! We will never take a loan out for a car!
The vehicle we have is 13 years old. Luckly my father-in-law is a mechanic. My husband does stuff for him in exchange for fixing our vehicle. They both get some done they either can't or don't want to do themselves!
So do you guys have a car warranty to help save on repairs? Some people feel like it's a waste because you might not use it and they only cover so much. I'm paying for a note,insurance, and warranty up to 125k miles
Question I have credit debt and the car I had died so I need cash to buy a car ...my credit is shot and it's going to take me about 6 month to straighten it out being I just got a new job so what is the best way for me to do cause I really don't want a loan or a car loan
Thank you for the encouragement regarding pay cash for cars. Do you rent cars to travel out of town. Thank You I planned to continue to save my car pmt. I also buy used cars with hight miles but got a loan for the car. :(
I agree! No car payments here either. A car loan is no longer an option for us. We are now pushing fwd on paying off the house so a car loan doesn't fit anywhere in our equation. I love how you have an ongoing savings for future car purchases. Do you use that account for car repairs as well? Great video!
BusyBeingMom We only use our car fund for purchasing a car. We cash flow majority of our car repairs. Most times we know in advance and we save accordingly. If a situation arises where we can't cash flow it, that is what our savings account is used for. We are not referring to our emergency fund account. We have an acct that is used if we have to purchase a large appliance or something that we can't cash flow immediately. Then we repay that account back to keep it at a certain balances at all times. Hope this help! Thanks for watching.
Wow this money tip is so wealth wise. Thanks for sharing. You guys are so proactive; not to live in the now. While watching this video the Holy Spirit reminded me of Proverbs 6:6-8. How Ants are proactive to store their food in the Summer (harvest) because Winter is comimg when no one can plant and harvest. So proactive! Verse 6:6 says consider its ways and be wise! I am 5 payments from paying my car off. I will pay myself and store that money away for my future car. There is such a HIGH when you buy a new or used car. To couple that High sensation with a no monthly payment obligation. This is priceless! Big thanks to you guys. Thank you for sharing this awesome money tip.
Question: When you say don’t make the car payment but pay it to yourself what do you mean. (Are you keeping that owed money for yourself?) When the due date comes for the car payment y’all don’t pay the company? Won’t they repo your car?
Great video! So hubby and I have always paid cash for our vehicles but I do want a new car. In 2010, we bought a 2007 pathfinder for $12k and then sold it in 2014 for $8.5k. In 2011, we bought our 2006 commuter car in for $10k and plan to get 4-5 more years out of it. We will drive it until it dies. We bought our current family car, 2011 pilot last year for $21k. I was telling my husband that when the commuter car dies, I would like to get a brand new car. If we spend $25-$30k on a new car and keep it for no less than 10 years, instead of spending $20k or less and keeping it for 4-5 years, it kind of works out to the same, right?
Favored4life In our opinion it does not work out the same. You are paying 5k extra for a depreciating asset. Which widens the gap between what you pay versus what something is worth. The key is to always put your money in things that go up in value, not things that go down immediately in value. We suggest a used vehicle that is 2-3 years old. A lot of the fluff in price is paid by someone else, and you'll get better value for your money if you can get it afterwards. Thanks for watching.
so you keep cars 10 years... saving 2400/yr... are you spending around 12k on the used cars... or do you have a bit extra to throw at it selling the one you're replacing. I agree 100% with your method.... debt sucks bad... more stressful than anything
Do you suggest getting a cert check from the bank to pay or write your own check? What method of payment did you use?....or did you actually handed them ca$h. Preparing for our future car purchase. Thank you.
LillyAnnHouston Great question...we take our checkbook. Doing this allows us to negotiate a figure with the dealership and act fast. Oppose to getting the numbers and then having to go to the bank to get a certified check. We've never had a problem with any dealership accepting a personal check. Hope this helps! Congrats to you guys!!!
Thank you for enlightening me on this I'm looking to pay my car off right now I'll never get in this situation again now that I send you a video thank you for all your teaching and your guidance
I love you guys! Both of you are knowledgeable, funny, and just great to watch! I do have a question. When you all have maintenance issues on your cars do you use the money from the car account or from another one of the thirteen accounts?
+B Harvey Thank you! We finance it ourselves and pay ourselves back from our savings account. That is one of the accounts that we talked about. However, pulling it from a car account is a great option as well. Thanks for your support!
This is all well and good when you have already paid the car off, but what do we do if we still owe $26000 on the vehicle...we've already made the mistake. and it will be years before we can pay off/snow ball other debts into the car. again, I guess I"m really enjoying these videos but where do we start. I've even taken on a second job recently and since doing so we've had a huge vet bill, a broken windshield, had to buy new tires for my wife (who drives for her job) and have paid several unexpected medical bills that popped up... so even working an extra 20+ hours a week at a second job hasn't made us any progress.
The vehicle is now 16 years old. We are waiting on a check to come in so we can go buy a car. Unforuntly it's hot around us so hopefully it will come soon. Especially with school starting in a few months since we need to self transport our daughter to school.
So happy I found you today and I subscribed after watching 2 of your videos!! Can't wait to catch up on all your previous videos!! You are such an inspiration and a delight to watch. Keep up the great work!
This is awesome info. Never thought to continue paying the car note to myself. Thank you. I had too small of a payment going into this fund. Time for a raise.
Tadno It's ok to alter your payment that you stash away. You have to come up with the proper calculation that best fits your needs. Thanks so much for watching.
Great video. We will have our cars paid off this year. I already set a "car fund" budget to set aside $250 per month. When you have car repairs, do you use the car fund budget to pay it or something else?
***** Congrats to you guys! We only use our car fund for purchasing a car. We cash flow majority of our car repairs. Most times we know in advance and we save accordingly. If a situation arises where we can't cash flow it, that is what our savings account is used for. We are not referring to our emergency account. We have an acct that is used if we had to purchase a large appliance or something that we can't cash flow immediately. Then we repay that account back to keep it at a certain balances at all times. Hope this help! Thanks for watching.
I love you guys and follow you on everything. Can you do a video on how to save for retirement when your a stay at home spouse? My husband is in the military and we are trying to be smarter with our finances while living overseas.
I have ALWAYS paid CASH for the last 4 new cars as I HATE to pay more for something that I don't even fully own. Pay cash and the item is ONLY yours. I have NEVER paid any interest at all except for my mortgage; proud to say this as this is the smartest thing any one can do and not acquire any more debt.
CASH IS KING!!!!!!!!!!! I own a 2005 honda accord with 150k miles. I'm driving it until the wheel fall off while my co-worker leasing a new 2018 vehicle for $700 per month for the next 3 yrs. Once my car breaks down I already have about $20k for a new car.
Getting out of that mentality of always wanting a new car is SO TRUE! I always say "don't keep up the the jones' because the jones' are broke". Car notes keep the middle class in the middle class. This is awesome advice! Thanks for sharing!
+Marriage & Motherhood So true! Thanks so much for watching.
Just when I was considering getting a new "cool" Challenger from my practically paid "boring" Civic. I'll be rethinking it now. Thanks!
Keep your civic it will last u 10 years
Holding a paid off vehicle then making a car payment to "yourself" for the next one is an excellent strategy! Great job of explaining this on this video.
They should teach this in schools. Smart couple. Keep up the great work
Thankfully, they did it in mine. We pretty much watched short clips if Dave Ramsey seminars according to the lesson. I never even want to touch a credit card or anything that's debt related (Unless it's a bond mutual fund where people owe the buyer(s) money)
I always pay cash for my cars until I got married and hubby said you need to get credit cause had 0, my family always told us to pay cash for everything and dad always said if you can't pay in full for your credit card every month then you can't have a credit card. But hubby and his family said I needed a credit card and to finance, I hated those payments 😭😭. Never again, one time was more than enough! I hate debts just like my daddy and you guys. It feels great to know someone else thinks like you 👏👏👏👏
Top Red Speed it does feels great lol now I just have to teach my husband do the same. He uses a credit card for everything and I don't like it lol
lol What can I say, I'm my fathers daughter hahahaha he told me everything I needed to know to be good with money in my adult life.
Awe thank you so much 😊
Well credit cards are actually good! You are only rewarded if you are financially responsible. Use your credit card on small purchases just to build your credit and don’t spend money you normally wouldn’t spend. Think of cards as tiers I believe there are 4 tiers :) I recommend Discover it and chase freedom because those are cash back cards also the Citi double cash. So even if your approved for 10,000 only spend what you normally would and just pay it back at the end of the month in full :)
I have 2000 credit limit I only spend $50 of it cause I can afford that then I pay it off in full and credit goes up. Lol but I’m not trying to convince anyone cash is still king 🙏🏾
My hubby walked in while I was watching your video and he was like " Preach they know what they talkin bout"...lol GREAT VID!
SuperMomof3plus1 We love that! Thanks so much.
His And Her Money
Thank you for this great video. This is my last car loan. It will be paid off this year and I plan to never go back in debt with it again. This is just great confirmation for me. You guys ROCK!
Nichelle Nemo Yay! We are so happy to hear that. Keep up the great work and never turn back. Thanks for watching.
My husband was smart enough to buy 2 vehicles with cash last year. I was planning to buy a 5 year old car with a car note, but you just changed my mind.
It's such a sigh of relief to see someone else talking real sense and not focusing on making financial institutions rich just because it's what most people do. I also hope to one day buy a home cash as well. I always feel like I'm by myself when I talk about these things I'm always outnumbered. Thanks for posting!
My husband and I never bought a car new and d we always paid cash. I bought all my cars from crgislist never had an issue. The great thing about CL is that you don't have to pay taxes to the state. It's between two people. Which saves you hundreds of dollars. If the car is 5k then you're only paying 5k not 5k plus x,y,z taxes and other fees.
this is why I buy vehicles from private owners!! Just pay for the title transfer , insurance, and registration!! That's it for me!!! I never finance cars!!!
Agree with you 100%!!!
In Georgia u have to pay the purchase tax in order to register the car. It's based on the kbb value of the car. Eventually other states are going to do the same thing to make more revenue.
Love seeing black people do amazing things. Y'all cool!
This is great information. My car is a '99 w/264K miles on it. I had it for the last 5 years and paid $2300 cash and it is treating me good. I put 50K miles on it and if it breaks down on me tomorrow I won't be mad because I got more than my monies worth out of it. I have been saving up money for the time it breaks down and I'm ready to pay cash for another one. Subscribed!
aeromedical67 Thanks! As long as my car get me from point a to b and back, I'm satisfied.
Ken C Wow so awesome. This is so encouraging.
I'm working towards paying cash for a car. My fleece ends in November and my plan is to NEVER have a car payment again. So I'm working to save up enough money to get something reliable. When I do, it'll be my 1st car ever without a car payment going home with me. Thanks for the inspirational video. I needed it right now since buying a car with cash is my #1 goal this year.
Want to hear an interesting story ? Well , I bought a 1991 Toyota pick up truck brand new because I needed a vehicle that I could depend on for several years ahead and I knew that I did not want to pay rent for several years and that I would eventually move into a house that would soon become my home, and I would need to move the furniture that I had and I did not want to spend the first payment on the house using a moving truck. I used my pick up and moved every piece of furniture that I had myself. It was hard work , but it was done. I am still driving this truck today. It is 24 years old and still going . I knew that my pick up would not last forever , so I did buy another vehicle in 2012, which was another Toyota, but an suv this time. I still use my pick up to go to work in the snow and it gets me there and back every time. The paint has left the truck , but it is still going strong. It was difficult getting used to a payment again, but that too will soon end. I started off putting the payment that I did not have anymore from the pick up into a savings account until I found out that I had cancer. I am cancer free today and back on track. Love you guys, thanks for sharing your helpful information.
thelma johnson That is amazing that your truck is going strong after 24 years! Thank you so much for sharing and watching.
thelma johnson great story a huge blessing to still have your pick up. 🙌praise the most high that you are healed.
thelma johnson
God Is Good All the Time....yessss!!!
Look at God! What a testimony !
As a plumbing contractor I have worked on many different types of homes. I have noticed several of the people in the higher end neighborhoods drive older paid off cars. They are intelligent enough to know that a car is a depreciating investment. They would rather invest in a nice home that will appreciate over time. Something to think about. If you added that monthly car payment to your mortgage you could either pay your house off quicker or afford a better house with a higher monthly payment.
I never like car payments, but my friends would say to me "that's how you buy cars,,, with a car loan" since hearing Dave Ramsey and you guys I finally feel validated. keep up the good work guys!
Such an important video! Thank you all for sharing this. I have been doing my best to instill this message in our children as well. A car payment can be such an unnecessary drain on finances. We are car payment free for 2 years and no looking back. Wish we had seen the light sooner!
For the Love of Organizing That is so wonderful that you are teaching your kids about this! Congrats to being car payment free for 2 years!!! No looking back...I love it. Thanks for sharing and watching.
I thank y'all for looking like me and telling our ppl what we have not been taught from young. god bless y'all family.
What a TEAM! Inspiring message! It took us 4 years into our marriage before we were car payment free. We did the same thing and redirected that payment into savings. We only carry a mortgage payment and pay cash for everything else.
you guys are so realistic. like you guys, im all about reliance and low maintenance because im on a budget. this is just what i needed!
+Monhamed Amin Awesome!
I really appreciate you guys! My husband and I have been debt-free for the past 17 years, and it is such a liberating feeling. Thanks for sharing your good old common sense methods. Keep it up!
jennyleigh63 Congrats to you guys! That is awesome. Thank you so much for your support.
I like the fact that you two are on the same page when it comes to Family Finances! I know a lot of people that are not and it causes a lot of tension in relationships.
Hi His and Her Money team - I'm a new subscriber to your channel and I just want to say it's awesome. But I wanted to tell you I bought a brand new 1994 Toyota Tercel in 1994 and paid it off in 1998 and I'm still driving it. It is and has been my only vehicle and still going strong. Keeping up with maintenance on your vehicle is PRICELESS. Also, I only went to the Dealership the 1st year for maintenance. After that I would go to Monro Muffler, Midas Muffler, etc. for oil changes, tires , etc. They do everything the Dealer does at a much cheaper price. Keep up the great work and may God continue to bless you and your family. P.S. I'm a female that takes care of her vehicle. 😀😀
This is awesome. Havent had a car payment since 2000. I drove 500 cars because im not trying to impress anyone but now i have 4 cars all paid for. I go to auctions regularly, The profit i make off of those cars buys whatever car i want. Great video!
Thank you both so much. I am so at this point in my life right now. I am desperately trying to get rid of this heavy carnote I have. I knew before I jumped into the loan that it was a bad move but being in that desperate mindset I took the plunge and regretting it since. I am so tired of debt and I am going to change things around for me. Your show and Dave Ramsey is just the boost I need.
TANGZANIKA OVERTON Awesome! You can do this. We re here to support you all of the way. Thanks so much for watching.
Great video. Instead of having a car payment several months ago, I decided to put a new engine in my 1993 Acura Legend four months later it's still running beautifully.
+noway2009 Love that! Thanks so much for sharing and watching.
It is so refreshing to see a young couple with good old fashion common
sense. I'm 65 & I haven't had a car note since 1999. I paid for my car in
a year with 0% financing....btw, I still own that '98 minivan & just put 100,000
miles on it. I've been putting my "car payment" in a savings for a while now.
I'm retired & mortgage free as well, but I'm subscribing because I'll never get
too old to learn some new tricks. Thanks !!
BrownSugarMimi Thank you so much for sharing and subbing! We love to hear stories such as yours.
Another favorite video!!!! I so needed it. I need a car right now but I am paying cash because my cousin is selling his. NO MORE CAR PAYMENTS BABY!!!!!
Hey what do I do with a car I have in an upside down situation and this info is very helpful I'm going to start asap
This video is golden!!! I made the terrible mistake and leased a car 2 years ago and my lease will end in October. I'm definitely using this advice to put that car note AND insurance money in an account so I can purchase a car with cash. Thanks for the tips!
We're glad that you are applying what you are learning, that's the key!
Thank you for this tip! Unfortunately, I have to buy a car after having my car for the last 10 years and paid off for 5 years! But after I pay off this new purchase I will continue to save my car payment for the next vehicle. Great video!!!
Andrea Swann We are glad our video was helpful to you. You can do this! Thanks so much for watching.
Hubby and I have our cars for over 10 years, mine is 11yrs old, my husbands is 14 years old, still saving for a new car for when we retire. Hoping to only to buy 1 for both of us then and paying cash!! We also make sure we keep up good maintenance on the cars so they will last a long time. Good advice!!
Myeverydaywifelife Awesome! Thanks so much for sharing and watching.
You guys are awesome. Im in the process of paying off my house. This video was very helpful. May God continue to bless your union.
Crystal Mcghee .....hi Crystal..😊😊
great as alway! great message! We plan to pay cash for our next car when our 8 & 12 YR old vehicles lay down. until then we keeping driving them!
Great video, as always guys. I remember when my friends and I were buying our first cars. Everyone was getting a loan. I didn't understand it then, and I don't understand it now! It's so ingrained, it's just one of those crazy things people do because they think it's the only way! And then as soon as something small goes wrong with you're car, everyone tries to talk you into buying another one instead of fixing it. GAH!
Neelo & Blue So true! We have to change our way of thinking for the better. Thanks so much for sharing and watching.
i love black love u two are an inspiration.
Yup this is right on point! I've found that saving in the short term sets you up for winning in the long term!
do you save it in a regular bank account??interest cant be much what about a stock with dividend like AT&T?
Glad I found this. Ive been saving to pay cash for my car and friends and family have been putting pressure on me to get a loan so that I can buy a better car brand. It seems my choice isn't a match to that of my co workers in my field of work. I just don't want to be paying for the next three years. Tnx for keeping it real.
+Viola Valz Awesome! Keep up the great work. You are doing the best thing.
My first vehicle I had for 13 years. I'm on my second vehicle which is currently 10 years of age. Hoping it will last 13-15 years before needing replacement. I do my own maintenance where I can. Doing your own maintenance saves a lot of money. Great Video!
***** Awesome! Thanks so much for sharing and watching.
Wow if only I could convince my husband to watch this video. I'm top heavy with a car loan now not out of need but out of want. Once this $7,000 is paid off I have a new plan when it comes to purchasing a car - I won't be - I'm gonna drive this jaguar till the wheels fall off! Thank you both for my Sunday night one on one!
Tangy 248 Yes...once you pay it off...NEVER go back! It is so much better this way. Be the example you want your husband to be. Once he sees your determination, it's going to be easier for him to jump right on in. Thanks so much for sharing and watching.
my dad has a car from 1994..a toyota corrola..and it still drives soo smooth
japaniese made, last forever my next car will be either that, or niesan
Michael Abrakson I'm a big Mazda fan, for the past 25 years they haven't made anything horrible but with maintenance and replacing the rubbers once in a while you can make it last a million miles easily
I've been driving a 1991 Honda Accord for the past 9 years. Paid 2300 for it cash and it still only has 130k miles on it.
Alex Dobler bet it still runs like clockwork without expensive maintenance am I right?
Bart Van Riel still running pretty strong!
Thank you for this video. My husband and I were just having this discussion we are $8000 in debt and our car is breaking down.... I knew and have been adament. I didn't want us to have car payment, and for reasons you both stated... He's been asking for months for us buy not a used but new car and you guys conveyed my point clearly and unbias. We are apartment renters. ... Your advice is being heard . Please continue on where to put the money... I almost passed out when I heard you guys have 13 acct.. We have three but don't really know how to make it work
+Saida St Surin We are happy to see spouses having conversations about money! Continue to put one foot in front of the other and you guys will be debt free. Thanks so much for sharing and watching.
I have been bingeing on your videos. Love you guys! Thank you for the wealth of information!
Adrienne21B Thank you!
I did that based off of my auntie’s (God rest her soul) words. I wanted a car but I was young and needed a Co-signer. She said put the money to the side including insurance for a certain time, so I did, then I had more than enough to put down for a vehicle and continued with pymt and insurance. After that when I paid off the car I just kept putting money to the side. Now I’m going to look at your other videos 😉
First of all I love this and all of you guy's videos.
Just a word of caution if your followers are looking on Craigslist to buy cars. We had a vehicle stolen while parked outside of a mall during the Christmas season. After a month, our vehicle was found and returned to us. A few weeks later, the vehicle went missing again, this time from in front of our house. Another woman reported it stolen and it was recovered and returned to her.
Can you imagine the confusion?!!!
Turns out, our vehicle was sold on Craig's List when it was stolen the first time. The woman who bought it thought she was purchasing a legit vehicle because she received a title. The sellers(thieves) had a fake, also known as washed, title and sold it to this woman for $3000.00.
Once the police were able to figure out what happened, the vehicle was picked up from her and placed in police impound pending a property hearing. THIS WAS 6 MONTHS AGO. We are still awaiting a hearing but the police say we will get the vehicle back, since we are the true owners, but this lady is out of $3000.
So, my advice whenever purchasing a vehicle from any private owner, especially Craig's List, be sure to do your due diligence by running a VIN Report, title search, or VHR. This can be checked online, maybe even through Carfax although they do not guarantee all data will be available. You will have to pay for the best searches, but $50 bucks to save you $3000 bucks is well worth it.
***** Thank you so much for sharing your experience. We are so sorry to hear that happened to you. It is so important to do your due diligence when buying a vehicle. We plan to do another video on how to buy a car in the future. We highly recommend paying the money and doing a vin search and title search. As a matter of fact, we almost bought a car from Craigslist but backed out; after paying to get a full report we found out that the engine was rebuilt. We did not want to take any chances. Thank you again for sharing and watching!
That will be great. Feel free to share my story if you'd like. I think it's important for people to know what can and will happen. Nothing against Craig's List. I've found some amazing deals from seller's listings. And have sold things myself. But unfortunately, because sellers and buyers are not tracked or held accountable there is a major risk when ever you make a sell or purchase through them. Anyway, you guys are amazing. Keep sharing those tips. We are listening and are appreciative.
***** Thank you!
Sound advise. Wish a lot of black entertainers would listen to you both.
I'm so happy I found your channel! Very insightful and valuable information. By the way, where are you guys from?
I love your videos! We are working the Dave Ramsey plan and your videos keep me motivated!
Tanya DeMillo Awesome! We love to hear that. Keep up the great work. Thanks for watching.
My husband and I made that mistake also, buying a brand new car and then the car payment was so outrageous we actually had to let it go and had to ride around in the car I've had since I was 16. We eventually got a used car and once our hospital debt is gone we're gonna get it paid off asap! Love you're guys' videos, cant wait to try this for our next car!
Valerie Wood You guy can do this! Thanks so much for sharing and watching.
Thanks for the friendly reminder. A strategy fund is an awesome idea for big ticket items.
***** Yes it is! Thanks so much for watching.
Thank you so much for sharing this message with people about learning to hate debt. I love your videos!
Jenny Hall So do I. They are an Inspiration to me!
You guys are amazing!!!! Just discovered your channel and I am definitely subscribing! I am working my way to being debt free of $25k from school loans.. Thanks for the motivation!!
+Claudia E Thanks so much for joining us!
Great advice! this method can also be applied to purchasing a home as well. doing this, one can pay cash for there home and not have a mortgage. Thanks again.
I love you guys, thanks for always sharing practical tips! I do have a question, every couple years I get a call that my car warranty is about to expire, and I’m given an offer. Do you all keep warranty on your vehicles, or would that money come out of the car savings if something went wrong with your car?
That’s a scam call
Great video I learn so much from your videos, I wanted to know can you gave out some advise about on how you can talk a good deal on cars, and how can you go about looking up the car on KBB?
Anita Gray Great video suggestion! We will add this to our video lineup. Thanks for watching.
You guys are awesome. we have a 2009 that we will drive until it falls apart in the driveway :)
Living Weird Thank you! That's our plan as well LOL. Thanks for watching.
I gave this advice to my younger Brother recently!! He is so glad he took this advice from me!!
love your video, cant wait to watch more, y'all are so inspiring! God Bless
Love how you complement each other. So nice to see how you value each other.
I know this is an old video but I was just introduced to your channel, so please forgive my late response. The philosophy of paying cash for cars is very logical because the money we use to pay for a depreciating asset each month could definitely be put to better use. HOWEVER, I have to be honest, a car note is an expense that I'm willing to live with just like I pay for lights, food, gas, cellphone, etc....Because I don't want to think about the repairs on a used paid off vehicle or that it just may not start one day. I'm willing to pay for reliability and that cost outweighs the concept of being car debt free. Also, I've had older paid off cars and because of the way my husband is set up (bless his heart :-)) we don't take care of them the way we should and therefore they don't end up being as reliable as they could be. So I'm even to the point where leasing, basically renting, a car is an option when it comes time for my next vehicle (which will be soon considering my car is 10 years old now) because I know that with a lease, I can turn it in and get something new every 2-3 years.
Excellent tips!
Would you recommend someone save their car note after their car is paid off if they still have other debts and have yet to build a 3-6 month emergency fund or apply the money that eas going to their car note to their other debts to get out of debt faster and after getting out of debt start saving for a replacement vehicle?
Great video. I kept my first car 16 years, my second 8 and the car I'm driving now is going on 5. I did my research on all of them, choosing midels with good teack records. And since I don't know anything about car maintenance, I make sure that I have it serviced at the intervals recommended. Since I am now retired, I will definitely look into that system of setting aside money for the future purchase of a car. The idea of paying cash, and not having a car note really appeals to me!
YT4Me57 Awesome...you can do this! Thanks so much for sharing and watching.
I love you, guys. I want you to adopt me, haha. I've been watching your financial videos all night and i realized that i've been an idiot for years. Now i'm thinking about starting a complete new life with low or no detb at all. God bless you both!
So helpful and we will try this in our household! 7 habits of highly effective people really got my husband attention especially no car payment. We hate car payment with a passion but recently had to get one. So this is a must for us! Thanks so much for sharing!
MY LIFE FULL OF HOPE Thanks so much for watching! We are happy to hear that hubby is watching too.
Live debt free, an octogenarian, and bought a new 2013 Chevy Malibu in 2013. Paid cash. Don't know how much longer I'll be alive but this will probably be my last one. I usually keep and maintain them for ten years. It's wonderful going to bed at night knowing you owe no one a penny.
Its so wonderful to see a couple sharing the same idea! God Bless you both!
Cheranda Gill Thank you!
We paid cash for the first time for a car! It was great! The dealership was having a great sale on last year models. And got them to lower the price since we were paying cash! Best feeling ever! We will never take a loan out for a car!
I bought a car awhile back to help improve my credit score. It wasn't new just a 2011 370z.
The vehicle we have is 13 years old. Luckly my father-in-law is a mechanic. My husband does stuff for him in exchange for fixing our vehicle. They both get some done they either can't or don't want to do themselves!
TheMysticsoul77 That is great! Maintenance is so important. Thanks so much for watching.
So do you guys have a car warranty to help save on repairs? Some people feel like it's a waste because you might not use it and they only cover so much. I'm paying for a note,insurance, and warranty up to 125k miles
Question I have credit debt and the car I had died so I need cash to buy a car ...my credit is shot and it's going to take me about 6 month to straighten it out being I just got a new job so what is the best way for me to do cause I really don't want a loan or a car loan
OMG! You beautiful people just gave me life :) . I just discovered you today. Thank you for sharing your wisdom with us. I will be staying tuned.
+KaiLove77 Thank you so much!
I'm glad I found this channel!
Thank you for the encouragement regarding pay cash for cars. Do you rent cars to travel out of town. Thank You I planned to continue to save my car pmt. I also buy used cars with hight miles but got a loan for the car. :(
I agree! No car payments here either. A car loan is no longer an option for us. We are now pushing fwd on paying off the house so a car loan doesn't fit anywhere in our equation. I love how you have an ongoing savings for future car purchases. Do you use that account for car repairs as well? Great video!
BusyBeingMom We only use our car fund for purchasing a car. We cash flow majority of our car repairs. Most times we know in advance and we save accordingly. If a situation arises where we can't cash flow it, that is what our savings account is used for. We are not referring to our emergency fund account. We have an acct that is used if we have to purchase a large appliance or something that we can't cash flow immediately. Then we repay that account back to keep it at a certain balances at all times. Hope this help! Thanks for watching.
Wow this money tip is so wealth wise. Thanks for sharing. You guys are so proactive; not to live in the now.
While watching this video the Holy Spirit reminded me of Proverbs 6:6-8.
How Ants are proactive to store their food in the Summer (harvest) because Winter is comimg when no one can plant and harvest. So proactive! Verse 6:6 says consider its ways and be wise!
I am 5 payments from paying my car off. I will pay myself and store that money away for my future car.
There is such a HIGH when you buy a new or used car. To couple that High sensation with a no monthly payment obligation. This is priceless!
Big thanks to you guys. Thank you for sharing this awesome money tip.
Question: When you say don’t make the car payment but pay it to yourself what do you mean. (Are you keeping that owed money for yourself?)
When the due date comes for the car payment y’all don’t pay the company?
Won’t they repo your car?
Awesome tips!
DNVlogsLife A Thanks so much!
Great video! So hubby and I have always paid cash for our vehicles but I do want a new car. In 2010, we bought a 2007 pathfinder for $12k and then sold it in 2014 for $8.5k. In 2011, we bought our 2006 commuter car in for $10k and plan to get 4-5 more years out of it. We will drive it until it dies. We bought our current family car, 2011 pilot last year for $21k. I was telling my husband that when the commuter car dies, I would like to get a brand new car. If we spend $25-$30k on a new car and keep it for no less than 10 years, instead of spending $20k or less and keeping it for 4-5 years, it kind of works out to the same, right?
Favored4life In our opinion it does not work out the same. You are paying 5k extra for a depreciating asset. Which widens the gap between what you pay versus what something is worth. The key is to always put your money in things that go up in value, not things that go down immediately in value. We suggest a used vehicle that is 2-3 years old. A lot of the fluff in price is paid by someone else, and you'll get better value for your money if you can get it afterwards. Thanks for watching.
so you keep cars 10 years... saving 2400/yr... are you spending around 12k on the used cars... or do you have a bit extra to throw at it selling the one you're replacing. I agree 100% with your method.... debt sucks bad... more stressful than anything
Do you suggest getting a cert check from the bank to pay or write your own check? What method of payment did you use?....or did you actually handed them ca$h. Preparing for our future car purchase. Thank you.
LillyAnnHouston Great question...we take our checkbook. Doing this allows us to negotiate a figure with the dealership and act fast. Oppose to getting the numbers and then having to go to the bank to get a certified check. We've never had a problem with any dealership accepting a personal check. Hope this helps! Congrats to you guys!!!
Thank you for enlightening me on this I'm looking to pay my car off right now I'll never get in this situation again now that I send you a video thank you for all your teaching and your guidance
Amazing you guys are great! I just ran across you guys, and I had to subscribe. GOD bless y'all Union! Keep those videos coming!
+Everything Fabulous Thanks so much for joining us!
I love you guys! Both of you are knowledgeable, funny, and just great to watch! I do have a question. When you all have maintenance issues on your cars do you use the money from the car account or from another one of the thirteen accounts?
+B Harvey Thank you! We finance it ourselves and pay ourselves back from our savings account. That is one of the accounts that we talked about. However, pulling it from a car account is a great option as well. Thanks for your support!
This is a game changer for when I finish paying my car!
very very motivated! thank you so much!
+Lara8690 Thank you for watching!
How do you save on cell phones plans? Do you use an MVNO or prepaid?
If you want to do prepaid try out page plus
Every time I hate my van...that is perfectly fine, very amazing car actually...I come watch this video to slap me back into reality.lol Thanks!
Glad we can help!
Good for you! We all get tempted in this consumption focused culture.
Do you use the car account for money for repairs & oil changes or is that a different account?
This is all well and good when you have already paid the car off, but what do we do if we still owe $26000 on the vehicle...we've already made the mistake. and it will be years before we can pay off/snow ball other debts into the car.
again, I guess I"m really enjoying these videos but where do we start. I've even taken on a second job recently and since doing so we've had a huge vet bill, a broken windshield, had to buy new tires for my wife (who drives for her job) and have paid several unexpected medical bills that popped up...
so even working an extra 20+ hours a week at a second job hasn't made us any progress.
Do you conduct workshops and are you in the chicagoland area?
Awesome video. God bless your ministry.
The vehicle is now 16 years old. We are waiting on a check to come in so we can go buy a car. Unforuntly it's hot around us so hopefully it will come soon. Especially with school starting in a few months since we need to self transport our daughter to school.
So happy I found you today and I subscribed after watching 2 of your videos!! Can't wait to catch up on all your previous videos!! You are such an inspiration and a delight to watch. Keep up the great work!
Susan Woywood Awesome! Thanks so much for joining us. Thanks for watching.
This is awesome info. Never thought to continue paying the car note to myself. Thank you. I had too small of a payment going into this fund. Time for a raise.
Tadno It's ok to alter your payment that you stash away. You have to come up with the proper calculation that best fits your needs. Thanks so much for watching.
Great video. We will have our cars paid off this year. I already set a "car fund" budget to set aside $250 per month. When
you have car repairs, do you use the car fund budget to pay it or something else?
***** Congrats to you guys! We only use our car fund for purchasing a car. We cash flow majority of our car repairs. Most times we know in advance and we save accordingly. If a situation arises where we can't cash flow it, that is what our savings account is used for. We are not referring to our emergency account. We have an acct that is used if we had to purchase a large appliance or something that we can't cash flow immediately. Then we repay that account back to keep it at a certain balances at all times. Hope this help! Thanks for watching.
Thanks!!
I love you guys and follow you on everything. Can you do a video on how to save for retirement when your a stay at home spouse? My husband is in the military and we are trying to be smarter with our finances while living overseas.
katreased Thank you! We sure can do a video for you. This is a great question. We will add it to our lineup. Thanks for watching.
I have ALWAYS paid CASH for the last 4 new cars as I HATE to pay more for something that I don't even fully own. Pay cash and the item is ONLY yours. I have NEVER paid any interest at all except for my mortgage; proud to say this as this is the smartest thing any one can do and not acquire any more debt.