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"Drive Free" Dave Ramsey video  

post #1 of 10
6/26/08 at 4:19pm
Thread Starter 
http://www.daveramsey.com/school/ind...deoSupplements
post #2 of 10
6/26/08 at 5:24pm
You know, I have never actually thought about it but he's right. I've gotten a new car about every 4 years and the payment is killing me even though its down to $175 a month I just can't do it money is so limited right now. To bad I can't afford to buy a used car outright Of course the 2 used car's I've gotten in the past were promised to be great cars! Both were nightmare money pitts.
post #3 of 10
6/26/08 at 5:45pm
And tell me where I can get 12% return, cause my 'investments' are bleeding money right now...

But I agree with the recommendations. We typically have paid half cash for our cares, and then paid the rest off as quickly as we could. And have never bought a new car - usually one that is 2 years old.
post #4 of 10
6/26/08 at 6:35pm
Quote:
Originally Posted by HydeParkB View Post
And tell me where I can get 12% return, cause my 'investments' are bleeding money right now...
LOL really!


I think you could find 5-6% maybe in an investment but that might be hard to find
post #5 of 10
6/26/08 at 7:51pm
Thanks for sharing that! It makes so much sense but I've never really thought of it that way. I'm one of those Americans who feels destined to have a car payment for the rest of my life. Not anymore!
post #6 of 10
6/26/08 at 8:12pm
So what does he suggest for those who are already stuck in the cycle? My car is only 4 years old and has nearly 100K miles on it and I still owe a couple years on it (long story but I had a nightmare Windstar I needed to get rid of)
post #7 of 10
6/26/08 at 10:16pm
Wow, that was great.
post #8 of 10
6/27/08 at 12:31am
Quote:
Originally Posted by HydeParkB View Post
And tell me where I can get 12% return, cause my 'investments' are bleeding money right now...
That is why I dislike Dave Ramsey. Esp. since he discourages stock investing, I have no freaking idea what "high interest account" he thinks is paying 12%. That said, I agree that car loans are a waste of $$. You just are not going to earn 12% on paying yourself the car payment every month instead.
post #9 of 10
6/27/08 at 7:45am
The money I would have used for a car payment every month goes to fixing the piece of crap right now. Cars suck. Ultimately the best option if you want to save money in the long run is move to somewhere closer to your work so you could walk or bike or move somewhere with better public transport.
post #10 of 10
6/27/08 at 8:22am
I have to watch this guy. I don't know much about his philosopy. We did, however, just buy a new car about 6 months ago. I've NEVER EVER had a new car and didn't ever want one. But we needed another vehicle and unfortunately, we live in a large southern town with virtually no public trans. We live miles from shopping, etc. and driving is a necessity. I purchased this car because it is a notoriously reliable brand according to Consumer Reports , never really has to go to the shop, has a warranty and I can keep it literally for years and hundreds of thousands of miles. My goal is to get it paid off then keep the sucker til the wheels fall off. Is that wrong? What would Dave say?

PP, you're right. DH, an investment advisor, knows of no interest bearing savings account that yields 12%. If someone out there has one, LET ME KNOW - I'm there!
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