Should I Sell My Car or Keep It?
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- čas přidán 9. 09. 2024
- Pamela is trying to decided wether or not to sell her car. Dave walks her through the steps on making the right choice.
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This was my exact question. I was wondering if I should sell my upside down car but be stuck without a car. Thank you for the advise Dave!!!!!! I feel empowered to beat this debt I have brought on myself
Love to hear people excited about becoming debt free
I love this caller. She is great! So excited.
Learned something new. So if your car is less than half your income and you can have it paid for in 2 yrs or less (gazelle intensity) Dave says it's ok to keep. WOW. Here I was thinking I had to get rid of my car, but I CAN KEEP IT!! Thanks Dave.
talawoods25 i was thinking the same as you of selling my car but I'm going to keep it
I'd agree with what Dave said but also keep in mind that you may spend a lot of money on top of that vehicle worth 3k. I had a car for 4k and I spent 5k in unexpected repairs. If the car that she financed works good then just pay it off and drive it for another 10 years.
I love you Dave. Needed this. Had no money saved and was wandering to to sell and be able to get another car
My “Dave makes me drive this” car put me $4,000 In the red with repairs. After paying it, a teenager t boned me and totaled it. I got 3k for it and now I have a car note. I was too scared to go the cheap route again. If you are not a car person don’t by a bum car.
Dave needs to offer “you need to sell the car” ringtones
It is hard to sell a car that way. Most people want a title in hand before money transfers. :/
Car is fairly new. It will last many years if well maintained. Pay off car this year. You need car to go to work and get groceries and other stuff. Worry about student loan and other debts in 2019. Focus on paying off car in 2018 and own it by December 2018.
I do about getting a really cheap car, we have always bought cheap but then have lots of repair expenses, & Uber won't let you drive with older car. Lots of pros & cons.....
I hear you. I have a $1300 car and in the first year had $600 in repairs. However, that was still WAY less than my friends who had a $30,000 car with a monthly payment of $500/mo.
Mrs. T is Going Debt Free just do Uber eats. Old car is good enough
I need some information. What is the best way to sell a car when the car loan is more than the car is worth?
I would only get rid of the car if the loan were a high interest rate (over ~6%) and she couldn't afford to pay extra on the car note. Based on her income she can "afford" a car valued at $15k so in that regard it wouldn't matter whether she's under water on a $3k car vs a $15k car. Add in the frictional costs and taxes it takes to sell and buy another car, plus (possibly) higher maintenance on a $3k car if she doesn't buy the right one, plust the frictional costs to eventually buy another car when she's debt free and it becomes more apparent how just keeping her current car might make more sense. Either way, this was an interesting call since it wasn't the typical person who bought a "crazy" car where the answer is to obviously sell. And all this said, I think GR's rule of thumb for car value is a little bit lax. I would limit the value of your vehicles to 25% of your annual income, not 50%....so if your income is $50k, you can only really "afford" a $12.5k car.
I need the beginning music as my text tone... 🤔
Dave miscalculated, 18k left but how much originally? What if it was a 60k car with a 60k income lol 😅
Ok, since watching DR. I started in 2016. Before DR I was -$23k. Negative. School note + car note. Now 3 years later in 2018. I am POSTIVE. $4k. No car note or school note. I'm 100% debt free because of DR. I am now going to INVEST in stocks. Going to put $5k in Disney stocks because they just BOUGHT FOX. I'M GOING TO BE A MILLIONARE before 28. WATCH ME WIN. THANK YOU DAVE.
Drummergeorge Dave does not advise single stocks. He only owns growth stock mutual funds. Single stocks are too risky and can go to zero.
If you believe you can achieve. Way to go
Disney has been here since the 70s. It's going to own all of us pretty soon.
Tina teews Thanks.
Drummergeorge a lot of business have been around for a long time. All it would take is a scandal in the news to make your stock sink.
Okay I like his approach!!!!!
Okay I have a question with you my car is only worth $1,000 and I only owe but 1000 some-odd dollars on my car what do you think I should do should I trade it in or just go ahead and pay it off
I can't believe Dave Ramsey told someone to get a loan!
Thats what I was thinking, I remember he was saying to stop borrowing money if you dont want to be in debt
And here in malaysia most of them have an average of usd50k cars
Neither. Just trade it into a more expensive car with a higher interest rate. Same as what every other Ramsey called does.
Brand new cars are not a wise investment. None of them. For anyone.
Anything job or career title with "assistant" at the end doesn't pay much.
Physiotherapist assistant actually make good money in the u.s.
The physiotherapist aide dont make much
I'm a physical therapist assistant and I make 60k a year. One of the better careers you can have with a good salary and only requires an associate's degree and that you pass the licensure exam
rubiks15, the job demand and security is there but just like any career, having 0yrs of experience can be hard to enter the field. And most importantly u need to make sure u have no record even if it got expunged because you'll be dealing with the vulnerable sector. the only bad thing about it is there is no upward mobility so if u become one, youll be an assistant for the rest of your life.
Jeremiah makaveli
Yup.
You got it.
I warned my niece about that while she was in high school and she took another career route.
She ended up with her dream job with very good pay and growth in the field.
Hired at $60k before she got out of school. Currently about $80k/yr. in Singapore.
BlackWorldTraveler, what career did she take instead of a pta?
How do you get to work
Student loans can be refinanced
He didn't address what she should do for transportation after she's sold the car?
Keep the car. That method is a pain. Do uber. 3 yrs isn't forever.
Horrible advice, just pay off the car you can depend on and keep it till either it or you dies.
I would buy a second vehicle
Quick question just curios anyone can answer. Can you sell a car if you still financing it?
Mrkingtootie777 yes
Little CableBoy83 How?
Mrkingtootie777 DR has many videos on this. You have to pay your lender the payoff amount. If it's worth less than what you owe then you have to make up the difference. Maybe get a loan for what's left if possible or just wait till there's no more negative equity.
People buy $7500 car 99.9% is enough.
Cars with over $150k miles on them?!
lol she owes 18, thousand 69
So ur a physiotherapist eh?Just do some locums in daycare or elderly homes as partime..then u can make an xtra of 30-40k annually, because im in the same field as u and i can buy my car in cash,just left with my mortgage now..just do it gazelly girl
assistant. she may be a paper pusher, not a clinician
HuntaKiller she needs to work PRN and she’ll kill it!! I’m in the same field! PRN (as needed) part time in NJ is 45 per hour- way more than Uber. She’s in Florida and it a bit lower but not much.
How do I call in
SupremeVision during the week when it is live on you tube you can call the number. 18002255225 I think? He says it all the time when live.
Third !!!
Second
First