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I bought a "new to me" vehicle in January just before covid hit. Luckily I had a large downpayment and I told the dealership I wouldn't take a loan for longer than 2 years. I'm trying to put any extra money onto the loan. It's been tough as I have been layed off from my job but I am really sticking to my budget! Great video Rachel!
Part of my rationale includes the inconvenience and professional impact of an unreliable vehicle. Even if the math technically makes sense to keep it, a basic yet paralyzing problem can make you miss a meeting or call which IMO isn’t worth the overall cost.
I had my Sabaru for 19 years. The mileage was not that high but i was putting $1,500 of cash into it every year for 4-6 years. Subarus costs a lot to maintain. Financally I got tired of doing that. It was costing me too much...
My honest question is though how do you know you're getting a reliable used car? As a person who doesn't know a lot about cars I have had to either wait for a mechanic friend to try to help me or honestly just pray about the car before purchasing. For example my current car I purchased for $2,000 and the mechanic said it was a solid car and I should purchase it. fast forward 5 months later it needs $2,800 worth of repairs. I took the thing to two different very honest reliable mechanics. I think the Lord that there is a specialized mechanic shop that is for people who cannot afford expensive repairs period but again how do you know that you're getting a reliable used car and not one that needs a ton of work?
They offered me $9k for my 2017 car but I see them it selling for $15k (110k miles and age compatible). And I owe $5k. And I will need to but in $1500 to fix an internal oil issue that is degrading the engine life. So I don’t know if I should fix it or get out from underneath it.
I had a car for a bout 3 years and it never stop breaking and also some idiot crash me and never paid me the repairs that was awful so I choose to sell the car and keep a motorcycle only now I have a WFH job and I use the motorcycle for everything meanwhile I am saving money and is great now I can see my bank account getting bigger no more cars for me for this year next year maybe I buy a used one with good mileage and cheap parts
Sorry but that repair math doesn’t work out. If you look up a cars value on KBB that’s assuming it’s in working order with no major issues. If you pay 1000 in repairs that doesn’t INCREASE the value of your car. All it does is solidify the 5000 value.
@@kevinsturtevant272 Wrong. You can click stuff all you want but here in the real world nobody is going to even consider buying a car that is valued at 5000 in full working condition that needs 1000 worth of repairs!
@@quietearthMT it’s not in full working condition... that’s why you click “poor” and that is what the value is based on. It’s valued at 5000 and in need of repairs at its current condition. After the repair you click good and it calculate the value based on it being repaired. That’s her point. You can decide yourself what you want to buy. People buy 5000 cars that need work every day. Not sure what real world your living in.
@@kevinsturtevant272There is no way to determine the value of a car after a repair beforehand. The poor and good settings on KBB are referring to the car as is..... a car could need many, many repairs that cost 1000 bucks but that doesn’t mean it adds 1000 to the value of the car.
Good luck with all the scammers when selling your car ! I've sold over 150 cars as a car guy ! I love em. I get bored quickly, but my last round of selling on all the popular places, omg! 90% Scammers !!! Fake checks, offers of half!🤣 do a video of this Ramsey's! How not to get scammed !!!
I bought a new car thinking my old ride would die soon.. (still hasn’t) the new car has 3.49% for 7 years. I only have 2k miles on the new car. Dealer will buy it from me for 18 and I owe 21. (Bought it for 22.5) should I sell? What if my old car does die soon? Should I take that loss just to be debt free?
You would have to take the 18k and add 3k to it to pay it off. I would do it because 7 years is a long time for a car loan. I would take my loses and learn from it, unless you can dump on it and pay it off in a years time.
@@Faith-un7ns thanks for your help!! It’s a tough one for me because there is only 2500 of interest left (started with 2900) and it gives me a nice low payment of 302 a month. Pretty cheap money but does add that monthly stress. My other car is an 07 mazda 3 with 178k miles and still runs good. I’m afraid as soon as I sell it will die. Hmmm
@@kevinsturtevant272 I bought my car brand new in 2002 for $43000 and had a 5 year loan, trust me I thought 5 years was dragging and never ending. I would never do that again. I’m still driving that car, it has 140000 kilometres and I just fix it when it needs repairs because it’s cheaper to fix it than to buy a new one. This car is 18 years old and I’m going to drive it until it dies.
Any suggestions for our family? We physically cant fit three car seats in our scion. We are expecting in May our third child. We have one income and cant front cash because we are paying off taxes. We are debt free besides the taxes. We hate to take out a small loan but we arent suee what to do. We wont be able to get alot for the scion. ? Any suggestions?
Dave Ramsey: what's your household income?..... 🤣 seriously , see if you can trade,plus a small amount of cash for a larger car , not necessarily a dealership though. Maybe someone with a car YOU want , is right now wanting YOUR car! Depends on a lot of factors here ! Condition of your car , population of where you live ( larger city's have more cars and more options) ect . But hey it's" A" solution , .
Can you sell the car and buy a little bigger car for the same price? This way that will get you by until your taxes are paid and then you can set aside money for the next car.
This year probably 70000. Family of 4 right now. Scion is manual so we can sell probably 2500. I liked your idea. We are asking around and we have a friend who flips vehicles may help us find a deal.
@@shainacallaway4445 keep in mind prices are inflated on used cars right now. You might get more ? Need to check your area for prices if you haven't recently. Cheers !
Kelly blue book value is for tax purposes no one gets what the kbb says their car is worth when they sell it and if you don't believe me try getting full kbb value for any car chances are it'll be sitting in your driveway for a while
Same here and I'm a very experienced seller/buyer , I think most are waiting to see if the world ends soon. After that it could open up people's wallets
