Dave Ramsey goes in on everybody with a payment
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For longevity I swear by Japanese vehicles and have had one of mine for 12 years only one major issue. Before that I had honda accords no problems. Has an Infiniti G37 it was okay had a clutch issue once.SmashinYourWaifu wrote: »What cars are you ? buying that is ? ? I hope yall aint buying notorious unreliable cars then call them money pits when they aint reliable
Until I bought an Italian car I've never seen more expensive things in my life. $3400 brake computer $1900 for a new oil pan, brakes 1400$.
So if we're talking economical solution I'll promote Japanese all day.
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Where I'm from we need vehicles too last. We don't care if it depreciates in value cause we trying to hold on to that joker till the wheels fall off, literally. Paying that bitche off and still riding in it till the kids are old enough to drive, then they can have it.
My last 5 cars were all used money pits. I dumped money on mechanics, repairs, maintenance, and was scared to even drive them suckered out of town. No peace of mind. Being in a car dependent town and you gotta work on your ? at given moment is not the business. And good luck at finding an honest dependable mechnic.
I got my Dodge brand new off the lot in 2011 for 22k and it's been the best purchase I ever made. Just cracked 75k miles on it and no problems. The dealership even tried to buy it back from me recently. Paying that joker off next year and still keeping it. But I ain't buying used again.
That's how I used to be with my last car lol. I drove it to Atlanta one time & ? start acting up. Then I let my brother borrow it one time (because I had two cars during the time) & the fuel pump went out on him at his baby momma house in Atlanta smh. Make it so bad; I used to stay on top of the upkeep. So when it starts messing up then I'll get frustrated af lol.
Like I said previously, I had a 2002 ? that I got back in 04'. Mannnnnnnn that car didn't give me any problems at all. I drove it to Atlanta with no problem. My brother drove it there on two occasions with no problem
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@SmashinYourWaifu I had a bowling ball black Crown Vic. I bought it in 06'. This was during an era when people used to grab caprices, regals, cutlasses, Monte Carlos, impalas , Vics & slide rims under them. Gotta say that car was a bad investment bruh lol
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Old lady was stranded on the highway with a hooptie back in the day...
Had to drive up 3 hours to meet her.
Add on to that the constant repair bills.
But we haven't had any problems with the new cars.
I ain't never going back.
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I will say that I hate paying a note. Truthfully, paying it outright is always the better option, but not everybody has that 20 or 30k for that. If you can find a reliable used vehicle and know a good mechanic, that can be a better option too. But that ? just wasn't going my way at the time.
When I got my current truck it was because I'd managed to straighten my finances out a bit while whipping the hoopty. No matter what kind of loan, lease, rent, or whatever you get, you've got to work on your credit score. My ? was good enough at best, had an apr of 11% back then. My score was around 620-634. Get your ? around the 800s and better. Get that 3% apr. That's how you need to do it if you gonna do it. -
using debt to your advantage:
Let's say a ? want to buy a lil 200K starter house.
? #1 tries to do it Ramsey's way. By saving the gwop to buy it outright. And it takes the square ? 5 years to stack that kind of bread. Where he gone live the entire time he stacking? With his moms? Paying rent on a ? ass apartment?
? #2 gets a loan for the 200K. Now he in debt. Boo ? hoo. But where he gone live? Where he gone ? them pretty Hoe's in the ass at? At his ? house, that's where. And in 5 years, his lil 200K house is worth 250K.
? #2 got in debt. Instantly Increased his quality of life and made a profit.
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BeardedFreak wrote: »using debt to your advantage:
Let's say a ? want to buy a lil 200K starter house.
? #1 tries to do it Ramsey's way. By saving the gwop to buy it outright. And it takes the square ? 5 years to stack that kind of bread. Where he gone live the entire time he stacking? With his moms? Paying rent on a ? ass apartment?
? #2 gets a loan for the 200K. Now he in debt. Boo ? hoo. But where he gone live? Where he gone ? them pretty Hoe's in the ass at? At his ? house, that's where. And in 5 years, his lil 200K house is worth 250K.
? #2 got in debt. Instantly Increased his quality of life and made a profit.
cosign all of this......not to also mention that cuzzo gon get a large check back at tax time for all the interest he paid throughout the previous year for his mortgage
it's called an itemized deduction.....lil ? need to learn bout those ASAP -
SmashinYourWaifu wrote: »blakfyahking wrote: »SmashinYourWaifu wrote: »SmashinYourWaifu wrote: »Buying a brand new car or even slightly used is not an investment. If you wanted to save money you would have gotten a 90s civic or Corolla. ? really paying over 5k for a econobox?
It can absolutely be a sound a investment. Most of us need private transportation to make it to our jobs. So, if I invest 30,000 in a sound auto that gets me to and from work for 10+ years that vehicle would have more then paid for itself. I'm cool with investing 30,000 over 5 years to make 320,000.
I know folks who drive beaters ( I did early on as well) who end up losing money because their vehicle is constantly in the shop or acting up causing them to be late or miss work.
Lol what modern day vehicle you buying that is going to be sound even up to 100k or not give expensive upkeep before then? What you going to do when you try to sell that car you spent $30k on that is now depreciated to 3k? Why do the people you know buy or inherit ? cars and think buying new is the better option when they could have a car that is reliable, good aftermarket, and have shitloads of information. Also easier to work on
plenty modern day vehicles have warranties that last up to 100K.......and any car whether new o old is going to require some maintenance
IMO it's better to spend on a car u at least had when it was new and drive it to 100K vs driving a bucket that cam from somewhere else
either way u driving a car with 100k on it, it's just whether u want it to be ur car or someone else's old car ( and u never really know how someone else treated their car before it was sold)
Unless its a performance car it doesnt make sense. You will save much more money going old. Once that warranty goes all you have is a depreciated to ? , harder to service (diy), with a lot of electronics that can go wrong. Also may lord have mercy on your soul if the auto transmission goes out after the warranty. Which then makes your only option is to get another car (more debt yay) or pay expensive repairs.
Getting a 90s civic for $2500-4000 slowly setting aside $2k just incase will be more reliable than say a Hyundai
once the warranty is gone you prob gon want another new car anyways so the expensive out of warranty repairs really ain't relevant
like I said it's not hard to find vehicles with 100k warranties so who cares about keeping a 100k car unless u really want to.............u should've been paid the vehicle off way before 100k, otherwise u bought more than u can afford IMO -
SmashinYourWaifu wrote: »Another example is buying a e36 bmw. Can find one below 100k miles for around the $3500 area. Engines can easily last 200k+ easily. Since its an old car most problems and troubleshooting has been done to death and well documented online so you can do preventive maintenance. One of its major weakness is the cooling system. ? can go bad and pretty much can leave you stranded on the road with a cooked engine. You can overhaul the cooling system even if youre relatively new to wrenching for like 500~600. You just avoided having to pay a lot for a new car and have a reliable vehicle that needs routine maintenance and maybe suspension parts for the next 100k miles. Theres no way buying new is better than this
this is actually smart but it has to be the right car............for instance u can find plenty old BMWs that will last to 200k easily if they've been maintained properly
the problem is that u need to be mechanically inclined, or have the bread to pay a respectable mechanic........hell u can find an old 7series e65 now for less than 15k with low miles
but u better have a way to maintain it, otherwise u just buying an old ass car to stunt in until it breaks down
IMO if u looking for a used BMW it better be one that u plan on keeping pretty much forever......otherwise once again u buying too much car -
Yall talking 150k miles on a BMW, when my Lexus is running strong at 230.
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One thing about debt is, I've carried really high credit card debt for 7 or 8 years now, haven't paid a drop of interest and have enough cash to pay it off 3 times... It's relative.
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Gordon>>>>Dave
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Yall talking 150k miles on a BMW, when my Lexus is running strong at 230.
lexus and bmw not even in the same category IMO
and I have had multiple cars from both brands
the new lexus cars are all ? up looking with those stupid open fake Audi grilles in the front
and how arrogant were Lexus engineers to think real drivers don't want a V8 SMH -
I feel him. Limit consumption to necessary items and save & invest disposable income. In the accounting/finance field debt is categorized as an asset, and that's why people view it as acceptable. That may be true for business where the liability isn't necessarily passed to the individual, but in individual finance where the onus of debt is directly on your shoulders it isn't smart. It should be avoided as much as possible.
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BeardedFreak wrote: »using debt to your advantage:
Let's say a ? want to buy a lil 200K starter house.
? #1 tries to do it Ramsey's way. By saving the gwop to buy it outright. And it takes the square ? 5 years to stack that kind of bread. Where he gone live the entire time he stacking? With his moms? Paying rent on a ? ass apartment?
? #2 gets a loan for the 200K. Now he in debt. Boo ? hoo. But where he gone live? Where he gone ? them pretty Hoe's in the ass at? At his ? house, that's where. And in 5 years, his lil 200K house is worth 250K.
? #2 got in debt. Instantly Increased his quality of life and made a profit.
NOOOOO!
ALL DEBT IS BAD!!!! -
Controlled debt is good for building credit. Just don't go above 30% of your credit limit and only spend when u need AND have the money in cash or bank account so u can make those payments on time or ahead.
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blakfyahking wrote: »Yall talking 150k miles on a BMW, when my Lexus is running strong at 230.
lexus and bmw not even in the same category IMO
and I have had multiple cars from both brands
the new lexus cars are all ? up looking with those stupid open fake Audi grilles in the front
and how arrogant were Lexus engineers to think real drivers don't want a V8 SMH
Not comparing just stating that mine is at 230 and yall are hoping to make it to 150 -
One thing about debt is, I've carried really high credit card debt for 7 or 8 years now, haven't paid a drop of interest and have enough cash to pay it off 3 times... It's relative.
How you not paying interest? @killap -
So this wasn't my original plan but the more I looked into it the more I decided it didn't make sense to pay it off. Anyways, 7 or 8 years ago I got a Capital One card with no interest for 18 months, so I blew up the balance pretty much to the limit and invested the money that I would have used to to pay it off. Then after 18 months I was ready to pay it off but then got an offer from Chase to transfer the balance with no fee and no interest for 18 months, so since the limit was higher, I put a bunch of stuff on another card then transferred the balance from both of those cards... 18 months later, I got a card from a credit union, higher limit did the same, and so on. I think once I had to pay a 2% fee on a balance transfer, I know I'll make more than 2% over 18 months so I took the hit. My credit takes a slight hit because I have one or 2 card switch high balances but it doesn't matter, give me 30 days and I could raise it by 20 or 30 points easily. I've decided to stop after the next round and just make minimum payments and then pay it all off after 18 months mostly because I have different objectives now -
Lol. No one is arguing that you shouldn't pay off your debt.
And pay it off sooner rather than later.
That's common sense.
Ramsey is advocating that there is no reason, whatsoever, to get into any amount of debt - under any circumstance.
That's extreme and not feasible for most people.
No he's not that's extreme. All he's saying is that there is a problem today in that ppl are slave to debt and seek happyness on doing whatever they want but the problem is those things are tied to debt. Because ppl buy things for instant gratification and seek happyness in having things which rolls over into building wealth because you have ppl living beyond their means for social approval and the like instead of being disciplined with their finances, you have ppl who aren't being financially responsible shelving out $700+ for a new phone with features they'll never all use and don't need. People slave to car notes but still living in the projects, people getting student loans and blowing it. I could go on and on.
You don't need to live like a hermit to become rich bit you do need to be financially responsible and disciplined. Most ppl could save a lot more money cooking their own food rather than ordering take out every night. You can have nice things but prioritise and discipline thyself first so you can have those things and not be a slave to them.
GOATed.
I couldn't agree more.
But this isn't the messsge reflected in that video. -
In one of my fields,Real estate you better use credit, or "OPM" other people's money.
No matter how U look at it a car is the worst ? u can buy talking about an investment, but to smell that new leather... wooh lol
Thank you for keepin it real bro ? talkin about invest in a finite item that depreciates
You just wanted a nice car. Own that ? move don't excuse it -
The borrower is slave to the lender compas
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SmashinYourWaifu wrote: »blakfyahking wrote: »SmashinYourWaifu wrote: »SmashinYourWaifu wrote: »Buying a brand new car or even slightly used is not an investment. If you wanted to save money you would have gotten a 90s civic or Corolla. ? really paying over 5k for a econobox?
It can absolutely be a sound a investment. Most of us need private transportation to make it to our jobs. So, if I invest 30,000 in a sound auto that gets me to and from work for 10+ years that vehicle would have more then paid for itself. I'm cool with investing 30,000 over 5 years to make 320,000.
I know folks who drive beaters ( I did early on as well) who end up losing money because their vehicle is constantly in the shop or acting up causing them to be late or miss work.
Lol what modern day vehicle you buying that is going to be sound even up to 100k or not give expensive upkeep before then? What you going to do when you try to sell that car you spent $30k on that is now depreciated to 3k? Why do the people you know buy or inherit ? cars and think buying new is the better option when they could have a car that is reliable, good aftermarket, and have shitloads of information. Also easier to work on
plenty modern day vehicles have warranties that last up to 100K.......and any car whether new o old is going to require some maintenance
IMO it's better to spend on a car u at least had when it was new and drive it to 100K vs driving a bucket that cam from somewhere else
either way u driving a car with 100k on it, it's just whether u want it to be ur car or someone else's old car ( and u never really know how someone else treated their car before it was sold)
Unless its a performance car it doesnt make sense. You will save much more money going old. Once that warranty goes all you have is a depreciated to ? , harder to service (diy), with a lot of electronics that can go wrong. Also may lord have mercy on your soul if the auto transmission goes out after the warranty. Which then makes your only option is to get another car (more debt yay) or pay expensive repairs.
Getting a 90s civic for $2500-4000 slowly setting aside $2k just incase will be more reliable than say a Hyundai
? ain't nobody tryna ride around in a 1990s car tho. the ? lmao
https://youtu.be/K1usdOW4RyI