Should I Sell My New Car or Just Pay It Off?

Should I Sell My New Car or Just Pay It Off?

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• The Ramsey Show (Highlights):

[joeplem]

It's not that people don't think that way about cars, 90% of them just don't care as long as it elevates their social status.

[JustinCase]

This was worth tuning into just to hear Dave say "veehickle" Love that accent and the Papa Dave!!

[karimbennett]

I bought a Honda Civic for $800, put $300 into it for repairs, and drove it trouble free for two years. It can be done.

[dr.bradshaw]

I always buy my cars around the 7k range. Do my research, keep them nice and they hardly drop in value from there.

[Jessica-tjug]

I paid my car off 25 months early, thanks to Dave!! The baby steps work...keep going guys!!

[deanalbertson]

A reliable car is valuable because it gets you to work on time everyday.

[AH-upzh]

2019 Ford super duty lariat paid 65k brand new cash is worth 71k with 29k miles now... 🤔

[frankish]

Even worse.. They say "I got a raise I can afford to finance a fancier car".. Absolutely madness!

[olivia]

I was so dumb when I financed my car over two years ago. I've ended up paying just over 8, 000 for a car that was valued at 4, 999. I didn't even think about the interest, I only saw the nice new car. Safe to say I'm keeping the car once it's paid off! It's a little ford fiesta and I can't part with it, it holds so many memories with my son. Our first drive out when he was a newborn, so many adventures we've had together.

[missaida]

Sometimes a used car winds up costing you more due to needed repairs

[AH-upzh]

Good luck selling and trying to re buy any used car right now... Keep it as you won't get ahead

[odnewdylee]

Cars are the only time outside of homes where I hear him okay with a loan, the 2k or 3k extra on personal loan for another car. Love it and I don't know why but it shows how human he is.

[bettysmith]

Ok sir, if you take out "extra"money as a loan to pay off the difference you owe on the car you want to sell, that's not paying for another car with cash.

[aquapointbeshoy]

“Beans and rice, rice and beans” brutal, but loving! Thanks uncle Dave!

[schadlarry]

As long as you can put away 15% or more does it really matter how you spend that money? Make a budget and stick to it. Some people like nice cars others like eating out all the time and both aren't very smart if wealth building is your only objective. This is all Dave preaches.

[collinparsons]

Not having more than half your annual income tied up in cars is a good rule to follow. Saying to never buy a new car unless your net worth is over a million dollars is stupid. I'm all for keeping cars for 10+ years, as you lose money every time you trade cars. Now, 2-3 year old used cars are only a couple thousand less than a new one, if at all. It used to be that a 3 year old car was 40% less than a new one. If you're buying a car that you plan on keeping for a long time, just get a new one that doesn't cost more than half your annual income, and don't borrow excessive amounts of money at a high interest rate to do it.

[plantsthewin]

I like Christy...shes turning into one of my favorites. She will never be a Chris...but I like her!

[XCVi_MAC]

I’ll honestly never buy a car out of the dealership again. It’s nice at first, but as soon as you start making those payments 🤣 most of my buddy’s all finance new vehicles for social status.

[johnyang]

My 1991 Acura NSX that I bought in 2008 has doubled in value, but that is rare. I drive my investment and it keeps going up in value.

[mikeshaw]

I agree even after the first million buying a new expensive car is still not smart. Most of the first million should be targeted for retirement and therefore not spendable.