We're Upside-Down On 4 Cars, What Can We Do?

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[halfmoonyogi]

No excuses. I work full time making 19/hr in the mental health field which is competitive in my area. I got called for interview 10 minutes after applying for a part time gig at walmart. I kid you not, submitted the application and got called at 730pm 10 minutes later. I was hired in 5 minutes after telling them my availability, for 15 an hour which i was making in my field not too long ago. In the interview they said they pay $23 an hour for supervisor positions. Thats equal to what my supervisor makes. With the two combined, ill make 55k a year instead of 39k Im throwing 1500 bucks at ny debt a month like my life depends on it.

[davesrvchannel]

Why does nobody mention insurance costs? The idiocy doesn’t end with just car payments.

[-dreticle]

I listen to Dave everyday. I paid cash and own a 2012 Toyota sedan w/ 77, 000 miles on it. In perfect condition. I don’t understand people buying expensive cars that cost nearly as much a rent.

[RLC]

My wife and I had $1548 in payments between our 2 cars. We've now sold both of them, which cost us a few thousand to settle, but $0 payments going forward. I bought an older Suburban for cash and for the wife we picked up a used Armada. We put aside cash for about 6 months to make the plan work, but we are officially car debt free at this point. Starting next month we will be hammering the last $40k in student loans (down from $105k). Doing this all on $75k a year salary with 3 kids. Living frugally, and a few side hustles, has made a world of difference.

[aznsumthing]

Jade is so awesome. She reads between the lines and understands the fundamentals super well. Excellent communicator on top of it all. Bravo 👏🏻

[Bob-yhir]

I think it was Warren Buffett that said- "when the tide goes out, you can see who was skinny dipping" David lost his job and was caught with his pants down.

[BagsNBaguettes_]

And this is why Americans complain they are living paycheck to paycheck, you have dug your own grave. $2400 in car payments is just absolutely stupid. Drive used paid off cars! Nothing wrong with that people!

[dealerofgame]

Sometimes ppl ask the dumbest questions, "hey Dave I have 20 cars and I'm in car debt. What should I do?"

[Mr.Boring_Man]

If he never lost the job, they'd continue this reckless behavior. I guarantee these aren't the only bad spending decisions they've chosen. This is the one luxury they are willing to part with.

[percivalgooglyeyes]

They can also sell all the Harley-Davidson branded riding gear they bought at the H-D boutique. People pay a lot for used orange & black doo rags.

[RetailRipper]

stop trying to impress your neighbor. theyre in debt too.

[bigcahuna]

I sleep eight hours peacefully each night knowing that my 2017 Cadillac in excellent condition with 29K miles on it is fully paid for with my emergency fund fully intact

[seller]

Bought a 19 year old Honda Civic. Paid cash. Totally Un-Cool, 30 miles per gallon, runs great, got money in the bank.

[screwdriver_bandit]

As a recovering Harley idiot myself, those payments are for sure HD motorcycles payments. Best decision I ever did was get out from under mine and sell it! Found a non Harley dealer willing to help me bury some of the negative. We coughed up the difference in cash, I bought a 5k lightly used Suzuki. cash. and have no payments on something I can’t even ride for 2/3 of the year!! 👍🏻

[JS]

That's what happens when you overpay on your car. Dealers were charging 10-20k over msrp for the last 2-3 years

[maybear]

How did they get this much credit in the first place 😮 I see it all the time; people’s driveways look like car lots. Crazy!!!😞

[lot]

Good god. Edit, I love my paid off 2017 Honda Fit more and more every day. 40 mpg average.

[JasRog]

I have a neighbor with a 40k truck because he uses it once a year every Thanksgiving for a 4 hour roadtrip to visit family. He makes montly payments on it.

[seannunemaker]

This is the “American Dream” that modern society tells us we should be striving for: Materialistic Gluttony that results in huge debt payments all for toys we don’t need and that hold us back from freedom

[omyota]

If you dumped $2400/mo into a savings account for a vehicle, it wouldn't be long before you could buy a very nice vehicle, cash.