We're $10,000 Upside Down On Our Car!

We're $10,000 Upside Down On Our Car!

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• The Ramsey Show (Highlights):

[KayleeCee]

I've always liked the idea of paying upfront for a decent $4-5000 car rather than financing one. I've only ever financed one car and I didn't have any issues getting it paid off, but by the time it was paid off it wasn't worth much, and that $250 a month that I paid for 4 years could have been used for much better things.

After listening to all of these people on Dave's show being in these situations where they're thousands of dollars upside down on a car, a depreciating asset, I will never finance another car, ever. Nor will I ever buy brand new.

[ECmom]

Dave’s face when the guy told him about their student loans like why didn’t you mention that before 🙄?

[KawaiiMommie]

Sometimes I listen to callers and be amazed at how basic reasoning and math cease to exist

[mikenelson]

I have a coworker who was in an accident, not her fault, and insurance cut her a check for $22k. I find out just days later she got another car and owes $7k on it. I was like, ! Why?! She got a $22k check. Get a $7k car, use the rest as a start for buying a home and stay out of debt 🤦🏼‍♂️

[Scott_Carnivore]

Dude $10K is nothing! I am at least $20K upside down, bought a car I could not afford. Was literally more than one years salary! Yes I know I am stupid, with a big L on my forehead! I drive for my job, the car is not two years old and I am about to turn 100K miles. I have a sizable shovel and it is third in line on the snowball, $5, 000 payments starting in March!

[VintageAfro]

His advice is great! 👌🏾👏🏾 the only way to get out of debt is to stop borrowing more 👏🏾

[rubytuesday]

Oh come on Dave, you gotta go get crazy! Go nuts and pay off your debts!

[melanaperkins]

This question has nothing to do about car loans. I really need some advice! Has anyone heard of Freedom Debt Relief? Last month my mom told us about it and my husband had to jump on board with it. Yes, I did to but I had reservations about it. Now it’s getting closer to start making monthly payments and this bad feeling is really getting stronger. Can I back out of it or am I stuck with this for the next 5 years?

[TeKnoVKNG]

Has $70, 000 in cash on hand? What is the problem here? Pay everything off, keep the car, and live debt free with cash coming in....I don't get it...

[InvestingHustler]

I don’t understand why people continue to buy cars they can’t afford 🤔

[tierrazanne]

I’m 22 w/ a 20k car loan, 500/month. I’m behind 3 months & I can’t afford my payments anymore . I really don’t know what to do . HELP !!!!

[nickk]

KBB gives you a basic idea of private value, but it’s not the end all be all. There are plenty of cars and trucks that never sell close to KBB pricing, some sell for 5k-6k more. It’s best to look at your local market as it varies greatly. I just sold a 09 Silverado that had a KBB value of 18k, it sold for 24k.

[KimJongUn-cpvw]

If the car is upside down just flip it right side up. Easy fix.

[Aristaifly]

If a person is a debt free what is Dave's advice on tax return money? Invest, spend, put towards retirement? Maybe it wascovered before/

[garrachan]

Ey guys I have a question, how much buying power does someone have with cash and buying a house? Like if I had 50k cash could i possibly get a house for like 70 to 140k?