What's The Best Way To Save For A New Car?

Explore More Shows from Ramsey Network:

Ramsey Solutions Privacy Policy

[mikedavies]

I’m always envious off people with nice cars then I remind myself there most likely in debt with it then I’m not so impressed by it 😂

[bigd]

I paid $900 for my 1999 corolla, I used it on my mail route and put 20k miles

Still runs a year later

[ejups]

I bought a Toyota Camry estate with 152, 000 on the clock. Drove it the whole way around Australia and added 50k. Serviced it regularly and the only thing I had to fix was a punctured tyre. Best car in the world and cost me $2000

[peanutbutterisfu]

I own a auto repair shop and used car lot. I’ve been in the business for 20 years. NO ONE needs to spend 20-30k for a vehicle. If you can find a good used car lot that you can trust there is no reason to spend more than 5-10k for a vehicle. After you pay 5-10k cash for the vehicle you save $25 per week for a car fund. If you need repair work done you now have a fund for that and if something bad happens to the car you will have money saved for a new car.

[mptrevino]

...and 1 day after you buy that car, begin saving for your next car.

[JaredHassell]

I appreciate that Dave does acknowledge with most of this, the math is not on his side. Personal finance is first and foremost behavior, and he is mostly correct.

[JK]

1) toyota or honda 2) paid with cash 3) run up 500k miles before tossing. 4) debt free

[harrisonwintergreen]

I'm a member of Basement Dwelling Doobers Local 601 and you will be hearing from our lawyer

[Smsrules]

"Hey Dave, what's the best way to save for a new car?" "Sell your car."

[graziellelacson]

Bought a 1, 200 dollars for a 2004 Chevy, no monthly payment.
Going 3 years now, still running pretty well. Almost 300k mileage. But saving to buy a decent car soon. Toyota RAV4 here’I come.

[bobsilver]

I just bought a 1994 GMC Sierra 4x4 for $3500, 113, 000 miles, runs and drives perfectly. Tabs are $52 per year, insurance is $28 per month.

[wolfmetal]

I have been tempted to get a brand new car so many times, bought a 2006 subaru from a friend. It has 250k miles (i added 50k) and still runs like a dream. I am saving up for a newer car but Im paying cash for it. while this one runs and it gets the job done I will keep saving money.

[danielcantu]

I bought a 2003 Lincoln town car, for $6k, clean car fax, one owner, 60k original miles, I fixed the transmission for $1k and after 65k miles zero problems! My 2012 Corolla S after 100k miles is killing it! Buying a new car for $30k-$60k it’s insane. Let’s get things done with what we have!

[firepatriot]

Just buy one! Took me three years, bought a really nice Chevy Malibu for 4, 500 cash. 2 yrs later still going strong.

[lesliek]

Had a Toyota camry...lasted 230k. Only needed oil changes. Drove it til it stopped rolling.

[numanuma]

Now this is a great question that is applicable to everyone.

[anonymousswimmer]

Dave is right about so much but so wrong about active vs passive management. the point is not that your choice to do active vs passive is the key determinant of wealth building - nobody says that. the point is that you will do better with passive and its pretty easy to do, so why not?

[Grim_trades]

Bought a 2003 Mitsubishi ellipse for 800 in 2017 and it is still running great in 2022. In fact have been offered 2k for it 🤷🏻‍♂️ just shared since everyone else was

[ThePatriots]

If it’s gonna take you 5 years to save up for the car you want, you’re buying too much car. It shouldn’t take you more than 1-2 years to save up for a car you can afford.

[Frosty]

Thanks for the great content Dave God bless!!!