Car Repair Costs More Than The Car! What Should I Do?

Car Repair Costs More Than The Car! What Should I Do?

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[Mr_Tez]

The power of God is real!!! My wife and I are going through this exact same thing. We have two cars and are paying off student loans and refuse to get into any other debt. I just purchased a second car for us two months ago with cash and my transmission just recently went out. It will cost more to fix than I purchased the car for. Everyone has been telling me to get a loan and buy a brand new car. I prayed about it last night and it just so happened that this video came up this morning. I needed to hear this!! It was all God!!

[fsmoura]

you make $170k per year ffs -- ride a bike for 2 weeks, and then buy another friggin' car

[aldelgado]

This a weird call, uncle dave didnt ask how much he owe, and with the caller making more than 150 k a year it seems odd that hes having car problems

[cmac]

He makes more money than me but can't save up 3k for a nice used car??? What are the monthly expenses?

[lookingforsure]

Makes 150k is on baby step 2. Only have 1k saved. A mess.

[brandonzuniga]

It’s kind of like alcoholism, when someone offers you a drop of alcohol after you’ve been clean for months and you say no that’s a very proud moment for you because you know you’re on the right track to staying clean and you just proved to yourself that you can actually do this and you have the courage and motivation to stay clean.

[fanoftoast]

This is the question I always hoped you’d answer!!!! This was my situation at one time and although I picked a solution that I still don’t agree with (it unfortunately became a joint decision with my parents) I am now hoping to sell the car (that i can’t afford) within a year and get something I can afford and pay off completely at the time of purchase. At the same time tho I’m currently attacking my student loan debt now that i have a stable decent paying job (that doesn’t even feel like work bc I love it so much.). Anyway, so grateful I came across you, you’ve been extremely helpful and helped me successfully pay off my $2, 800 in debt on my CC (I sold so much of my stuff it was crazy and I got a second job!). And I just paid off $1, 400+ on my student loans and honestly am so motivated by all that I’ve learned from you so far. I have a lot more to learn, and really need to commit to finding a cheaper car (obvi the sooner the better..) but im gonna keep coming back to learn more!!! Thank you for all the lessons you share!!! ❤️❤️❤️

[michaelpatosa]

I’m just glad I can fix cars. Save me a ton for Labor Wise.

[ImperfectlyNatural]

We were in a similar position as well! We have one car. In September, we JUST paid for the power steering wheel to be fixed & after picking it up from the shop we were then informed that 60-65 issues showed up that was wrong with the transmission. Therefore, the entire transmission needed be rebuilt. We can no idea because until we brought it to the shop to fix the power steering wheel, it drove fine & none of the sensors went off about it. Turns out the sensor was broken & also needs to be replaced. We owe around $12k on the car & the amount for a new transmission plus the sensors were going to cost over $5k+ altogether. This is NOT including inner/outer damage costs from an accident I previously gotten into months ago! We wondered if it was worth it although we still owed so much. After much prayer, we decided to keep the car. Paid for a used transmission & the labor for it, significantly cheaper than paying for a brand new one. Come tax season, we want to pay down a big portion of our car debt as well as purchase another car w/ cash. (Not another car loan) That way, we aren't reliant on just one car.

[mattadams]

Great advice Dave, financially and psychologically. I was a financial consultant for 35 years. I love the part about changing ones head about debt. It’s like giving up smoking. It’s uncomfortable for a time, but having done it myself, I would never go back.
Again, kudos for your excellent video. Great job.

[andrewsherman]

Why in the heck does anyone who makes more than 100k a year have to borrow a dime for anything that's just STUPID

[rosen]

The details of the car might be important. We put a new $3200 engine in a car worth maybe $5000-6000 or so, versus taking the $3200 (plus $1800-2800 the car was worth as it sat), because we know how the car was maintained from new.

Some mystery $5500 car, who knows how it was maintained, so we chose to stick with the devil-we-knew (plus brand new engine with a 3yr/36000 mile warranty on it).

[theskyizblueday]

Making 165k and can’t afford a decent used car…. What the hell are these people doing

[MP-njqy]

I agree everything Dave said except $300 for car rental for a month. It will way be way more than that😒

[Gumardee_coins_and_banknotes]

He needs a trip to Somalia, to see how people really struggle.

[joeysforza]

I would love to hear a breakdown comparing a used Car’s average cost of repairs/maintainace over its life compared with a leased’s cars cost over the life of the car !!!

[nightfangs]

Sell for 600 bucks, Dave, I can sell to a salvage yard for 600 bucks, I've sold 10 year old cars that need major work for 2k minimum

[jwardTLS]

Cut the guy some slack. He's on the DR plan, he said he was looking to replace his car with another (cheap) $5500 car. He's clearly made mistakes but this is why the DR plan exists - many people are not educated about money, and often times when people get into this income level of 160-190k they think they are rich but they don't understand that cash flow =/= wealth. As a result, they get in trouble. It's incredibly easy to torch 165k gross and wonder where your money went, if you are not educated about personal finance.

[TheAdamballah]

This is one of the best videos I have seen from Dave.

[susansauls]

Find a cheap highly skilled shade tree mechanic. I did, and it's one of the smartest money moves I ever made.