Car Payments

[JET4]

Both of our Toyota 4Runners 2011 & 2018 don't have any of the modern sensors and stuff on them and I don't want any of that stuff.

 

[Warren Sear]

My first new car in 1975, payment was 94.57 for a Ford Granada, 36 months

Those numbers are meaningless unless you include your rate of pay at that time. Then things will be brought into perspective.

 

[NYlakesider]

Both of our Toyota 4Runners 2011 & 2018 don't have any of the modern sensors and stuff on them and I don't want any of that stuff.

My 16 Tundra 4X4 does not have much nanny junk on it. When I plow snow I have to turn off traction control, not a big deal!

It does have the back up camera, IMNSHO that is about the only thing I like .Course as I have been driving since 1960 half the time today I just look back, old habits die hard.
As I towed a bunch of trailers over the years a camera system would have made things easier!


As a person that has bought a lot of new vechicles over the years, I now dread what I'm going to find if (big If) I have to get a new vechicle!

 

[Jeff423]

I'm thinking that if you need 96 month car loan you probably can't afford the car. Especially considering taxes and insurance.

 

[Smoke]

17 YO Chevy Malibu. We paid $1300 and another $1000 putting a new engine in it. 189K on the odometer I think 15K on the new engine.

 

[Kinman]

I like Dave Ramsey. But his saying of “live like no one else so later you can live like no one else” never made a lick of sense to me.

Not a student of Dave Ramsey but my wife and I did something similar, when all of our friends were moving up into houses costing over $100K we stayed in our $75K house and paid off the mortgage, then invested the money that went into the mortgage instead of spending it. While we were doing that others were borrowing against their already inflated mortgage, buying new cars, RV's, boats, etc. We paid cash for extras, I drove beaters that I could maintain until well into the 90's when I got my first new vehicle, paying cash. We have lived debt free for decades and now live like very few if any of the people we knew back then. Keeping your health is very important, that can also be part of your lifestyle and the results can be significant.

 

[DWalt]

Ramsey’s statement makes perfect sense to me. It just means you should not mortgage your future for the things you want today. I have always lived below my means, and without ever incurring debt. Had I not, the ghost of my father would have risen from the grave. His philosophy of life was if you can’t pay cash for all the things you want, you don’t need them. Which is pretty much what Ramsay said.

 

[mtgianni]

I had to replace an transmission on one of the cars my teens drive and then had to replace my truck. I got a loan for 42 months for $630 a month for $37 K. I have been paying $1500 a month to get it down. When I am paid off I will go back to putting $350 a month into the car accounts.

 

[Rat458]

Was getting close to retirement so wanted a small pickup to replace my wife's car.
Hated to get rid of the BMW but once they reach a certain age/mileage they get Very expensive to keep.
And unreliable.
And my wife wanted to do some road tripping.
As been noted a simple compact 2 door pickup is not available anymore.
We have a small camping trailer so needed the option to be able to tow it.
When it was all said and done wound up with a Mazda CX 30 and a 1992 F250.
So now we have a reliable car and I can work on the pickup myself.
Come to the conclusion that the dealers dont sell what you want,they offer you what they Want to sell you.

 

[03hemi]

I like Dave Ramsey. But his saying of “live like no one else so later you can live like no one else” never made a lick of sense to me.

That could be why you're still a broke Richard and not a multi millionaire? lol
Of course, I'm just kidding you, I have no idea what you're worth, so don't take it personally.

 

[03hemi]

The thought is to live responsibly and frugal now like nobody else does…. So that later when u have cash and no debt you can live in abundance like nobody can/does. It’s about setting yourself up. I personally can appreciate his methodology but he’s a little to extreme and over the top at times. If your working hard and living right it’s ok to reward yourself once in awhile

The idea is to be debt free, always pay yourself first (investment portfolio) and have an emergency fund of $10k or more.

 

[03hemi]

Not a student of Dave Ramsey but my wife and I did something similar, when all of our friends were moving up into houses costing over $100K we stayed in our $75K house and paid off the mortgage, then invested the money that went into the mortgage instead of spending it. While we were doing that others were borrowing against their already inflated mortgage, buying new cars, RV's, boats, etc. We paid cash for extras, I drove beaters that I could maintain until well into the 90's when I got my first new vehicle, paying cash. We have lived debt free for decades and now live like very few if any of the people we knew back then. Keeping your health is very important, that can also be part of your lifestyle and the results can be significant.

Good old fashioned "grandma common sense" based on biblical principals is exactly what it's all about.
Always live below your means
Have a budget
Always pay yourself first
Get debt free

 

[glenwolde]

Those numbers are meaningless unless you include your rate of pay at that time. Then things will be brought into perspective.

That $94.57 is $544.79 in today's dollars...

 

[glenwolde]

I think Dave Ramsey's methods are mostly common sense, or at least should be. I think for people that weren't taught these things at an early age he can be helpful. Spendthrifts tend to raise spendthrifts so for those that need some guidance he generates a lot of free material.

There's a lot of financial advice out there that's harmful. He's not.

 

[ladder13]

We followed Dave’s advice for many years, now is the time to reap the rewards.

 

[CAJUNLAWYER]

My concern over the huge debt the average American is carrying is the bubble being created by the bankers eager to provide these loans and the Fed generating the cash flow so bankers need to make questionable loans.

Bubbles are bad for everyone. As Yogi Berra once said, "It's like deja vu, all over again."

Well, I'm waiting on it. Made a pot full of money during the last one doing consumer bankruptcies and workouts

 

[Mike SC Hunter]

I bought what I hope is the last vehicle I ever have to buy a few years ago, a new ‘18 Ram 3500 SLT CCSB SRW 4x4 that had been on the lot for close to a year. Only options were the 6.7L HO CTD/ Aisin transmission and foglamps ($50K). No sunroof, leather, power seats, etc. Still pretty nice compared to what used to be a “stripper” so I’m happy. I really don’t need or want all those options anyway, too much to go wrong (let alone what they add to MSRP).

It gets me around in the winter and will tow my travel trailer with ease. Funny thing, I paid it off a year early and my credit score dropped ten points.

Most importantly, no credit card debt. I’d rather do without...

Who cares about credit score????? When you have no debt?

 

[03hemi]

I think Dave Ramsey's methods are mostly common sense, or at least should be. I think for people that weren't taught these things at an early age he can be helpful. Spendthrifts tend to raise spendthrifts so for those that need some guidance he generates a lot of free material.

There's a lot of financial advice out there that's harmful. He's not.

Bingo, my father made great money but blew every penny and died a broke man, my wife's father saved every cent he made but died a broke man because he didn't understand investing diversively, so we received zero fiduciary growth advice, Dave was the man that thought us that. We, on the other hand have educated our 3 now grown children from an early age on this and they're already investing their money, paying themselves first.

 

[Mike SC Hunter]

We followed Dave’s advice for many years, now is the time to reap the rewards.

We were doing our own version. When Davy was still in diapers.....He has nothing new......Common sense trumps all..........

 

[CAJUNLAWYER]

When I was starting out I thought a 36 mo. car payment was too long. Now loans are for 68-96 months. GOOD GRIEF!!!! What is the matter with people?
I can remember when cash would get a cheaper price but now it seems the majority don't care about how much or how long the payments so now I understand why cash is not king anymore.
About a year ago I decided I wanted a new and bigger tractor. The new tractor was 60 HP at about 60 thousand with a 60 mo. payment plan and no interest. They would knock of $1600 for cash.
I left my money in the bank drawing interest and my 45 HP tractor with 1800 hrs. is doing a super good job. Larry

They don't want you to pay cash any more. They make the back end bucks on the financing. Duh