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In the last year I put 20,000+ miles on my 2006 Ford Ranger.
Other than oil, filter etc.
I spent <$100 on replacing the thermostat that I didn't feel like doing myself!
That's it and FAR more the norm that the fiction I quoted.
A Ford Ranger is a very simple vehicle with a 3.0 OHV, it doesnt have all the modern crap of DI engines with High Pressure Fuel Pump, Turbo's and CVT or DCT transmissions that have been giving people all sorts of trouble.
I actually think this is good advice nowadays when job security and pensions have gone the way of the giant auk.
But as you get older and hopefully richer the money vs. time equation shifts.
After driving a 1998 Toyota Camry for almost 18 years with no major repairs except the last one ($500 radiator) I got me a gorgeous Lexus RC 350 F-Sport for $50k in cash.
buying used sometimes makes no sense... in my case I bought a brand new 2017 about 18 months ago. The 2016 is a pre refresh design and most of them with 20k miles on the odo were asking ridiculous prices. For my brand new one I got factory cash, rebate for financing, financing with 0% for 60 mos. and in the exact trim, specs I wanted etc. for just a bit more than the old used cars that the private sellers and dealers were asking. And the old cars were much lesser equipped. Very happy with my decision NOT to buy used.
In my opinion, if I opted to buy used I need to get a KILLER deal, otherwise no way I am going to buy a used car.
As for Dave Ramsey philosophy... I do agree that a new car is a luxury indulgence, however, the $1 mil benchmark is ridiculous I think. As long as you are on a good path financially, most important - no debt and you are achieving your other savings goals it's fine.
If anyone is on the edge of not having a car at all, I recommend it. No matter how large/small you spend on the damn thing...you could just invest that much more.
buying used sometimes makes no sense... in my case I bought a brand new 2017 about 18 months ago. The 2016 is a pre refresh design and most of them with 20k miles on the odo were asking ridiculous prices. For my brand new one I got factory cash, rebate for financing, financing with 0% for 60 mos. and in the exact trim, specs I wanted etc. for just a bit more than the old used cars that the private sellers and dealers were asking. And the old cars were much lesser equipped. Very happy with my decision NOT to buy used.
In my opinion, if I opted to buy used I need to get a KILLER deal, otherwise no way I am going to buy a used car.
As for Dave Ramsey philosophy... I do agree that a new car is a luxury indulgence, however, the $1 mil benchmark is ridiculous I think. As long as you are on a good path financially, most important - no debt and you are achieving your other savings goals it's fine.
You can find plenty of used cars for much less than new. Take, for example a Toyota Camry. When comparing one that is 3 years old with 20k to 25k miles and accounting for the typical discounts achieved with both new and used (typical negotiating), the actual selling prices run about 40 percent less. The 3 year old Toyota will often come with a certified warranty (if purchased from a Toyota dealership), for those concerned about having that protection.
My cars are 8 years old and going strong... Never rotated tires, oil change every 10k miles, and the only thing I did was change air filters, 100k hankook tires, and window wipers... These were cheap cars so I have a who cares attitude with maintenance... State minimum on insurance of 400 per year.... The cars will probably last me another ten years...
Dave is trying to change the way people think about money, so he makes extreme statements like this to get the wheels turning.
Money young people, often with negative net worth, buy new cars because they "can afford the payment". I think we would all do better to approach car purchases from a net worth perspective instead of cash flow.
Car purchases nearly always end up resulting in a hit to net worth, each of us get to decide how big a hit we want to take.
buying used sometimes makes no sense... in my case I bought a brand new 2017 about 18 months ago. The 2016 is a pre refresh design and most of them with 20k miles on the odo were asking ridiculous prices. For my brand new one I got factory cash, rebate for financing, financing with 0% for 60 mos. and in the exact trim, specs I wanted etc. for just a bit more than the old used cars that the private sellers and dealers were asking. And the old cars were much lesser equipped. Very happy with my decision NOT to buy used.
In my opinion, if I opted to buy used I need to get a KILLER deal, otherwise no way I am going to buy a used car.
I think it only looked like a killer deal because you were only comparing 2017s and 2016s.
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