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He says to sell your $40k car that you can't afford and buy something that you can pay cash for and eliminate the debt. Do some of you actually listen to his show?
Yup. I've heard him say to sell your UNAFFORDABLE debt purchased current vehicle you're making payments on and buy one with cash. IMO the amount is inconsequential. It's all about terminating debt. If you make $9 a hour and you have a $8000 car payment is no different than making $27 a hour and owing $24000 on a car.
DR advice is great for people who want to get out of debt.
And buy my books, tapes, games, etc etc. or did you forget that? He does want the callers to buy that stuff doesn't he? So, are you a fan of those other snake oil salesman?
Not really.. Because when you factor in depreciation, who CAN afford a new car? It's never been any big secret that cars depreciate, has it? Can YOU afford to lose money? I personally try to avoid that, but that's just me.
The claim that you have to make $500,000 per year to afford a new car is so far past absurd, it's into absurdly stupid territory.
Don't be so sure. The window stickers can easily be reprinted. Nothing is beyond consideration when dealing with car dealers.
Quote:
Originally Posted by Marc Paolella
Absolutely, and I am using 14 gauge tin. Considering an upgrade to 16. Completely justified at the car dealership.
You do know that that would be a violation of federal law. You have to display the Monroney Sticker and you can't change it. I've never seen a new car dealership that didn't leave them til the sale. Technically the customer is supposed to remove it but most dealers take them off when they detail the new car for sale.
Quote:
Originally Posted by Marc Paolella
So I guess you have 1/4 to 1/3 of a brain? He never advocates selling a $4,000 car for a $1,000 car. I have NEVER heard him say anything close to that in 10 years of listening. He advocates getting rid of a FINANCED $15,000 car, if possible, in favor of a debtless $4,000 or $5,000 car. The idea is to get people out of debt. Not only car debt, but especially credit card debt. His advice is rational, sound, and good. [/i].
Even then, he only tells people to sell their $15K car if its drowning them, or to stave off a crisis situation (out of money, need to pay rent, etc.) I've never heard him tell someone to sell a car that they owed on if they were making enough money and the car wasn't a crazy portion of their income/networth. He usually tells people to sell the car when they make $50K/year and financed a $40K car and don't have the funds to run their household.
Quote:
Originally Posted by louie0406
I see it like this, if you need another man to tell you how to keep your finances in order and to control or eliminate you're debt, then you're not too bright to begin with.
FYI- I'm speaking in general. My post wasn't towards you. ��
I had a banker friend once tell me, "Never loan money to a doctor to do anything except be a doctor." His point was, that in some ways some of them weren't all that different than Professional athletes; they had a very specialized skill set that enabled them to earn lots of money. It didn't enable them to handle the money well, per se, and it isn't uncommon that a lot of people don't handle money well, or need to learn to handle it well. You would think so, but lots of people haven't been taught much on the subject. In many families the subject of money is taboo, and direct questions by kids are often answered in vagaries.
Anecdotally, most of the people I have talked to about money are idiots, from one lady making $28k per year who filed bankruptcy but reaffirmed the mortgage on her $36k car to a youngish (but old enough to know better) friend of mine who is paying $75 a week for a washer, dryer, and PS4 from RentaCenter but can't figure out why he's always broke. Of course, when I trey to gently give them advice, I have no idea what I'm talking about - even though I've managed to save enough outside of my retirement fund that I'd be perfectly fine for 2+ years if I lost my job tomorrow and they consistently ask how I managed it.
I have never bought a new car in my life. Unless you regularly make over $500,000 a year you cant afford it.
if you really need it, buy a used on, spray it with a can of new car spray and throw $10,000 in cash down nearest sewer.
Cause that new car smell costs $10,000 as soon as it hits the curb
Have you seen 1-2 year old used car prices. In many cases you would end up saving money buying brand new (especially with new car incentives figured it)
Some people are too caught up with $ and the depreciation of a car. I personally lease a brand new car every 3yrs because I enjoy cars and like to have the latest safety and tech features. Not to mention I enjoy the peace of mind that comes with having a new car that is covered under warranty.
I see a vehicle as I do a utility bill. I don't mind low payments every month that provide me reliable service. I pay a cell phone bill every month for reliable service. I pay a cable bill every month because I enjoy watching what I want when I want. I pay an electric bill every month just like everyone else here does unless you're Amish! Etc.. I take 2-3 vacations a year because I enjoy doing so. There's no investment in a vacation other than rewarding yourself with fun and relaxation. This entire notion that buying a brand new car is a huge mistake just because it depreciates is crazy. Almost everything you buy in life depreciates.
Some people are too caught up with $ and the depreciation of a car. I personally lease a brand new car every 3yrs because I enjoy cars and like to have the latest safety and tech features. Not to mention I enjoy the peace of mind that comes with having a new car that is covered under warranty.
I see a vehicle as I do a utility bill. I don't mind low payments every month that provide me reliable service. I pay a cell phone bill every month for reliable service. I pay a cable bill every month because I enjoy watching what I want when I want. I pay an electric bill every month just like everyone else here does unless you're Amish! Etc.. I take 2-3 vacations a year because I enjoy doing so. There's no investment in a vacation other than rewarding yourself with fun and relaxation. This entire notion that buying a brand new car is a huge mistake just because it depreciates is crazy. Almost everything you buy in life depreciates.
Oh, I'm sorry, did you make a rational and logical post in this thread? Get out, your kind isn't needed here.
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