Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Automotive
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-08-2019, 03:21 PM
 
Location: Podunk, IA
6,143 posts, read 5,180,518 times
Reputation: 7022

Advertisements

Quote:
Originally Posted by carrcollie View Post
Anyone who thinks cars are investments is so financially illiterate that Ramsey can't help them anyway.
A classic can most certainly be an investment.
Doesn't even have to be a classic. If you bought a Ford GT in the mid-2000s and stashed it, congratulations.

Regular car, not so much.
Reply With Quote Quick reply to this message

 
Old 12-08-2019, 03:26 PM
 
Location: North America
4,430 posts, read 2,671,524 times
Reputation: 19314
Quote:
Originally Posted by Vision67 View Post
This is a new rant by Dave Ramsey about people who spend too much on new cars.


https://www.youtube.com/watch?v=8VELqbHZ7Vk

I don't agree that driving an old pos is a good idea because it can be unsafe and too expensive to have it repaired by a professional mechanic. However, I do think that buying a moderately used car makes good sense. What do you think?
I wonder why people put any credence in the one-size-fits-all pontification of an entertainer. And, yes, that's exactly what Dave Ramsey - and everyone else seeking ratings to push ad revenue - is.
Reply With Quote Quick reply to this message
 
Old 12-08-2019, 04:32 PM
 
23,690 posts, read 9,271,855 times
Reputation: 8650
Quote:
Originally Posted by Vision67 View Post
This is a new rant by Dave Ramsey about people who spend too much on new cars.


https://www.youtube.com/watch?v=8VELqbHZ7Vk

I don't agree that driving an old pos is a good idea because it can be unsafe and too expensive to have it repaired by a professional mechanic. However, I do think that buying a moderately used car makes good sense. What do you think?
i totally agree with Dave Ramsey on this one.
Reply With Quote Quick reply to this message
 
Old 12-08-2019, 04:48 PM
 
Location: Caribou, Me.
6,928 posts, read 5,862,917 times
Reputation: 5251
I have had tenants (mostly young) who buy relatively expensive cars. And then can't/won't pay the rent.
He's spot on.
Reply With Quote Quick reply to this message
 
Old 12-08-2019, 04:57 PM
 
Location: southern california
61,289 posts, read 87,139,375 times
Reputation: 55550
It’s not a rant didn’t you get any math in college? Look at the depreciation on a new car
Reply With Quote Quick reply to this message
 
Old 12-08-2019, 06:08 PM
 
855 posts, read 851,067 times
Reputation: 2176
The man does have a point when you consider how many people have taken out 72 month loans and are stuck in a never ending cycle of rolling old car debt into new. His advice is basic common sense but it needs to be filtered and applied to each person's circumstance. Take it as a reality check and not something to be followed literally. He's also not addressing people that are car enthusiasts or this is their hobby. He's talking about the average person that just needs transport from point A to B. Also if you already have your retirement squared away and children's college paid for, he is not talking to you.
Reply With Quote Quick reply to this message
 
Old 12-08-2019, 06:16 PM
 
33,387 posts, read 34,659,590 times
Reputation: 20028
i think some of you are missing the point here. a car is an investment, in transportation. you can make money on some cars, if you know the markets, and buy them at low prices and sell them at high prices.


however if you buy a car with the idea of a positive return on your investment, then you are deluded.



never look at a car as a financial tool, only as transportation.
Reply With Quote Quick reply to this message
 
Old 12-08-2019, 06:32 PM
 
Location: Caribou, Me.
6,928 posts, read 5,862,917 times
Reputation: 5251
Quote:
Originally Posted by Cuero View Post
The man does have a point when you consider how many people have taken out 72 month loans and are stuck in a never ending cycle of rolling old car debt into new. His advice is basic common sense but it needs to be filtered and applied to each person's circumstance. Take it as a reality check and not something to be followed literally. He's also not addressing people that are car enthusiasts or this is their hobby. He's talking about the average person that just needs transport from point A to B. Also if you already have your retirement squared away and children's college paid for, he is not talking to you.
That's what amazed me to recently read: yes, we all know that auto loan debt is higher than ever. But the average loan is now over SIX years! I came up in a time when four years was considered pretty long. Something has really changed......not for the better.
Reply With Quote Quick reply to this message
 
Old 12-08-2019, 07:06 PM
 
8,272 posts, read 10,887,938 times
Reputation: 8909
Quote:
Originally Posted by eaton53 View Post
It's not just poor people that get in trouble buying cars.

When I was young, I didn't have money and drove cheap cars.
Now that I'm older and have more money, I drive nicer cars.

It really is that simple.
Yes, but so many younger people just don't get it.

THEY do buy new cars new trucks that they cannot afford. And don't forget that new $1,000 iPhone !

Quote:
Originally Posted by maineguy8888 View Post
I have had tenants (mostly young) who buy relatively expensive cars. And then can't/won't pay the rent.
He's spot on.
Missed rental payment. Late rental payments. Partial rental payments.

But new car in driveway.
Reply With Quote Quick reply to this message
 
Old 12-08-2019, 08:33 PM
 
Location: Texas
13,480 posts, read 8,302,856 times
Reputation: 25947
Quote:
Originally Posted by maineguy8888 View Post
I have had tenants (mostly young) who buy relatively expensive cars. And then can't/won't pay the rent.
He's spot on.
They probably buy these cool cars to impress their girlfriend or prospective romantic partners. With young men they often feel driving an expensive, sporty car will help them get laid. Not trying to be funny here, either. Rather than being impressed, this was often a red flag to me that the man was financially irresponsible. I did not want to date or marry his debt.

Almost everyone I know with car payments for a new car or truck also has debt and financial problems. But driving a nice vehicle is tied in with their ego and who they are.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Automotive

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top