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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.
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.
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?
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.
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.
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.
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.
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