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re: Need advice on whether to sell car to pay off some bills
Posted on 8/10/13 at 10:07 pm to foshizzle
Posted on 8/10/13 at 10:07 pm to foshizzle
1-Sell the car
2-Pay off you CC's
3-Take the 2K and buy a beater
4-Save, save, save till you can move up in car and pay cash for it.
That's what Dave Ramsey would do
2-Pay off you CC's
3-Take the 2K and buy a beater
4-Save, save, save till you can move up in car and pay cash for it.
That's what Dave Ramsey would do
1
Posted on 8/10/13 at 11:13 pm to Double Oh
quote:
That's what Dave Ramsey would do
Probably. But this is one area where DR is wrong.
The problem with cars isn't usually the loan. Auto loan rates are normally fairly low. If you go to Penfed, for example, their loan rates are below the rate of inflation, which is better than paying cash up front.
The problem with cars is that they depreciate so quickly, especially new vehicles. If you buy something worth $30K new that is only worth $24K next year, that's your problem right there. You can get full value out of it but only if you really take care of it and drive it for 20+ years, and most people don't bother since they are too eager to get the latest model.
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