Are You Just Car Obsessed?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 4 February 2024

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today.
0:06.3	Next up, we've got Marshall in Oklahoma City. Marshall, what's going on?
0:11.3	Hey, George. Hey, John. I'm excited to join the show. I had a question about just one of the things that I'm going through right now.
0:20.4	Before this, I was paid off on all the
0:22.5	consumer debt that we had, student loans, cars, bought a house, everything was great, didn't
0:28.1	really know the Ramsey show, that much heard about it. We bought her new car in cash, and then
0:34.9	my car, I thought I got the deal of the century at 0% in 2022.
0:39.5	But as you know, it depreciates immediately, just like John points out, the alarm bells
0:44.8	sound now that I'm back in debt, didn't want to be back in debt.
0:48.6	Basically, we're about three months away from paying off the car.
0:53.2	So excited to say that.
0:55.7	But the real question is, do I wipe out the entire cash that we have and throw that out the car in three months when we're able to do that?
1:07.3	Or with it being a 0%, can we wait a few months so that way we build up that
1:12.6	cushion, so when we do wipe it out, we're already starting baby step three.
1:17.2	So what's left on the car loan?
1:20.0	The loan is 42, and we currently have about 36 in the bank.
1:27.4	42,000 or 4200? Correct. 42,000. and we currently have about 36 in the bank.
1:29.7	42,000 or 4200?
1:30.0	Correct.
1:31.6	42,000.
1:34.2	But you're going to earn 42,000 in three months to pay it off?
1:37.5	No, we'd have 36K in the bank.
	...

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