“Did You Just Say You Wanted To Buy a Brand New Truck?”

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 7 January 2025

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought you by Y-ReFi. Refinance your defaulted private student loans today at Y-refi.com slash Ramsey.
0:10.1	Well, I ran into a recent situation. Let me just get into it. But basically, I've driven a 2018 for F-150 for about seven years.
0:20.3	We ran into an engine issue to where the second
0:23.0	cylinder within the engine busted. After taking it to two mechanics, I got the same verdict
0:28.6	that it's going to cost about $15,000. It's going to require a whole brand new engine replacement.
0:34.1	And so just considering my options, these two top things have been entering my mind.
0:38.5	Either one, I paid a $15,000 to go ahead and get the engine replaced.
0:43.9	This is an F-150, that has about 127,000 miles on it, or I can go toward getting a new vehicle.
0:51.7	And the one that I'm currently, let me,
0:55.0	maybe I have a lot of numbers that I've just been working through,
0:57.9	but let me just give some details,
0:59.3	but it's the exact same vehicle, exact same model.
1:02.3	The only difference is it's a brand new year.
1:05.3	Considering the down payment that I would make
1:07.5	and the vehicle trade in value that I got from a dealership
1:10.3	comes out to about $25,000 going in.
1:14.2	The vehicle price, as it is quoted at, is about $40,000,
1:19.0	and the current APR rate is 1.9% over 60 months.
1:23.5	So ballpark that's $15,000.
1:25.3	You want to go buy a brand new truck?
1:27.0	Is that what you said? Yeah. I want to go buy a brand new truck? Is that what you said?
1:28.7	Yeah.
	...

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