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The Ramsey Show Highlights

I Owe $65,000 on a Broken-Down Audi!

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 10 June 2024

⏱️ 9 minutes

🧾️ Download transcript

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. So I'm in a little dilemma

0:08.1

that I've almost been dealing with for almost a year with my vehicle. Okay. After I'm intending to make

0:14.8

a repair, I started having the same issue. Now I need a new engine. I still owe about $65,000 on this vehicle

0:24.2

that I've only had for a year and a half.

0:26.6

Ooh, $65,000? What kind of vehicle is it? It's $65,000. And it's the Audi Q8, 2019.

0:35.6

I did buy it used.

0:39.6

So it was a bad decision.

0:43.4

I know now, but I do not know what to do.

0:51.1

Um, on top of that, I do have been loaned up about $32,000 and about $2,000 in credit card debt.

0:51.9

So I'm looking at around $100,000 that I made it.

0:55.5

So my question is, I don't know what to do with this vehicle.

1:00.4

The warranty company only wants to cover about $7,000 for a total repair that cost $20,000,

1:06.8

so I would have to come out of pocket.

1:09.8

I don't know if I should get rid of this vehicle. I don't know how

1:13.0

much they would give me for the vehicle, the dealership. They haven't given any of that answer yet, but I

1:19.3

wouldn't give it to the dealership. What's it worth? If you don't repair it, what's it worth if you were to sell it?

1:26.9

Now it doesn't have an engine, right?

1:28.5

I would have to get a new engine.

1:29.7

So I'm thinking around $30,000.

1:33.5

I honestly don't know.

1:35.2

And it's going to cost 7,000 out of your pocket, you said, to get it fixed?

1:40.0

No, the warranty company is willing to give me 7,000.

...

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