Keeping a Car Payment Will Keep You Middle Class

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 6 June 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, George Kamel & Jade Warshaw. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Ramsey Call of the Day, part of the Ramsey Network.
0:10.8	Jane starts this hour in Chicago.
0:13.7	Hi, Jane.
0:14.2	How are you?
0:15.2	Hi, Dave.
0:16.3	How are you guys?
0:17.3	Better than we deserve.
0:18.6	What's up?
0:19.5	So I'm trying to get some advice on whether or not i should
0:23.6	buy another used car or buy a new car um i have a 2012 Hyundai sonata now i've already paid
0:32.0	four thousand dollars in repairs and the car is still not fixed is It's overheating. I've been kind of getting
0:38.5	the run around with mechanics, and I just don't want to keep empty money into the car. I got it
0:44.3	from my auction, so it's a salvaged title. There's that. I don't know if that makes the difference.
0:49.3	I have about $90,000 between a CD, which doesn't mature until April of next year, I have a loft.
0:59.1	And probably about $60,000 that's liquid.
1:04.2	So I was just going to buy like a Toyota Camry for $30,000.
1:09.7	But I didn't know if it was smart to buy a cash, I mean buy a car
1:13.7	cash or what to do.
1:16.3	That is the only smart thing to do when it comes to cars. So do you have any debt whatsoever?
1:22.3	No, I have no debt. Well, I have a mortgage. Okay. And then what's your income?
1:27.2	After taxes, $40,000. I would not buy a $30,000 car if I made $40. That's just too much of your world tied up in that depreciating asset. Is there something in between we could get, like a $15,000 car and we sell off the Santa Fe for what we can get for it? Yeah, I could.
1:45.2	I just, I didn't know how I was alive.
	...

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