My Leased Car Is Keeping Me Broke

The Ramsey Show Highlights

Ramsey Network

Investing, Education, Business, Self-improvement

4.5 • 838 Ratings

🗓️ 28 May 2026

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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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.
0:06.5	I am currently leasing a vehicle, and I am so excited to get done with it. My plan was to buy a
0:15.2	beater car once the lease is up, but I have another 11 months to go on it. I'm currently $5,000, $5,000
0:24.8	miles over already what I'm supposed to be. What are they digging you for that? What's the fee?
0:30.5	It's 25 cents a mile. So by the time I figured on average how much, yes, on average how much I drive, by the time I turn it in,
0:40.2	I'm looking at an extra $5,000, I would pay for the overage on the mileage.
0:45.8	So my question is, should I go ahead and buy a beater car right now?
0:49.5	I'm thinking in the range of $5,000 to $6,000 and go ahead and park my leased vehicle.
0:56.2	Go ahead and just let that ride out.
0:58.8	And then I'll have pretty much I'm allocating my money to spending it on a beater now
1:04.9	instead of giving it to a dealer at the end of the least.
1:08.1	Would that make sense?
1:10.0	That's a great question. Could you go buy the car outright? Yeah, what's the early
1:14.9	buying out amount? I could. It would be a little north of $40,000.
1:20.3	Goodness gracious. What are you driving? Right now it is worth 29. It is an EV, and so it's depreciated immensely.
1:31.5	Ouch.
1:32.7	So you'd have to pay 40 to get it, but then if you sold it, you're 11 grand underwater.
1:39.8	Correct.
1:40.3	Immediately.
1:40.6	Wait, they're charging you 25 cents a mile on an EV?
1:45.1	Yes. Wow. Wait, they're charging you 25 cents a mile on an EV? Yes.
1:46.8	Wow.
	...

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