Our Car Payment Is $2,400 A Month And We're Under Water

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 24 June 2025

⏱️ 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.
0:06.7	So my wife and I, we have a question about these two car payments we have every month.
0:14.1	One is a Tesla, one's a truck. We owe $55,000 on the Tesla bus, $5,000 on the truck.
0:21.6	Eiff.
0:21.7	The payment is $800.
0:23.5	The Tesla payment is $1,600.
0:25.8	Oh, gosh.
0:27.7	How was that possible?
0:30.4	I don't know.
0:31.4	We bought it when the value of the car was high and the interest rates were low.
0:35.2	My guess is you're underwater by like $30,000 on this Tesla.
0:39.4	Yeah. And I say that as a Tesla driver. So, oh my goodness. Yeah. Okay, what are these cars currently
0:45.4	worth? Have you looked into that? The Tesla, I could get at high. I could get like $27,000. I got a dealer.
0:54.5	It would get me for it.
0:55.3	Oh, my gosh.
0:55.8	What about, like, private party value?
0:57.5	Because dealers are going to take you to the cleaners with their markup.
1:01.4	I've seen them for sale.
1:03.1	I'm seeing them for sale between, like, 30 and 35,000.
1:07.2	Okay.
1:07.4	Let's have some hope here and say 35 and you 055.
1:11.2	What about the truck?
	...

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