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The Ramsey Show Highlights

Should I Rent My Car Out on Turo?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 1 May 2023

⏱️ 7 minutes

🧾️ Download transcript

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.

0:11.0

Igor is with us in Kona, Hawaii.

0:12.9

Hey, Igor, how are you?

0:14.6

Good, good, Dave.

0:15.9

How are you doing today?

0:16.9

Great.

0:17.3

Iigor or Igor?

0:18.7

Igor.

0:19.3

Igor. I'm sorry. I messed up. I apologize. I hate to mess up somebody's name or nothing worse. How can I help, Igor?

0:24.9

Oh, yes. We're actually at a point we're trying to make a decision whether or not to update one of our cars, buy a new car, and put the other car as a rental here. As you know, tourism is a big thing here.

0:40.4

And at this point in time, we have, you know, no debt. We do have, you know, a good financial

0:48.9

situation. And we're looking to, you know, buy a house next year. So what we're trying to figure out is do we go and pay cash for this car and, you know,

1:00.2

put our other car as a rental and or do we just keep on piling away cash until we're ready to buy next year?

1:07.3

If we were to buy the car and be around $30,000. If we were to put the other car as a

1:14.3

rental, would be making about anywhere from about $1,500 to $2,000 a month, is our, you know, rough estimate.

1:22.4

And that's basically the decision we're trying to figure out and make. Another thing is, you know,

1:28.5

we have a baby that's coming later this year. So we're looking. Thank you. Thank you.

1:35.3

So we have about, you know, with taxes that we have to pay here shortly and, you know, some medical

1:42.0

expenses that we have coming up. We have about $40,000 worth of expenses coming up. And the next, I would say, you know, some medical expenses that we have coming up. We have about $40,000 worth

1:45.8

of expenses coming up in the next, I would say, you know, two to three months, which we have

1:50.0

cash to pay for. So, well, our tax, our taxes we're filing, we should be, uh, it should be

1:57.4

come in and we'll have to pay about 30,000, you know, between federal and state and whatnot.

...

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