Gotta love Dave!
No mention of his last name but this has to be Dave Ramsey.
There ain't much of this left in America these days...
At least you didn’t post him giving investment advice ...
DAVE RAMSEY SAY : “Put everything in diversified (di-worse-ified) growth stock mutual funds and never buy real asetts like gold or silver , if you have any SELL IT”
When is he going to figure out that there is no growth in this economy and that his numbers (average 8-12% a YEAR!) are a joke... he needs to hire a REALIST for his investing advice ... NOT EVEN DAVE RAMSEY takes his own investment advice , he buys REAL ASETTS , real estate ...
You’ve got an absurd amount of money wrapped up in those cars.
Don’t get me wrong. I have one car payment on a $10,000 loan, but you don’t get a lot of car (even used) for that kind of money. And $90k was ok money where I lived in Seattle. Here in central KY it makes you one of the “rich”.
Trouble with those two little paid-for beaters is that they require repairs at random intervals, that can be expensive. Sometimes you can ignore those repairs (most people don't care about suspension repairs unless the car is unable to move), but dead alternators, transmissions, transaxle shafts, blown heater cores (very expensive to fix), tires, etc, can be expensive and random. At least with a payment, you have a set amount every month that you're paying, a known quantity, so that you don't have to come up $1,500 out of your pocket on a Tuesday afternoon.
That said, $24k apiece for their cars is a lot, IMHO.
Good advice on the cars. I have never financed a car. I just bought a 2006 Toyota Camry with only 80,000 miles on it for $7800.
I understand Dave’s point about the cars.
But he neglects to mention that most people are underwater in their cars the minute they drive off the lot.
You can’t exactly short-sale a car like you can sometimes do a house.
If the couple is already in financial trouble, where are they going to get the money to make up the difference in the loans to unload the cars?
I make $90,000 a year, but we have $80,000 in consumer debt.
That’s insane he must be a democrat,he needs to learn how to save money not spend it all.
Relevant story via drudge today:
“New Cars Increasingly Out of Reach for Many Americans”
http://finance.yahoo.com/news/cars-increasingly-reach-many-americans-145957880.html
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