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Marwin Gonzalez

versatility 5 for 5 contract third base defense
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#61 snepp

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Posted 06 May 2019 - 08:37 PM

 

That's probably great advice for those born with a silver spoon.
How does he propose common folk get to work and back with no car for 5 to 7 years while they save for a cash purchase?

Not everyone has access to reliable public transportation. And not everyone can make public transportation work for their jobs even if they do have access.

This is honestly the most preposterous "advice" I've ever heard, there is a reason that nobody but the 1% do it this way.

 

You don't need a silver spoon to buy a beater that'll move you from point A to B and back again.

 

What's preposterous is painting it as though you need to save for years to buy a vehicle with cash.

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#62 Mr. Brooks

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Posted 06 May 2019 - 08:51 PM

You don't need a silver spoon to buy a beater that'll move you from point A to B and back again.

What's preposterous is painting it as though you need to save for years to buy a vehicle with cash.

If you are only saving the amount of the payment, it's going to take years to save enough to buy that same car.

For many people, a beater car isn't a realistic option.
Some people have to present a certain level of appearance for their job, some people have to commute many miles. Some are responsible for transporting children or elderly, etc.
Not everyone is mechanically inclined. Beaters are in constant need of repair and maintenance, that's why they are cheap. If you can't competently do it yourself, you're paying more than a car payment to keep it running. They also get awful gas mileage.

Honestly, if this is such a brilliant idea, why does almost nobody do it?

Edited by Mr. Brooks, 06 May 2019 - 08:52 PM.


#63 Riverbrian

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Posted 07 May 2019 - 06:37 AM

 

If you are only saving the amount of the payment, it's going to take years to save enough to buy that same car.

For many people, a beater car isn't a realistic option.
Some people have to present a certain level of appearance for their job, some people have to commute many miles. Some are responsible for transporting children or elderly, etc.
Not everyone is mechanically inclined. Beaters are in constant need of repair and maintenance, that's why they are cheap. If you can't competently do it yourself, you're paying more than a car payment to keep it running. They also get awful gas mileage.

Honestly, if this is such a brilliant idea, why does almost nobody do it?

 

I can't speak for Dave Ramsey. It was just a comment he made and that's where I must stop at the water's edge because I'm no expert in finances.

 

The reason most people don't do it is because of the reasons you list. We spend our lives managing our debt until we finally get smarter and start saving for retirement.

 

But Snepp is right... get a beater for a year. Start paying yourself the car payment and move up in value unti you got that dream Dodge Dart like I have. It's best to do it when you are young before the student loans and the everything else that make it hard. 

 

Now back on the subject... All the excuses you listed for why Dave Ramsey is all wet are valid excuses but it doesn't make Dave Ramsey wrong. 

 

Just like all the reasons posters have been firing back at me on depth and flexibility. Gotta have bench players, only rare athletes can play multiple positions, there isn't that many good players.

 

Sometimes you get trapped into a system and you can't get out of it, like the car payment.  

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#64 Brock Beauchamp

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Posted 07 May 2019 - 09:33 AM

I think "no car payment" is a bridge too far and unreasonable for most people but Americans spend waaayyyyy too much on cars and take loan terms that are far too long.

 

The average loan term has increased to around 65 months. That's five and a half years.

 

Most financial experts I've read say that if you can't pay off a car in three years, you're buying too much car and need to scale back.

 

The interest paid on a 5+ year loan is so much more than a three year loan and you're paying it into a product that depreciates enormously year over year.

 

Long-term car payments are one of the worst ways a person can spend their money and Americans do it in massive numbers.


#65 redstorm

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Posted 07 May 2019 - 09:37 AM

I arrived late to the Marwin thread, so I went to the most current page and... :confused:

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#66 diehardtwinsfan

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Posted 07 May 2019 - 05:35 PM

 

I think "no car payment" is a bridge too far and unreasonable for most people but Americans spend waaayyyyy too much on cars and take loan terms that are far too long.

 

The average loan term has increased to around 65 months. That's five and a half years.

 

Most financial experts I've read say that if you can't pay off a car in three years, you're buying too much car and need to scale back.

 

The interest paid on a 5+ year loan is so much more than a three year loan and you're paying it into a product that depreciates enormously year over year.

 

Long-term car payments are one of the worst ways a person can spend their money and Americans do it in massive numbers.

 

the worst one is leasing it...

 

Got to say I didn't see this conversation coming. 

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#67 Mr. Brooks

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Posted 07 May 2019 - 06:22 PM

the worst one is leasing it...

Got to say I didn't see this conversation coming.


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