I Bought a 0,000 Car Making 3/Hour (Ramsey Approved?)

I Bought a $30,000 Car Making $13/Hour (Ramsey Approved?)

Let’s go to zach in cincinnati ohio zach what’s going on uh um not much man just uh working on living the dream i guess there we go so what’s up man how can we help so a few months back uh i bought a thirty thousand dollar car um basically just because i needed something that was good for the winter i had a real wheel drive sports car so i bought a four-wheel drive

2017 jeep uh 29 000 in debt i work full time and make about 13 an hour i’m a full-time student but my school was paid for um so my mom kind of said hey let’s buy this car and then you can just use the ramsey pen to pay it off but after watching more of the content on youtube uh yeah that’s not the ranking plan yeah we are not fans just like we should clear this

Up for everybody parents included we are not for you buying a car and then using the debt snowball to get out of it it’s not a it’s not a one-two punch it’s kind of hey you know what high-five your mom well played on her part yeah nice move mom yeah so what’s your question i guess my question is i looked up the kelly blue book value uh it’s like between 25 and

27 i owe 28 currently should i at this point just sell pay down to the value and then sell the car or because i can do that at the moment um or should i just try to take this that snowball approach to it give us the numbers when you say you can pay something on it what’s that number so i can put probably about twenty eight hundred dollars on it this month to

Get me down into the range of the kelley blue book value uh i make sixteen hundred dollars a month roughly i could make more and work more and get another job over the summer to help pay the car off yeah um but like just off of what i’m going off of now i make about 1600 a month i have 500 car payment yeah well so it’s kind of a both hand so here’s what i want

You to do uh you you need to uh put the 2800 on it uh but you need to be working extra hours you can do that now you’re a young guy just go go go go let’s pay more of this down uh so that when you sell it you’ve got something you you’ve got something to play with so you can buy a car that’s you know four or five thousand dollar car that’ll easily take care of

You yeah and and zach i’d i’d even go one step further i would see if you could list this thing tomorrow and see what you can get for it and if you can end up um i don’t mind you taking out a small loan to pay the gap off and taking that 200 bucks and going to buy yourself a car with cash a beater car and then working really hard to get that small loan paid off

Because you’re going to go from i know it sounds weird for somebody on dave ramsey tell you take it alone but you’re going to go from owing what 25 000 on a depreciating asset to owing let’s say you get 26 for it there’s a sucker somewhere and you’re gonna owe that two thousand dollars you’re gonna take that 2800 you’re gonna pay that two thousand dollar gap and

Then you’re gonna save up a little bit of money and then buy yourself a car that’s gonna get you to and fro you got no business man being in a twenty five thousand dollar car making yeah um 1600 the only thing i’d say is if you do john’s plan you got to have a car or you’re going to have to plan to somebody you’re borrowing a car so you if you need transportation

Uh there’s a couple ways to get this thing knocked out but knock it out very very quickly this is not something i want to take my time with this is let’s let’s knock it out quickly get yourself a much cheaper car and start building back yeah i had i had five thousand dollars saved up on it and truth be told i thought it was a bad idea but i seen the jeep and then

Got kind of like hey listen don’t beat yourself up we’ve all had that happen at some point in our lives where you know the car looks really shiny and it starts to whisper pie me by me hey man you know and and if you get out of life with a your stupid taxes four dollars three dollars a year come on man decision tax is three four thousand bucks man you’ve won our

Dave talks about his his stupid taxes had multiple commas in it so you’re good man you’re good learn this lesson now as a young man and then move on man you’re never gonna do this again and you’ve got a bright future ahead of you

Transcribed from video
I Bought a $30,000 Car Making $13/Hour (Ramsey Approved?) By The Ramsey Show – Highlights