I Know I Need To Sell My Car But I Dont Want To!

I Know I Need To Sell My Car But I Don’t Want To!

John’s in virginia hey john welcome to the dave ramsey show you very much merry christmas merry christmas to you how can i help ah i am 61 years old and my wife is 16 she’s retired on disability i’m still working our household income is are my faller $100,000 plus her social security which is about $45,000 in per year and i’ve just got a small credit card bill

On work on paying off it’s only $2,000 or janet paid off about a month or two um we own two homes they’re worth about 900,000 combined our mortgages 200,000 we all got 200,000 mortgage on one the other ones paid off all right how come a day uh the problem i have is i’ve got too many toys i’ve got three kabak we’ve got three cars and i can jetski and i’ve got you

Cannot just you know i’m wondering uh if i should go ahead and pay off the could sell a couple of cars just accept the fact that i lost money on them you know i’m not gonna get back what i put into them and just move on so i can’t get psychologically past the thought that i you know i bought this car for ten thousand two and a half years ago when i can only sell for

Five well that’s what i was horrible for the paid off – that’s what they all do right it is just i just i just you know i have a the problem i had was i i like cars my every couple years i buy an old one or buy one item and pour money into the repairs may end up having to pay the credit card off and then you know i’ll spend like ten thousand for one and i’ll end up

Fixing you know doing some repair work in up to 13 and then three years later like i don’t need this car but i can’t get past a psychological aspect of both i sell it seven i’ve lost $6,000 yeah you know i guess well i think i think the thing is you’ve got to decide what you’re buying a car for in the future in the past is over okay the decisions already been made

You bought a car it went down in value selling it selling it just means you admit it uh-huh it’s already already lost the money but so it just means you admit that you’ve lost the money right yes so but then the next time you get ready to do this you buy it sounds like you like tinkering with them well i don’t do as much thing for his idea i love driving it but i

Usually end up having to have someone else do all the work on them okay i need to buy the car in such a way that the work that you’re going to do actually enhances the value not just gets turns into lost money because the lost money part of the fix-up has not been bringing you real joy right it has value to my life no no but it amon is you feel like you’ve i gotta

Like you’ve got this regret in the back in the you know in the back of your tongue is bad taste in your mouth yeah i’m sitting outside i look at the winner right now but that more the cars again i just saw yeah i should get rid of it it but i just put new tires on it and add new brakes from the past year and it’s like mm-hmm and i feel i had that psychological you

Know thought well i can’t get rid just put all that money into it yeah well you know you’ve again you’ve lost the money selling it just means you admitted it so that’s all that is and the question is what do you want to drive and let’s do that at the least expensive way possible and sometimes that means buying a fixer-upper sometimes means up you just buy a car

And drive it but they all go down in value pretty much rare exception would be if you had classic cars that you were doing as a hobby and you really know what you’re doing and you’re buying a bargain on a classic car like you know i’ve got a 1960 corvette that’s a frame-up restoration that one actually goes up in value but the corvette sitting next to it that’s

New goes down in value more so it’s pretty much offsets but yeah you just kind of got to know what you’re getting into and go i can accept this loss financially and emotionally as part of what i’m doing and that’s pretty much true with all cars that we have to do that and that’s why you want your cars to be a smaller percentage of your overall income so we tell

You not to own things with motors and wheels added together equaling more than about half your annual income which you’ve not violated that so there’s nothing in this discussion that goes but are you crazy there’s none of that going on here you just bought a thirteen thousand our car went down in value to five over a few years that’s kind of like normal stuff do

That the thing you just want to ask yourself when you’re doing the repairs are are these repairs i’m going to keep it long enough to justify or do i need to just sell the car like it is before i do the repairs and that kind of stuff but tires and brakes it’s just part of operating the car man

Transcribed from video
I Know I Need To Sell My Car But I Don't Want To! By The Ramsey Show – Highlights