Is It A Bad Idea To Upgrade To A Newer Car?

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[@ChrisMFlorida]

It took me several years to understand this.. but I turned it around. Everything he says is true.

[@cdogvlog5557]

Upgrading a car to a newer one just because its old is pretty stupid, if it keeps going without problems keep it and maintain it.

[@BryceJohnson88]

I make $160k and I love my $5k car. Runs like a champ and I don't get hated on for having money. Too much wealth hating going on. Plus people like to steal things from nice cars... not mine! :D

[@wndrwmn72a44]

BryceJohnson88 Very true!

[@coldspring22]

Good for you! I drive a $200 / 25 yo car which runs like a champ, so you can go even cheaper! $5K car is positively too expensive/luxurious for me! Love the incredulous stare I get when ppl look at my car:)

[@fabiancardenas7629]

How do you keep it running? Are you a mechanic, or did you learn another way?

[@deekayvixen]

Lol, he got rid of that caller quick- guy was mid-sentence.

[@marlynel2335]

Dorota K forreal Closed real quick lol

[@eliubfj]

lost major credibility once dave heard the callers wife has a 30k car. hence the speedy hangup lol

[@BryceJohnson88]

Jesus Ortiz Sort of. Dave says don't have more than 50% of your net worth in cars. He makes 100k, his wife drives 30k car. So really he could go for a 20k car and be within Daves teachings

[@WesitoxD]

That is how radio works.

[@LuisHernandez-rk2tp]

"They put money in things you dont see" so true!

[@triad6425]

True my mom is nurse in a poor area and drives a 2007 Camry. Everyone always asks her why she drives such an old can while the security guards, substitute teachers, and teacher aides are all driving BMW, Mercedes, and Lexus with an upgrade every 2 years.

[@ibmtpx24]

My mom is also a nurse with a 1999 Civic. She is not making a lot (almost 67) and she does not have good personal finance knowledge therefore her nest egg is far from enough for retirement. She is not interested in doing budget or become more knowledgeable on the money topic. Of course she wants to buy a new car now. I think your mother maybe OK. Just keep close eye on her in case she starts to get the new car fever under the peer pressure. Age does not guarantee wisdom or smarter decisions. Lots of seniors think they have the right to enjoy retirement life when they did not plan for the retirement at all. They may think the children should take good care of them financially which is not completely wrong but 100% selfish treating their kids as their retirement asset.

[@triad6425]

teetee tee I'm dragging my whole family through proper financial planning now, But they only want the cliff notes version of everything. So I'm just setting everything up as automatic withdrawals so they can be secure down the line. i have no interest in having to take of adults just because they were irresponsible.

[@nightreader1264]

triad6425 that is why the teachers and the aides are always in debt and cannot retire when they are eligible. I know because I just retired from teaching with full benefits. I had a new car when I graduated from college. I bought my last new car 4 years before I retired, so that it would be paid off. My friends are still teaching- they all have too and their houses are not paid off.

[@bighands69]

+triad6425 You can only think of yourself. You can try and educate people but that is as far as you can really go. You cannot walk them by the hand through life. You should be super focused on your own financial health. The reason I am saying this is because there is a great depression coming down road. Hillary is going to double the government debt to 40 trillion just like Obama did. There is no getting away from this. Her whole political mandate and support is running on greater expenditure. People have no idea what is just around the corner. It will be brutal, hard and very fast when it comes. China is poised to be the dominant player. It has the industry and internal market of 1.2 billion people to grow its economy.

[@triad6425]

I go by the philosophy of an ounce of prevention is better than a pound of cure. I would rather make an effort to educate and fix my family now while all the issues are small rather than letting things fester. Giving some of my time now not to have to fix their mess later is my preference. I just spent 3 years screwing around with the IRS because they didn't file taxes for 6 years. I refuse to ever go through that again. I will give them the tools to fix their life, at the leat I can always say I made an effort.

[@financialhacks6225]

I invest most of my paychecks. I really like dividend checks as well.

[@MohammadAlshahrani]

AND PAY CASH..

[@alonelychristianmale2624]

I just do not understand how people with $100,000.00 are so money ignorant

[@gigi8528]

A Lonely Christian Male thank you!!!! Like how? I would have BEEN paid off a car!

[@insanemustaine111]

my neighbor is a GS-13 (look up the pay scale) and he is BROKE, absolutely 0 money. and he doesn't even pay mortgage. its not about how much you make, money doesn't care how smart you are.

[@Ukraine732]

i was just watching a dan bilzerian interview with joe rogan, now im here

[@johnazhderian5734]

If there is nothing wrong with the 1998 Honda Civic why replace it?

[@demo2382]

John Azhderian Well he didn't say he was getting rid of it..... I bought my dream truck a year and a half ago, but kept my old beater strictly for the commute to work.

[@trapsarentgay4195]

demo2382 how does insurance work with that?

[@chocOneOOne]

Whelp, I guess I'm stupid

[@alextogo8367]

AOMechMarine AOMechMarine bravo sir bravo. Having balance is key.

[@coryascott]

AOMechMarine AOMechMarine that’s fine, just means you’ll probably never become wealthy. The path to wealth is usually difficult and frugal. It’s not for everyone.

[@del_84]

Never heard someone label a tv as an investment.

[@fsmoura]

Homer Simpson

[@1981lashlarue]

And you didn't hear anyone do it in this segment either.

[@ominous450]

it's funny. I'm watching this vid on my iPhone 6s laying on an expensive couch in my living room with a 49.5 inch tv. When Dave was describing what stupid broke people buy, he's pretty much describing most Americans. We're consumers. We like expensive things.

[@pontiachotshot]

Eh your behind.People are on to the new i phone 7 and 65-85 inch TV's.lol.Not me tho i have a flip phone and a 2005 insignia tube tv and i drive a 98 mountaineer.

[@bighands69]

America of the 1950s was also a consumer nation only people back then were not so broke. A credit card back then was considered short term credit that people would pay back quickly and was generally used for larger items such as a new Fridge or Cooker. It was not for buying a DVD's on. What has changed is that the American economy has moved away from productivity towards services were the products are made in other countries and then serviced within the US economy. This has meant a deflation in purchasing power and an inflation on credit but at the same time a greater access to credit. Hillary is going to double the US government debt to 40 trillion and debt liabilities will rise to 160 trillion. It is going to get a lot worse before it gets a lot better. Where we are right now is equivalent to the 1920s and we have not yet seen the 1930s. Hold on.

[@bighands69]

Yes a 14 year old can be liable for debt. Just as they can be liable for theft and fraud. His debts are more than likely with other businesses such as for parts or services rendered.

[@chrisbaker2669]

Are you debt free? Do you have investments?

[@666dynomax]

hes describing you

[@Central57]

food go down in value as soon as i eat it up, maybe i should stop buying food?

[@MilanBroz]

It is not a want, it is a need....

[@bighands69]

SO are you claiming food is putting you into hundreds of thousands of dollars of debt?

[@fsmoura]

Yes, that is exactly what it means. The implication is inexorable. Stop buying food and make the world a better place three months from now.

[@STYLESINCPRINT]

Hey Dave, if you must finance a vehicle, what percentage of your household income should you stay within?

[@MilanBroz]

Well, I do not know what you mean by "finance a vehicle" but if you mean to borrow money for a car, tehn it is zero. Sorry I replied for Mr Ramsey - never borrow money.

[@STYLESINCPRINT]

So keep renting a car until I can save up and buy?

[@MilanBroz]

Darrell Boaz If you do not have the money then you cannot afford to buy a car, you just need to save up without renting, no offence but if you want to borrow money this website or channel might not be for you. No cash - no car.

[@STYLESINCPRINT]

Hey guys, just to reply, the current Job I hold requires you to have your own vehicle. I've been on the Job a year. The car I had was totaled leaving me with $800. So since I have no savings just yet, that's why i need to either rent and save, or finance and pay off rapidly. Thank you guys for your comments. Were on out way out of from being poor citizens to middle class income family. Thanks Dave!!

[@sizzorgirl67]

So harsh

[@MeowJW]

Preach.

[@islandgirlforever]

can we get a video on things that go up in value?

[@pontiachotshot]

Classic cars and houses can go up in value if you pick them correctly.

[@pontiachotshot]

***** You didn't even read the comment.Learn to read before you type.

[@bighands69]

Nobody is going to do a genuine video on things that go up in value as they are going to be trading them.

[@bighands69]

It all comes down to how much you paid for the property and how much you actually earn. Where you live makes the difference as well. If you live in California then it is going to be a lot more expensive than say texas.

[@fsmoura]

Try 12% mutual funds-they go up in value on average by 12%.

[@TheOriginalStevenH]

Dave you NEED to let people talk dude

[@mrbarnzz]

Debt Ramsey!

[@alonelychristianmale2624]

actually some jewelry goes up in value

[@inkey2]

also watches. A good used rolex even one from the 1970s will at minimum hold it's value but most likely go up in value

[@greenAbbot]

It doesn't go up in value enough to be an investment.

[@inkey2]

high quality antique jewelry could be an investment but to be sure there are probably better investments

[@Sunilaralikatti]

Gold bars go in value

[@Horizen3872]

Who wants to drive junk?

[@DaniCalifornia44]

I do.

[@666dynomax]

I've done both.. i prefer the junk... i've got two new cars, and dont give two flying f***s about them... i actually miss my old ones.

[@Sunilaralikatti]

Some people just want a private vehicle for transportation. nothing more

[@mr.boostang2064]

If it runs and has ac then I'll drive it

[@kevinoverholtzer3126]

I am guessing that his wife makes the money

[@WestbustahSaucedo]

hi

[@adamoates3718]

He could buy a new Honda Civic with a car payment He could use $8000 for a down payment His car payment will be cheap if he has a good credit score

[@motorpolitan8884]

Adam Oates if he cant get a new civic with cash then he cant afford it...

[@tjport1980]

Adam Oates This was your first time listening to the show, right ?

[@666dynomax]

or could buy a 5 year old civic that was new 5 years ago for less than half the price. he's already driven down the depreciation on the one he's in... he might as well drive it t the day it dies or buy another one for 8-10k