Should I Get A Car Loan To Replace My Old Car?

[@TheRamseyShow]

Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3hc6Pgt

[@jamesmyers6739]

I went to the car dealership because I wanted to replace my civic for a small suv. The dealership told me to keep the car and wait because it's ridiculous pricing rn.. Not all car dealerships are evil lol.

[@letter1014]

It’s surprising that some are so honest 😂.

[@autistic-lutheran-carnivore]

It is not that they are evil. Rather it is like asking a tv salesman whether you should buy a tv from him or the salesman across the street. Whenever money is involved, people tend to have opinions that are self-serving.

[@melvinbowen2nd]

I followed this advice bought a $2000 car from a “mechanic” it broke down the next day… I was stranded on the highway! Only buy a $2000 car from someone you know and trust, or who may be elderly. Also stick with the reliable makes and models Honda accords, Toyota Camrys etc…

[@user-vi5vd3ty9d]

Dave doesn’t seem to understand a $2k car these days means it’s generally salvaged and requires money to get running again.

[@caezar044]

It continues to amaze me that some people will read the books, do the classes, and still call in and ask if they should take out debt.

[@jesuslovesyou916]

People have knowledge, but many lacks understanding.

[@Jumperman12mac]

People think they can do Dave-ish and think he'd endorse. Plus, this guy could get a Crown-Vic or something like it.

[@l.gibson6422]

Right!

[@ThePhluff]

Too much influence and anecdotes from friends and family, perhaps.

[@MicahMeyer88]

Old habits die hard. One can have all the knowledge in the world on how to do something, but it's applying that knowledge that sometimes needs reinforcement and guidance.

[@bigblue4364]

Caller: "I've read all your books......" Also Caller: "Should I get a loan" You what?... Really? Seriously?

[@jimroscovius]

He obviously didn't read a thing.

[@milkyISO]

then had the nerve to call and ask lol

[@JakeSpradlin2]

Anyone else already know what Dave will say but watches anyway?

[@VanderbiltMr]

That’s why we are here. It’s almost like “NFL’s You Make The Call”

[@fauxbro1983]

That's why we're here homeslice

[@Winnie-Kay]

🙋‍♀️

[@nodsib]

Yup, I love finding out how he’s going to say it

[@Polo22546]

🙋🏽‍♂️

[@Bob-yh7ir]

He's a travel nurse and has NO MONEY?!! comon ! What is he spending his money on ? He's buying drinks for everyone, going out to eat and spending everything on Amazon.

[@mph5896]

$2800 net is a healthy paycheck. Not when you blow it like water though.

[@atdepaulis]

Or he just started and hasn’t gotten many checks yet..

[@hurt1704]

@@mph5896 I doubt that’s net. Probably gross

[@sheilayoung8007]

@@hurt1704 I bet it's ner! I am a nurse and travel nurses are making big bucks! The agencies are charging the hospitals mega dollars, unfortunately because of the nursing shortages they are willing to pay it.

[@Sexy40baby1]

He's funding his retirement acct I bet

[@paulmvn5431]

I bought a Ford E-150 for $3800 in 2015 with 200k miles on it. It remains my most reliable vehicle. I use it for my business almost daily.

[@mph5896]

Those Econoline vans were/are absolute tanks.

[@bobby720]

E 150?, you mean a Lightning F150?

[@mph5896]

bobby720 ??? E-150 is a 1/2 ton econoline van

[@bobby720]

@@mph5896 oh I see

[@56TheAnimal]

I had 2 E-350s that I paid 750 a piece for that both went over 250k

[@Gruuvin1]

Nick: "I read all your books..." Dave: "Do you have any money?" Nick: "No"

[@mrb401]

If you need a reminder to stop when you feel the urge for a new car, just come here. Thanks again Dave.

[@boboyah26]

🤣😂

[@joshuasummers7440]

mrb401 a reminder to stop when you feel the urge for a new car, just remind yourself that if and when you take out an auto loan, you're borrowing money to buy something that goes down in value as soon as you drive it off the dealer's lot.

[@marckinsonfortune3171]

Literally

[@sweetfayce18]

A nurse with only 400 in savings???? This is outrageous

[@jaqueitch]

Most people suck at "managing" money. They get a thrill out of living paycheck to paycheck

[@PoyTroy]

Man either has a drug problem or goes out every night. There’s no in between

[@Bunkskunkhaha]

Although I agree with your comment , I am also would say we don't know him curcumstances. But overall his question is absurd.

[@TheAgentmigs]

"Did you total the ForeRunner?" "Well....ugh. Its runnin." 2:20

[@joek2k]

Dave- "When do you get your next check?" Caller- "Yes 😀." 😂😂😂

[@steviejd5803]

That got me too.

[@DoTheDomThing]

Normally, jokes are made by saying this but the caller actually said it 😭 😂

[@krobdawg]

Watching it back, I can see why the caller just said "Yes". Still funny though lol

[@martinmi5]

He’s not the sharpest tool in the shed, he is from Virginia 😂

[@sporttiger1766]

Not sure how this poor fella passed nursing school😂

[@nedrudt21]

There are a lot of people questioning the $2,000 car route but if you put the time in, you can find a good car. I bought the truck I currently drive for $2500. It’s an old Ohio DOT truck, 06 Sierra. I bought it on a govt auction site, put used tires on and saving $430 a month getting rid of my lease. This is not that hard.

[@murderouskitten2577]

even if i know what Dave will say, still love to hear him saying it.

[@countrybussin]

I just bought a 2002 camry for $1700. 160k miles. No check engine light. Well maintained. You CAN drive cheap!!!

[@TheIronChainMaster]

But is the frame rusted out?

[@Js-rv4yb]

How’s that car doing now?

[@Saiyijon]

The insurance part sucks. I paid my car off a year ago and still keep full coverage on it because I can't afford to replace it if something were to happen.

[@CDTucker336]

The insurance companies love liability only!! When signing up for insurance I always ask for the difference in price to go full coverage. For me it is only 12 dollars more a month.

[@evoman44]

The only people that should only have liability insurance are car guys that know how to part out a car to make more money back. And have a place to keep the wrecked car while it's being parted out.

[@michaelcraig4710]

tthey'll only give you book value if it's old probably nothing.

[@norcofreerider604]

My previous car, which I had for around 5 years up until 2022, was a 2002 Honda CRV. I bought it from a mechanic who had bought it for his daughter (she didn't like it) for $2200. It had 220,000km on it. I put almost 180,000km on it before it packed it in (the frame rusted out, it was still running fine), and it never left me stranded. Other than gas, insurance and oil changes, I had to put maybe $3000-$4000 total in maintenance over the 5 years.

[@MrOfficer235]

He could easily find a good full time nursing position in Dallas and get off the road as a travel nurse.

[@FastAligator1234]

He’d make a ton more as a traveler.

[@bangladeshirealtor]

@@FastAligator1234 yea but your living costs also go up substantially….not to mention in TX , no state income tax . so in the end your net might not be worth the travel income .

[@nodsib]

Possible he’s already signed some kind of employment contract that he needs to put in a year of this to keep a sign up bonus or something, so he may not be able to switch for a while

[@alexlarsen372]

I’m leasing from ford and asked my dealer how to get out of it. He recommended I buy it and sell it because for the first time ever lease vehicles are ending with equity. I took out a loan to buy it for $23k. I turned around and sold it to carmax for $34k the same week and bought an $11k car basically just turning in my lease. Feels great!

[@thomashaas5965]

He's gonna go and get a car loan. I guarantee it.

[@peytonmiller8029]

Traveling nurse with no money? That doesn’t sound right

[@andyk9147]

I have listened to Dave for a while and must say this is by the far one of his better pieces. Sometime i feel like dave lives in alternate reality, but boy oh boy, he nailed this one. From car paymeny stand point to general life advice... bravo dave!

[@krobdawg]

Maybe this caller should do some stand up on the side lol he's hilarious

[@DoTheDomThing]

I hope people learn that not all insurances are a waste of money but there for protection. Get what you need to protect yourself from complete loss as it can happen. If he had collision, he wouldn’t have had to start that far at the bottom. This is a never again moment for real.

[@Gruuvin1]

Insurance is for stuff you cannot afford to fix. When you have enough money to fix a thing (which should be a goal) then keeping the insurance is a waste.

[@greenwhale6191]

Full coverage on a 250k mile car doesn’t make sense. As the increase in premiums will far outweigh the couple thousand (if that) the policy pays out. The correct answer is to have an emergency fund for this kind of thing

[@michaelcraig4710]

@@greenwhale6191 and it's a 2000 model year it's 22yrs.old

[@nicholeknight1893]

How is he broke as a travel nurse? 🤦🏽‍♀️🤔

[@lmv2.787]

Spending more than he makes. He likely rents the most luxurious apartment he can were he's working and goes out to eat and drink often. There are people that make 500k a year but spend 650k a year.

[@unfairsanic5089]

@@lmv2.787 i just passed my board as rn Getting a job as a psych nurse for the state, im driving a corolla 2013 right now and owe 7k on it, ive listening to dave damsey and because of this call ill be more careful on my money and save as much as possible so i can have a comfortable life

[@lmv2.787]

@@unfairsanic5089 congratulations and I hope you find much success in your career and life. I'm currently using the baby steps to get out of debt but think I'm going to invest a bit differently than Dave suggests.

[@kingshomes8546]

Many nurse are broke cause they keep spending on outing , & unnecessary travels to impress peers

[@nicholeknight1893]

@@unfairsanic5089 congrats. I'm in nursing school now. After I graduate I will still have the same car and apartment..

[@Djrobbyrob205]

“When do you get your next check” the guy “ yes” 😂 laughed way to hard

[@zachg9065]

The lady that made $500k in a year is absolutely insane!!

[@blackworldtraveler3711]

She had a goal. Must be one heck of a nurse.

[@robindear5043]

AWESOME👍👍👍

[@TheHealthyDudes]

I have a $2500 car and it’s lasted me 3 years. I had to change the brakes. I’ve know people that spent $80,000 on a car and it’s in the shop once a month

[@sweetfayce18]

The car salesman part was hella funny

[@mitchellgrand3724]

Dave is just amazing! From such a short conversation, he reads this guy like a book! And is spot on! And gives great advice like he's talking to his son.

[@stephenpeterson5857]

I don't understand how he said he should have had comprehensive insurance. That is just dumb. If you cannot afford to self insure your car you should be driving a cheaper car.

[@ThatGuyOnYoutube2]

everytime i save up and could buy a car... i look at the bigger picture and put it into mutual funds instead. I cant bring myself to dump cash into a car when I have one that works.

[@selfoblivionalex6262]

People are missing the point Dave is say to get a cheap 2k car to drive for a few months not a lifetime, within those months there shouldn't be any major maintenance. The good thing is he lives in Dallas people sell junk there all the time. Safe up money drive the beater then upgrade car.

[@robin1987100]

Not in the US: is collision insurance for damage someone causes to their own vehicle? On a 20 year old vehicle? That would be rather costly here.

[@megalodon1726]

These days, any car that sells for $2000 will need at least another $2000 to get it running safely.

[@HB-ey2dk]

For real, Dave is super out of touch. $2000 wouldn't even give me a running car in my county.

[@AStanton1966]

How right you are. I just put brakes on the front of the wife's Jeep Cherokee. It was $400 for OEM rotors and pads--no labor, cause I did it myself.

[@sunrisesunset7]

Travel nurses are making $70-100/hour in this climate. Get a low interest loan and pay it off stat. The end.

[@suttsd]

He has 400 bucks to his name. Doesn't seem responsible enough to get a car loan TBH

[@cliffsmash4063]

Who carries collision insurance on a 2000 4runer with 250k miles. He’s spend double the value of the truck on insurance alone every year. No b.s. I’ve got a Jeep just like that, I know .

[@aurasphere87]

I love ya Dave... Truly do, and have been watching/following you for years. However in 2023 a $2000 car and 1k starter emergency fund are not feasible. Maybe 30 years ago when you started but 5-7k is a temp junk car. 3-5k on an emergency fund... Things are too inflated these days.

[@DericAnslum]

...a $2000 vehicle is not impossible and the $1000 wasn't meant to be "enough" even 30 years ago...

[@aurasphere87]

@user-mf4gz3sp1q I totally understand the entire premise to his plan. 1k is better than nothing to the average person. A 2000 car is better than a 800 dollar per month payment. I get the sacrificial, humbling intention. Daves methods surely work. If I'm going to spend a season cleaning up a mess I at least need more piece of mind in the car I drive. If that thing dies my Income as a whole is compromised. Then I'm forced to borrow for an emergency car. I paid off all of my debt in 2023.

[@May-qb3vx]

My car is 20 years old and there’s now exhaust getting into the cabin. I realllyyyy don’t want a new car, but it looks like I’m going to need one. I get lightheaded just driving it and to fix it would be a new catalytic converter and welding. That’s more than it actually worth.

[@rexnicious]

“When do you get your next check?” Caller: “Yes”

[@SeanBaker]

This caller is all over the place.

[@mrsmiles1179]

Because he's a travel nurse.

[@SeanBaker]

@@mrsmiles1179 You got me there. 🤣

[@genxx2724]

How did this guy not have savings to replace his car if necessary? He knew he didn’t have collision coverage. It probably wasn’t worth it. He drove that car for 21 YEARS and didn’t save?

[@GVlVG]

Must be nice to just have money to put away

[@Gruuvin1]

But, he read all of Dave's books.

[@genxx2724]

@@GVlVG Yes, the rest of us must just be “privileged.” Let’s see . . . 21 years x 12 months per year x $25 per month = $6,300.

[@GVlVG]

@@genxx2724 21 years to save up 6k 💀

[@3meansgo]

@@GVlVG better than never having it. The problem is they never let the little amounts add up and instead they add up as Expenses.

[@mikesawyer4707]

I wish I had listened to Dave sooner. I would not have a auto loan. Period.

[@harekzigzagon376]

Where can u get a $2000 car in these times

[@RAJohnson713]

Nowhere

[@ElBadu]

Auctions

[@hidalgopatron9653]

No joke where lol

[@a.h.2667]

Private seller maybe.

[@brianparrett114]

Exactly... if you are able to find one you can be pretty sure that it's not gonna be very reliable.

[@Jumperman12mac]

1:30 so you've chosen death smile lol

[@NtaoM]

No…

[@jasonbrown7258]

Last year I bought a 02 dodge ram 4x4 with a cummins for 14000 the owner had all the paperwork showing 10000 worth of work done within the last 6000 miles including a new transmission. To find a truck with hardly any rust in Michigan you're going to pay more to begin with. I had to finance it through my credit union but it was only valued at 6500 because I had good credit they gave me a personal loan. The credit union said this is a huge problem they run into all the time. The used cars are becoming worth more than the blue book value which makes it harder for people to get loans. Kinda sucks having a payment on a 20 year old vehicle but the way I see it as a diesel mechanic I'll keep this truck till the very end. I figured if it gets totaled out I'll just buy it back from the insurance and put the drive train in something else which I've done before. The only way you really get your money's worth out of a vehicle is to keep the thing till the wheels fall off.

[@Jazzmin554]

Great video ❤ getting bank statements and paystub for my car was so stressful until I ended up getting it from a vendor online

[@agoogleuser9218]

unless the body is completely destroyed and/or the structural integrity compromised, it's (usually) a better deal to repair and keep an older car. If you buy a good, solid brand (Toyota, Honda, Mazda) and are a stickler for maintenance, it should give you years, if not decades of reliable service.

[@supersmart671]

I have bought second hand car the U.A.E it was a disasters. The engine just bust across the border in Oman.

[@cstickles]

Y’all may be tired I am as well. Great News I am now housed as per suggestion AMEN. Having trouble seeing if there is any justification ever towards small sized loan if for a work vehicle or if 100 percent cash in the only way to really do this right. My concern is finding a reliable vehicle in the 3k or less range that isn’t a too much of a dive roll and getting concerned vibes from the mechanic shop I’ve been speaking with. Person seems nice but something seems a little bit off, or maybe I’m missing something. Secondly how big off as risk is a car that’s been stationary for several years doesn’t cause certain parts to wear out as well. Lord hear our prayer.

[@NadavJulius]

5:31 where did you find that car? My budget IS 6k and honestly I’m having trouble finding anything reliable without 150k+ miles.

[@bellmattwebb]

Why bother getting collision if your car isn't even worth 5k?

[@suttsd]

In his case, it would have helped because he only has $400 bucks to his name. He doesn't have the 5k to replace the car in the scenario you are referring to.

[@om617yota8]

Three Toyota Corollas for under $2k in my area. One has only 164k miles!

[@NeckBoneGood]

I spent 10 years driving stuff like that. It will always need repairs, which may be minor but it’s the headache and time that are not worth it.

[@om617yota8]

@@NeckBoneGood Dude's going to drive it for a few months at most, then resell it and get 100% of his money back out of it. This isn't his transportation plan for life.

[@Formulaceo]

Depending on how back the wreck is, he should take that $400 to the junk yard and try and fix the truck if he says it’s still running or sell it for parts and buy a used Honda or Toyota.

[@Lon1001]

good point, if the damage is just cosmetic cheapest option is to keep using it. It there is minor work needed to make it roadworthy then DIY as much as possible and at most have a mechanic fix anything beyond diy skill level.

[@robindear5043]

@@Lon1001 Shade Tree Mechanic can get replacement doors or grill, etc. from the junkyard. Better yet, he can get a whole 4Runner body from the junkyard and simply swap the engine and transmission, etc. and keep on rolling🛻

[@jeffstadtfeld4653]

Once again Mr. know it all is wrong. . It never makes sense to buy collision and comprehensive insurance on a 21 year old vehicle. You really think for $2000 you str going to find a reliable vehicle? You may get lucky but chances are you’re buying someone else’s problem. This isn’t the first time Ramsey has been wrong about an insurance issue.

[@Tr1Hard777]

Hey Dave I've read all your books. My question is, does math count in my area? Do i still have to budget and not go into debt?

[@DemetriPanici]

Dave's gonna say no

[@jasonrodgers9063]

I was hoping Dave was going to repeat his "Bondo Buggy" story about a beater car a buddy lent him during the immediate period after his bankruptcy! I never get tired of that!

[@metaltera86]

This is where I agree with the Money guys 20/3/8 rule for financing reliable transportation. Only if you cannot pay cash for something

[@yoshit9819]

I'm retired. No mortgage. No debt. Own land in SC. My pension is 110k a year. And I still can't see myself buying a new car.

[@HB-ey2dk]

Even a $20k new car?

[@AStanton1966]

Sounds nice. However, for me, I never want to end up as the richest guy in the cemetery.

[@Eric_Bassett]

Your also probably not a car person lol, you likely see your car as transportation from A to B. To some people their car is also a hobby.

[@yoshit9819]

@@Eric_Bassett very true. I understand the hobby thing.

[@evalina98000]

Uncle Dave calls it..."And quit partying". Caller..."yeah, I lived it up a bit." 🤪 Da rest of da story 🤦🏽‍♀️

[@Johnsonsr4]

Once he began explaining his reason for wanting a car loan, he already knew what Dave was going to say😂

[@romankok]

I bought a ford c-max 2003 for 400 euros. Only had normal maintenance on it of about 800 a year on it and it never failed on me.

[@Eric_Bassett]

Lol it’s hard to find well running vehicles for 400$ or whatever the conversion would be.

[@deepatterson1835]

Always funny when he mutes the callers & still talks as if they can respond. Caller doesn't have a chance to say thanks for the advice.

[@sakinaproductions]

8:07 So the traveller nurse made about $115 an hour if she worked every single day for those 12 months and 12 hours a day?

[@michaelcraig4710]

full coverage insurance would not have helped him it would have been a waiste of his money in the insurance companies eye's it was a worthless car because it was a 2000 model year that is 22yrs.old.

[@damienocarroll2770]

Gave up 3mins in. Good luck to all involved 👌🙏

[@tubenachos]

No 😂. Travel nurses make big money i know this. He's got a serious spending problem

[@PrestigeWorldwide-XXII]

I HAD A COWORKER LIKE THIS BEFORE. WHILE I PAID OFF MY HOUSE CAR AND STUDENT LOAN WITHIN A YEAR, MIKE WAS STILL BROKE, DRINKING, AND GETTING HIMSEF FIRED

[@dm-lombo1647]

You've never owned a n American car. I work for one of the "Original Big 3" I have bought used cars of this manufacturing and did my homework and had to put thousands into it.... If I could buy a Honda or Toyota I would, but if my management found out it would be bad for me... Illegal maybe but reality.

[@fhuber7507]

Who did he think he was calling?

[@southfloridaoutdoors1091]

Didn't carry collision and didn't save the money from not having collision 🤦

[@greencase]

Good luck finding a $2000 car.

[@85montessiride]

I found 7 this morning

[@machutson5493]

He just wants to buy a new car..

[@gsquared2394]

He musta not very far into the books. Maybe the preface?

[@DanielGarcia-zz9eg]

Just ride that 4runner as is till it blows

[@michelleadams5609]

Beaters are really expensive now

[@abhijitkundu1879]

Pal don't buck on your fortune live every moment relax always don't get panic work and monitor what you are doing keep n eye on what you are doing what are the flaws from that rise and then again work don't misinterpret me but understand I understand the current situation you are under the well but remember their is a pulley so think....work ❤

[@adrianelias2365]

Never heard of a $2000 car in my state of California. They are as little as $10k and go up from there.

[@LincolnLagger]

Where are these $2000 cars

[@kingshomes8546]

🚨Callers tend to see Dave as their daddy, you are a grown man, it’s your money do what you want !!!!🔥

[@RobTetrault]

Car debt is a tough pill to swallow.

[@supersmart671]

Lot of pressure to buy a car on a loan....

[@tylerpinkerton2720]

Yes live your life a little

[@maxwellspeedwell2585]

Apparently I have different parameters of what an “old” car is.

[@Coreydarn]

dave called him out like a PRO for blowing his money hahahahahahaha

[@stevemattson4988]

People call in and say "I KNOW HOW THIS CALL IS GOING TO GO" but they still call in anyway,talk about idiots.

[@yosoymichaelmyers]

Thats not your friend if he want you to get into a car payment😂

[@cosmomontanaro5759]

Or just buy a moped. You're a traveling nurse, which means you don't carry a lot of heavy tools. You don't need a brand new "work truck" for $50,000.

[@dustinjohnson1410]

Buy a bus pass or a bicycle and save for the car? If you are traveling, chances are you have a short term rental near your work.

[@TAMMY0220]

Can you get collision insurance on a 20 year old car?...not in Alabama!!

[@ou8123]

there is no more 2000$ cars

[@aidanclegg9470]

I’m convinced no financial “professionals” are connected to reality

[@normacazares8180]

I need to buy a car but I need a loan. And I only work part time. Can I buy a car zbout half my income?

[@ivanvargas2425]

Even with liability insurance shouldn’t they fix it?

[@suttsd]

Nope. Why would they though? Having liability only means they will fix the other persons car if he's at fault. Thats all that he paid for. He didn't pay to cover his car.

[@quinnterry2834]

What?? One of my best friends is a travel nurse and is a BALLER...🤔

[@jer1776]

Pretty sad this episode is out of date in 2024. Car prices are nuts.

[@MaJieMao]

You ain't going to find a running 2k car anywhere.