>Do NOT purchase a vehicle unless you have at least one million dollars in the bank.Why did such run-of-the mill, common sense advice mindbreak poorfags to this extent?
>>28649301because (((they)))'ve spent the last 50 years brainwashing the american populace into thinking it's perfectly normal to have a $1000/mo car payment.spoiler: it's not, just buy something old and reliable for a couple grand and learn to wrench.>t.poorfagenjoy paying interest
>>28649304Interest on a new car is really not that much.
>>28649331you deserve to pay interest
>>28649331in the UK, if you're buying brand new direct from the main dealer, it's pretty normal to get 0%, at least on base models, 4 year term.
>>28649342>56.5k USD ($70k without the discount + rebate)>for a cucked """Mustang""" EV CUVI wouldn't take a -5% APR on that crock of shit
>>28649351it was just an example
>>28649331Its not the interest, it's retards buying something way above their means because borrowing lets them do it
>>28649301He is good for people who have x>20k in debt and x<700 in credit. If you don't have those then Ramsey is worthless if not detrimental
>>28649331>buy $44k car for 5 years>pay $60k
>>28649331My car only cost $1000 more than just your interest payment
>>28649301>Don't buy a new car unless you have $1,000,000 net worth>Get a good used car>Waffles a bit when faced with how FUBARed the current user car market is>Admits it's really about paying cash and not going into debt>Doesn't have an answer to a local used market that cannot offer a reliable car within someone's liquidity limits, which is why governments encourage lenders in the first God damned placeI need people to stop acting like we're all robots who need absolute instructions at all times. Expand your fucking brain for a moment and use your own judgement.
>>28649402that’s a $54k car dumbass
>>28649402>Pay 15k interest>Get 100k from investments
>>28649361Nailed it, it's also why the housing market is fucked. There's nothing inherently wrong with an individual using loans, but when banks let everyone leverage several year's worth of income easily it causes such a huge increase in demand that prices are forced up and large segments of the population are one paycheck away from bankruptcy.>>28649435The interest was guaranteed, the investment returns are not. You're balancing risk and it happened to work out this past year in your favor but recessions happen. If you can weather a major downturn in your portfolio and still make payments then fine, but the majority of people financing cars are doing so because they think they need a brand new shiny thing but can't pay for it outright.
My mustang costed 9K, is in perfect condition and I will run it forever by rebuilding its components (still cheaper than buying another car or god forbid a new one) as long as rust doesn’t take it away. could not be happier
>>28649470>costedwhy does this “word” trip up ESLs so much?
>>28649467>You're balancing risk and it happened to work out this past year in your favor but recessions happenI can't even recall the last 4 year stretch (assuming that's what an average financing plan is) where the S&P 500 didn't beat at least 5%.
>>28649435all it takes is one 2008 to completely wipe out a leveraged tard like you
>>28649361If you can pay it back then I don't think it's "above your means". It's stupid to take a 12% 72 month loan that's half your paycheck but that doesn't mean no one should ever borrow money for any reason. It's stupid also to empty out your entire savings account to pay cash for a car but I don't see anyone using this strawman as an argument for paying cash, do you?
>>28649541at least with cash you have confined your potential loss on a depreciating asset, if you start falling behind on payments then the problem compounds on something that is already losing you money anyways
>>28649491-18.11% in 2022kill yourself>>28649541If you get less out of it than you would by spending money on something else then it's above your means. If you don't get a return at all, and you're just accepting car loan payments as a "necessary" evil, then it's definitely above your means. Economics 101 retard
>>28649546>>28649562Cars aren't investments. It's a product.
>>28649562Reminder, every single minute you spend arguing on this website is a minute you've lost not investing in more fruitful pursuits. Time is money, and we are all living beyond our means by simply posting here.
>>28649570Any good product would still give you returns, just not ones that are (usually) directly correlated to financial profits.
>>28649532>Missing out on years of gains because of muh 2008ngmi
>>28649575The little time I spend on /o/ is well-used to remind myself of how terrible other people's cars, lives, and opinions can be and to be thankful for what I've been able to make of myself so far
>>28649576Unless someone tries to apply that logic to a car and then nuh uh that doesn't count.
>>28649562>-18.11% in 2022Good thing auto loans aren't for one year dumbshit.Average any 4 year period in recent history and show me a negative return.
>>28649591It's over there, just off screen to the right. And before you get mad, no, mine is not going to do any better.
>>28649600The Covid crash lasted for like three months
>>28649480i’m EFL. i’m just retarded, is all. third worlders don’t have access to mustangs.
>>28649577>getting great reset'd with a 2008 and having little to show for itBravo
>>28649612>third worlders don’t have access to mustangsbecause no one wants yankslop
>>28649608
>>28649608isn’t the right side of the screen the future?
>>28649620that’s fine, you can enjoy your 0.9L cupra “sports” car in peace, yurofaggot
>>28649626>>28649634God fucking damnit
>>28649532In 2009, my lender went out of business and just handed me a lien release after I sent them a certified letter. $160,000 in principal left on the loan and it was mine overnight. I made only 14 payments on a 30 year fixed rate loan. 2008 was bad for people who lost their income or who had been planing on borrowing. People who were already in debt and who didn’t lose their jobs did just fine unless it was variable interest debt.Many of my friends were unable to get loans and missed out on buying their first home because they were 6-9 months slower to try entering the market than I was, and some of those poor bastards still haven’t bought homes because by the time the lending capital was available again, the housing market had gone bananas.Dave Ramsey admits himself that he has no self control when he’s using debt. His advice is for people like him, not for everyone. But it is in his interest, financially, to make people think that everyone is like him, because he makes his living selling the books and courses. The Snowball Method is also a good idea if you are trying to reduce debt, most people automatically target their highest interest debt because that makes intuitive sense, but paying off the stuff that is lowest principle first really has an outsized effect on your ability to manage your debt with your income.
When RFK Jr. begins rounding up all autists to put them in treatment camps, I promise you, this thread will the first page in that little binder notebook the feds slap down on our counter tops.
>>28649644>In 2009, my lender went out of business and just handed me a lien release after I sent them a certified letter. $160,000 in principal left on the loan and it was mine overnight.Why in the fuck did they not sell it?
>>28649657because that story is a fabrication
>>28649644You know lenders can and do sell debt to collectors for a quick profit if they can't collect on it themselves
>>28649612>he doesn't know where all crashed american cars end
>>28649661They can’t sell a good debt to a collector>>28649657>>28649660You don’t remember the lending crisis. It was a crisis of liquidity in corporate lending circles as much as anything else. Many lenders write off billions in dollars of loan backed securities because there were more collapsing lenders than there was liquidity to absorb their assets. I’m not an isolated case, this happened to thousands of people across the country.My folks had a car loan where the lender folded so fast that they never managed to get a lien release for the car and so they had the devil’s time selling the car when they wanted to replace it circa 2015.
>writeWrote.Mea culpa.
>>28649765>You don’t remember the lending crisis.I damn sure don't remember them waiving Chapter 11 bankruptcy rules regarding the sale of assets, which loan portfolios fall under.
>>28649769who the fuck is mea
>>28649796There were several waves of government programs for that, it’s how Larry Fink managed to ditch most of his liabilities and come up with the capital to buy so many failed banks. Since they (He) had created the mess by commingling good debt instruments with bad debt instruments, many good loans ended up being forgiven alongside bad ones. It didn’t happen to everyone, but it happened to some people, and if it happened to you and you were fast enough, you could get a Lien Release, but if you failed to notice that your autopaments were getting returned to sender, and they finished closing up office before you figured out up from down, then you ended up in the situation where no one would take payment for your loan or issue you a lien release.
>"Dude just don't buy a car">Country builds entire infrastructure around cars>Companies refuse to hire you if you don't have a car
>>28649807Please be bait
>>28649657This is how you know he's full of shit.
My biggest problem with Dave Ramsey is not that he tells people to be afraid of debt, but that instead of telling people how to get over that fear he just demands they avoid it entirely.It’s not that hard to use debt to your advantage. All it really takes is some basic self control and know how, which contrary to popular belief is not some vault kept information.That said his advice on cars is spot on. Spending big money on a car is financially retarded and is one of the most reliable poverty traps there is.
>>28650522>instead of telling people how to get over that fearThe people Ramsay is talking to don't fear debt at all - which is exactly how they got into their situation.
>>28650522Dave Ramsey is for retards who have no clue about money. Debt is fine if you know how to use it and aren't an idiot about spending money you don't have.
>>28649301Dude I have $5 in the bank
>>28649301Do the exact opposite of what this old boomer says.It's almost 2026, you need to be debtmaxxing as much as possible. Take all the money you can and never pay it back. The age of being honest is over.
>>28650611dude if you have $5 in the bank and no debt, you’re like… richer than le 50% of americans.the dude with the 1.6 million dollar house and the 80 thousand dollar car who wears tom ford is actually poorer than you because like… debt or something.
