Anyone use Dave Ramsey's Debt Program - Sell your car?

[arminnie]

Have any Hondas to sell?

Well I probably will be selling a 2006 Honda Odyssey Ex-L within the next year. I've been waiting for the 2018 model to come out. But I'm no where near you.

(This is not an ad to sell my car. I will have no trouble finding a willing buyer locally.)

 

[Firsttimer15]

A new car does not guarantee less costs.
I have bought a brand new car only once and will never do it again, a VW. It has spend a lot of time in the shop in its very early years already. the repairs have cost several thousand dollars.
At first it was covered by warranty but the repairs kept coming after that.
My '81 Audi on the other hand which I kept for nostalgic reasons, built the day I was born, has never had but very very small repairs.

 

[MomofDisneyLoversx3]

Well I probably will be selling a 2006 Honda Odyssey Ex-L within the next year. I've been waiting for the 2018 model to come out. But I'm no where near you.

(This is not an ad to sell my car. I will have no trouble finding a willing buyer locally.)

Thanks for continuing the levity

 

[DawnM]

For those mentioning road trips... (and this only works if you aren't super frequent travelers); but, we've rented a car for travel even though we have cars sitting at home. We only travel every other year or so. And we've never paid more than $200 for a car rental.

Adding that to my "transportation" budget doesn't even come close to the cost of buying pricier, newer cars just for the sake of our travel. Even if we travelled annually, it's more cost effective to rent for trips.

Of course, if you are doing lots of road trips every year, you would have to reconsider the cost effectiveness.

Someone mentioned this to us about our cross country trip this summer, so I looked into it. Since we are going to be gone at least 3 weeks, and will have 3 kids and possibly our dog, we were looking at a car large enough for us and it was definitely not cost effective.

But if you just need a smaller car and are only going for a short time (week or two max) it is probably a good solution.

 

[DawnM]

We used to drive older cars and we did fine for many years with that arrangement.

We now have an additional driver (17 year old), and I have gone back to work and work 28 miles away and need a reliable car.

We have a 2004 Toyota Sequoia that runs very well and we will keep, hopefully, for another 5 years, until the youngest finishes high school.
2014 Camry
2014 Prius

The Camry we bought in 2014, new, with some great rebate offer. The Prius we bought last year in November, used, for a really good deal.

 

[crisi]

Someone mentioned this to us about our cross country trip this summer, so I looked into it. Since we are going to be gone at least 3 weeks, and will have 3 kids and possibly our dog, we were looking at a car large enough for us and it was definitely not cost effective.

But if you just need a smaller car and are only going for a short time (week or two max) it is probably a good solution.

I bought a used big car for a road trip - it turned into my kids car - but the intent was to resell it after the trip was taken. (It was a Honda Pilot, so it had great resale value - and an extra 8k miles didn't make a lot of difference in the resale value). I would have been out the sales tax and some insurance - and not even that, since it was a family transfer.

Now the teenagers have been driving it for three years and it really is a junker.

 

[disneyeveryyear]

At this point, we own 3 of our 4 cars and I have 0% interest on mine. It is a 2014 Ford Escape purchased to replace a 2002 Chrysler Town & Country with 180,+++ miles on it that was $300/month in constant little repairs. If I am going to spend $300/month, I just needed to get a new car.

DH drives a 2005 Ford Expedition with about 140,000 miles

DS22 drives a 2002 Olds Alero we picked up 2 years ago with 60,000 miles. No repairs other than oil changes. - paid cash

DD18 drives a 1999 Buick Century that we bought 2 years ago with 29,000 actual miles. It was traded in by a 93 year old gentleman who bought a new car. The funniest thing is she had never seen a bench for the front seat in her life. She is amazed that she can fit 6 people with seat belts. I took it to my mechanic before I bought it and he told me if I didn't buy it, he would. That sealed the deal for me. There were some immediate repairs, fuel pump, window motor, A/C charge, etc., but only one more repair since then.

 

[usnuzuloose]

We have older vehicles and one of the engines went, so we have a mechanic and had him put in another engine and we are happy. No car payments, we have 3 vehicles.

 

[DawnM]

I bought a used big car for a road trip - it turned into my kids car - but the intent was to resell it after the trip was taken. (It was a Honda Pilot, so it had great resale value - and an extra 8k miles didn't make a lot of difference in the resale value). I would have been out the sales tax and some insurance - and not even that, since it was a family transfer.

Now the teenagers have been driving it for three years and it really is a junker.

We have a 2004 Sequoia that runs great. I see no need to get another large vehicle that hogs gas.

And an $8,000 car, which is the least we would spend on a car that had to be reliable enough to get us across the country and back, would be around $800 in taxes, so that hardly seems l like a cost saver, plus another $50-$100 to insure, plus another $250 in car tax fees.

We currently have 3 cars and 3 drivers. That is all we care to insure right now.

 

[tvguy]

that was $300/month in constant little repairs. If I am going to spend $300/month, I just needed to get a new car.
.

I guess it depends how expensive your car is. Allegedly the average car payment is over $500 a month. So $300 would be a bargain.

 

[Tattylou]

We buy good solid cars and keep them at least twice as long as the payoff time. So if we pay it off in 4, we keep it 8 years. We now have 14 and 15 year old cars, and just added a 2 year old car to the mix.

Better your OWN beater than an unknown entity, particularly if you depend on that car to get you back and forth to work!

Same.
We bought 2 base model 2007 SUVs that were 2 and 4 years old when we needed newer cars. They were about 15k each. We paid them off in 4 years. Now we will drive them forever or until they become unreliable. They're 10 years old now. Mine (Honda Pilot) has 115k. DH (Rav4) has 89k. We've had some repairs, nothing too major, and we keep up regular maintenance. We have a trust worthy and fair mechanic.

 

[hedg12]

I paid $800 for my 1996 Ford Ranger beater, & after tires, brakes, and a few other little things I'm in to it for about $1400. That's less than 3 months payments on the loaded Tacoma prerunner I used to have. If I run into any major repairs on it I have an emergency fund to either fix it or buy another beater. I've driven it about 30 miles a day to work and back for over a year now and it's never left me stranded. I wouldn't take it on a long road trip, but we have 2 other vehicles (2004 Silverado and a 2007 Nissan Frontier, both bought with cash) that we could use for travel. I just can't justify the added expense of a car payment anymore.

 

[MomofDisneyLoversx3]

I guess it depends how expensive your car is. Allegedly the average car payment is over $500 a month. So $300 would be a bargain.

Over $500/month for a car payment?!?! My company car is a Mercedes. The 'base payment' is $489/month. I choose to pay an extra $35 to cover all maintain ice. But an average car? A girl a work told me she paid $418/ month for her Kia. I just about died.

 

[kymom99]

Over $500/month for a car payment?!?! My company car is a Mercedes. The 'base payment' is $489/month. I choose to pay an extra $35 to cover all maintain ice. But an average car? A girl a work told me she paid $418/ month for her Kia. I just about died.

Mine was $370

 

[tvguy]

Over $500/month for a car payment?!?! My company car is a Mercedes. The 'base payment' is $489/month. I choose to pay an extra $35 to cover all maintain ice. But an average car? A girl a work told me she paid $418/ month for her Kia. I just about died.

Experian says the average is $493.
http://www.huffingtonpost.com/michael-lazar/the-average-american-auto_b_9405176.html

The Mercedes Dealer here lists LEASE payments starting at $329 a month with $3623 down payment. No idea what payment would be if you buy the car. Most are over $500 for a LEASE...excluding the Mercedes SMART cars.
http://www.mbsacramento.com/managers-specials/

LOL. I just checked, the Mercedes dealer will lease you a SMART car for $89 a month with $1,599 down

 

[tvguy]

Mine was $370

My last car payment was $295 a month. Zero down on a $10,000 used car for 36 months. I don't recall the interest rate.

 

[indimom]

We bought a new car once in our marriage, when we were young and stupid and living it up with tons of overtime income in 2000. We had a trade-in, but no down payment. Our car payment was $500 a month then, 17 years ago, for a Buick Le Sabre. There's a reason it's the last new car we've ever owned. When we lost the overtime income, and added medical bills, then had multiple repairs on the car. Young and stupid became older and wiser real quick.

Interest on car loans is much lower now, but SUVs and king cab trucks cost a LOT more than that LeSabre did; and there are a lot of those driving around, so I don't doubt the $500 average car payment at all.

 

[bdcp]

Over $500/month for a car payment?!?! My company car is a Mercedes. The 'base payment' is $489/month. I choose to pay an extra $35 to cover all maintain ice. But an average car? A girl a work told me she paid $418/ month for her Kia. I just about died.

That sounds like a lease not a purchase payment (unless it's a 10 year loan). My car payment is over $500/month, but we chose to sell our last vehicle (2007 Honda Pilot) and pay off a credit card with a 9.9% interest rate and then purchase my car with a 2.5% interest rate so a 2014 Toyota Highlander with a 5 year loan is actually almost $800/mo and it's currently work 10K (in resale) more than I owe on it. My DS bought a brand new Mazda 3 6 years ago and paid it off in 5. That was a 19K car with 0% interest and his payment was about $350/mo. The problem with buying used cars is I've seen them just up and die in a year (or even less) and most only have 30-90 day warranties. And when I say die, I mean major engine issues.

 

[GrandAdmiralStrife]

We got a new 2014 Kia Rio (March 2015, they were trying to clear inventory) for $389/month, zero down, extended warranty included, on a trade in for our 2009 Rio that we had just gotten from the same dealership 18 months earlier. I wouldn't recommend doing what we did, but on the other hand having a newborn at the time it made sense from a safety perspective.

 

[kymom99]

I bought my car with 7000 miles on it so technically used. By doing that I got 100k warranty for free, which I have never needed but it gave me peace of mind. Certified used is a good way to go.

A little side note: I just paid my car off and it's the best car in the family. I've been worried it will now die on me. Just last night I had a dream it was in for service and I got a call that it wasn't safe to drive anymore. I a nut.