Dave Ramsey Has a Warning for Those Looking To Buy a Car

[Dr. Truth]

900 is the highest score

 

[jagu]

I used to work at a party rental place part time.... the two dudes that owned it used to cry about the depreciation on the BMWs and the Jaguars that they owned

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Yeah, those are usually younger dudes that drop most of their savings on their car and think it's an investment. I have learned to buy a car that is well beneath my means and use the hell out of it. I also only own one car at a time. Once people start to realize that a car is just another appliance, they will stop worrying about depreciation.

 

[Deezz]

But the finance rates are much higher for used.... my credit union had a real low rate for new cars.... and like a 20% rate for used

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20%?!!!! Do you bank at the Gambino's Credit Union.

 

[alexw]

But the finance rates are much higher for used.... my credit union had a real low rate for new cars.... and like a 20% rate for used

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Is your credit fucked up? When I finance my used car the rate was like 4.6%. that was some years ago but it wasn't high at all and I remember being upset because my friend got a cheaper interest rate

 

[jagu]

I thought that 850 was the highest possible score, like the link said... when I first learned what FICO was, I searched for the highest possible score so that I could strive for it.... no one ever said over 850... ighest that I've ever gotten to was 810...

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"The most popular credit scores all use a range of 300 to 850. So a credit score of 900 isn’t possible with those models, which include VantageScore 3.0 and 4.0 as well as FICO 8 and 9. But some older models, as well as some alternative scores, do go up to 900 (or even beyond). It’s good to be familiar with these ratings, but you probably won’t encounter them often."

900 Credit Score: Is It Possible to Get?

wallethub.com

 

[lightbright]

From what I've been told, only consider buying a new car if you're one of those people who keep a car until it can't drive anymore.

I know someone who bought a new car in 2010. He's still driving it today. He just does the required maintenance.

Had my 2003 vette convertible until May this year.... still using my 2007 Trailblazer....brought both new from the dealer.... ready for another vehicle now, but the used prices got ridiculous because of the COVID

 

[lightbright]

Is your credit fucked up? When I finance my used car the rate was like 4.6%. that was some years ago but it wasn't high at all and I remember being upset because my friend got a cheaper interest rate

No sireee.... it's always been between 745-810.... guess it's just the way of the fire department credit union

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[REDLINE]

20%?!!!! Do you bank at the Gambino's Credit Union.

For real!

They told him drop the 20% down payment today, 80% tomorrow and then you'll "Only" have to pay for the car for another 3 years.

 

[TENT]

LOL he expects Americans to save up 20+ grand cash to blow on a slightly used car? Most Americans don’t even have 1000 k in savings. FOH . Slightly used cars ain’t cheap for most people

So get a loan on that 20K+ car. Don't get some brand new shit for 40k and then next day same shit worth 30k

 

[TENT]

Anything involving a car is a rip off. You pay money on anything involving a car you getting fucked.
If you don't think you are, then you are stupid.

 

[lightbright]

For real!

They told him drop the 20% down payment today, 80% tomorrow and then you'll "Only" have to pay for the car for another 3 years.

 

[REDLINE]

20%?!!!! Do you bank at the Gambino's Credit Union.

And I had to quote this again without any commentary because it was funny

 

[REDLINE]

 

[Silk Dogg]

I've been looking at cars the last month. Used only slightly cheaper than new. Then if you go try to get a new car, barely anything on the lot.

 

[dade305]

From what I've been told, only consider buying a new car if you're one of those people who keep a car until it can't drive anymore.

I know someone who bought a new car in 2010. He's still driving it today. He just does the required maintenance.

Still driving my car since I bought it new in Aug 2013. About to be 10 yrs trying to make it 20, car shopping has become ridiculous.

Doing the required maintenance and following the manual is key to making any vehicle last.

I even learned to service the car myself to save money.

 

[RAY V.]

Fuck a hoe ass Jack Ramsey, ain't he one of them MAGA mutherfuccas?

Wait! did i say Jack Ramsey?

Dr. Jack Ramsey was the old Portland Trailblazers coach back in the day.