Listen: BMW, Dave Ramsey, Trey discussed on The Dave Ramsey Show
"High mileage on consumer reports current upgrade based based on high mileage and consumer consumer reports doesn't like your car yeah passion for traveling and I'm committed to it and and I'm looking to possibly upgrade I've had this for two and a half years okay. So what is the car worth. The the college worth Like seventeen thousand private fourteen trading. Okay and how many miles you got sixty thousand and it's not a lot and it's a fourteen dodge charger. Okay Nice car. So you're committed to traveling many. You're just planning on putting a lot of miles on it because you're out there running the road exactly the last two and a half years yes okay. So here's the thing we know about putting miles on a car and you know this is the more miles you put on the car. The more you destroy its value correct correct. And so if I'm going to travel or for instance people who travel for a living people road warriors. I call them they you know they have have to travel for work all the time. In that case in that case you wanNA drive the least expensive vehicle that get the job done because you're destroying whatever you drive. I mean you won't want to drive one hundred thousand dollar car you it's GonNa be worth nothing by the time you finish traveling and so unless you've just got millions of dollars and you can afford to lose one hundred grand but but you know most people don't have that so basically what we're saying is you're gonNA take this seventeen thousand dollar vehicle and you're going to cause it to drop in value faster than anything else. What's your household income? I make about eighty thousand until you're single I'm I'm single bachelor. Renting renting a small room. Okay all right since I'm always hanging out if you have any debt Just the car. That's it what do you want it. Eleven thousand okay. All right what. I'm hearing here. That's crazy as long as you realize realized that you know the seventeen thousand dollar car might be worth. You'RE GONNA lose a few thousand dollars extra on it just because you're gonNA travel in it okay and as long as you're willing to do that with the kind of money you make should be okay. Let's get the car paid office as possible. So your preferences keep it in drive. It is that right My preference is to keep it for five six years. Yeah from my friends and coke whatever they say the traded into Trey. You're crazy crazy to keep it to trade it in for what While last night a fun I I was sitting around the BMW. Four forty exile Iowa fallen in love with well. It'd be easy to fall in love with that but the But that's even more expensive so we're going to destroy even more expensive car if you want to travel in that right. Yeah and upgrade to a brand new one you know that would be a twenty percent less well number one. You don't have the money to do do that. So that's ludicrous. We wouldn't do it on that basis alone but on the idea that you're going to travel in it. No you don't want you know you don't want to upgrade and destroy a more expensive cars value so if you if you're gonNA travel you need to run the wheels off of something that's not gonNa cost you as much. So we don't upgrade raid in order to lose more money on. We don't have any money that doesn't make sense at all so who your friends are. I mean they're encouraging you do stupidity entity but I've had friends that have encouraged me to do stupidity. I didn't have to do it though Brian's whether it's in Bakersfield California Hey Brian how are you better than I deserve. Date hard you better than I deserve. How can I help okay? So before I found you at the beginning of this your eye impulse to end purchase ridiculous Nicholas Carr and as soon as I found you I was like crap. What did you buy We bought a two thousand Seventeen Mazda chicks with all the bells and whistles so wheat. Yeah well not sleep. 'cause my pocket hurts. Yeah I guess but I mean the cars. Great Yeah Okay. Oh Oh yeah so what. What are you listening? We all thirty five thousand Okay and what's your household. This year will be making sixty sixty to sixty five. Maybe touching seventy depending on my overtime. Oh yeah this your hometown so then Next year I'll be getting fifteen percent race. Plus another five percent rate is down the road. Yeah so here's my I'm calling to see if you what if you're okay with this Me and my wife. Finally when he agreed to let it go good and sell it. It's worth twenty one thousand. Oh God yeah. So you're you're all something down into it or died that bad. Yeah Yeah that that. It only took like three months. Good lure so twenty one thousand on trade in Yes oh yeah twenty-three on private sale something that's not enough of spread on probably sale. So you're saying this car went from thirty five thousand twenty three thousand in in one year actually technically it will just forty thousand to thirty five thousand. I also cancelled the warranty on it. 'cause we had an extended warranty. Yeah and then we found out that it's funny. How when you pay off a vehicle or you reach certain miles all of a sudden It starts fail on you and the warranties canceled because you overdid it when you get rid of this thing for so many reasons. So so. What's your plan? Yeah fine is me me and my wife and I we saw some four thousand five thousand dollar cars I could save up that money and I probably have it by next income refund but what I was thinking is goes our monthly payment for at the throughout the whole month. And it's like eight hundred dollars so because I also have a student the long and the student loan payments but almost none with I only have like six thousand dollars left over so what what if I just go ahead and sell this car MHM borrow the difference and then go to the guy who owned the car that selling for like four or five thousand dollars and just make payments for like a hundred bucks and a monthly monthly payment will go down to four hundred dollars making them s Yeah okay listen yeah sure but I. I'm not sure understood. How your financing your second car the the one of the five thousand dollar car that you're buying how you financing it just hit just like like you know just go buy a car put a little down payment on it? Oh okay I know where the you know what I mean. That's fine if you can just get a regular car loan on it that's fine. Let's do that because we're still reducing your debt by half right and by doing this and then you can concentrate on getting. That carpet are paid off. And then getting the whole that you doug with this other car which is absolutely horrendous. It's a great car. I'm surprised that thing dropped that foreign value. Make sure you got your numbers right on that because I I mean I. Cars are horrible as far as going down in value I get it I. I'm a car guy I but they and they go down in value rapidly but that one is like a black hole for money under signing like. That's incredible one a horrible horrible car car on holding its value. So check that and make sure your number. Your numbers are little high on terms of lost money. I think maybe you haven't lost as much. I'm hoping you have allows much as you'd think you've lost so let's dig into that a little bit further and you do not want to sell it to a dealer at wholesale you want to sell it private sale. It should be in this situation about a five thousand dollar difference. In other words you should be able to get five hundred hundred more out of selling it private sale than you would for a dealer on something that expensive so I really check those numbers. I'm not sure you've got correct stuff there but y what dadgum kicking the teeth man. You got hammered. Amazing Good luck with it but yes I would get out of it for sure. It's too much car. It's a mess. It's going down in value. It's breaking I mean. There's nothing good in this story. Thanks for the call that puts this hour of the Dave Ramsey show in the books. Thanks."