Finally, hey… I love hearing opinions and and perceptions from my readers. I think the comment section is the perfect place for that kind of feedback and discussion. Thanks for writing Cindy. If we all work together, perhaps we can bring about some positive changes. I know people that constantly trade in their cars every 3 years and never go without a car payment. Boomer and I keep our cars at least 12 years until they are starting to cost us too much in maintenance.
I want to enjoy not having a payment! The last couple cars I bought were done with cash and it was great to own a car and never have a payment. I think we now have a decent pair of cars and will be happy with them for several more years. Thanks for the article. There are too many people today who think leasing is good for some people and not for others.
Leasing is good for no one, and the facts prove that. I just hit , miles on my Volvo. OR, the new shiny with NO payments. Setting Up a Prosper Pee Setting up a Lending Clu Smart Car Dealing: Buy, My valued reader, on the other hand, leased a luxury automobile. Suddenly his car was HOT and mine smoked due to a small oil leak. About The Author admin test data. Lucas Cabo. Dave Ozment.
Thanks for commenting! The picture is great! It reminds me of cars I have seen. Your logic is right on the money! What others are asking How do I choose a secondhand car?
I'm looking to buy a used car for my family, but I'm worried about getting ripped off. How can I be sure that the car I'm buying is safe and a good deal? How can I drive safely in bad weather? When I'm driving and the weather starts to get bad, I kind of freak out. Sometimes I even have to pull over. My boyfriend and I are planning to take a trip to Canada to see his family for Christmas, and I'm worried about driving in the snow. How can I make sure that I'm being safe if the weather gets bad?
What is the minimum car insurance requirement for Maine? What's the minimum amount of car insurance I need in Maine? I moved to Maine recently and want to make sure I have the right coverage. Rachel Juillerat. Browse All Questions. Easiest way to compare and buy car insurance.
No long forms. No spam or unwanted phone calls. Quotes from top insurance companies. Resources Car Insurance. Car Insurance by Make Tesla. With that said, a good lease deal with low mileage on it can often still have some equity in the car when you go to a dealer to get something new. Interesting article. I really like Dave Ramsey and even though i have no debt and great net worth i still learn things from him. I have leased my cars since as i like new cars every 3 yrs. Thank you for your nice, comments.
I think Dave Ramsey has done a lot of people a lot of good with his financial advice. He is a great coach when it comes to getting people out of debt and living a debt-free lifestyle. But not everyone is living in a burden of debt. The reality is that we all need cars for transportation. And, whether Dave admits it or not, there is always a monthly payment attached to owning a car. Those who boast that their car is paid-off and they have no monthly payments are not taking into account their maintenance costs.
Edmunds will show what the true ownership costs are of owning a car. So, take your oil changes, fluids, brakes, tires, and any other costs you may have incurred over the course of a year and divide it by That is your monthly payment. Those costs are going to rise as the car gets older and needs more maintenance. A good, 3-year lease gives you an affordable, fixed monthly payment with no worries over brakes, tires, or other repairs.
In many cases, I have extended my lease by up to 60 months. On a good, subvented lease deal, you will pay-off over half of the car just with principal and no interest attached at all. My wife leased a new car in March of Should she buy it outright to get out of the lease? His solution is to advocate never borrowing money, leasing a car included.
I totally agree. Leasing is for folks that want ease of mind and a new car every three years. I did the math and if I leased a new car every three years I would have paid double for my car including repairs. Interesting article and I learned a good deal about leasing that i didnt know thank you. My only experience about leasing is the limited milage they give you. I drive 25 miles each way to work sometimes 7 days a week so I dont believe it woukd be best for me.
They told me they could up the milage to or to mles a year but it basically the cost of buying the car so I did just that. From what I know leasing is good if you want to change cars every few years and dont mind constant non stop monthly payments but no or little repairs and dont drive very far very often or at all.
Its like everything else in life its just another added choice or option that is good for some and not for others. You are right on the money about the mileage. In your case, it probably does make more sense to buy. There are situations when I buy too. Leasing is a great option based on individual needs and circumstances. If you listen to him regularly, his main teaching point is to get rid of debt and save up for the things you want, rather than pay interest. What is the difference in price for example, if you drive an older used car with regular maintenance only versus saving and paying cash for that newer car?
While that does build equity and you own the car at the end of the term, it also costs money to pay the loan interest, which is what Dave wants people to avoid. So basically, he does conclude that leases are a rip off. Because he opposes both. Dave had a very unique ministry.
As you said, his callers are usually in debt and deep trouble. And that is the problem. Between credit card debt and car payments lease or finance , people are struggling to make ends meet.
I was a half million in debt when I started, and finally a year ago I became totally debt free, including my house. So, while anecdotal, I can say with all honesty that his advice works. And I bought a new car a month ago.
Paid cash because I saved up for it. What is nice is that the bank wont get to add interest to what I paid for my car. But, the reality is that we all need transportation. We need to drive cars. As they depreciate they cost money to maintain, not to mention the safety and reliability factor of an old vs.
The bottom line is, it costs money to drive a car. It is great to live as debt-free of life as possible, but Dave Ramsey is clearly out of his element when it comes to car leasing. The comparisons and figures he uses are way off base.
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