Fascinating Random Thoughts

Thinking about buying a car? What would Dave Ramsey say?

Well, I’ve been thinking about swapping my old car for a new one. Better sense prevailed just in time to have me consider used cars for the first time in life. And just then I bumped into one of Dave Ramsey’s video on YouTube and I’ve been hooked!

I remember reading (and listening to) the Total Money Makeover several times in 2004 when I was really struggling with debt. While I never got to implement any of the tactics discussed (including the now famous Debt Snowball method) the principles I learned from the book has stuck with me forever!

I’m just so glad that I bumped into him again! His insights on buying cars (particularly used cars) and how it impacts your long-term goals is just fascinating. Sharing a few here for inspiration. If you like them, do subscribe to his channel! You won’t regret it.

How Much Should I Save for a New Car?
How Much Should We Pay For Our New Car?
Should I Buy A $3,000 Car? (This one’s my favorite!)

Loved this one below! I was seriously considering leasing a car (pretty smooth way to start driving a new car, ain’t it?) before I bumped into this (which led me to all the other videos I’ve shared here)

Leasing vs. Buying a Car

This one below was a lifesaver! Someone had to tell me this!

The Smartest Way to Handle a Broken Car!

And here’s the ultimate question… answered!

Should I buy a new or a used car?

I usually would’ve apologized but I won’t… this is good stuff for you (and most importantly me)! The final three video in this series (that I compiled myself… there are a crapton of content by Dave just on cars!) that you must watch.

How to buy a used car?
Finding a cheap car
Why getting a car loan is a bad idea

This is pure gold! These talks also made me realize that besides student loans, housing loans, credit card debts, car loans are the biggest culprit that keeps you away from becoming wealthy. Why? Because the rich don’t believe in borrowing money to get a diploma from a prestigious school or get an apartment in the poshest suburb or buy stuff they don’t need, including fancy cars that just simply rust over time.

As of now, I don’t plan to think about buying a car (even used, which is what makes sense to me right now) for the next 3-4 years. Thanks, Dave!