Dave Ramsey hates Mavericks

[Rob Cactus Gray]

Do it but I better see some index funds in your advice!

Dave Ramsey reminds me of like AA for debtors

Absolutely! I couldn’t agree more on the comparison.

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[Arukoru]

Yup, certainly an option. I've typically purchased used, but there's always a risk about why they are selling. You're much more likely to get a problem vehicle that is sold used 1 year old than new, since anyone with a lemon that doesn't want to deal with lemon law might just sell it instead. Always makes me nervous in Houston after a major flood to shop used, as you know they just fix it up and never report that stuff.

With the Maverick in this weird sellers market, you may also pay MORE for a used model than one you ordered, and who knows how many stranger's farts were infused into that seat cushion before you got it.

I have converted on this one a bit. Yes we all know cars depreciate (normally) extremely fast after purchase. But this has always been a little exaggerated and you have the benefit of the factory warranty with a new car in addition to knowing all the service was done right (if you did it).

It just varies a lot, people like to say "never buy new" or "only lease" but the reality is that it will depend on each person's situation, the market situation, and certified pre-owned etc.

To be fair I've also owned 3 used cars in 10 years that all had pretty terrible problems which I spent $1000s on so if I just bought a new car to start with I'd have probably broken even but been a lot happier.

 

[Captain]

Yup, certainly an option. I've typically purchased used, but there's always a risk about why they are selling. You're much more likely to get a problem vehicle that is sold used 1 year old than new, since anyone with a lemon that doesn't want to deal with lemon law might just sell it instead. Always makes me nervous in Houston after a major flood to shop used, as you know they just fix it up and never report that stuff.

With the Maverick in this weird sellers market, you may also pay MORE for a used model than one you ordered, and who knows how many stranger's farts were infused into that seat cushion before you got it.

Don’t go sniffing the seat?

 

[stoptothink]

I mean what he does definitely isn't for everyone, but its not like the man is exploiting people. He helps financially illiterate people make a plan to get out of debt. I don't see why that makes you hate him, but you do you I guess.

For anybody with a few functioning brain cells and a modicum of impulse control, his views on debt and investing are terrible; unfortunately, that represents maybe 10% of our population. The large majority of adults are functionally financially illiterate and actually would benefit from following his advice.

 

[Uncartha56]

Dunno who this Dave Ramsey is and don’t care and will forget whoever this guy is when I am happy driving my Maverick
; )

 

[Thunderdog]

I know a few people that never ever buy new cars, they buy fairly new and save a ton of money… honestly I’ve looked at them and every one of them looked brand new, except for the mileage.
[/QUOTE


Unless they are cars I don’t see how. Used cars and trucks are more than new now. My 4Runner in 2020 was msrp 46000 and they took 3k off at the time so 43000. A used 2018 with 50k miles was about 41k. That was in 2020.

 

[AdventureSetterland]

This is a little tongue in cheek. A guy called in asking if he was in good enough financial situation to buy a new truck. Dave recommended he not buy the truck, but also said it's not going to destroy him financially to do it, but that it's just not optimal.
Maybe we should all agree to do an Alice's Restaurant, and take turns calling in every day asking if we can buy a Maverick.

Ask Dave: Can I buy a Maverick?

Ramsey is the type of person who likes to hear himself talk. It’s all well and good to get an old used vehicle if you can be certain that it will be reliable. When a person with a long commute starts having to miss work because the old piece of crap is broken down, it is lost wages and potentially high repair costs.

 

[jbpoole]

The last brand new vehicle I bought was a Ford in 1982.

I always said that I would never buy a brand new vehicle again. This is based on financial reasons such as rapid depreciation, higher taxes and insurance premiums, etc.

The Ford Maverick has changed my long held opinion due to:
1. It's inexpensive to purchase.
2. The hybrid getting +/- 40 MPG is exceptionally economical.
3. Lower maintenance costs with the hybrid.
4. New vehicle warranty.
5. It's apparently a safe vehicle, especially with the 360 option.
6. Potential of reduced insurance premiums based on the safety features.

These factors make this a good, common sense purchase and will help offset the interest on a loan.

 

[Decayed]

He helps financial illiterate people fear debt. Debt is a tool if used appropriately will unlock capitol gains (wealth growth). He plays on peoples ignorance and makes debt they enemy.

Good debt is debt that allows you to grow. A mortgage, student loans (provided you major in something useful that will pay off) even car loans if you are frugal about it. Even things like household appliances provided you can pay it off.

Bad debt is credit cards maxed out on fashion accessories. A lot of people can't tell the difference.

 

[dceggert]

I know a few people that never ever buy new cars, they buy fairly new and save a ton of money… honestly I’ve looked at them and every one of them looked brand new, except for the mileage.

It is okay for a person to have a personal opinion or goal to not buy a new vehicle and stick to buying 2 to 4 year old vehicles in great shape instead.

It is at the same time self defeating to recommend to others to do the SAME thing professing that buying a new car is stupid. If one has the personal goal to not ever buy a new car they should at least be trying to talk everyone else into doing it to supply the market for their next purchase!

The used car buyers are presently having a hard time with it due to the declines in new car sales of 2020 and 2021. So far 2022 looks to be in a similar situation. The demand is still there but the supply is not. As a result, used cars are a huge premium right now as those that are shopping for a low mileage used 2 to 4 year old vehicle are encountering prices that are in excess of what new cars were going for back in 2019! Those used cars are so high because of the demand as many new car shoppers are turning to the used market right now because the new car lots are absolutely empty!

My parting shot is this --> If it wasn't for all those stupid people buying new vehicles there would not be any used ones to buy 'cheap' by these self-declared smart people.

 

[Rob Cactus Gray]

Good debt is debt that allows you to grow. A mortgage, student loans (provided you major in something useful that will pay off) even car loans if you are frugal about it. Even things like household appliances provided you can pay it off.

Bad debt is credit cards maxed out on fashion accessories. A lot of people can't tell the difference.

I agree with both statements.

 

[Pop2020]

I am jealous too that he gets rich selling garbage that people eat up over and over again. But more importantly he sells the idea debt is bad and that pisses me off. Limiting people from debt is crippling in our economy. The idea to pay things off in cash is great but investing in once self often takes a lot of debt.

Uhhh....I think I'd have to say the idea of not going into debt is garbage to be garbage.

We've got college graduates lamenting their trillions of dollars in student loans and how it is crippling their ability to buy a car, a house or otherwise started in life. We have politicians wishing to buy votes by wanting to make other Americans who had no say in making those loans eat the cost of those loans.

The financial crisis of 2008 was tied to stupid use of debt and people who couldn't afford a house being offered a way to buy one --- and THAT crippled the economy for sure.

The only "good" debt does is enrich those lending the money. The borrower is slave to the lender. The closest one might come to "good" debt is a home mortgage because in the vast majority of cases the value of the asset purchased will go up over time.

 

[Aherpa]

This is a little tongue in cheek. A guy called in asking if he was in good enough financial situation to buy a new truck. Dave recommended he not buy the truck, but also said it's not going to destroy him financially to do it, but that it's just not optimal.
Maybe we should all agree to do an Alice's Restaurant, and take turns calling in every day asking if we can buy a Maverick.

Ask Dave: Can I buy a Maverick?

Dave Ramsey would probably not recommend buying any 'new' vehicle because of depreciation. Unless he has changed, he recommends a good used vehicle that is affordable. I doubt he hates Mavericks, he just does not recommend buying new vehicles.

 

[brnpttmn]

Uhhh....I think I'd have to say the idea of not going into debt is garbage to be garbage.

We've got college graduates lamenting their trillions of dollars in student loans and how it is crippling their ability to buy a car, a house or otherwise started in life. We have politicians wishing to buy votes by wanting to make other Americans who had no say in making those loans eat the cost of those loans.

The financial crisis of 2008 was tied to stupid use of debt and people who couldn't afford a house being offer a way to buy one --- and THAT crippled the economy for sure.

The only "good" debt does is enrich those lending the money. The borrower is slave to the lender.

What would it look like if there was no mortgage debt? We'd all be "slaves" to the landlord, which sounds worse. At least in the current system I was able to leave my mortgage lender (can't do that with a slaveholder) in August for another offering a lower interest rate thus saving a couple hundred dollars a month in housing costs with no disruption in my living situation. And hell, in 30 years or less I might even have a significant asset to call my very own (and maybe even a bit of equity to leverage in the mean time).

 

[Enderet]

Who?

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