Dave Ramsey hates Mavericks

[Alto_Mav]

I like watching Dave Ramsey as well as the Money Guy Show. the Money Guy Show tells the flaws of Dave and often compares their advice to Dave's.

I would say that Dave has some decent advice. Not that I would say 100% is the best advice, but some of it is decent.

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[Uncartha56]

So I had to watch this finally.
I would like to know what does being a millionaire has got to do with buying a cheap truck.
will the used market go down?
No surprise, 5 years ya, but there will still be some value
The the price drop off the lot!
Ummm duuuh! We all know this for years

Giving the current climate I feel like his “advice” is responsible, the car I drive, USED is going for what it was NEW 3 years ago, some cases more. It would be better to buy new depending on the vehicle due to the longevities you get. I guess you could go buy used and get warranties that last for a shorter time, all the possible repairs for the same price as new.
I got used and ended up paying 1k every year in repair on top of the main payment.
Ether new or used you absorb a factor of risk, it’s called normal life

 

[Area51BS]

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.

True about the used. Whoever ended up with my Colorado bought the small Colorado AC, transmission shudder and never knowing what gear to be in.

 

[Michaels]

Just going to throw this out there. I'm not going to keep my mouth shut while people bash Dave Ramsey.

My wife and I started doing many of the things Dave teaches before he was around. We chose to live debt-free and below our means. We have used his materials to teach others how to do the same.

We paid cash to put three kids through college so they would have no debt. We Don't use credit cards. Paid off our house and I retired at 54 years old.

I now have the time and resources to pursue my dreams.

My Maverick will be the first new vehicle I have ever purchased. I'll be paying cash unless I get a 0% financing deal.

Dave has helped millions of people. Don't let the naysayers discourage you from looking at what Dave has to say.

As for me and my house we say thank you Dave!

 

[Pelster94]

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.

I understand that debt is a tool, I'm not arguing against that. I'm saying he has provided ways for people who are bad with money and in debt to get out of it. I'm not scared of debt, but that's because I don't let it spin out of control. I've got plenty of friends who have let it get out of control and are now debt-free because of Ramsey's plan. Again, it isn't for everyone, but some people need it.

 

[fourwheelsandadream]

Debt is deferred payment. You sacrifice future purchasing power by incurring debt. By Delaying immediate gratification, you will be amazed at what you can afford.

I also lose out on the opportunity cost of retiring earlier and investing that money. I’ll take throwing 20k into the market and putting 5k down as opposed to paying 25k in cash where it’s been sitting in a savings account while saving it up.
My financial well being is fine. I can incur debt at 1.9% and easily pay it off. I can’t get time back in the market once it’s lost

 

[AutobahnSHO]

I've been on both ends of the political spectrum- stupid in debt (for 15+ years) and now doing well enough to finally buy my first new vehicle (hybrid Lariat) with no worries.

The secret of course is spend less than you earn, and save appropriately.

I took Ramsey's course a few years back, good advice for someone drowning in debt but once they get the "baby steps" completed they need to move on to something better.

 

[AutobahnSHO]

I suppose if one ends up with a MD license and not a lot of pictures from ski resorts you used the money on. 200K debt may work out.

I know a guy who took out a $10 million dollar loan last year. For a part of a dental practice. He'll work his butt off for about 5-10 years to pay it off, then be about 40 years old profiting as long as he wants then retire very very comfortably.

Oh and the Army paid off his student loans to fix Soldiers' teeth for a few years(5?) while making a nice salary. Win win! If anyone has kids that want to be a doctor, nurse, dentist, lawyer, or vet, look into Army service & scholarships!!!!

 

[Tbolt]

I just saw a posting for a year old vehicle that had 59k miles on it and they wanted new car money for it. I had to resist the urge to mock them for racking up that many miles in such a short period of time, but why would you eat that many problem free or warrantied miles while spending the same money? That advice makes no sense in the current market. I have a 2010 Dodge Grand Caravan that has already cost me $2,500 in repairs this year. It's gone once the Mav ships.

 

[hopkin22]

I all about not putting things on credit cards and saving, but I am sorry, going through Dave Ramsey way of buying “gently used” is just stupid. Gently used means a few grand cheaper, but here’s the thing- when you buy used you get a substantially higher interest rate, therefore the overall monthly payment is the same or higher than new. Plus you don’t get the modern tech, mpg, etc. you only live once and not sure how long you will be here on earth. Get what you want. You can’t take your money to your grave. If you save your whole life and live off of ramen noodles, the nursing home will be sure to drain your bank……

 

[Rob Cactus Gray]

I all about not putting things on credit cards and saving, but I am sorry, going through Dave Ramsey way of buying “gently used” is just stupid. Gently used means a few grand cheaper, but here’s the thing- when you buy used you get a substantially higher interest rate, therefore the overall monthly payment is the same or higher than new. Plus you don’t get the modern tech, mpg, etc. you only live once and not sure how long you will be here on earth. Get what you want. You can’t take your money to your grave. If you save your whole life and live off of ramen noodles, the nursing home will be sure to drain your bank……

I agree with the underlying point here. I’ve generally purchased used cars at half the price of new that run for years without too much issue. Gently used is definitely a rip off in todays market. Add the interest rates and yup, you are paying more for a used car. I also agree we should eat healthy and not live off beans/rice/ramen noodles. One can’t function without proper sleep And nutrition.

The Bigger picture to debt is you have two ways out. You can either reduce your lifestyle or make more money. I have chosen to do a mix of both. Can’t make more money? BS

 

[olderbudwiser]

I know a guy who took out a $10 million dollar loan last year. For a part of a dental practice. He'll work his butt off for about 5-10 years to pay it off, then be about 40 years old profiting as long as he wants then retire very very comfortably.

Oh and the Army paid off his student loans to fix Soldiers' teeth for a few years(5?) while making a nice salary. Win win! If anyone has kids that want to be a doctor, nurse, dentist, lawyer, or vet, look into Army service & scholarships!!!!

Yup, for those in Military medical field life is not that bad.

 

[Mach E Leo]

2 years ago I bought a 2017 Volkswagen Beetle dune convertible with 8000 miles for 19000 in July I sold it to the Volkswagen dealer near me for 25000 I used it to fund my hybrid maverick purchase paid in full best deal I’ve ever done

 

[YazYaz]

isn’t that we’re supposed to do? I know I want someone to baby me and take care of my whole life. (Intense sarcasm)

It's sad.

 

[Dbarr]

I also lose out on the opportunity cost of retiring earlier and investing that money. I’ll take throwing 20k into the market and putting 5k down as opposed to paying 25k in cash where it’s been sitting in a savings account while saving it up.
My financial well being is fine. I can incur debt at 1.9% and easily pay it off. I can’t get time back in the market once it’s lost

I retired early, have plenty of $ to invest and don’t owe anybody anything.
Debt freedom is awesome

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