@@BryanCabrera Nobody said he has already become a legend, only that he is BECOMING one. And his appearances on other channels can only support his future status as legend - the more channels he appears on with a large viewership the more reach he has. Thinking otherwise is dumb.
The last time I bought a car (pre-Ramsey), the salesman kept asking what I wanted my monthly payments to be. I kept telling him that I cared about the total sales price a lot more than my monthly payments. He asked why I cared so much about the total price since I'm so young and can afford the bigger monthly payments. I told him I have more financial goals in my life than paying for an expensive car and found a different salesman because he was being so rude and pushy about it! I did get a loan, but paid it off in less than a year and haven't had a car payment since :)
When a salesman kept bothering me with the same thing, I told I can get a Ferrari to fit in my budget if I wanted to put 100k down and a 10 year loan..he was like wtf 😂😂
When I was young I really wanted to pay cash for my first car, but I was just shy of the total. I was talked into a 6 year car loan by my mother and the car salesman and made a terrible decision to buy it. It wasn't the worst loan, like 16,000 total, but I still look back at that time and wish that I hadn't made that decision. It really set me back financially. The car is now paid off and I no longer own it. I've decided to give up driving and live a car free lifestyle.
Great advice. We have a 2012 Chevy Silverado. Bought it used in 2014 and still going. Bought a 2018 Honda Odyssey van new. Paid off in one year and still going. No mortgage and no car payments. The freedom is incredible. Oh by the way we did buy a new car (2024) and paid cash for it. It can be done. Thanks George!
I agree. I'm allergic to car payments! I found a 2008 Buick Lucerne at an estate sale for under $7000 with only 32K miles! The V-6 engine is one of GM's best and people regularly put over 200,000 miles on these cars.
You made a good choice. I have a 2006 with 270, 000 miles and counting. Minimal maintenance costs over it's lifetime. I'm only looking at replacing it because the body is rusting out from northern Wisconsin winters. The gm 3800 is a fantastic engine and easy to work on if you do your own maintenance.
I’ve had one car payment in my life. It was a Chevy Cruze my family got me as a high school graduation “gift”. When I got married in college, my mom told me the car debt would be mine. She still owed $4,000. I got a loan to pay off my mom’s loan and got the car in my name. My husband and I then sold the car for $6,000, paid off the loan, and bought a Toyota Camry (we still drive today) for $2,000. 😆 We tackled my student loans and are paying our house off early!
I had this discussion with my wife last year. Pulled up the investment calculator and asked her how much the financing for the car she wants is. Opportunity cost was $1.2 million in retirement if you maintain that car payment. If you buy a 2-3 year old car instead of brand new you save 30% on depreciation. We'll save up and pay cash rather than than take out a loan.
Sounds good in theory but ya gotta give in sometimes to the wifey- or at least find compromise ❤️ Imagine the husband telling the wife “Well Dave Ramsey presches blah blah blah and I’m the head of the household so we’re going to do blah blah blah” 🤮 (Edited to clarify I’m not saying Dave Ramsey is saying that. But lots of people went to force the Ramsey method on their spouses)
@@BlackStarMulti what? No I’m saying, if somebody says “Dave Ramsey says blah blah blah. So we need to do blah blah blah because I’m the head of the household.”
speaking from experience as well. we got a car payment this past year & was paying over $700 in a payment, USED! 😢 my husband was so unwilling to get rid of it because we finally got a “nice” car until he seen how much the taxes were on it & then lesson 4 of our FPU & that calculator really made him see that we were missing out on millions on dollars. thank you for breaking this down & everything the ramsey team does. ❤❤❤❤
Scotty and the Car Care Nut sold me on getting my Corolla. I came from a 21-year-old beetle that had one major repair every month or two. Sometimes you just gotta know when to stop repairing the old car.
I'm honestly super proud of you George. The content is super educational and engaging. Your dedication to mastering your ability to present content is superb. I hope everyone who views your videos, are benefiting from the valuable information. May we all have Financial Peace one day
My wife and I committed to never having a car payment when we got married in 2009 and focused on putting everything into buying our first house. Best decision we ever made.
Great video. I listen to the Ramsey Show daily, and now this 👍 I drive a paid for 2007 Honda CR-V. I will drive it until it dies. Not because I have to, but because I want to. The feeling of freedom and peace of mind is something everyone should experience. I have had my last car payment.
I come from a family who leased luxury cars. I thought that was normal. The one piece of advice I thank Dave Ramsey for is to not take on car payments. One of the best financial moves I ever made. I bought a 2005 Honda new and I'm still driving it.
Absolutely no car payment for many years now. Last vehicle we purchased new and outright with cash is a 2020 Buick Enclave in 2020. Still driving it and still loving it.
Hi - thanks for the advice. I used to buy cars with a bank loan. Currently, I have neither a car payment nor debt. It’s great on payday since I have a lot more money to invest, save, and give! I’m never going back to debt! It’s never worth it 😊
Historically we've mostly owned vehicles that were 15-20 years old purchased with cash and we keep them until the wheels fall off 😂. But husband currently drives a 2013 Tahoe and I drive a 2016 Explorer which have both been paid off. And we have a 2000 Excursion that we paid cash for years ago.
I've been driving my first car for the past 9 years, an 05 Mini cooper. Had it since I was 16. Just put new shocks on along with two new front tires. Working on saving for something that doesn't require as much maintenance, even though I do it all myself.
I'm in New Zealand, brought a Japanese spec 05' VW Golf GTX with under 50,000 miles on it in September 2022 from a direct importer when I was 24 for 6K NZD (~4k USD) - new timing belt & waterpump + a service it's now worth $8K NZD all cash drives like a dream & easy to work on myself. The US didn't get them, basically a GTi without the Ceramic brakes, Golf Ball shifter & Paddle Shifter cheeky Jap sleeper. Couldn't for the life of me fathom putting a car on payments completely pointless...maintenance + Fuel + insurance + a payment, blimey. Don't know how the average Joe's do it 😂😂
Currently trying to convince my fiancé to purchase a used car cash instead of purchasing a brand new car with a loan. Not having car payment is such a nice feeling.
We spend all this money on a car for the privilege of getting stuck in traffic. Most people don’t even like driving but they tell themselves it represents “freedom”. I gave up my car years ago and I can honestly say o feel way more free now than I ever did with a car
Sorry to drag you back from a comment you made 8 months ago, but after just getting hit with a $5,000 repair bill, I just wanted to ask how you get around. Do you live somewhere with good public transportation? I just wish that we didn't live in a car dependent society (at least where I am), it seems like having a car almost isn't a choice anymore.
@@lindseygeorge9046 I live in an inner suburb of Boston and I bike everywhere. I have 3 kids so I have a cargo bike (Tern GSD) with a trailer. Everything I need is within 6 miles of my house so e-biking around is pretty easy. I realize I'm pretty privileged to live in an area that isn't as car dependent as other places. I love biking around everywhere and my kids love it too!
I have a paid off 2016 Toyota Corolla with 160k miles, on $200k household income. It’s so freeing! Only $18k student loans to pay off which I will do in a few months time.
Great content George. I am driving a 2019 Jeep Cherokee with a payment of 416 a month. I am on baby step 2 and this is the last consumer debt I have to pay off. I plan to have it paid off by October.
I got a really good deal on a Chevy Silverado because the taillights weren't working, which I repaired myself. I paid $1500 for it and the insurance is 10$ a month! I could turn around and sell it for $3000 any day of the week!
My net worth just went over 100k half cash half in 401k at 29. Saving for a house. Still drive my 2000 Chevy 2500 truck I pulled out of a field for 300 bucks that needed a transmission. I was deadbeat broke then but still love the truck for what it stands for and how much money I've been able to save and develop over the last 6 years
Been married 16 years. Coming into our marriage we both had used cars we paid with cash. We eventually replaced our cars with other used cars. The first 14 years of marriage the total we spent on replacing our cars was $14k (in cash). Then we upgraded to a 4 year old SUV for 24k which we paid in cash. I remember feeling like “wow, this is a huge amount of $ for a car”. Our current vehicles are a 2017 Buick Enclave and a 2012 Chevy Impala. Total values are less than 1/4 of our annual income.
"You might think you want a fancy car or a nice watch. But what you probably want is respect and admiration. And you’re more likely to gain those things through kindness and humility than horsepower and chrome." ― The Psychology of Money
Took my paid-for-with-cash (in 2013) 2008 Toyota Sienna with almost 200k miles, fully loaded with gear and four kids, on a 14,000 mile cross-country road trip last summer. Even an accident didn't stop us. One brake job and a lot of oil changes later, we got home safe and sound. My van climbed the Rockies, crossed the Plains, drove through Death Valley in August (115 F temps), and even survived Fresno traffic. It now has almost 240k on it and it's still going strong.
The issue is also we are not pushing for public transportation! City are so awful. Right now I’m trading in one to replace with another because I can’t drive back and forth in the morning to drop my husband off at work. And also can’t pick him up. I have to go to the opposite way to pick up our kid. It’s sooo annoying. I told him I wish I could just take the bus. They are available in the direction, but take 30 minutes to arrive! You miss the bus you might was well walk!
what i love is that george has taught has really changed my life. i have a cheap work truck that runs and drives amazing. i love it, my passion isn’t cars, it’s bikes. I’m saving for a new to me 2015+ yamaha R1, i currently have a 2005 zx6r that i love but thanks to my new budget, and living on this channel, and at work i can finally afford my dream bike! keep in mind i’m only 20 years old, in my 2nd apartment with 0 debt. Your a legend george!
George, love your TH-cam videos. I've been a big fan of Dave Ramsey for a few years now. He is spreading the word of how to get out of debt to people who really need it, and I appreciate what he and your entire team do for them. People often ask me about retirement savings, and I answer their questions, but then I send them to Dave Ramsey. I retired a year ago at age 65 with no debt and a net worth of around 1.6 million. My wife and I haven't touched our IRA money yet, and may never need to. I've paid cash for cars for over 25 years now. I usually buy a nice car of around a year old, that way we let the guy before us pay most of the depreciation of the vehicle. I started saving for retirement in my late teens (late 1970's). My only regret is that I didn't put away more during my working years, but we have plenty and we enjoy giving to charities. We have two sons who are on their way to retire with considerably more wealth than my wife and I. Please pass this on to Dave with a huge "Thank You" for what you do! You are changing lives for the better.
2006 single cab Ford Ranger! Paid $6,200 for it 5 years ago, and could probably sell it for $5,000 today. Technically, the depreciation has only cost me $20 a month.
2023 Chevy Malibu RS, bought cash for $25K & $0 car payment. It was a demo car. It was used with 6K miles on it, but I’m the first person on the title.
I’m 27 and never had a car payment!! My sophomore year of HS I saved up 5k to buy my first car, a 1992 Mazda mx6. She lasted me until my senior year of HS. My Jr year of college I got a 2016 hyuandi accent for 10k. Paid cash for it. I have had the car for 5 years now and it’s currently in the shop. The first time it has given me problems. I bought the car when it had 49k miles and now it has 113k. It has done great by my side and looking to run it into the dirt before I buy a new car💪🏾
I drive a 2012 GMC Sierra 2500. I’m a mobile groomer and tow my trailer that I work out of with it. It’s paid off. I bought my first used truck for my business in July 2017 and went gazelle intense to pay it off. Then I’m 2020 my truck actually went up in value so I was able to sell my old truck to “upgrade” to a bigger nicer truck with no payment. I am 100% debt free in my life and business. I will never use debt again!
So well said. I have been on both sides of this scenario. Thank you! I don't currently have a car payment in our household. One is 2001 BMW and 2015 Tesla model S. Will never be in debt for a car again. Thank you !!!
I own a Ford F150, no car payments. Bought it with cash. My husband and I are on Baby Step 6 and we will finish paying off the house this year, only 5 years after purchasing it. The Baby Steps WORK! 😊
My wife is a medical doctor and she still drives our 2006 Corolla that we bought new in December of 2005. It has 190K miles on it and a big dent in the door but we've only had to take it in for routine maintenance. She hopes it will last to 300k miles. Having no car payments is the only way to go. Do not care what others think and feel pressured into buying something to impress others.
I drive a 2001 Honda civic that’s been in 3 accidents and a flood, I’m the 4th owner, it has about 225k miles, and it starts every time. The AC is broken, paint faded and interior is shot. HOWEVER, it’s paid for and my insurance is about $65 per month in a big Florida city…considering my friends pay over $1000 per month for car payments, insurance, maintenance ect. I feel like I drive for free
Leased a 22 Camry LE: purchase price $33k, $485 per month, 36 months, 3K down, 15K buyout at end of lease and insurance of $155 per month. Traded in after 11 months and made $2,200. Bought a 2011 Ford crown Victoria police interceptor off of craigslist: 150k miles, $3,500 cash, insurance 55 per month. I started my baby step journey this month and am taking FPU next month. In order to get gazelle intense the lease had to go. The Crown Vic was an answer to prayers. You may ask why I share all these details on here? I want you to know that it is possible to get out of a lease early, buy a decent used car, for a decent price and save money even in 2023.
1990 Camry I bought 7 years ago for $1200 with 32k miles. I rebuilt it twice and R titled it from hitting deer. So it's multi colored, but the purrs like kitten and the ac blows cold.
I bought a Toyota car in 2013 10,000 borrowed a loan from my bank, in 5 years I paid it off. Now, I understand the freedom not owning nobody dime. I still drive it around and keeping up with the maintenance to stay for a long time when the wheels come off. 🙏🏼🙌🏼
2005 Camry as car 1, Ebike as car 2 - $0 car payment since 2017 - ebike paid for itself with just 6 months of gas savings. Learning more about how many people are in debt for their cars it is really wild to look around a parking lot full of new F150s and SUVs at Target and realize the majority of those cars the owners cannot afford. I'm excited to buy a 2006 camry one day lol
We have a Elantra that I paid 11 months faster and I am currently paying our Ram faster too. There's only 2k left to pay on it and I will clear that out next month. Thanks for all the great video George! It's always a pleasure to watch you! Greeting from Québec, Canada :)
I definitely had to change my mindset on this. From 09-19 my wife and I went through 7 cars 🤦 but now both our cars are paid for and with any luck I will never have to take out a car loan again.
I've been driving my 2011 Chevy Impala for the last 11 years. Bought it with 32k miles on it and lasted until 192k miles. Unfortunately it was totaled last week. I'm thinking of buying a cheaper car in cash and eventually moving up in car.
I've been driving my 2004 Honda Civic since 2006. Paid $12,000 cash for it outright then and it's been driving great ever since! Never have had a car payment in my life.
Monthly cost is a question for cash buyers too. Thinking how much for gas, insurance, maintenance, etc. I hate needing a car in the US because these monthly expenses drain my cash flow.
I’m driving a paid off 2014 GMC Acadia Denali. Paid off in 2020 while working the baby steps. We also paid off my husband’s truck in 2021 then sold it when he got a job with a vehicle. In October 2022, he switched jobs again and we purchased him a used 2015 Honda CRV with cash.
We have 3 vehicles. All were paid for with cash!! 💵 2005 Chevy Silverado 2007 GMG Yukon Denali 2019 GMC Sierra All were "new" to us, and where in excellent condition when we got them and still are. Because even though they are "old" we still value them for what they are and what they do for us. (Transportation and reliable) PS: we have done this all while living on a single teachers income over the last 12+ years. (No inherited $) And we are in baby step 7 now also.
Was saving for replacing my truck. It finally gave out 2 years before I was ready to replace it. Had to do the loan thing, much to my chagrin. I ended up with a $375 payment over 4 years after trade in and a small down payment.
I bought a 2019 Corolla brand new at the start of my career. I paid down other debts first since I was fortunate to get a 0.9% interest rate on the car loan. I just paid it off last week, and the 400/month is now going to my mortgage as an extra payment.
At 25 I currently make 60k a year and drive a 2009 Ford Ranger with 126,000 miles and no payment. Over a year ago I was paying $570 a month but flipped my old car in this crazy market and have been investing my old payment ever since!
I was happily driving a 2005 RAV4 during COVID, when I got t-boned by a teenager. Insurance paid $3,000 plus I got to keep the car! I put the $3,000 into my Roth IRA and drove the car around with a caved-in passenger side for another 6 months. Finally bought a 2010 Acura MDX for $7,000. I do have a car payment on it ($165), but I invest 50% of my income, so I don't have a lot of disposable cash. I'm a financial professional (Series 7), and I buy all my work clothes at thrift stores.
It wouldn't do squat if it was mandatory if said high schoolers have financially irresponsible parents at home who have to have the latest and greatest to maintain their image.
Truth. Have not had a car payment since 2006. Will never have one again. All that money and then some went to vacations and to investments and we can now retire early.
Currently own a 2005 Toyota Camry with 138 thousand miles on it. It’s immortal and costs next to nothing to maintain. Only thing that ever went out on it was a water pump about 2 years ago which cost like $350 to fix. Oh and a wing mirror my wife knocked off it when she hit a traffic pylon cone thing…That was a $60 replacement from ebay that I did myself with assistance from TH-cam. Also own a 2017 Corolla that’s got over 100k on it and has required no repairs at all in the 4 and a half years I’ve owned it (aside from consumables like tires, brakes and a battery). Own both cars outright. Pay cash for a used Toyota or Honda with service history and you’re going to do well, no matter what the price point.
2021 4Runner with $600 monthly payment. I previously owned high mileage used cars, but found it financially infeasible to pay $5k-$10k per year for upkeep, replace parts, transmissions, engine, etc.
2:09 Tom Scott does a great video on comprehending/visualizing 1 billion dollars and at the end he pointed out that if you had dollar bills stacked side-by-side (the flat side) it would take a jetliner 5.5 days at full speed to cover the distance of 1 trillions dollars 🤯
I paid off my car, and a couple years later, a drunk driver attacked me (that’s really how it felt) and totaled my car. I make less than $50,000, so my car is more than half my yearly salary, but I’m aggressively paying down the loan and I’ll have it paid off in less than three years!
2012 Honda CR-V EX! Bought and paid for in cash. I love it and it's actually the first time I have not had a car payment since my first car when I was 16. I bought that Honda Accord from my uncle with my babysitting money. Such a great feeling!
The last vehicle I paid cash for. But the one before that I got a loan for 3.5% and then realized it was dumb so I paid it off two months later. I had the cash, but didn't want the extra payment.
Love George and Ramsey! The only thing I would have to say about the 6 million is that if you are always saving your car payment to either upgrade the car or to eventually replace the car you are not putting it in the stock market to allow it to grow. Love the message but maybe talk about the interest savings from the bank more vs. the total dollar amount you would invest
You don’t save it forever. Once you have a good used Toyota they drive to 300k miles. After I got my long term reliable car I was then able to invest that $$ and my debt snowball money cause I had no more debt!
Wife and I have a 2015 Corolla LE and a 2017 Honda Civic EX, both are payed for, neither of us have had a car payment in over a decade 🎉 Net worth is about half a million, we’re both freelancing musicians and teachers.🎶
We have three vehicles, 2004 Toyota Tundra, 1999 Honda Civic, and a 1986 Toyota motorhome. I was dumb and borrowed money on the truck to get the motorhome. We just had a roof emergency that pushed us back to baby step one, but we are projected to be debt free including the house in three years!!! Woohoo!!!
Just sold my 2021 Hyundai Tucson and bought a 2011 Acura MDX. No payments the car is 8% of our take home, 4% after what we got back from the Tuscan sale
FWIW, even lots of well used beater cars these days come with heated seats and other luxury stuff that were rare for even new cars 20 years ago. I can’t imagine needing more luxury than any of my cheap well used cars I bought in cash provide.
George is quickly becoming a legend on TH-cam😎
@@BryanCabrera You think this is the only channel featuring George?
@@BryanCabrera Nobody said he has already become a legend, only that he is BECOMING one. And his appearances on other channels can only support his future status as legend - the more channels he appears on with a large viewership the more reach he has. Thinking otherwise is dumb.
@@BryanCabrera OMG you just chose to double down on a stupid argument?
I make over 100K a year.
I drive the same car I had in high school 20 years ago, a 1997 Ford Ranger with 316,000 miles.
You don’t drive much.
I too have a 90's vehicle with 322000 miles and am happy with it. Here's to rolling to 400k
The last time I bought a car (pre-Ramsey), the salesman kept asking what I wanted my monthly payments to be. I kept telling him that I cared about the total sales price a lot more than my monthly payments. He asked why I cared so much about the total price since I'm so young and can afford the bigger monthly payments. I told him I have more financial goals in my life than paying for an expensive car and found a different salesman because he was being so rude and pushy about it! I did get a loan, but paid it off in less than a year and haven't had a car payment since :)
When a salesman kept bothering me with the same thing, I told I can get a Ferrari to fit in my budget if I wanted to put 100k down and a 10 year loan..he was like wtf 😂😂
When I was young I really wanted to pay cash for my first car, but I was just shy of the total. I was talked into a 6 year car loan by my mother and the car salesman and made a terrible decision to buy it.
It wasn't the worst loan, like 16,000 total, but I still look back at that time and wish that I hadn't made that decision. It really set me back financially.
The car is now paid off and I no longer own it. I've decided to give up driving and live a car free lifestyle.
I paid $13200 for a Ford Ranger in 1994. I paid it off in 1998 Still driving it to this day.
Great advice. We have a 2012 Chevy Silverado. Bought it used in 2014 and still going. Bought a 2018 Honda Odyssey van new. Paid off in one year and still going. No mortgage and no car payments. The freedom is incredible. Oh by the way we did buy a new car (2024) and paid cash for it. It can be done. Thanks George!
I agree. I'm allergic to car payments! I found a 2008 Buick Lucerne at an estate sale for under $7000 with only 32K miles! The V-6 engine is one of GM's best and people regularly put over 200,000 miles on these cars.
You made a good choice. I have a 2006 with 270, 000 miles and counting. Minimal maintenance costs over it's lifetime. I'm only looking at replacing it because the body is rusting out from northern Wisconsin winters. The gm 3800 is a fantastic engine and easy to work on if you do your own maintenance.
@@burgermeyer do they still offer Ziebart rust proofing up North? I lived in Michigan in the late '60's and almost everyone did that with new cars.
What a find!!
The Lucerne is a real panty dropper 😂
Not the 3.6L VVT those engines are dog *******!
I’ve had one car payment in my life. It was a Chevy Cruze my family got me as a high school graduation “gift”. When I got married in college, my mom told me the car debt would be mine. She still owed $4,000. I got a loan to pay off my mom’s loan and got the car in my name. My husband and I then sold the car for $6,000, paid off the loan, and bought a Toyota Camry (we still drive today) for $2,000. 😆 We tackled my student loans and are paying our house off early!
Good choice!
Screw the Chevy Cruze!
Those turbos drop like flies!
I had this discussion with my wife last year. Pulled up the investment calculator and asked her how much the financing for the car she wants is. Opportunity cost was $1.2 million in retirement if you maintain that car payment. If you buy a 2-3 year old car instead of brand new you save 30% on depreciation. We'll save up and pay cash rather than than take out a loan.
In normal times. Right now, a used vehicle that is a few years old costs as much as a new car. Hopefully the prices come down soon.
Sounds good in theory but ya gotta give in sometimes to the wifey- or at least find compromise ❤️
Imagine the husband telling the wife “Well Dave Ramsey presches blah blah blah and I’m the head of the household so we’re going to do blah blah blah” 🤮
(Edited to clarify I’m not saying Dave Ramsey is saying that. But lots of people went to force the Ramsey method on their spouses)
@@KevintendoNo he does not
@@BlackStarMulti what?
No I’m saying, if somebody says “Dave Ramsey says blah blah blah. So we need to do blah blah blah because I’m the head of the household.”
I have never heard him say that. As a matter of fact he frequently talks about compromise.
speaking from experience as well.
we got a car payment this past year & was paying over $700 in a payment, USED! 😢 my husband was so unwilling to get rid of it because we finally got a “nice” car until he seen how much the taxes were on it & then lesson 4 of our FPU & that calculator really made him see that we were missing out on millions on dollars.
thank you for breaking this down & everything the ramsey team does. ❤❤❤❤
Scotty and the Car Care Nut sold me on getting my Corolla. I came from a 21-year-old beetle that had one major repair every month or two. Sometimes you just gotta know when to stop repairing the old car.
I paid $2,500 for my 2006 Camry in 2016. At the time it had 200,000 minles. Now it has 342,000 miles and still runs great!
I'm honestly super proud of you George. The content is super educational and engaging. Your dedication to mastering your ability to present content is superb. I hope everyone who views your videos, are benefiting from the valuable information. May we all have Financial Peace one day
Do people really consider 40,000 miles not new? Shoot I consider 100,000 miles still pretty new 😂😂
Me too
Cars are built a lot better than they used to be. 150k miles is only halfway done.
My wife and I committed to never having a car payment when we got married in 2009 and focused on putting everything into buying our first house. Best decision we ever made.
Great video. I listen to the Ramsey Show daily, and now this 👍 I drive a paid for 2007 Honda CR-V. I will drive it until it dies. Not because I have to, but because I want to. The feeling of freedom and peace of mind is something everyone should experience. I have had my last car payment.
I come from a family who leased luxury cars. I thought that was normal. The one piece of advice I thank Dave Ramsey for is to not take on car payments. One of the best financial moves I ever made. I bought a 2005 Honda new and I'm still driving it.
Absolutely no car payment for many years now. Last vehicle we purchased new and outright with cash is a 2020 Buick Enclave in 2020. Still driving it and still loving it.
Got a 2015 Buick Enclave, used, for close to $15,000. So nice to not worry about a payment and it's a good vehicle.
@@osumbrosie5314 You'll still have to worry about that 3.6 V6 failing
I bought my first ( basic, nothing fancy) new car. I drove it for 17 yrs. Bought my 2nd new car in 2012. Hoping to pass 17yrs.
Hi - thanks for the advice. I used to buy cars with a bank loan. Currently, I have neither a car payment nor debt. It’s great on payday since I have a lot more money to invest, save, and give! I’m never going back to debt! It’s never worth it 😊
George will be bigger than Ramsey in no time.
Historically we've mostly owned vehicles that were 15-20 years old purchased with cash and we keep them until the wheels fall off 😂. But husband currently drives a 2013 Tahoe and I drive a 2016 Explorer which have both been paid off. And we have a 2000 Excursion that we paid cash for years ago.
I love the references to Camrys. I traversed my 20s in an ‘03 Camry and they are so reliable that I’m not even certain they need gas to run.
George Kamel and Scotty Kilmer collaboration on best used vehicles! Please make it happen, George! 👏🤓
I've been driving my first car for the past 9 years, an 05 Mini cooper. Had it since I was 16. Just put new shocks on along with two new front tires. Working on saving for something that doesn't require as much maintenance, even though I do it all myself.
I'm in New Zealand, brought a Japanese spec 05' VW Golf GTX with under 50,000 miles on it in September 2022 from a direct importer when I was 24 for 6K NZD (~4k USD) - new timing belt & waterpump + a service it's now worth $8K NZD all cash drives like a dream & easy to work on myself.
The US didn't get them, basically a GTi without the Ceramic brakes, Golf Ball shifter & Paddle Shifter cheeky Jap sleeper. Couldn't for the life of me fathom putting a car on payments completely pointless...maintenance + Fuel + insurance + a payment, blimey. Don't know how the average Joe's do it 😂😂
Currently trying to convince my fiancé to purchase a used car cash instead of purchasing a brand new car with a loan. Not having car payment is such a nice feeling.
Yes, I agree. I paid my Toyota off back in 2018. I now understand the feel of not worrying and have the peace of mind as well.
We spend all this money on a car for the privilege of getting stuck in traffic. Most people don’t even like driving but they tell themselves it represents “freedom”. I gave up my car years ago and I can honestly say o feel way more free now than I ever did with a car
Sorry to drag you back from a comment you made 8 months ago, but after just getting hit with a $5,000 repair bill, I just wanted to ask how you get around. Do you live somewhere with good public transportation? I just wish that we didn't live in a car dependent society (at least where I am), it seems like having a car almost isn't a choice anymore.
@@lindseygeorge9046 I live in an inner suburb of Boston and I bike everywhere. I have 3 kids so I have a cargo bike (Tern GSD) with a trailer. Everything I need is within 6 miles of my house so e-biking around is pretty easy. I realize I'm pretty privileged to live in an area that isn't as car dependent as other places. I love biking around everywhere and my kids love it too!
So true, I can't tell you how many of my friends bought a car worth over $50k but still don't have a house.
Appreciating assets > Depreciating assets
I have a paid off 2016 Toyota Corolla with 160k miles, on $200k household income. It’s so freeing! Only $18k student loans to pay off which I will do in a few months time.
Love George! Intelligent, informative, and delivers hard truths in an entertaining, humorous way!.
Great content George. I am driving a 2019 Jeep Cherokee with a payment of 416 a month. I am on baby step 2 and this is the last consumer debt I have to pay off. I plan to have it paid off by October.
I got a really good deal on a Chevy Silverado because the taillights weren't working, which I repaired myself. I paid $1500 for it and the insurance is 10$ a month! I could turn around and sell it for $3000 any day of the week!
'without heated seats and australian Siri' lol that line got me. My mom always turns her Siri into british or new zealand accents
My net worth just went over 100k half cash half in 401k at 29. Saving for a house.
Still drive my 2000 Chevy 2500 truck I pulled out of a field for 300 bucks that needed a transmission. I was deadbeat broke then but still love the truck for what it stands for and how much money I've been able to save and develop over the last 6 years
Been married 16 years. Coming into our marriage we both had used cars we paid with cash. We eventually replaced our cars with other used cars. The first 14 years of marriage the total we spent on replacing our cars was $14k (in cash). Then we upgraded to a 4 year old SUV for 24k which we paid in cash. I remember feeling like “wow, this is a huge amount of $ for a car”. Our current vehicles are a 2017 Buick Enclave and a 2012 Chevy Impala. Total values are less than 1/4 of our annual income.
Great financial success but I’d Sell the Buick before the timing chain tensioner fails
"You might think you want a fancy car or a nice watch. But what you probably want is respect and admiration. And you’re more likely to gain those things through kindness and humility than horsepower and chrome." ― The Psychology of Money
Took my paid-for-with-cash (in 2013) 2008 Toyota Sienna with almost 200k miles, fully loaded with gear and four kids, on a 14,000 mile cross-country road trip last summer. Even an accident didn't stop us. One brake job and a lot of oil changes later, we got home safe and sound. My van climbed the Rockies, crossed the Plains, drove through Death Valley in August (115 F temps), and even survived Fresno traffic. It now has almost 240k on it and it's still going strong.
The issue is also we are not pushing for public transportation! City are so awful. Right now I’m trading in one to replace with another because I can’t drive back and forth in the morning to drop my husband off at work. And also can’t pick him up. I have to go to the opposite way to pick up our kid. It’s sooo annoying. I told him I wish I could just take the bus. They are available in the direction, but take 30 minutes to arrive! You miss the bus you might was well walk!
what i love is that george has taught has really changed my life. i have a cheap work truck that runs and drives amazing. i love it, my passion isn’t cars, it’s bikes. I’m saving for a new to me 2015+ yamaha R1, i currently have a 2005 zx6r that i love but thanks to my new budget, and living on this channel, and at work i can finally afford my dream bike! keep in mind i’m only 20 years old, in my 2nd apartment with 0 debt. Your a legend george!
2003 Tahoe and it’s paid for!!!! And I love my truck. She gets me every where I need to go! 0.00 car payment!🎉
$0 w/ 2018Accord and 2018Audi Q3 bought with cash
George, love your TH-cam videos. I've been a big fan of Dave Ramsey for a few years now. He is spreading the word of how to get out of debt to people who really need it, and I appreciate what he and your entire team do for them. People often ask me about retirement savings, and I answer their questions, but then I send them to Dave Ramsey. I retired a year ago at age 65 with no debt and a net worth of around 1.6 million. My wife and I haven't touched our IRA money yet, and may never need to. I've paid cash for cars for over 25 years now. I usually buy a nice car of around a year old, that way we let the guy before us pay most of the depreciation of the vehicle. I started saving for retirement in my late teens (late 1970's). My only regret is that I didn't put away more during my working years, but we have plenty and we enjoy giving to charities. We have two sons who are on their way to retire with considerably more wealth than my wife and I. Please pass this on to Dave with a huge "Thank You" for what you do! You are changing lives for the better.
2006 single cab Ford Ranger! Paid $6,200 for it 5 years ago, and could probably sell it for $5,000 today.
Technically, the depreciation has only cost me $20 a month.
George Kamel is right.
We bought our 18 yr old son, 2004 Toyota Camry by cash. He is happy with it. He has a car without worrying about car payments.
Sold my brand new car that had a $1215 payment and bought a 2008 from a family member for $1000. Sanity restored!
2014 Nissan Murano. Paid cash for it a couple of years ago. Keeping up my emergency fund for if/when the CVT blows up!
I’m 42, I drive a 2015 Subaru outback with 92k miles which I own outright. I max out my Roth 401k, back door Roth IRA for myself and my wife.
I have a 2012 corolla with 105k miles on it! Paid off!
2015 Prius, 2006 Tacoma, 2011 Tundra....do you see the trend? Used, payed for, Toyota and loving every mile
2015 Prius is a beast. Taxists in my country put well over 1000000 KM on them (about 600.000 miles).
My 1999 Honda Accord I've had for 6 years that a family member passed down to me is still going strong at 225k miles. 💅🏼
2023 Chevy Malibu RS, bought cash for $25K & $0 car payment. It was a demo car. It was used with 6K miles on it, but I’m the first person on the title.
I’m 27 and never had a car payment!! My sophomore year of HS I saved up 5k to buy my first car, a 1992 Mazda mx6. She lasted me until my senior year of HS. My Jr year of college I got a 2016 hyuandi accent for 10k. Paid cash for it. I have had the car for 5 years now and it’s currently in the shop. The first time it has given me problems. I bought the car when it had 49k miles and now it has 113k. It has done great by my side and looking to run it into the dirt before I buy a new car💪🏾
I drive a 2012 GMC Sierra 2500. I’m a mobile groomer and tow my trailer that I work out of with it. It’s paid off. I bought my first used truck for my business in July 2017 and went gazelle intense to pay it off. Then I’m 2020 my truck actually went up in value so I was able to sell my old truck to “upgrade” to a bigger nicer truck with no payment. I am 100% debt free in my life and business. I will never use debt again!
So well said. I have been on both sides of this scenario. Thank you! I don't currently have a car payment in our household. One is 2001 BMW and 2015 Tesla model S. Will never be in debt for a car again. Thank you !!!
He is the Dave Ramsey we deserve also the one Gen z needs right now.
I own a Ford F150, no car payments. Bought it with cash. My husband and I are on Baby Step 6 and we will finish paying off the house this year, only 5 years after purchasing it. The Baby Steps WORK! 😊
Great video George! I‘m glad to say I’ve never had a car payment and I plan to keep it that way!
My wife is a medical doctor and she still drives our 2006 Corolla that we bought new in December of 2005. It has 190K miles on it and a big dent in the door but we've only had to take it in for routine maintenance. She hopes it will last to 300k miles. Having no car payments is the only way to go. Do not care what others think and feel pressured into buying something to impress others.
You guys are awesome! Keep it up!
I drive a 2001 Honda civic that’s been in 3 accidents and a flood, I’m the 4th owner, it has about 225k miles, and it starts every time. The AC is broken, paint faded and interior is shot. HOWEVER, it’s paid for and my insurance is about $65 per month in a big Florida city…considering my friends pay over $1000 per month for car payments, insurance, maintenance ect. I feel like I drive for free
Driving a 19 year old PT Cruiser with a mismatch color fender and some rust. Paid $900 in cash for it 5 years ago, and it's been running like a top!
Corolla 2014, no car payment, no problems with it, that thing is super reliable
Leased a 22 Camry LE: purchase price $33k, $485 per month, 36 months, 3K down, 15K buyout at end of lease and insurance of $155 per month. Traded in after 11 months and made $2,200. Bought a 2011 Ford crown Victoria police interceptor off of craigslist: 150k miles, $3,500 cash, insurance 55 per month. I started my baby step journey this month and am taking FPU next month. In order to get gazelle intense the lease had to go. The Crown Vic was an answer to prayers. You may ask why I share all these details on here? I want you to know that it is possible to get out of a lease early, buy a decent used car, for a decent price and save money even in 2023.
1990 Camry I bought 7 years ago for $1200 with 32k miles. I rebuilt it twice and R titled it from hitting deer. So it's multi colored, but the purrs like kitten and the ac blows cold.
I bought a Toyota car in 2013 10,000 borrowed a loan from my bank, in 5 years I paid it off. Now, I understand the freedom not owning nobody dime. I still drive it around and keeping up with the maintenance to stay for a long time when the wheels come off. 🙏🏼🙌🏼
2005 Camry as car 1, Ebike as car 2 - $0 car payment since 2017 - ebike paid for itself with just 6 months of gas savings. Learning more about how many people are in debt for their cars it is really wild to look around a parking lot full of new F150s and SUVs at Target and realize the majority of those cars the owners cannot afford. I'm excited to buy a 2006 camry one day lol
We have a Elantra that I paid 11 months faster and I am currently paying our Ram faster too. There's only 2k left to pay on it and I will clear that out next month. Thanks for all the great video George! It's always a pleasure to watch you! Greeting from Québec, Canada :)
Driving a used, fully paid off 2010 Honda CRV, still in great condition. Thanks for delivering much needed $ advice & keeping it fun, upbeat & cool 😎
I definitely had to change my mindset on this. From 09-19 my wife and I went through 7 cars 🤦 but now both our cars are paid for and with any luck I will never have to take out a car loan again.
Nurse working two jobs with my 2004 Accord & 2012 Odyssey - debt free.
Stashing for the house purchase instead 🙏.
I've been driving my 2011 Chevy Impala for the last 11 years. Bought it with 32k miles on it and lasted until 192k miles. Unfortunately it was totaled last week. I'm thinking of buying a cheaper car in cash and eventually moving up in car.
Bmw 67k making 38k a year
I've been driving my 2004 Honda Civic since 2006. Paid $12,000 cash for it outright then and it's been driving great ever since! Never have had a car payment in my life.
Monthly cost is a question for cash buyers too. Thinking how much for gas, insurance, maintenance, etc. I hate needing a car in the US because these monthly expenses drain my cash flow.
Agreed. Cars are expensive enough as it is. Why add payments and interest on top of all of that!
I’m driving a paid off 2014 GMC Acadia Denali. Paid off in 2020 while working the baby steps. We also paid off my husband’s truck in 2021 then sold it when he got a job with a vehicle. In October 2022, he switched jobs again and we purchased him a used 2015 Honda CRV with cash.
01 Saturn L100, sold my 2015 Honda civic (paid off) for 13k and bought this perfectly good 01 for 4k. Very happy with my decision! Manual windows!!
We have 3 vehicles. All were paid for with cash!! 💵
2005 Chevy Silverado
2007 GMG Yukon Denali
2019 GMC Sierra
All were "new" to us, and where in excellent condition when we got them and still are. Because even though they are "old" we still value them for what they are and what they do for us. (Transportation and reliable)
PS: we have done this all while living on a single teachers income over the last 12+ years. (No inherited $) And we are in baby step 7 now also.
Was saving for replacing my truck. It finally gave out 2 years before I was ready to replace it. Had to do the loan thing, much to my chagrin. I ended up with a $375 payment over 4 years after trade in and a small down payment.
I bought a 2019 Corolla brand new at the start of my career. I paid down other debts first since I was fortunate to get a 0.9% interest rate on the car loan. I just paid it off last week, and the 400/month is now going to my mortgage as an extra payment.
You're really, really great at this! ❤
At 25 I currently make 60k a year and drive a 2009 Ford Ranger with 126,000 miles and no payment. Over a year ago I was paying $570 a month but flipped my old car in this crazy market and have been investing my old payment ever since!
I was happily driving a 2005 RAV4 during COVID, when I got t-boned by a teenager. Insurance paid $3,000 plus I got to keep the car! I put the $3,000 into my Roth IRA and drove the car around with a caved-in passenger side for another 6 months. Finally bought a 2010 Acura MDX for $7,000. I do have a car payment on it ($165), but I invest 50% of my income, so I don't have a lot of disposable cash. I'm a financial professional (Series 7), and I buy all my work clothes at thrift stores.
This was brilliant! It should be mandatory for high schoolers.
It wouldn't do squat if it was mandatory if said high schoolers have financially irresponsible parents at home who have to have the latest and greatest to maintain their image.
Good video Kamel …sometimes I struggle to see the numbers but perfect explanation
Driving a used paid for Ford F-150 and used paid for Mazda. We’ve never, ever had a car payment
Truth. Have not had a car payment since 2006. Will never have one again. All that money and then some went to vacations and to investments and we can now retire early.
Currently own a 2005 Toyota Camry with 138 thousand miles on it. It’s immortal and costs next to nothing to maintain. Only thing that ever went out on it was a water pump about 2 years ago which cost like $350 to fix. Oh and a wing mirror my wife knocked off it when she hit a traffic pylon cone thing…That was a $60 replacement from ebay that I did myself with assistance from TH-cam.
Also own a 2017 Corolla that’s got over 100k on it and has required no repairs at all in the 4 and a half years I’ve owned it (aside from consumables like tires, brakes and a battery).
Own both cars outright. Pay cash for a used Toyota or Honda with service history and you’re going to do well, no matter what the price point.
You can run toyotas well into the 500.000.
2021 4Runner with $600 monthly payment. I previously owned high mileage used cars, but found it financially infeasible to pay $5k-$10k per year for upkeep, replace parts, transmissions, engine, etc.
2:09 Tom Scott does a great video on comprehending/visualizing 1 billion dollars and at the end he pointed out that if you had dollar bills stacked side-by-side (the flat side) it would take a jetliner 5.5 days at full speed to cover the distance of 1 trillions dollars 🤯
I paid off my car, and a couple years later, a drunk driver attacked me (that’s really how it felt) and totaled my car. I make less than $50,000, so my car is more than half my yearly salary, but I’m aggressively paying down the loan and I’ll have it paid off in less than three years!
2012 Honda CR-V EX! Bought and paid for in cash. I love it and it's actually the first time I have not had a car payment since my first car when I was 16. I bought that Honda Accord from my uncle with my babysitting money. Such a great feeling!
The last vehicle I paid cash for. But the one before that I got a loan for 3.5% and then realized it was dumb so I paid it off two months later. I had the cash, but didn't want the extra payment.
George is the best!
Love George and Ramsey! The only thing I would have to say about the 6 million is that if you are always saving your car payment to either upgrade the car or to eventually replace the car you are not putting it in the stock market to allow it to grow. Love the message but maybe talk about the interest savings from the bank more vs. the total dollar amount you would invest
You don’t save it forever. Once you have a good used Toyota they drive to 300k miles. After I got my long term reliable car I was then able to invest that $$ and my debt snowball money cause I had no more debt!
Wife and I have a 2015 Corolla LE and a 2017 Honda Civic EX, both are payed for, neither of us have had a car payment in over a decade 🎉 Net worth is about half a million, we’re both freelancing musicians and teachers.🎶
We have three vehicles, 2004 Toyota Tundra, 1999 Honda Civic, and a 1986 Toyota motorhome. I was dumb and borrowed money on the truck to get the motorhome. We just had a roof emergency that pushed us back to baby step one, but we are projected to be debt free including the house in three years!!! Woohoo!!!
Appreciate that you did this entire video while proudly displaying a Cars album in the background.
Thank you for noticing 😁
Yeah the next big tip is good car maintenance, that's how you save big money.
2020 Chevy Trax- no car payment thanks to insurance paying for mine that got flooded out and my parents helping
As an Irish person, (who emigrated.) I approve this message.
Just sold my 2021 Hyundai Tucson and bought a 2011 Acura MDX. No payments the car is 8% of our take home, 4% after what we got back from the Tuscan sale
2017 Camry, paid cash.
FWIW, even lots of well used beater cars these days come with heated seats and other luxury stuff that were rare for even new cars 20 years ago. I can’t imagine needing more luxury than any of my cheap well used cars I bought in cash provide.