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      It doesn’t work in everytime in every situation. Almost nothing on the face of the Earth works every time for every person. BUT it is an option for some people to get out from under the burden of some of their debt.
      Every financial advisor thatI have ever heard says the same thing. NEVER buy a brand new car. It depreciates very rapidly the first two years. Almost immediately it is worth less than you still owe. Always buy a car that is about 2 years old and has fairly low miles. Now it is depreciating at amuch slower rate and what you still owe is much more in line with what it is worth.

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      Original Message


      From: Suzi McMullen
      To: Budget101_@yahoogroups.com
      Sent: Friday, July 25, 2008 3:12 PM
      Subject: Re: Budget101.com : Re: Dave Ramsey Total Money Makeover

      Well that wouldn’t work for us. We really got screwed up on our last car. We made the mistake of buying a new car…even though I said we would never and don’t…I knew it was wrong but decided to try it. But due to the way it depreciates we ended up upside down in it. Then it was a constant problem with breaking down and they could never find the problems or figure it out all the way. Eventually we had to trad it in. We were 7000 dollars upside down. Now I recently estimated we are about 10,000 upside down in the one we have now. I try and pay extra on the payment. But everytime I get ahead I end up having to skip a van payment because of something unexpected.

      Suzi

      Quote:

      Original Message


      From: J Diane Northcutt
      To: Budget101_@yahoogroups.com
      Sent: Friday, July 25, 2008 1:25 PM
      Subject: Re: Budget101.com : Re: Dave Ramsey Total Money Makeover

      Ok, I’ve been through Dave Ramsey’s FPU and I have a different take on this(Sell your car with payments & get a beater) arrangement. Here is my understanding of how it works. Say you have an 8,000 dollar car and still owe 4,000 dollars. You sell the car for as much over the 4,000 as you can get. YOU Pay OFF the 4,000 and buy somthing cheap & drivable with what is left over. You may have to drive an old jalopy for a while, but you have no car debt. Without the payments you should be able to squirrel a little into an emergency fund to cover car repairs if needed.


      Original Message


      From: Suzi McMullen
      To: Budget101_@yahoogroups.com
      Sent: Friday, July 25, 2008 8:15 AM
      Subject: Re: Budget101.com : Re: Dave Ramsey Total Money Makeover

      Well now I think that’s really foolish. You end up owing 3,000 dollars for a car you don’t have anymore. And now you own a beater that’s going to break down 2 or 3 times per year.

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