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Random Quote: Never assume...becuase it makes a ASS out of U and ME!
Substitute "boat" for "auto" and you have what appears to be the majority of boat buyers right here on THT.
Who is that guy?
He makes sense, but then again, that kind of thinking is what I have been saying (typing) here for years.
Denial isn't just a river in egypt...
I'll bet Dave Ramsey is on a radio station in your town. He is a 100% fiscally and socially conservative person. The social stuff isn't discussed, it's a personal financial planning talk show. He's all about achieving zero debt lifestyles. The show is entertaining and informative.
Buying used and "buy and hold" makes sense in both cars and boats, but it has nothing to do with the decision to finance or not.
It's the decision to buy at a lower price point, and drive it into the ground that allows you to build the equity, not the decision to pay cash. If you are making 12% on your money like in his example, then every 12 years when you turn over your car, you would be a fool not to finance it. at 6.5%.
I just read his Total Money Makeover book this last weekend. The book was written for people at their witts end with debt, but the message could save a lot of people some heartache when it comes to debt. I have some student loans, but other than that I am in good condition. The book for me was a help on staying focused on paying my debt off, but I still plan on saving at least 15% of my income. That 15% or more I save is to pay myself back for other expenses I spent through college and for retirement, but the good thing is I can save in tax deferred accounts. In the end, I think that people should be careful with debt and I think Dave has a great plan. The only place I differ from him is when to start saving 15%. I did think the book was good enough that I sent it to a friend to read.
Sounds good, but the thought of scooting around town in a used car brought for $11,000 on the open market is enough to make many people ill. They are under the impression that cars like that are for neanderthals, poor hillbillies and only for those seriously down on their luck. A total embarrasment to those folks.
^^ very true SeaJay. I have friends that have high $ notes on expensive cars, and they spend that plastic money like it's going out of style (which, I wish it was). As for me and my family, we've had 9 cars in my life, and only one new. Being smart with your money is easy, once you get into a routine. -emergencies excluded. Dave is doing lots of people good, and it's basically just common sense. Happy for him and what he does though.
Thanks for bringing up Dave's site there in the OP. Maybe some on here can get a few tips to help them out. Best of luck to everyone with their struggles.
Financing analogy 
