27th Jul 2020, 18:55
The only people who should buy a car are those who think they will impress someone by paying cash for a rapidly depreciating asset. And the only people who should finance are people who want to brag about having acquired a rapidly depreciating asset when they have not even done so, and likely will never will. Most people who finance end up trading the car in after 2 or 3 years (the absolute pinnacle of foolishness). If they had leased, their payments would have been much lower and they could just get another car upon maturation of the lease as they intended and not worry about the consequences of an underwater loan.
27th Jul 2020, 19:21
Equity in a car is meaningless. It's especially meaningless, in fact nonexistent, in a financed vehicle. I bet you're the type who would include the value of his car in his net worth calculation!
27th Jul 2020, 18:42
If Dave Ramsay is your source for financial advice, I completely understand why you know so little.