This guys website seems to have some pretty savvy information.
http://www.daveramsey.com/etc/lms/drive_free/player.cfm
http://www.daveramsey.com/etc/lms/drive_free/player.cfm
Um...yeah. That is what my wife and I do already sort of. When we were younger and wanting to buy a house we drove shit boxes while our friends had insane car payments. We now have our house and I drive a 06 2500 Chevy pickup, she has an 06 TrailBlazer and we owe nothing on either, but our friends still have nice cars but live in apartments. We save our money through my stock options at work and buy new vehicles every 3 years in cash. It sounds like a lot but we take care of our vehicles so we get a decent trade in. The guys at our local Chevy dealership really like to see us pull in at the same time every few years. We already decide in March we are getting new vehicles.
Last edited by deeznutz1245 (2008-08-10 08:57:27)
Malloy must go
oh boy, i just checked his website. it s a frickin infomercial basically.
That's alot of money.
This should be common knowledge. A lot of people just want the latest and the greatest to feel noticed and/or better than everyone else in their own little world. Reason why on average in the US we owe more money than what we have. I am 18 and I bought my car out right through ebay for 220$ and it only cost me 330$ to get the car running. The car is in pretty good condition for being 22years old with only 186k miles.
I simply love people that are reasonable about taking debts and give a damn about splurge-cars!
I buy a 6-7 year old car for around £1000. Drive it and abuse it for a year. Dont service it and don't fix anything. Then when it fianlly gives up I scrap it, get £200 for a scrap car atm. And buy another one.
I have a decent land rover which is so basic it never breaks down, but is no good for long drives. I'm running it on veg oil.
I have a decent land rover which is so basic it never breaks down, but is no good for long drives. I'm running it on veg oil.
Cars are the biggest waste of money available.
Its a box with four wheels and an engine, not an ego extension.
I bought a 13 year old Volvo for £1000 and ran it for five years, then another 13 year old Volvo for £1000 and ran it for five years. I probably spent ~£200 a year on each, doing all the maintenance myself (except one clutch change).
Ten years driving for £4,000 all spare cash invested in property, as was all my spare time for ten years.
On the upside I could probably retire today
Its a box with four wheels and an engine, not an ego extension.
I bought a 13 year old Volvo for £1000 and ran it for five years, then another 13 year old Volvo for £1000 and ran it for five years. I probably spent ~£200 a year on each, doing all the maintenance myself (except one clutch change).
Ten years driving for £4,000 all spare cash invested in property, as was all my spare time for ten years.
On the upside I could probably retire today
Русский военный корабль, иди на хуй!
You're lucky, you have to pay to scrap cars in the UK >.< it's a feckin joke.JahManRed wrote:
I buy a 6-7 year old car for around £1000. Drive it and abuse it for a year. Dont service it and don't fix anything. Then when it fianlly gives up I scrap it, get £200 for a scrap car atm. And buy another one.
I have a decent land rover which is so basic it never breaks down, but is no good for long drives. I'm running it on veg oil.
Bought my 9 year old 206 for 1k (average is 1400-1800) spent about £70 fixing little bits that didnt really need fixing if I'm honest (door check straps, boot floor sealed as it was letting a tiny bit of water and a parcel shelf), I'll be selling it again close to christmas for about the same amount I paid for it (idea being, it's christmas, parents want good, cheap cars for their kids for a present, and as first cars go a 206 is one of the best, makes a Micra look like utter shit). I'll probably buy a newer Pug (despite it being French *hiss* this 206 is actually amazing) or a 3-4 year old VW Golf GTi.
As for the OP it makes a lot of sense, once I've actually got enough income to put money away like that I will be, I was planning to anyway, one of the upsides of working where I do is you become very aware of how to manage money well very quickly.
Ok but heres what they dont remind you.
When the average person pays that $475 car payment, THEY GET TO DRIVE THE CAR!
When you save that 475 car payment, you dont get to drive your dream car for 6 years.
I cant wait 6 years.
When the average person pays that $475 car payment, THEY GET TO DRIVE THE CAR!
When you save that 475 car payment, you dont get to drive your dream car for 6 years.
I cant wait 6 years.
15 more years! 15 more years!
I am in Northern Ireland, part of the UK. Scrap metal is in such demand than scrap yards get 200 per car. They usually offer 100-150 per car and then sell them on to a company who chips them. I get 200 because the scrap yard owner is a friend.TheEternalPessimist wrote:
You're lucky, you have to pay to scrap cars in the UK >.< it's a feckin joke.JahManRed wrote:
I buy a 6-7 year old car for around £1000. Drive it and abuse it for a year. Dont service it and don't fix anything. Then when it fianlly gives up I scrap it, get £200 for a scrap car atm. And buy another one.
I have a decent land rover which is so basic it never breaks down, but is no good for long drives. I'm running it on veg oil.
Things are good for them at the minute. They sold allot of car shells which were already stripped of all their useful parts for £20 000. He says 2 years ago it would have cost him that to get rid of them.
If you have a car to scrap, contact an out of the city scrap yard. People here will pick them up from your house and give you £50 per car.
It's nothing like that over here, scrapping a car would cost me £20 (6 months ago anyway, it might have changed a bit now but I wouldn't have thought by much).JahManRed wrote:
I am in Northern Ireland, part of the UK. Scrap metal is in such demand than scrap yards get 200 per car. They usually offer 100-150 per car and then sell them on to a company who chips them. I get 200 because the scrap yard owner is a friend.TheEternalPessimist wrote:
You're lucky, you have to pay to scrap cars in the UK >.< it's a feckin joke.JahManRed wrote:
I buy a 6-7 year old car for around £1000. Drive it and abuse it for a year. Dont service it and don't fix anything. Then when it fianlly gives up I scrap it, get £200 for a scrap car atm. And buy another one.
I have a decent land rover which is so basic it never breaks down, but is no good for long drives. I'm running it on veg oil.
Things are good for them at the minute. They sold allot of car shells which were already stripped of all their useful parts for £20 000. He says 2 years ago it would have cost him that to get rid of them.
If you have a car to scrap, contact an out of the city scrap yard. People here will pick them up from your house and give you £50 per car.
EDIT: Can't spell.
Last edited by TheEternalPessimist (2008-08-11 08:04:26)
Ramsey is on the radio everyday in my area when I get off of work. He takes calls and gives people sound financial advice. The guy is a minimalist. He offers books and stuff with proven tools that can help you get out of debt. You sell you car and buy a knocker, e-bay most of your stuff, turn off the cell phones and cable. Eat rice and beans. Buy nothing new and stay home (no movies, dinners out). It works, but it isn't easy living.
He also advocates a six month security blanket (enough dough saved to pay 6 months worth of bills and food).
He also advocates a six month security blanket (enough dough saved to pay 6 months worth of bills and food).
I stood in line for four hours. They better give me a Wal-Mart gift card, or something. - Rodney Booker, Job Fair attendee.
Most financial advisors call that a cash reserve. We keep a three month supply available. It sounds like if you follow Ramsey's advice, you should only need about $50 to last you six months, though.DBBrinson1 wrote:
Ramsey is on the radio everyday in my area when I get off of work. He takes calls and gives people sound financial advice. The guy is a minimalist. He offers books and stuff with proven tools that can help you get out of debt. You sell you car and buy a knocker, e-bay most of your stuff, turn off the cell phones and cable. Eat rice and beans. Buy nothing new and stay home (no movies, dinners out). It works, but it isn't easy living.
He also advocates a six month security blanket (enough dough saved to pay 6 months worth of bills and food).
That's why you will be broke and not retire on 5.56 million dollars.Mitch wrote:
Ok but heres what they dont remind you.
When the average person pays that $475 car payment, THEY GET TO DRIVE THE CAR!
When you save that 475 car payment, you dont get to drive your dream car for 6 years.
I cant wait 6 years.
Good common sense advice. Should be more of it.
Was a story on BBC news last night. Scrap dealers are buying road legal cars at auction driving the prices up because they are worth more as scrap as on the road. They can get 400 a car..TheEternalPessimist wrote:
It's nothing like that over here, scrapping a car would cost me £20 (6 months ago anyway, it might have changed a bit now but I wouldn't have thought by much).JahManRed wrote:
I am in Northern Ireland, part of the UK. Scrap metal is in such demand than scrap yards get 200 per car. They usually offer 100-150 per car and then sell them on to a company who chips them. I get 200 because the scrap yard owner is a friend.TheEternalPessimist wrote:
You're lucky, you have to pay to scrap cars in the UK >.< it's a feckin joke.
Things are good for them at the minute. They sold allot of car shells which were already stripped of all their useful parts for £20 000. He says 2 years ago it would have cost him that to get rid of them.
If you have a car to scrap, contact an out of the city scrap yard. People here will pick them up from your house and give you £50 per car.
EDIT: Can't spell.
I guess things have turned around more than I thought then, still, I wont be scrapping a £1k car like JahManRed.
When you have had a years driving out of it. Haven't fixed a thing on it and all those things have built up and it needs them all repaired for the MOT, which costs around £500, Id scrap it for £200 take the £500 you would have spent and add £300 more and buy another car which is a year younger and do it all again.TheEternalPessimist wrote:
I guess things have turned around more than I thought then, still, I wont be scrapping a £1k car like JahManRed.
In saying that, I keep my Ex in cars to transport our son and she killed three cars on 4months. "I didn't know you had to put the radiator cap back on when you put water in it" or "I always leave the keys in the car overnight" jeeeezzzzzzze
Heres another way you can drive for free...
the age wrote:
Professional drivers and paid students have been used to drive cars with promotional livery, but the company behind the venture, Melbourne-based Advelocity, is trying a different model that gives people a new car to drive for a couple of years or longer.
Not a bad deal, If you can stand driving around with your car covered in advertising, then you really can drive for free.the age wrote:
All running costs - petrol, servicing, cleaning and maintenance are paid for. Drivers only have to cover the cost of their comprehensive insurance.
Unless it's got developing problems to begin with I can't see every car I buy being a major MOT failure within 12 months of purchase, I can see the advantages of driving a car into the ground and sending it for scrap but it'd take longer than 12 months to manage that. I'll be selling mine on at near cost or a slight profit in ~4 months, but that's only because I was lucky and got it cheap, by then I'll have about 6k saved, car sale and 2k will be my next car, other 4k will go towards a house deposit about 8 months after that with some serious saving in that time too.JahManRed wrote:
When you have had a years driving out of it. Haven't fixed a thing on it and all those things have built up and it needs them all repaired for the MOT, which costs around £500, Id scrap it for £200 take the £500 you would have spent and add £300 more and buy another car which is a year younger and do it all again.TheEternalPessimist wrote:
I guess things have turned around more than I thought then, still, I wont be scrapping a £1k car like JahManRed.
In saying that, I keep my Ex in cars to transport our son and she killed three cars on 4months. "I didn't know you had to put the radiator cap back on when you put water in it" or "I always leave the keys in the car overnight" jeeeezzzzzzze
Screw it Mitch, really. That 6 years of saving is so crucial you don't even realize it and most other people don't too. What is the one thing that absolutely be made more of? The answer is Earth, real estate. The population increases and there is no more land being made so you want to think about buying a house and property NOW!! That should be your long term investment, not a pussy magnet. Besides, a real pimp can pull ass no matter what he drives. When you purchase a home it is the best invesment you can buy in the long run because eventually many folks won't be able to afford a house for the reason I just mentioned. Once you get your house you should start IMMEDIATELY investing in a 401k if you havent already. Laugh if you want, but I fully intend on retiring a millionaire. My wife and I drive decent vehicles, but we waited until the time was right and we had purchased the more important things first. I suggest you do the same. I would hate to be on vacation in my 60's because I invested right and order a drink on the beach only to have you bring it to me hoping for a good tip so you can make your car payment that month. I know you are smarter than that.Mitch wrote:
Ok but heres what they dont remind you.
When the average person pays that $475 car payment, THEY GET TO DRIVE THE CAR!
When you save that 475 car payment, you dont get to drive your dream car for 6 years.
I cant wait 6 years.
Malloy must go