Comments on: Drive Free Cars and Retire Rich! http://www.biblemoneymatters.com/2008/05/drive-free-cars-and-retire-rich.html Finances transformed by faith Sat, 21 Nov 2009 05:12:43 -0800 http://wordpress.org/?v=abc hourly 1 By: Carlos http://www.biblemoneymatters.com/2008/05/drive-free-cars-and-retire-rich.html/comment-page-1#comment-10060 Carlos Sun, 04 Oct 2009 05:54:53 +0000 http://biblemoneymatters.quicktofit.com/?p=263#comment-10060 I do not agree with everything Dave Ramsey recommends, but as a graduate of Crown Financial Ministries, I can certainly relate to much of it. As for vehicles, most depreciate rapaidly the first 3 years. We put God first in our business. I do not agree with everything Dave Ramsey recommends, but as a graduate of Crown Financial Ministries, I can certainly relate to much of it. As for vehicles, most depreciate rapaidly the first 3 years. We put God first in our business.

]]> By: Mark http://www.biblemoneymatters.com/2008/05/drive-free-cars-and-retire-rich.html/comment-page-1#comment-8632 Mark Thu, 30 Jul 2009 04:28:20 +0000 http://biblemoneymatters.quicktofit.com/?p=263#comment-8632 The last few cars we've purchased have been good used cars, which eliminates the huge loss in value within the first couple years. We have also been without car loans for over 10 years. We put the equivalent of a car payment aside in a mutual fund. So, at least we're getting interest on the money and not paying interest on a loan. Although our cars aren't "free", we're able to drive decent cars at a reasonable cost. The last few cars we’ve purchased have been good used cars, which eliminates the huge loss in value within the first couple years. We have also been without car loans for over 10 years. We put the equivalent of a car payment aside in a mutual fund. So, at least we’re getting interest on the money and not paying interest on a loan. Although our cars aren’t “free”, we’re able to drive decent cars at a reasonable cost.

]]> By: Annie G http://www.biblemoneymatters.com/2008/05/drive-free-cars-and-retire-rich.html/comment-page-1#comment-8536 Annie G Mon, 27 Jul 2009 20:15:52 +0000 http://biblemoneymatters.quicktofit.com/?p=263#comment-8536 Well, the only flaw in this idea is putting the money that is needed in 5 years or less in a mutual fund. We made the mistake of putting our car fund there, and although I contacted my financial adviser back in 2007 to ask the procedure to remove the money (sidenote - avoid those full service brokers like the plague), he ignored our emails and we didn't get the money out before the market started tanking. It's still sitting there, waiting for the recovery. Fortunately, we keep a good-size cash reserve, and when we decided to let our college student take my old car with him, I was able to replace it from savings. .-= Annie G´s last blog ..<a href="http://thelazyvegetarian.blogspot.com/2009/06/recipe-stuffed-grape-leaves-crockpot.html" rel="nofollow">Recipe: Stuffed Grape Leaves (Crockpot)</a> =-. Well, the only flaw in this idea is putting the money that is needed in 5 years or less in a mutual fund. We made the mistake of putting our car fund there, and although I contacted my financial adviser back in 2007 to ask the procedure to remove the money (sidenote – avoid those full service brokers like the plague), he ignored our emails and we didn’t get the money out before the market started tanking. It’s still sitting there, waiting for the recovery.

Fortunately, we keep a good-size cash reserve, and when we decided to let our college student take my old car with him, I was able to replace it from savings.
Annie G´s last blog ..Recipe: Stuffed Grape Leaves (Crockpot)

]]> By: The Online Investing AI Blog » The Debt Curve vs. the Wealth Curve http://www.biblemoneymatters.com/2008/05/drive-free-cars-and-retire-rich.html/comment-page-1#comment-7906 The Online Investing AI Blog » The Debt Curve vs. the Wealth Curve Wed, 08 Jul 2009 20:28:05 +0000 http://biblemoneymatters.quicktofit.com/?p=263#comment-7906 [...] a great post about how to get on the debt side of the curve to the wealth side when buying a car. Anyone can do [...]

[...] a great post about how to get on the debt side of the curve to the wealth side when buying a car. Anyone can do [...]

]]> By: Shanna http://www.biblemoneymatters.com/2008/05/drive-free-cars-and-retire-rich.html/comment-page-1#comment-7673 Shanna Sun, 28 Jun 2009 22:59:38 +0000 http://biblemoneymatters.quicktofit.com/?p=263#comment-7673 i thought i was thinking on my toes on my way to buy a used car and now, and now u have me thinking really have me thinkinig i think god for your information it was on time, and well thought out iam n love w this idea. Iam now thinking iam going to sevice my van and start a savings plan. Thank you!! i thought i was thinking on my toes on my way to buy a used car and now, and now u have me thinking really have me thinkinig i think god for your information it was on time, and well thought out iam n love w this idea. Iam now thinking iam going to sevice my van and start a savings plan. Thank you!!

]]> By: JoeTaxpayer http://www.biblemoneymatters.com/2008/05/drive-free-cars-and-retire-rich.html/comment-page-1#comment-7171 JoeTaxpayer Wed, 10 Jun 2009 00:28:33 +0000 http://biblemoneymatters.quicktofit.com/?p=263#comment-7171 Just saw this linked from your tweet. Ignore the 12% for a moment. Ignore that inflation will continue to increase the car prices. A particular car I have in mind, Toyota Avalon, $32K new 2-1/2 yrs ago. Blue book is now $15,000 with 35K mi on the car. As a numbers guy, I imagine, and may very well create the graph, a curve that shows the value at 0 mi, the every 5K after. Half the value gone in 2-1/2 yrs, but the car is barely 20% used up, these cars are known to go 200K miles with little repair. Say at 70K miles, it drops by half again, worth $8000. The first 35K miles cost $17K, but the next 35K cost $7K. Readers shouldn't let the other little details throw them off of the real value in Dave's concept. Joe <abbr><em>JoeTaxpayers last blog post..<a href="http://feedproxy.google.com/~r/Joetaxpayer/~3/B1IXdpKTr9c/1408" rel="nofollow">Barack Obama in Cairo</a></abbr></em> Just saw this linked from your tweet.
Ignore the 12% for a moment. Ignore that inflation will continue to increase the car prices.
A particular car I have in mind, Toyota Avalon, $32K new 2-1/2 yrs ago. Blue book is now $15,000 with 35K mi on the car. As a numbers guy, I imagine, and may very well create the graph, a curve that shows the value at 0 mi, the every 5K after. Half the value gone in 2-1/2 yrs, but the car is barely 20% used up, these cars are known to go 200K miles with little repair. Say at 70K miles, it drops by half again, worth $8000. The first 35K miles cost $17K, but the next 35K cost $7K. Readers shouldn’t let the other little details throw them off of the real value in Dave’s concept.
Joe

JoeTaxpayers last blog post..Barack Obama in Cairo

]]> By: Peter http://www.biblemoneymatters.com/2008/05/drive-free-cars-and-retire-rich.html/comment-page-1#comment-5361 Peter Tue, 31 Mar 2009 20:10:23 +0000 http://biblemoneymatters.quicktofit.com/?p=263#comment-5361 I have faith that the market will rebound at some point.. Maybe not right away, but it will. I just bought a 2 year old car with less than 30,000 miles on it for less than $10,000 - on a nice mid-sized sedan. It can be done! Even if a car does have maintenance costs though, it'll still be less than buying a new car. I have faith that the market will rebound at some point.. Maybe not right away, but it will.

I just bought a 2 year old car with less than 30,000 miles on it for less than $10,000 – on a nice mid-sized sedan. It can be done! Even if a car does have maintenance costs though, it’ll still be less than buying a new car.

]]> By: magoo http://www.biblemoneymatters.com/2008/05/drive-free-cars-and-retire-rich.html/comment-page-1#comment-5355 magoo Tue, 31 Mar 2009 18:17:55 +0000 http://biblemoneymatters.quicktofit.com/?p=263#comment-5355 I like the idea but it's a bit outdated. Compounding is no longer much of a possibility and driving a $6250 car for two years doesn't sound too appealing. Plenty of potential for unreliability, maintenance costs, etc. Buying new is still a scam, but working a deal on something off lease with low mileage is appealing, but forget about that being under $10k. Most $6250 cars these days will have well over 100k miles so you get exactly what you pay for. I like the idea but it’s a bit outdated. Compounding is no longer much of a possibility and driving a $6250 car for two years doesn’t sound too appealing. Plenty of potential for unreliability, maintenance costs, etc.

Buying new is still a scam, but working a deal on something off lease with low mileage is appealing, but forget about that being under $10k. Most $6250 cars these days will have well over 100k miles so you get exactly what you pay for.

]]> By: Doubtful Reader http://www.biblemoneymatters.com/2008/05/drive-free-cars-and-retire-rich.html/comment-page-1#comment-5241 Doubtful Reader Tue, 24 Mar 2009 01:08:04 +0000 http://biblemoneymatters.quicktofit.com/?p=263#comment-5241 Hahaha, who's making 12% return on a mutual fund these days!!! I would like to find one that breaks even. Hahaha, who’s making 12% return on a mutual fund these days!!! I would like to find one that breaks even.

]]> By: Peter http://www.biblemoneymatters.com/2008/05/drive-free-cars-and-retire-rich.html/comment-page-1#comment-4976 Peter Wed, 04 Mar 2009 13:03:46 +0000 http://biblemoneymatters.quicktofit.com/?p=263#comment-4976 You actually expected to drive free cars and get rich with no work? :) sorry, there's no free lunch! Still, this plan makes a whole lot more sense than what people normally do.. You actually expected to drive free cars and get rich with no work? :) sorry, there’s no free lunch! Still, this plan makes a whole lot more sense than what people normally do..

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