By James Kinson
4.9
7979 ratings
The podcast currently has 63 episodes available.
To start this episode, I want people to take a reality check. Most of us are too optimistic when it comes to our futures. I'm all for positive thinking, but we most often expect the future to be better than our pasts. This isn't always the case.
This concept is illustrated by a Prudential Insurance ad where they ask people to place magnets, one each, for something that happened to them in the past and, one each, for something they expected to happen in the future. Good things were represented with yellow magnates and bad things were represented with blue magnates. For the past it was pretty even good and bad, but when looking into the future, people anticipated much more good than bad coming their way.
Click here to view the Prudential commercial.
What does this have to do with cars. Well, most people buy cars on credit and base the payment on at worst their life not getting any worse and at best getting a promotion, raise, or some other type of monetary increase. This leads to all manner of problems and people over extend their income.
Be realistic about your future. Expect the best, but plan for the worst. That way, you will always be prepared.
Click to Listen:
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My friend Ellory Wells, has been telling me for a long time I should recommend specific vehicles to my listeners. I have resisted because I want to teach the car buying process. I want to teach someone how to fish, not give them a fish.
Having said all that, I have come across two articles that help me point my listeners in the direction of some vehicles that will with the best chance to go over 200,000 miles.
Ever wonder what vehicles can go 200,000 miles most often?
If you are like me you have. I want to know that my vehicle has the oomph to last. No car is cheap and we all work too hard for our money to just throw it away.
Luckily, there are a couple of articles that share some of the vehicles which most often make it past 200,000 miles.
One is from our friends at Consumer Reports, Best cars for making it to 200,000 miles, 10 models most likely to run for the long haul.
Consumer Reports' Top 10:Toyota PriusToyota CamryHonda OdysseyHonda PilotToyota CorollaHonda Accord sedan (4-cyl.)Honda CR-VToyota SiennaToyota Highlander (V6)Honda Civic (non-hybrid)
The next article is from I See Cars. Their article, Top 10 Longest-Lasting Vehicles in iSeeCars.com Study Are All Trucks and SUVs. I didn't know much about I See Cars, but they are a site that allows one to search and compare cars. They also have a research tab.
Top 20 Longest Lasting Vehicles:Ford F-250 Super DutyChevrolet Silverado 2500HDChevrolet SuburbanToyota 4RunnerFord ExpeditionGMC Sierra 2500HDChevrolet TahoeGMC Yukon XLToyota SequoiaGMC Sierra 1500GMC YukonHonda AccordDodge DurangoSubaru LegacyToyota TacomaToyota AvalonFord ExplorerFord F-150Lincoln NavigatorChevrolet Silverado 1500
I See Cars also had lists that excluded trucks and another that was only listed with cars.
These two studies came at the information from very different points of view. I would recommend checking out both articles for all the details.
Give this episode a listen!
Links:
Ellory Wells: http://ellorywells.com
Consumer Report - Best cars for making it to 200,000 miles 10 models most likely to run for the long haul: http://www.consumerreports.org/cro/news/2015/03/ten-for-the-long-haul/index.htm
I See Cars Article - Top 10 Longest-Lasting Vehicles in iSeeCars.com Study Are All Trucks and SUVs http://blog.iseecars.com/2014/02/24/top-10-longest-lasting-vehicles-in-iseecars-com-study-are-all-trucks-and-suvs/
Prudential Commercial: https://www.youtube.com/watch?v=o3pFHPgH3oU
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On iTunes once you subscribe, you can leave a rating and review. Taking this action will help this podcast move up and be more easily found in iTunes. Thank you for an honest rating and review.
Here is a link to subscribe or rate and review the show: http://cashcarconvert.com/itunes
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I appreciate every listener.
Steve Stewart back on the Cash Car Convert show to tell his Cash Car Story.
Okay, Steve agreed to be on to get me back behind the microphone. The things some people will do to help a friend. He continues to be a great supporter of this show. I'm humbled and appreciate his support.
Let's just say he has "bought" into the cash car lifestyle.
It was great to see Steve at the Podcast Movement 2015 in Fort Worth, Texas. We didn't get to hang out too much, but it was great to see him and his cash car.
He does have a great cash car story and we will get to it now.
Steve bought a cash car in Dallas Texas in April this year. This wasn't a typical transaction. Steve lives in St. Louis!
Why did Steve come to Dallas to buy his cash car?
Click to Listen:
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It all started when I posted a Craigslist ad on the Cash Car community page on Facebook on April 2nd.
Steve's response to my post was the following, "an I send you a check and a little extra for your trouble to look at it for me? I'm 75% serious here (and it's no longer April Fools Day)."
Steve and I spoke on the phone and agreed I would look at the car for him.
I went to look at the car and liked what I saw. I also spent about an hour plus at Christian Brother's Automotive having the car looked over by professional mechanics. This is a service Christian Bother's offers for about ninety dollars.
While they did find a few things that long term needed attention, their overall assessment was this is a sound vehicle. The mechanic went out of his way to tell me the late 90's Honda Civics have historically been great cars. He called a Civic sweet spot.
I called Steve and after a lengthy conversation, he agreed to buy the car if we could get some price relief. The car was originally priced at $3,800. Steve finally purchased it for $3,400. A little more than a 10% discount. To be fair Steve had to buy a plane ticket to travel to Dallas and had other expenses.
When all was said and done, Steve was out $4,000.
Steve is on today's show to talk about how the car has been performing since April.
I won't steal Steve's thunder, but he has had this car on the highway traveling between Dallas and St. Louis, St. Louis and Fort Worth and back, and St. Louis to Philadelphia and back. He has had this car on the highway for an estimated total of over 40 hours. That's a lot of time on the road.
To me, this is important because most people are happy to drive their $4,000 car around town, but would be afraid to take a 10 hour one way trip. This car has held up to the demands put on it.
Give this episode a listen, I know you'll enjoy Steve Stewart's Cash Car Story!
What a great show we have today!
Today, we have a young lady, Lauren Bowling, on who was a theater major and graduated with no student loan debt. Her parents made sure she had no student loans. The foe of most every college student got her though, credit cards. She finished college with thousands in debt and a dream.
Lauren Bowling dreamed of being an actor in New York city. With $300 and her dream, she left home for New York.
Soon after she arrived between the debt and lack of acting jobs, Lauren was forced to take an administrative job at a hedge fund company. Lauren spent her time there paying down her debt and learning from the fiscally responsible people working at the hedge fund.
After Lauren paid off her debt, she started to pursue her acting, only to find she didn't really enjoy it. She didn't really love the audition process. She said her nerves would often get the best of her. She often didn't perform at her best.
Lauren decided to head back home and take up residence with her parents. Lauren didn't stay with her parents' house too long. She received a bonus from the hedge fund and decided to put it towards a house.
Lauren's dream house quickly turned to a house of horrors when her home repairs outstripped her home repair loan and she found herself in $8,000 in debt. Reeling from a recent breakup and in debt Lauren spent a year finding her equilibrium.
In 2015, Lauren regained her footing, she got serious about her. Lauren set up a plan to pay off $8,000 in 90 days. Lauren hit her goal of paying off $8,000 in 90 days.
How you might ask did she do this?
It turns out Lauren had started a blog, L Bee and the Money Tree to discuss money and her journey with it back in 2012. She also started doing some free lance writing. She over the next two years and 2,000 blog posts, she built her reputation. She also built a know like and trust factor with her audience.
It was the free lance writing that allowed her to accelerate the pay off of her debt. She also discovered something else. She discovered she could make enough hustling as a free lance writer to leave her day job.
What started off as a problem, a house with excessive repair bills, resulted in an opportunity to leave her day job and pursue a new life.
Lauren also shared a personal story of a shopping addiction. She spoke of how shopping was comfort for what she felt lacking. She attended therapy sessions to get control of her addiction.
I thought it was brave of her to tell this personal story on my show. I believe her bravery in sharing this story, will touch someone out there who needed to hear her story.
Give this episode a listen, I know you'll enjoy!
Links:
L Bee and the Money Tree: http://www.lbeeandthemoneytree.com
Lauren Bowling YouTube Channel (Awkward Money Chat: https://www.youtube.com/user/LBeeMoneyTree
Did you enjoy the show?
If you liked this episode, please consider going to iTunes and subscribing.
On iTunes once you subscribe, you can leave a rating and review. Taking this action will help this podcast move up and be more easily found in iTunes. Thank you for an honest rating and review.
Here is a link to subscribe or rate and review the show: http://cashcarconvert.com/itunes
Alternatively, you can let me know your thoughts about the show on Twitter at @CashCarConvert.
Want to connect on Facebook? http://facebook.com/cashcarconvert
Check out my new private Facebook community. http://cashcarconvert.com/cccc
Want to shoot me an e-mail? Click: [email protected].
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Looking for a back episode of the Cash Car Convert? Click: http://cashcarconvert.com/cash-car-convert/
I’m also posting my audio podcasts on youtube. The first 20 episodes are up with the rest to follow. I’m looking at this as just one more platform to be found. http://cashcarconvert.com/youtube
Do you have a comment about this interview or about the podcast itself? Please leave a comment below.
I appreciate every listener.
Hey converts!
It feels good to be back behind the mic!
April was a busy month!
Taxes were due to be filed and I had and audit for the previous year's taxes. Yikes!
My wife and I Bought two houses using the 1031 exchange program to defer taxes on a house we sold in March. We rented both houses in just a couple of weeks. It feels good to have an additional source of revenue.
I also helped Steve Stewart from MoneyPlanSOS.com buy a cash car.
I recently read a book called The One Thing by Gary Keller and Jay Papasan. There was a great quote in the book. It really resonated with me.
"What's the ONE Thing you can do such that by doing it everything else will be easier or unnecessary?"
What if I told you if you did this one thing you could retire wealthy?
Would you want to know what it is? This one thing.
If you knew what this one thing was, would you do something about it?
For most people, the answer is no.
Shocked? You shouldn’t be.
After all, millions of people smoke, eat unhealthy, or engage in other risky or unhealthy behaviors. These are life and death matters. If one won’t change to extend their own life, why would you or I think one would change simply to ensure a better retirement?
Well, if you’ve been listening to this show, I’ve been telling. If fact I’ve been telling you since December of 2013.
It may or may not shock you, but for most of you listening the one thing is the car payment.
Really, the car payment? Doesn’t everyone have a car payment? Isn’t that just normal?
Yes it is and there in lies the insidiousness of it. People quietly pay their lives away to drive a newer, sexier, faster, cooler, and whatever other er you can think of.
Every day someone agrees to pay away their future for a car.
Why is the car payment the one thing?
Well, your mortgage is going to something that actually can help you build wealth. We found out in 2008, it doesn’t always, but for most of us and for most of history, this is true.
What about student loan debt? It’s all over the news, isn’t that the worst debt? No, a bachelor degree is still worth about $800,000 in additional income over the course of a lifetime of employment. While I’m not encouraging anyone to take on this debt, the average student loan debt of $28,000 seems like a pretty good trade for that average return of $800,000.
Do you still have a car payment?
Why? Haven’t you been paying attention?
Haven’t your heard? Auto debt is dangerous to your financial future!
This is not a throw away line I just like to say on my show. This is what I believe!
I know, I know.
You can’t make that change right now because..…because… you know just pick your excuse.
1. You just “need” a new car.2. You drive a lot, so reliability is important to you.3. You don’t want your spouse, kids, or any other loved one to be stranded.4. You don’t have the cash to buy that first cash car.
For some who would be honest it would be all about ego.
Maybe I “need” to look successful.
Or my favorite, I work hard so I deserve to drive something nice.
What can getting rid of your indebted car do for you?You can take a big bite out of your current debt.You can increase your available cash by the amount of your car payment.Save your first $1,000 emergency fundPay off your other debts at an accelerated pace.Start saving for your next cash car, retirement, or child’s education.
4Q 2014:Average new car payment - $482Average new car price - $33,000Average new car loan amount - $28,381Average new car loan duration - 66 months
Today, I want you to make a commitment to me and yourself.
Today, I want you to do one thing to start on your journey to dump your auto debt.
It doesn’t have to be a big step, but it has to be a step, a start, a move in the right direction.
Maybe it’s a plan to sell everything in that storage building you’re renting for over $100 a month. Who knows how much you might get?
Maybe it’s looking on edmunds.com or kbb.com to see how much your current car is worth.
Maybe it is finding out what the pay off is on your current car loan.
Whatever it is do it today. Start the journey today, don’t wait.
We can all speak of yesterday’s regrets, but don’t live to regret today. Today is the day! Now is the time!
Take action!
Links:
Steve Stewart - 1998 - Honda Civic: http://moneyplansos.com/ynab-vs-everydollar-comparison/
Dan Miller - Why do the rich get richer and poor get poorer?: http://www.48days.com/why-do-the-rich-get-richer-and-poor-get-poorer/
NY Federal Report on Consumer Spending Fourth Quarter 2014: http://www.newyorkfed.org/microeconomics/hhdc.html#/2014/q4
State of the Automotive Finance Market Fourth Quarter 2014: http://www.experian.com/assets/automotive/white-papers/experian-auto-2014-q4-presentation.pdf?WT.srch=Auto_Q42014FinanceTrends_PDF
The One Thing by Gary Keller and Jay Papasan: http://www.amazon.com/The-ONE-Thing-Surprisingly-Extraordinary-ebook/dp/B00C1BHQXK/ref=dp_kinw_strp_1
The Hamilton Project - Major Decisions: What Graduates Earn Over Their Lifetimes: http://www.hamiltonproject.org/papers/major_decisions_what_graduates_earn_over_their_lifetimes/
Did you enjoy the show?
If you liked this episode, please consider going to iTunes and subscribing.
On iTunes once you subscribe, you can leave a rating and review. Taking this action will help this podcast move up and be more easily found in iTunes. Thank you for an honest rating and review.
Here is a link to subscribe or rate and review the show: http://cashcarconvert.com/itunes
Alternatively, you can let me know your thoughts about the show on Twitter at @CashCarConvert.
Want to connect on Facebook? http://facebook.com/cashcarconvert
Check out my new private Facebook community. http://cashcarconvert.com/cccc
Want to shoot me an e-mail? Click: [email protected].
Looking for something on Amazon? Please use my affiliate link: http://cashcarconvert.com/amazon
Looking for a back episode of the Cash Car Convert? Click: http://cashcarconvert.com/cash-car-convert/
I’m also posting my audio podcasts on youtube. The first 20 episodes are up with the rest to follow. I’m looking at this as just one more platform to be found. http://cashcarconvert.com/youtube
Do you have a comment about this interview or about the podcast itself? Please leave a comment below.
I appreciate every listener.
Hey converts!
Today's guest is on due to a Facebook post. Wild, right? Well, I was so impressed with the post that I knew I had to have this person on.
Lucky for me, she was kind enough to agree to be on the show. She has an awesome story and I know you will be inspired and blessed by her story.
We are blessed today to have Amy Robles from Woman Enriched. Amy and her husband wanted to pay off their debt. Things got off to a slow start, but they then discovered Dave Ramsy's show and his Financial Peace University education. That changed their trajectory. They wound up paying off $25,000 of credit car debt in 2014.
She continues to work on her student loan debt, but I know with the way she is willing to sacrifice combined with her creative mind, she will succeed.
My wife and I finally bought our third used car, after thinking about it for a couple of months, and just in time. My mother-in-law arrived tonight. So, we won't have to do the car shuffle.
After thinking of something sporty or maybe small and super economical, we finally decided on something in the middle. Really practical. We bought a 2010 Ford Fusion SEL for $9,500.The owner had already bought a new Ford Edge and was ready, though not desperate, to sell.
Here are the details from the ad that caught my attention. Can you tell why it did?
2010 Ford Fusion SEL:- Sangria Red- Beige leather interior- 2.5L V4 engine, has good power and gas mileage- 80,736 milesFeatures:- Microsoft SYNC voice-activated communications- power windows/locks/mirrors- keyless remote entry- cruise control- tilt/telescoping steering column- AM/FM/CD/MP3 audio system- 60/40 split/folding rear seat- AdvanceTrac stability/traction control- anti-lock brakes- front/front-side/side-curtain airbags- SIRIUS satellite radio- redundant steering wheel controls and fog lamps- dual-zone auto climate control- full-power and heated front seats- leather wrapped steering wheelOptional Features:- Moon and Tune Package ($1525 MSRP) - power moon roof and a Sony audio system with surround sound, AM/FM stereo/multi(6)-CD player, Sirius satellite and MP3 capability, 12 speakers and 390 watts- Add-on pin-striping
This is a one-owner, non-smoker, well cared for vehicle in very good condition inside and out as demonstrated by the accompanying pictures. No accidents, always garaged at home and office, serviced at all scheduled maintenance intervals with supporting records. Please refer to the free CARFAX report I provided an url to above as it backs up the quality of this vehicle. Recent maintenance includes new brake pads and resurfaced rotors in September 2014 and 2 new premium Michelin tires in October 2014. The vehicle is in perfect working order and is truly in drive away and enjoy condition. This particular vehicle has been very dependable, carries high safety ratings, and the 2010 Ford Fusion was the 2010 Motor Trend Car of the Year. It would make a great first car for someone. Car is being sold only because it is being replaced by a new SUV.
Original MSRP was $25,595 (please reference included window sticker image), asking $10,000. I will not be accepting any trades or offering financing, full payment only at time of purchase.
Did you enjoy the show?
If you liked this episode, please consider going to iTunes and subscribing.
On iTunes once you subscribe, you can leave a rating and review. Taking this action will help this podcast move up and be more easily found in iTunes. Thank you for an honest rating and review.
Here is a link to subscribe or rate and review the show: http://cashcarconvert.com/itunes
Alternatively, you can let me know your thoughts about the show on Twitter at @CashCarConvert.
Want to connect on Facebook? http://facebook.com/cashcarconvert
Check out my new private Facebook community. http://cashcarconvert.com/cccc
Want to shoot me an e-mail? Click: [email protected].
Looking for something on Amazon? Please use my affiliate link: http://cashcarconvert.com/amazon
Looking for a back episode of the Cash Car Convert? Click: http://cashcarconvert.com/cash-car-convert/
I’m also posting my audio podcasts on youtube. The first 20 episodes are up with the rest to follow. I’m looking at this as just one more platform to be found. http://cashcarconvert.com/youtube
Do you have a comment about this interview or about the podcast itself? Please leave a comment below.
I appreciate every listener.
Today, I will go through articles I found on the web to help listeners determine the best way to get out of an auto lease.
US News and World Report: Buying vs. Leasing
Benefits of Leasing a Car
Leasing a car is similar to financing the purchase of the car in many ways, but there are some key differences. You might be able to get more car for less money by leasing. That’s because a car loan is based on the full price of a new car, while a lease is based on only a percentage of the car’s price. For example, on a $30,000 car, you’d finance the entire $30,000 purchase price with a car loan. With a car lease, you only pay the difference between the car’s price and what it’s expected to be worth at the end of the lease, which is a car’s residual value. So if the car’s residual value is 55 percent after three years, for example, that means the $30,000 car would be worth $16,500 at the end of the lease. You’d make lease payments on the remaining $13,500 and not the full $30,000.http://usnews.rankingsandreviews.com/cars-trucks/Buying_vs_Leasing/
New York Times: Auto Leases Entice, but They’re Still Costly
Which is best new purchase, new lease, or used?
So let’s start with the hard numbers. Mr. Reed looked at three ways you could acquire a four-door Honda Accord EX: buying a new 2014 model, leasing the same 2014 car, or buying a used 2011 Accord with 36,000 miles. (Many people in the New York area are paying about $28,211 for the new car, including tax, title and registration.)
The analysis looked at the cost over six years, since the average person owns a car for that long, and it incorporated typical buying patterns: the new Accord is purchased with a five-year loan, the used car is financed with a four-year loan, and the person who is leasing must take out two consecutive 36-month leases. (The rest of the assumptions are detailed on the accompanying chart.http://www.nytimes.com/interactive/2013/09/21/your-money/To-Buy-or-to-Lease.html?ref=your-money )
Click to Listen
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Leasing initially seems to be the cheapest route when you look at total out-of-pocket expenses: It costs $5,244 less than buying new. (Buying a used car is still the most economical. You save $5,277 compared with leasing, and it’s about a whopping $10,500 less than buying new.)
But when you account for the teensy fact that you don’t own anything at the end of those six years, the calculus changes. If you had bought the car new, it would still be worth about $11,000, according to Edmunds.com’s calculators. The used Accord would be worth around $5,000.
So after you factor in that equity, leasing costs $5,756 more than buying a new car and $10,277 more than buying used. (Buying new costs $4,521 more than buying used.) Leasing is the loser across the board.
Leases Most Costly?
“If you asked me what is the most expensive way to get a car, the answer would be: You only want to own it during its period of greatest depreciation and then move to another new vehicle,” said Jeff Bartlett, deputy automotive editor at Consumer Reports. “Well, that’s what leasing is.”http://www.nytimes.com/2013/09/21/your-money/car-leases-grow-more-enticing-but-no-less-expensive.html?pagewanted=all&_r=0
Auto Finance News: Average Auto Loans and Leasing on the Rise in 3Q, Experian Says
How Popular is leasing in Q3 2014?
Experian also found that leasing accounted for 29.1% of all new vehicle financing in 3Q, up 7.1% from a year ago, while 73-to-84 month new vehicle loans grew by 23.7% last quarter, compared with 3Q 2013. Used loans in the same range also grew, up 18% from a year ago.51.8% of all new auto saleshttp://www.autofinancenews.net/average-auto-loans-and-leasing-on-the-rise-in-3q-experian-says/
JD Power: How To End Your Lease Early
1) Return the vehicle to the dealership.
This is a traditional lease termination, and it is an expensive option. When you return the vehicle to the dealership, you will be required to pay all penalties. In some cases, you may be required to make all outstanding payments, and pay additional penalties on top of any other fees. This should be a last-resort option.
2) Trade in your vehicle for another vehicle.
It may be possible to lease another vehicle at the same dealership. The penalties and fees from your original lease will be rolled in (included) with the new vehicle contract, making your payments higher. This option is also expensive, but it allows you to absorb the penalties from the old lease over an extended period.
3) Find someone to take over your lease.
You may be able to find a family member, friend, or co-worker to assume the balance of your lease payments. Several online companies offer this type of service for customers looking to sell their leases. Each leasing company has its own set of requirements, which often include a credit check and transfer fees, and there may be out-of-state restrictions to consider. Use caution when exercising this option: though you are no longer responsible for monthly payments, many leasing companies hold the original lessee liable in the event of a default.
4) Purchase the vehicle from the leasing company.
Every lease has a buyout or payoff. This is the amount due to the leasing company if you wish to purchase the vehicle outright at any point during the lease. Depending on the resale value of the vehicle, the payoff may be at or above market value, potentially requiring you to pay more for the vehicle than it is actually worth.
5) Sell the vehicle.
Using the payoff amount from the leasing company as a guide, sell the vehicle to another private party. Again, if your vehicle has a high payoff it may be very difficult to sell without incurring a loss. Even if you are forced to take a financial loss, it may be a less expensive option than continuing the outstanding monthly payments on the lease contract. Selling the vehicle is also an excellent option if you want to avoid penalties for excess wear and tear and having exceeded the allocated lease mileage.http://autos.jdpower.com/content/buying-tip/u5xpbCz/how-to-end-your-lease-early.htm
edmunds.com: How to Get Out of Your Car Lease the Cheap and Easy Way
Can Everyone Swap Leases?
According to Swapalease's executive vice president, Scot Hall, it is possible to transfer about 80 percent of leases with no strings attached. But even after a person transfers the lease, approximately 20 percent of leasing companies require the original leaseholder to retain some "post-transfer liability " for the vehicle, said Hall. This means that the name of the person who originated the lease remains on the contract and the original lease holder can be held financially responsible for unpaid balances. These could result from excess mileage charges or lease-end fees.
The person who signed the original lease is essentially a co-signer on a loan, Hall noted. If the second person defaults, the bank will try to recover the money from anyone else named on the contract.
Nissan , Infiniti and BMW are manufacturers that require post-transfer liability, Hall said. Acura and Honda sometimes require it depending on the state in which you live. However, Hall said that the trend in the secondary leasing market is moving away from post-transfer liability.
A small percentage of leasing companies don't permit transfers at all. These are usually banks such as Chase Auto Finance and Huntington Bank Leasing, or credit unions . Before signing a new lease, consider this important factor. If your leasing company allows transfers, you will have more flexibility if you need to end the lease early.http://www.edmunds.com/car-leasing/get-out-of-your-lease-the-cheap-and-easy-way.html
Other linsk
Swap a Lease: http://www.swapalease.com
Did you enjoy the show?
If you liked this episode, please consider going to iTunes and subscribing.
On iTunes once you subscribe, you can leave a rating and review. Taking this action will help this podcast move up and be more easily found in iTunes. Thank you for an honest rating and review.
Here is a link to subscribe or rate and review the show: http://cashcarconvert.com/itunes
Alternatively, you can let me know your thoughts about the show on Twitter at @CashCarConvert.
Want to connect on Facebook? http://facebook.com/cashcarconvert
Check out my new private Facebook community. http://cashcarconvert.com/cccc
Want to shoot me an e-mail? Click: [email protected].
Looking for something on Amazon? Please use my affiliate link: http://cashcarconvert.com/amazon
Looking for a back episode of the Cash Car Convert? Click: http://cashcarconvert.com/cash-car-convert/
I’m also posting my audio podcasts on youtube. The first 20 episodes are up with the rest to follow. I’m looking at this as just one more platform to be found. http://cashcarconvert.com/youtube
Do you have a comment about this interview or about the podcast itself? Please leave a comment below.
Lastly, I would appreciate your vote for my podcast in the podcast awards.
Podcast Awards: http://cashcarconvert.com/podcastawards
I appreciate every listener.
This is a special episode for me!
I'm getting to interview a friend I've know for about 10 years. He and I have played tennis with and against each other. His name is Ron Whitson. Ron is a class guy, and it is my honor to call him friend.
A while back, I was on Facebook posting about my show. Ron was online and saw the post. He quizzed me about what I was doing. I explained my passion for helping people drive cash cars.
Ron informed me he too was a cash car convert. He further explained he was driving a 2001 Honda CRV with 196,000 miles he had purchased for $2200 cash.
I knew right then, I wanted to have him on my show to share his story.
Being on the ball as I am, he is joining me about 6 months later.
On the show today, Ron is going to share with us his journey that started in September of 2013 with he and his new bride having 17 credit cards to a couple living on a budget and using a cash envelope system.
What a metamorphosis!
How did he get started? He went to Dave Ramsey's Financial Peace University.
One night after Dave was speaking about auto debt and its dangers, Ron felt compelled to sell his 2010 Mercedes ML350. By doing so, he eliminated $30,000 of debt. What a nice quick win! Selling the Mercedes also allowed him to redirect the $493 car payment associated with this car toward paying off more of his debt.
What happened to the 17 credit cards you may be wondering? They were shredded and put in a jar as a reminder of where he came from. When he starts to feel like he is giving up too much or can't have something he wants, he looks at the jar. Very smart!
Ron has estimated by driving his Honda CRV he has saved almost $9,000 in car payments. Oh, and you will be glad to know he only had two repairs in the roughly 14,0000 he drove the car. He replaced a radiator himself for under $100 and had a clock in the interior repaired for about $40. This doesn't include oil changes and other maintenance items any car would require.
Ron being on a mission to get his debt paid off as soon as possible was looking for a new way to make some extra money. The challenge is he has to travel a great deal for work. He needed to find a job where he could set his own hours. After quite a bit of searching, he checked out Uber. It looked like a good fit save one problem, his car had to be a 2005 or newer.
Obviously his 2001 Honda wasn't going to work. He started to look on Craigslist just to see what he could find. He found a 2005 Mazda Tribute with 176,000 miles. The purchase price was $3,500. Ron was able to scrape together the cash and buy the newer car.
Next he had to sell his Honda. He sold it in four days and for a $500 profit. It is amazing what you can do when you buy a cash car that has had most of its depreciation already taken.
Ron is just getting started with Uber and has been out about five times driving for them. He has made about $50 each time. This is a great deal for Ron. He turns on his app telling Uber he is looking for a fare and they match him with someone looking for a ride. When he has down time, he watches Netflix with the car turned off. This way he burns no extra gas.
I'm proud of Ron and the progress he is making. I look forward to having him on in the future as he eliminates even more debt from his life.
If you want to contact Ron to either congratulate him on his journey or ask a question, please reach out to him at [email protected].
God Bless You!
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Podcast Awards: http://cashcarconvert.com/podcastawards
I appreciate every listener.
I want to start off the show talking about my pastor's current series at Gateway Church, the Blessed Life. It is an awesome series and I would recommend anyone give it a listen. It will change your life. It is based on Pastor Robert Morris' best selling book of the same name.
The Blessed Life: http://gatewaypeople.com/articles/blessed-life
As part of this series, we as a church body are being challenged to "Bless a Life". I speak to ideas we were given for blessing others. I would encourage you as a listener to this show to bless a life this week. It can be something small. Sometime the small things have have the greatest impact.
Bless a Life: http://cashcarconvert.com/blessalife
If you bless a life this week, let me know. Drop me an e-mail at [email protected].
My wife and I were driving back from Dallas last weekend, January 17, and we have been kicking around the idea of buying a third car for quite sometime. We had a third car for about 6 years between 2004 and 2010. It is handy even for just keeping up with auto maintenance of one's two everyday cars.
My wife pulled up AutoTrader and started searching for cars that might be a good fit for our families third car.
I have been leaning toward either something really practical or something that would be fun to drive. My wife by comparison does like the idea of a fun car, but would really like to get maybe some kind of minivan or SUV with a third seat to make our long drives from DFW to Atlanta be a little more comfortable. Currently, we drive my truck on all our long distance trips, which is fairly comfortable, but all our luggage is inaccessible while moving due to being in the back of the truck.
My wife went through a number of "fun" car searches looking for something we might both like to drive. We kept playing with the search terms until we were happy with the results.
As she searched, she found a car that sounded great. A 1999 Mercedes SLK230. This car was just exactly what someone like me would be looking for.
Positives:
One owner
AutoCheck showed this car to be a much better than average condition
All records
Never wrecked
New Tires (Michelin)
New interior ($3,000)
Low miles for age (106,000)
Reasons for selling (bought a newer version of the same car)
Depreciation from this point forward will be very slow if any at all. This car will hold its value for a long time to come.
Negatives:
No backseat
Manual 5 speed transmission
Purchased new in another state
Maintenance/repairs costlier than an average car since this is a Mercedes
Despite all the good things about his car, we ultimately decided not to buy due to our 4 year old daughter. We didn't feel good about her being in this car even in her car seat. The car is so small and the car seat would have to be in the front seat, as that is no back seat. She wouldn't be as safe as we would want.
We further thought we wouldn't use this car enough given this limitation.
I'm sure this car will serve someone very well.
Lastly, I would appreciate your vote for my podcast in the podcast awards.
Podcast Awards: http://cashcarconvert.com/podcastawards
God Bless You!
Links:
AutoTrader Mercedes SLK230: http://bit.ly/1C4rBoG
AutoCheck Mercedes SLK230: http://bit.ly/1yjo4uZ
Did you enjoy the show?
If you liked this episode, please consider going to iTunes and subscribing.
On iTunes once you subscribe, you can leave a rating and review. Taking this action will help this podcast move up and be more easily found in iTunes. Thank you for an honest rating and review.
Here is a link to subscribe or rate and review the show: http://cashcarconvert.com/itunes
Alternatively, you can let me know your thoughts about the show on Twitter at @CashCarConvert.
Want to connect on Facebook? http://facebook.com/cashcarconvert
Check out my new private Facebook community. http://cashcarconvert.com/cccc
Want to shoot me an e-mail? Click: [email protected].
Looking for something on Amazon? Please use my affiliate link: http://cashcarconvert.com/amazon
Looking for a back episode of the Cash Car Convert? Click: http://cashcarconvert.com/cash-car-convert/
I’m also posting my audio podcasts on youtube. The first 20 episodes are up with the rest to follow. I’m looking at this as just one more platform to be found. http://cashcarconvert.com/youtube
Do you have a comment about this interview or about the podcast itself? Please leave a comment below.
I appreciate every listener.
Let's explain the dangers of auto leasing!
Jeff Bartlett, deputy automotive editor at Consumer Reports“If you asked me what is the most expensive way to get a car, the answer would be: You only want to own it during its period of greatest depreciation and then move to another new vehicle.” “Well, that’s what leasing is.”
lease noun \ˈlēs\: a legal agreement that lets someone use a car, house, etc., for a period of time in return for payment
Click to Listen
[powerpress]
How is the payment calculated?
What is the average lease payment?
Avg auto loan in Q4 2013 $471Avg auto lease in Q4 2013 $420
What are the gotchas with leasing?
What types of auto leases are there?
Closed-end Leases which are mostly consumer leasesOpen-end Leases
Open-end leases are primarily for commercial business leasing.
How do I know if I’m getting a good lease?
Leasify - App to confirm you are getting the best lease. 99 cents.
Leasify is a car lease advisor in your pocket. Leasify levels the automotive playing field by giving you the information you need to get the best deal on your new car lease.
Next week, I'll be talking about how to get out of a lease if you find yourself in one and want out.
God Bless You!
Links:
Auto Leases Entice, but They’re Still Costly: http://nyti.ms/1wfmUju
Merriam-Webster Online: http://www.merriam-webster.com/dictionary/lease
Types of Car Leases – Explained: http://www.leaseguide.com/lease06/
Lease Payment Formula Explained: http://www.leaseguide.com/lease08/
Calculate Your Own Car Lease Payment: http://edmu.in/1x8lzwr
5 dumb car leasing mistakes to avoid: http://bit.ly/1CdUwmq
Experian Automotive report shows auto loans are still first choice in financing, but leasing has become more popular than ever: http://bit.ly/1CtQW8k
Depreciation Infographic: How Fast Does My New Car Lose Value?: http://edmu.in/WELal0
Leasify App: https://itunes.apple.com/US/app/id912884639
Did you enjoy the show?
If you liked this episode, please consider going to iTunes and subscribing.
On iTunes once you subscribe, you can leave a rating and review. Taking this action will help this podcast move up and be more easily found in iTunes. Thank you for an honest rating and review.
Here is a link to subscribe or rate and review the show: http://cashcarconvert.com/itunes
Alternatively, you can let me know your thoughts about the show on Twitter at @CashCarConvert.
Want to connect on Facebook? http://facebook.com/cashcarconvert
Check out my new private Facebook community. http://cashcarconvert.com/cccc
Want to shoot me an e-mail? Click: [email protected].
Looking for something on Amazon? Please use my affiliate link: http://cashcarconvert.com/amazon
Looking for a back episode of the Cash Car Convert? Click: http://cashcarconvert.com/cash-car-convert/
I’m also posting my audio podcasts on youtube. The first 15 episodes are up with the rest to follow. I’m looking at this as just one more platform to be found. http://cashcarconvert.com/youtube
Do you have a comment about this interview or about the podcast itself? Please leave a comment below.
I appreciate every listener.
Thank you for listening to the Cash Car Convert show.
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