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How much do you have in vehicles?

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Old 09-02-06, 07:15 PM
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Question How much do you have in vehicles?

The recent talk about registering cars got me wondering: how much do you have invested in cars/trucks/boats/campers/etc? Are they paid off? How much do you still owe?

Dave Ramsey alert: According to Dave Ramsey, if the total VALUE of your vehicles (that's resell value--not how much you owe) "is more than 50% of your annual income, you have too much invested in something that goes down in value like a rock!"
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Old 09-02-06, 07:18 PM
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We have my husband's college car--a 1995 Ford Escort 4-door. It's a funky little car and we had to sink $216 in repairs into it just today, but his parents bought it new for him when he left for college, so we just can't beat it!

We also have my 2003 Ford Taurus. We bought it used after the one we had purchased brand new was totalled in an accident.

His car value--about $3
 

My car value--about $9,500

Our total car value $9,503.

Andy makes much more than $20,000 so we have far less than the recommended value in cars.
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Old 09-02-06, 08:15 PM
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We have my Toyota Sienna. We owe about the same as it's value at $18,000.

We have a Ford Explorer that is paid for and the value is about $5000.

DH has a work truck, but seeing how his company pays for it, it's of "no value" to us.
 


So, since I make more than double the value of the cars ...not even counting dh's salary, we are all good there. WHEW!
 


One thing I'm not on the flip side of.
 
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Old 09-02-06, 08:20 PM
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we lease two cars..we have been leasing for about 10 years b/c it saves on repairs..the cars are under warranty for the whole time of the lease..makes more sense to us

we have two car payments : $369 and $297
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Old 09-02-06, 08:27 PM
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I'm driving a 16 year old mini-van. Its value is maybe 1k, so I'm fine there
 
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