Chapters
John from Dallas asks about his $50,000 car loan and how to get out of it. Dave Ramsey advises him to explore private sale options and borrow the difference if needed. Ken Coleman emphasizes the need for intensity and quick action to minimize further losses.
- Three options to consider when selling a car: wholesale, private sale, and retail.
- Private sale offers the best price; check Kelly Blue Book or Edmunds.
- Cars depreciate quickly; act fast to reduce the gap between loan and sale price.
- Borrowing a small amount to cover the difference and buying a cheaper car is an option.
- The longer you hold a depreciating asset, the more money you lose.
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