Rachel Cruz

Tell her hi for us.

What's her name?

elizabeth hey elizabeth hi elizabeth um so um yeah i mean when you put yourself in a position when you purchase something and say well i'm just not i i don't want to look at anything cheaper you've kind of already made your decision i mean if you guys don't have the money and you don't look anything cheaper i mean i guess the only thing that you guys have decided at that point is yeah you're going to take a loan out and buy the car

We would advise you differently.

And so you called the show.

So we'll give you our advice.

I don't know if you're going to want to take it because what you'd realize is you've been you've been basically renting this car for three years.

In the most expensive way, yeah.

And I know you can't really tell the interest rate on a leased car, but when people actually ratio it out, it's high.

It's usually more expensive than if you went and got a traditional car loan.

So then you're going to take a $19,000 loan, pay interest on that, and then we're going to look up in four to five years and this $19,000 car is going to go down to probably $10,000 or $12,000 in value.

So when it comes to cars, it is...

One of the places that financially speaking, I mean, it's kind of one of the dumbest debts you can get into from a financial perspective because, again, you're borrowing money and paying more on that borrowed money because of interest on an asset that's going down in value versus like a house, a mortgage, right?

You take out a mortgage.

You do pay interest on that loan, but the value of that home is going up at the same time.

So the car itself is not a wise proposition.

purchase to make when you don't have cash for it.

So my next question to you guys would be, do you have any cash available to you?

Okay, good.

How much debt do you guys have?