Selling the Wrong Car
Drew and his wife are selling the wrong car! Dave tells them they need to get rid of the pricier car to make more of a dent in their credit card debt .
QUESTION: Drew and his wife are expecting their second child. She’s on bed rest for the next four months without pay. They are thinking of selling their $3,500 car to pay on the $3,000 in credit card debt. They also have a $19,000 car that they owe on. Dave thinks they are doing things in reverse.
ANSWER: I’d sell the $19,000 car and drive the other car. You make a much bigger move by getting rid of the more expensive car than you are the $3,500 car. You’ve got a really tough four months ahead, and you’ll do much better to sell the more expensive car that you owe on.