Used Car Buying Tips

This is Doug Hastings, Vice President of Moody Radio, and we're thankful for support from our listeners and businesses like United Faith Mortgage. My grandma loves iced tea. It's her thing. So I go to hang with grandma for a bit, and I see she's holding her big plastic cup with her tea, but the cup is literally sitting inside one of grandpa's sports socks. And I'm not making this up.

No one could make this up. Uh, grandma, you okay? Of course, dear.

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Not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota, and Utah. A guy walks into an auto parts store and says, I'd like a set of wiper blades for my old junker out there. The clerk thinks a minute and then says, OK, sounds like a fair trade. All right, kidding aside, it's no fun getting stuck with a lemon when shopping for a used car.

But how do you avoid the potholes and drive away in a car that meets your needs at a fair price? Kingdom Advisors President Rob West has some helpful advice for us. Your calls on anything financial at 800-525-7000.

800-525-7000. I'm Steve Moore. Some used car buying tips next on MoneyWise Live. So Rob, I like to say there are two kinds of people in this world. I could be wrong, but those who enjoy the used car shopping experience like me most of the time and then everyone else. Yeah, you may be right about that.

At least the vast majority of folks really hate going through the process. But I'm sure there are some folks that fall into your category, Steve. And for those that don't like this, maybe we can offer some help today. Yeah. Well, remember, my dad was a car salesman for 35 years. So I think I picked up a few things along the way. All right. So I'd like your plan, though.

So where do we start? Yeah, well, where you should always start when making a purchase, especially a major one like a car, and that's with establishing how much you can afford. If you've been saving for the purchase and you're using cash, you already know that number. If you plan on financing the car, well, you've got to figure out how much you can spend while making sure the payments fit well within your budget and don't derail you from other goals. If you can use a loan calculator to help you figure that out, you want to put at least 10% down on the car, 20% would be better than try to keep the term of the loan as short as possible. I'm going to say three years is ideal.

Yeah, sounds good to me. And of course, once you have the loan paid off, keep making the payments to yourself and then put that into savings so that you can pay cash for the next car. That's the best way. Okay, now that we know what we can afford to spend, what's next? Yeah, next, of course, you have to determine the make and model of car that's best for you. Take into account the size of your family, cargo space you're looking for, of course, the safety features and reliability as well. You may come up with two or three different vehicles that meet your needs.

That's okay. Having options will make the car hunting experience a bit easier. Yeah, and then of course, you also have to determine whether you want an eight track in the car or a cassette.

And if you're not familiar with those, ask your grandparents. Okay, I have a car or two I think will work for me. And so now we start the hunt, right?

Not quite. Now that you know the vehicle or vehicles you're looking for, you want to go online to Kelly Blue Book or edmunds.com. I would plug in the vehicles year make model and mileage to get an idea of what you should expect to pay.

We'll put links to all of these sites we mentioned in today's show notes. And Steve, quickly, what number would they be looking at? Would it be the trade value? Would you suggest they look at the used private sale value?

What would they be looking for? Well, yeah, used private sale value is good and then trade in value is good because, well, you get a feel for what the dealer is paying for the car. So, and the dealer always wants to make ideally four or $500, they'll take more, sometimes they'll take a bit less down to $200. But if you know what the trade in value is, you kind of have a feel for what the dealer himself or herself might be asking for the car.

So both of those good, good question, though, Rob. So now we start hunting, right? Yes, the question, though, is where to begin your search. I know you're a fan of auto trader. And that's a great place to look for used vehicles. But you can expand your search to Craigslist, auto list. And of course, there's CarMax. Now, because you like to haggle Steve, you're a good negotiator when it comes to vehicles, you probably avoid CarMax, they've got a great inventory and their vehicles come with warranties, but the prices are set, no negotiating allowed.

Exactly. And how do I know they won't negotiate under any circumstances? How do I know that, Rob? You've tried it. I have. I said, perhaps you don't recognize my voice.

I'm Steve Moore. And they said, please leave our car lot. Okay, but that's no fun. But most of the time, haggling with most places is just part of the process. How do I haggle my way into a fair deal from your perspective?

Well, there's still one more step before negotiations begin that I'll mention quickly. Once you've found a good prospect, first you want to see its vehicle history report, use the VIN number, the vehicle identification number to get the report at Carfax or autocheck.com. You'll want to make sure it has a clean title. That means it's not been in a serious accident, it's not been totaled by an insurance company. Check the mileage, sometimes the shady characters will spin back that odometer.

So you'll want to look for all of those. Okay, yeah, we'll come back and chat a little bit more, taking your calls to today at 800-525-7000. Nice to have you along today. It's MoneyWise Live with your host, Rob West. I'm Steve Moore, and we're chatting for just a few minutes today about buying a used car, which is a little like, well, getting a root canal.

Not that I want to disparage dentists, but, you know, it's never something you really want to do, something you sort of get used to doing after you've done it eight or 10 times, but always something to be a little concerned about and prayed up. So, Rob, where were we? We were talking about the actual discussion, you know, about price and that kind of thing, and that's where it really gets down to brass tacks, right? Well, that's exactly right. So let's say you've checked the VIN number at one of these websites that will tell you whether there's a clean title. Then I think at that point, you're really on to looking physically at the car. So I would take this to an independent shop of your choosing, a mechanic, hopefully somebody you know and trust to have it inspected by a third party. You know, if the owner or lot salesperson says no, for me, that would be a deal breaker.

I would walk away. But assuming they let you, then you've got a third party who can look over all the main pieces of the car and make sure everything's in working order. Now, if you've done that, everything looks good, then now we start the negotiation on the price you've got in hand because you took our advice and looking this up ahead of time, you've got the estimated value based on the year mileage, physical condition and features. So the question is, is the asking price anywhere near the estimated value? If so, there's not much to negotiate.

We want it to be fair on both sides. If not, you might ask the seller to come down a little bit. And if it's way over the top, point out that the estimated value is much higher and ask why this vehicle is worth more. Maybe the price is justified. In more cases than not, it isn't.

So I would offer the estimated value to see if they'll come down to something you can live with. And if not, and this is the critical part, as you know, Steve, don't get emotionally attached. Just say no and walk away. There's another vehicle for you somewhere else.

I like that, Rob. And you know, my dad used to say that to me because obviously I bought my cars from him. He's passed away now, but when he was here, he always used to tell me, don't fall in love with a car. Don't fall in emotional love with a car. There's always another one.

And yes, there's another one, even in that color. You just have to be willing to wait a little bit and walk away. And obviously, if you're going to do any walking, walk to another dealer or two and make sure that the original dealer knows you're shopping around so that they have that sense of that you're interested and that you're doing your homework and you're not willing to pay more than you really have to. Also, no add-ons when you're buying any car, whether it's new or used, don't buy the floor mats, don't buy the coating, you know, the wax, special wax coating. Don't let them put any special stripes or any other attachments to the molding. That's what I was going for, Rob.

You know, none of the add-ons, you really don't need that. And if you do need it, you can find it cheaper elsewhere. And then if they do give you any pushback as far as taking it to an independent mechanic, then, you know, go somewhere else. Now, we're assuming that this independent mechanic isn't 100 miles away. They wouldn't like you to do that.

But assuming it's within, you know, 20, 25, 30 miles at the most, there shouldn't be any real issues there. So there you have it, Rob. Anything else?

Well, that's it. I will just add, though, that, you know, you might want to look outside your local area. So once we decided on the last car we were going to purchase, Julie, my wife is a phenomenal researcher. She scoured the country and we ended up finding the car that we purchased four states away. So I grabbed an evening flight up, spent the night in the hotel, bought the car in the morning, and I was home 10 hours later.

So you can get a good deal if you're willing to travel. I'll say. And you don't want to mention this, I'll mention it because we're such close friends, you saved $11 in total when you add all that together. When you subtract the flights of the flight, the meal, and I got up there, yeah, it was $12.50.

No, I saved a lot more than that. I did also get to stop on the way home, Steve, and see the Ark encounter. And I know I sent you a photo of it as I was sitting there.

No, don't try to drag something biblical into this. I don't know what you're talking about. It was amazing. Was it? Yeah. Yeah. Well, Marcia and I haven't seen it yet, but we want to do that.

And I'll use buying a new car as an excuse. There you go. There you go.

Rob did it and his wife let him. All right. Here's our phone number. 800 800-525-7000. We'd love to chat with you today about this or anything else. 800-525-7000.

Let's go up to Idaho, a few states away from Georgia. Jesse, how can we help you today? What's your question or comment for us? Hi, thanks for taking my call. My husband and I, unfortunately, our vehicle was totaled a few weeks ago.

We were not at fault, but we did get a small amount of insurance money out of the claim. We're potentially going to be looking for a vehicle maybe fall winter timeline. It's something we've talked about for a while anyways. Also, at the same time, working on being debt free before we make another financial jump into any type of debt or whatnot. We'd like to have at least half down, but as looking for options and stuff, we're both in agreement. We're okay with pre-owned vehicles being on a limited budget, though. We're looking at a dealer that actually exclusively deals in salvage titled vehicles. My questions are, is there any upside downsize to certified dealers that deal exclusively with those types of vehicles as far as depreciation value, insurance issues, or warranty issues with that? All of their vehicles are usually extremely low mileage, newer vehicles, not typically older than 2017 models of what they have. That's what we're leaning towards right now, unless we have some big red flags that we should avoid that.

I want Steve to weigh in here. I think the big idea here is not necessarily should you be concerned about a dealership that only specializes in salvage titles, but do you want to own a car that has a salvage title, which just simply means there's been significant damage in the past. Now, this can be an inexpensive option if you're on a budget, and we all should be, but it's not for the faint at heart and for the beginner, just because there could be any number of reasons. It could have been in an accident and the damage exceeded a certain percentage of the value of the car, so the insurance company totaled it, and therefore it has to have a salvage or a junk certificate at that point. But it could be a variety of other things as well, Jesse. It could be flood damage. Some states call out specifically flood damage on a car's title, but others simply use that salvage title term.

You're going to want to know that. Hail damage could be a theft recovery. It could be vandalism. It could be that it was non-repairable. So that would be the thing that I would be concerned about. Again, you can save some money and maybe find a diamond in the rough, but you want to make sure that there's not any difficult insuring it. You want to understand what is going to happen with the resale value if you don't plan to drive it for the rest of its useful life. What about fraud and even your own safety? But Steve, anything else you would want to point out there?

Well, no, Rob, you did a great job of hitting all the high points. Most states these days, now it used to be different in the past, but these days most states have a program set up where the dealer, before he can resell the car, whether he's the dealer who repaired the car or whether he's just a dealer who bought the car already repaired by somebody else, these days states require that they inspect them and then provide a certain certificate, which makes you buying the car totally aware that the car has been checked out, not by the dealer himself, but by the state, the state agent who looks at these things and knows exactly what to look for. Obviously, there's not going to be any warranty with a car like that, maybe 30 days, but nothing beyond that, so I wouldn't look for that ever. Be aware of the age of the car, whether it's a used car without a problem or a used car that's been rebuilt or repaired to some great extent. Personally, Rob and I don't like buying used cars more than about three years old, and then you'll want to make sure that your insurance company knows that this has been a, you know, a salvage vehicle as well. Otherwise, if you have a problem yourself with an accident, the insurance company might back away totally and completely when they find out. Lastly, don't buy any flood cars. Flood cars are a horrible deal.

The damage there can be covered up and it will really come back to haunt you, particularly if there are electrical, electrical gremlins. So those are the high points there, and I think if you and your husband pray about that and watch for those, you'll be in good shape. Okay. All right. Thank you very much. We wish you the best. Thanks very much. All right.

Let's see Fort Lauderdale. Hi, Gail. What's in your mind today? Good afternoon. Thank you for taking my call.

Yes, ma'am. I have been diligent in terms of setting aside money for retirement, and I'm close to that age now. I got laid off and I'm debating as to whether I really need to go back to work, and I'm just trying to figure out who do I need to talk to that can look at all of my investment accounts and just sort of give me some guidance as to what I should do.

Yeah, I'm glad you're asking this question, Gail. You know, it's really important that we have financial professionals in our life and a retirement planner or retirement planning specialist can be somebody that really would help you in this. Look over everything, help you think about what insurances you need in this season of life, whether you're on track with regard to the savings that you have to fund your lifestyle once you're no longer working, and really just help you think through all of it. We recommend the Certified Kingdom Advisor designation as somebody who's a competent financial professional with a significant experience requirement met, but also a biblical basis to their advice.

You can find a CKA at MoneyWiseLive.org. We'll be right back. We're listening to MoneyWiseLive. Here's our phone number if you'd like to ask your question or make a comment to Rob West today.

It's 800-525-7000. If you're tuning in a little late wondering, no, we're not selling used cars, we might get to that later in the week. We're trying to see what we can come up with. You still have that Pinto you're trying to get rid of, Rob? No, no more Pintos. There's a good admonition right there. No more Pintos.

Just lock that right into your family financial conversations. Dover, Ohio. Hello, Dean. How can we help, sir? Hello, gentlemen. Thanks for taking my call.

Sure. I have a question about taxes. I have seen on several social media posts from people like Dave Ramsey and his bunch that if you're getting a large tax return every year, you have your tax withholding set up wrong and you're given too much money to the IRS. So I would just want to call and see how I need to set up my withholding so that I can reduce that tax return each year. Yeah, it's a great question.

And that is true, Dean. You know, a lot of people look forward to that tax refund in a sense. They see it as a forced savings, maybe, and then it's kind of exciting to get that windfall. But I'd much prefer that you have that money on a monthly basis.

Number one, you're not earning any interest by loaning it to the government temporarily until you get it back. And I'd rather you build that into your spending plan every month, that additional amount that you're overpaying your taxes so that you can allow that to be prioritized according to your first, your values, and then allow your values to then, you know, translate into goals financially. So, you know, if you're trying to get out of debt, I'd rather you be able to put that every month toward debt repayment if you want to increase your giving or you're looking to save for that next car purchase or retirement, whatever it is, you know, getting that in the budget is really key. Now, anytime you earn any income, you owe taxes for most people and how much your employer sets aside to pay on your behalf is determined by this form W-4. So what you're going to want to do is adjust that form, and there's a formula in there to tell you, and it's changed in the last few years, but you'll want to follow the procedure to adjust that form W-4 such that they will collect a little bit less every month. And you should do this no matter what when you have a major life change, or you're getting a big tax refund every year, like you are and you want to decrease it. If you get a second job, your spouse gets a job, you're unemployed for part of the year, you get married, you have a baby, you adopt a baby. I mean, all these things are going to really result in you wanting to adjust that W-4. And like I say, that new W-4 tries to reduce the complexity of calculating how much to withhold uses the same basic underlying information as the old form, but it replaces some complicated worksheets with some more straightforward questions.

So I would contact your HR department or somebody who handles payroll and make sure that you can get that adjusted. Dean, we're glad you called today. Thank you very much. Hope that helps you. Let's travel quickly to Chicago. Helen, how can we help you? Yes. Hi, how are you?

First time calling. And my question is about related to the lady who talked about retirement planning. My husband and I are getting close to retirement, and we've built up quite a bit of nest egg and we've gone to about three different companies for planning, financial planning. One is a certified kingdom advisor. And what I'm trying to sort out is paying fee base for financial planning versus seems like the one company that they could manage it.

So going from whether just getting financial planning to managing, which is pretty expensive, but and related to that is a fear. I have to hand over that 401k and all that to somebody else. I totally get it. Well, you stay on the line.

You've raised some really important questions that I'd like to unpack. So hold the line. We're going to take a quick break when we come back.

I'll give you my thoughts. We'll come back and chat with Helen and then Christine and Chattanooga. This is MoneyWise Live taking your calls today. Toll free 800-525-7000. Thanks so much for sticking around and being with us today on MoneyWise Live.

Here's our phone number 800-525-7000. We were chatting with Helen about choosing a financial planner or an investment manager. Rob, did you want to add anything to that conversation? Yeah, I'd love to give my thoughts. You know, Helen, you raised some great points.

Let me just summarize. You and your husband have spent a lifetime amassing these assets. And you're wanting to know, do I choose a financial planner who I'm going to pay a fee for a comprehensive financial plan? Do I also need or separate from, should I choose an investment manager to actually manage these funds? And with that, it's going to come a percentage of the assets under management in the form of a fee on an ongoing basis, which, as you pointed out, can be costly. And then you raised a third point right at the tail end. Am I even prepared to delegate this responsibility for managing my hard earned assets over to somebody else?

And am I going to be able to handle that? Let's tackle all three. In terms of Helen, the financial planner versus the investment manager or both, I think it's really a both. Now, they could be separate professionals, or in many cases, it's one in the same. But oftentimes, you will pay a separate fee.

And here's the idea. For comprehensive financial planning, you would expect to pay either an hourly rate or a flat fee because they're evaluating at a very comprehensive level, your entire financial life and then coming back with a series of recommendations that really look at all of the key areas. Everything from are you covered from a risk standpoint in terms of insurance? You know, what about your cash flow and the amount of reserves that you have? And do you have enough saved to fund your lifestyle into retirement?

What could pose a threat to that? And have you dealt with that? You know, really looking at just all of the areas pointing out areas of deficiency, but then also, you know, telling where you where you're right on track, you know, there's real value in that, if you've never done that, just to have an objective third party, who's a real professional looking over all of those things, and you should absolutely be expecting to pay, you know, could be somewhere, depending on the complexity of your situation, it could be a couple of thousand dollars or more. Beyond that, I like the idea of you hiring an investment professional who would typically be paid, based on the assets under management, a percentage for ongoing management. And, you know, that's, I think, well worth the expense, because here's the idea, you have built a lifetime amassing this, you don't want to put it on autopilot, you want somebody who's giving careful attention to do you have the right portfolio that's going to meet your goals and objectives?

You know, how much should be in stocks, how much in bonds, what stocks, how to diversify them, and even from a tax efficiency standpoint, and a charitable giving standpoint? Is there careful consideration being given to those? Now, that final question, though, is something you're going to have to wrestle through in advance, because that the answer to this question is no, I wouldn't even go there. And that is, are you willing to delegate because in order to hire somebody who's a fiduciary making decisions on your behalf with your goals in mind, of course, you know, is I think the right approach, but it requires that you be willing to turn that over, not blindly, you certainly are going to be monitoring it, you should be in regular communication. But you have to recognize that that's perhaps different than you've been handling it to this point, you'd have to be okay with that. Tell me what questions you have, though.

No, that does. I, as we're now looking, and we've talked to three different people had that first initial consultation, and just giving an overview, it looks like managing, they can give us a whole financial plan of what to do. But managing that, for example, like you said, tax benefits looks a little beyond what I could do and really manage it well. So whether to decide to actually go with that, is it well worth it? I guess that's, it's reassuring for you to say that not that maybe everybody's situation is different. But yes, this is new for us.

We didn't have a planner all these years. Yeah, it sounds like perhaps you've done quite well. But I think at this point, you don't want the emotional toil that it's going to take on you if you have to take responsibility for this. And I think you all want to enjoy in this season of life what God has for you next, and not be losing sleep over whether your investments are in the right place.

So delegating that can give you a lot of peace of mind and help you to be a careful steward of your resources. So I think you're on the right track. I'd continue to pray through it, but I think this is the direction you should head. Helen, God bless. Thank you very much for that. Down to Fort Lauderdale, Rinaldo, how can we help you, sir? Hello. Good afternoon, guys. How are you guys doing? Doing great. Thank you very much.

Yeah, I had a question. I was confused about my credit scores. I have the pre-credit BOS apps on my phone. And when I looked on TransUnion, it's 703, and the other one is 700. But when I looked at Expedient, it's 577. So I was a little confused.

And how does that work? Because the other two is slightly different. But when I look at Expedient, it's 577. Yeah, yeah.

Now, I can understand how that would cause you some concern. A couple of thoughts here. Have you pulled a copy of any of these reports, and in particular, the one that was 575? Have you seen it? Or have you just seen the number? Just seen the number. Okay. Next step is for you to pull all three at AnnualCreditReport.com.

It won't cost you anything. Here's the thing. They can vary significantly. That's a little more than I would tend to expect, but they vary because not all companies report to all three bureaus. So it may be a situation, Reynolds, where you've got some accounts, and the majority of them, or several significant ones, have been reported to two of the three, but not the third. And so the third probably, and I could be wrong, but I'm just guessing here, is probably a lack of credit. And so the various accounts you have, whether they're revolving or installment, they're reporting to the other two. And it could be that you need to open a secured credit card or something that's going to report to that third bureau. It's typically not going to be an issue because your credit is so strong, the other two places.

But I would take a next step. Go to AnnualCreditReport.com, pull all three, and make sure there's not something inaccurate on there that's hurting you. And if it's just a lack of credit, then I would say press on and don't be too concerned about it. Does that make sense? Yeah, that makes sense, because Credit Karma reported my credit scores every day, daily. So they're updated every day, but Expedia doesn't do that.

Yeah. Well, they're pulling from one of the three bureaus. I don't know which one they are, but if it's one of the higher ones, it's probably coming from one of those two.

So I think the next step is for you just to review that information, make sure it's accurate, and it'll become obvious when you compare them what information is missing from that third one that's driving that lower score. Arnold, we appreciate that call today. Thank you very much. Christina Chattanooga, Dana in Twinsburg, Ohio, we're coming your way after we accomplish our next break. Before we do that, just want to remind you that if you've never visited our website, you might want to check that out when you get just a moment. It's MoneyWiseLive.org. There you'll find a whole bunch of free resources and materials that will help you as you work through your budget, try to put together a spending plan. You'll also have access to our past radio archives, an easy way to find a certified kingdom advisor in your area, and also an easy way to connect with a budget coach. And that may be particularly helpful for you as well. You know, it's one thing to have us tell you what you should and shouldn't be doing with your money and your finances. It's another thing to actually sit face to face on your computer and talk with someone, someone who's well trained, someone who has your values, and someone who does this on a real regular basis. So again, that person would be a certified budget coach, and you'll find a way to connect with them when you visit our website, MoneyWiseLive.org.

Welcome back to MoneyWise Live. I'm Rob West. Now, before I get to the remaining calls for the program today, it's time for us to have a quick family meeting.

That's right. We're going to chat about some upcoming changes in the program. In fact, I asked Steve to step out of the studio for just a minute so I could talk to you all directly. I actually told him there was bagels out there. He'll figure out in a moment that there aren't.

But here's what we have. Steve is actually retiring after a long and illustrious career on Christian Radio. I submit the best co-host in Christian Radio. He's decided, after me putting it off for years now and encouraging him to reconsider, he's decided it's time to spend more time with Marcia and his grandkids and do a little more traveling. Now, he's not going away completely. He's going to still be a contributor to the program, but he will be retiring as co-host of MoneyWise and MoneyWise Live as of April the first.

So obviously that's bittersweet. Steve is a dear friend and somebody that we love and cherish. He's been a big part of this program going all the way back to Larry Burkett, and we will miss him greatly. But we're excited about all that God has in store as we revamp the program with some great new features, and I think you're going to love it.

But here's why I'm telling you that a couple of weeks early. We're actually going to stay after the broadcast today for maybe 20 or 30 minutes and give you an opportunity to record some celebrations of Steve's ministry on radio for a long time. So Steve Moore has impacted you like he has me, and I know there's literally millions that Steve Moore is a household name, and you want to call in. We'll get to as many as we can after the program today. If you call 800-525-7000, 800-525-7000, and you can even start calling right now, we'll stay after. I'll get to chat with you and we'll record you just celebrating Steve Moore and all that he has meant to you and to this program for a long, long time. It'll be quick, and it'll be a way for you to honor him, and we're actually going to use these in some pretty creative ways in the next couple of weeks. So if you want to celebrate Steve, call right now, 800-525-7000, and we'll put you on hold. And as soon as the program ends, we will get to as many of those as we can. All right, let's take some more calls.

Christine's in Chattanooga, Tennessee. Christine, you are on MoneyWise Live. Hello, guys. Thank you for taking my call. I was wondering, have you gotten any calls from anybody else? I went into the Get My Payment portal for the IRS for the stimulus check, and it said payment status not available, but I received the first two stimulus checks without any problem. Yes.

Well, Christine, a couple of things there. Number one, the website you're talking about, irs.gov, when you click that Get My Payment button, that's what is the stimulus check portal. And that tool has recently been completely revamped. And so for some reason, they have revamped it, and it's entirely possible when they did that, your info might not be on this new part of the site. So the best thing to do is just answer the questions again and see if that clears it up. You may need to provide. And again, this is directly into the IRS's website that you go to irs.gov.

You might need to provide social or date of birth or street. And, you know, I think, you know, it's important that you do that to make sure the IRS has everything that they need so that they can get that stimulus payment out to you. So I'd head back there and know that this is not uncommon in terms of what people are facing with this latest round of stimulus. If you have further questions, once you do that, give us a call back. We appreciate your call today.

By the way, all the lines filled up with folks who want to congratulate Steve and celebrate him. So thank you for doing that. If you're getting a busy signal, we'll do this again tomorrow so you can try again then. Let's go to Twinsboro, Ohio.

Dana, you're on MoneyWise Live. Go ahead. Hi, thank you for taking my call.

Sure. My question earlier, you spoke of used cars and all that. And my question is what you recommend or what is your advice on purchasing warranties? Should I do it when I purchase the car at the car dealership or if it's reaching a car, it's reaching the mileage? Should I or the warranty that's by the manufacturer, should I wait until the manufacturer sends that to extend the warranty? Just trying to figure out which would be the better thing to do.

Yes. Well, you know, I think the first question here, Dana, is just do you want that extended warranty all along? You know, a lot of financial professionals will just say that as long as you have a healthy emergency fund and you're putting money aside, especially for expected car maintenance, then you should be OK because here's the bottom line. You know, Consumer Reports and many people that look at these at length will tell you that extended warranties are overpriced.

That's the reason people sell them, because they make a bundle in commissions. And, you know, at the end of the day, I think if you want that added peace of mind, you could certainly get it. And if you're going to get it, the best time to do it is at the time of purchase. But I think the real question is, is it something you need? And would you rather just, again, make sure you have a fully funded emergency account, perhaps even, you know, set something aside in a separate savings category for your car so you can maybe do all of the needed and necessary maintenance, preventative maintenance on the schedule that that is recommended. So you're not put in a position where you have to deal with something after the fact, and that's always more expensive. But if you want that added peace of mind, then I would encourage you to go ahead and do it upfront, probably when you buy the car from the dealership. But make sure you understand what you're getting.

Is it truly bumper to bumper? Is it a limited warranty? I think that really goes a long way in helping to make sure that you don't get to the place where you need something and find out it's not covered. And then you're frustrated because you spent a lot of money on something you didn't understand.

So ask lots and lots of questions, and I hope that's helpful to you. All right. For our final call of the broadcast today, let's head south to Lakeland, Florida. And Cindy, you're up next on MoneyWise Live. Go ahead. Hi. How are you doing today? Very good.

Thanks. My question is, if you are married, if my husband is not quite on board with the whole saving thing, but he's OK with me doing it, can I effectively save on my own, or is it more effective for us both to do it together? Yeah. You know, Cindy, I really would love for you all to be on the same page on this. I certainly don't want you doing anything behind his back, and the opposite would be true for him as well. This is not one sided. And here's the big idea. You know, God's designed for marriage's oneness to become one, including our finances under the Lord. And so I think we always, when it comes to handling our money properly in God's way, we need to start by recognizing that God owns it all.

So we've been entrusted as a married couple together, one flesh. We've been entrusted to be the money managers for the Lord of this portion of his resources. So the question is, how should we manage it for his glory?

It becomes a tool to accomplish his purposes. Now, part of that is providing, but not an unending list of needs and wants. There needs to be a limit to your lifestyle, which is that providing side. And then we want to look at, I would say even before that, what do we want to be giving? And yes, what do we want to be saving for the future? In the short term, like an emergency fund, in the medium term, like a new car down the road, or a new used car, or college education for the kids, or longer term for retirement.

That season that God redirects you, you're no longer working. Now, I would be looking at that in terms of the planning for that as a couple. And it's going to have to start with prayer and a recognition that God owns it all. And then talking about your values. What's most important to us? If our money and the way we allocate it tells a story about what we value most, are we happy as a couple with the story we're telling with our money?

And if not, what changes do we need to make? And to the extent you all have misalignment, it probably is not about the money, it's probably about the values. Those things that are driving you all and what you ultimately want to accomplish in your marriage and through your family. And how can money then be an expression of that?

And I don't mean to sound like, Cindy, that's easy. That can be challenging, especially if there's been other issues in the past, because money issues are often symptomatic of heart issues. It's not about the money.

So I think you all need to come together, be prayed out before you do. And I would ask your husband, do you mind if we begin praying and thinking together about what we want to accomplish with our money? Both now, but also longer term. Because keep in mind, the longer term your perspective, the better your decision today. That's a principle that is always right.

The longer term your perspective, the better your decision today. So if you can sacrifice in the long term, excuse me, in the short term to meet long term God-given goals, you're always going to come out better. But it's going to require you all working together on that. What I'd like to do is send you a copy of Howard Dayton's book, Money and Marriage God's Way. And I think perhaps that could give you a roadmap for this oneness I'm describing in your financial life as a couple. And I'd love for you to begin to work through that once a week or once a month. And see if that doesn't begin to bring more alignment between the two of you. Does that make sense?

Yes, it does. And thank you. Okay. You hang on the line. We'll get your information. We'll get that book right out to you. If you have other questions along the way, give us a call. Hey, I am overwhelmed at how quickly every one of our lines filled up.

I'm not surprised, though. Steve is amazing. And so thank you for those of you who are holding on the line to celebrate him. If you didn't get through, here's one thing you could do. If you want to call 800-525-7000 about 30 minutes after the show, you'll be able to get to our voicemail. Just follow the prompt where you want to ask a question and you could leave something on the voicemail for Steve. We'll be able to grab that audio and we can use that to bless him. Again, 800-525-7000. Wait for about 30 minutes after the program because all the lines are full right now.

You'll get the recording and you can get in there and leave a message. Well, folks, I really appreciate you being along with us today, walking with us, sharing your stories, asking your questions. We covered a lot of ground. We talked about saving for retirement. We talked about stimulus checks. We talked about cars.

That's always fun. And we always want you to know that this show is about going back to God's word to look at his principles and wisdom, and then apply them to what we deal with every day when it comes to our money. Hey, before I let you go today, let me remind you, if you haven't checked out the new MoneyWise app, you need to do it.

Head over to your website, excuse me, your app store at Apple or Google Play and check it out. Hey, I want to say thank you to my amazing team today, Rich, Amy, Dan and the rest. We couldn't do it without them. We also want you to know that MoneyWise is a partnership between Moody Radio and MoneyWise Media. We'll be back tomorrow with much more, including your calls. Join us then and God bless you. We'll see you tomorrow.