A Georgia teenager called into a recent “The Ramsey Show” with a warning tale about his first car purchase, and how quickly costs can spiral out of control.
Beto, a 17-year-old from Atlanta, told hosts Rachel Cruze and Jade Warshaw that he works full-time at a mixed martial arts gym, making about $850 every two weeks. He recently bought a 2012 Honda Accord from a friend for $8,000, agreeing to make payments of $400 per month. But he didn't expect insurance to be such a hit.
