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re: Should I pay cash for a new vehicle?
Posted on 6/14/23 at 5:14 pm to BenDover
Posted on 6/14/23 at 5:14 pm to BenDover
If the OP is two years from retirement, then it would be unwise if his 401k is so heavily tilted towards equities with higher growth potential. It’s more likely he’s shifted it more towards bonds.
In addition, I generally advise against 401k loans. If he leaves the job earlier than expected, either via retirement, for a better position, or being forced out, then he will to have to repay the loan pretty quickly.
If set on a new car, liquidate the CD.
Does the OP have a brokerage account he can take a loan against?
I would also suggest going after a newer car, but not brand new to reduce overall cost.
In addition, I generally advise against 401k loans. If he leaves the job earlier than expected, either via retirement, for a better position, or being forced out, then he will to have to repay the loan pretty quickly.
If set on a new car, liquidate the CD.
Does the OP have a brokerage account he can take a loan against?
I would also suggest going after a newer car, but not brand new to reduce overall cost.
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