2019 Jeep Wrangler Purchase: Am I being stupid?

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Snayte

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Wow... First time I ever read someone saying what they are worth:clap:

Just buy the damn thing:headbang:
If I had that kind of money put away and no debts I would be retired.





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nositting

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So I have been pretty Dave Ramsey-ish for quite a long time when it comes to vehicles. All my cars are now used. But I would like to replace my two door 2008 Wrangler with a four door. As some of you know resale value for these things is quite high. It is just the way it is. So when I look say 2016 and up, the prices are almost always via a dealership (clearly trade-ins). Few people pay cash for these things. And for the first time since 1997, I am planning on purchasing a new 2018 or more likely 2019 4 door Wrangler.

Background:
1. I already have a number of deals working. All are about 6% under invoice. Around $42k out the door
2. No debt. House paid off
3. Income ranges around $250k++ per year, but variable depending on RSU, options and profit sharing.
4. Net worth about $2.4 milliion, of which $2 million in liquid assets
5. About $1.2 million of that in taxable, rest in 401k


I do not keep that much cash in the bank, usually no more than $10k. My plan would be to simply finance the car, and pay it off once I sold some securities, which I would imagine would take about four or five days? I would also sell my 2008 and replace back into Vanguard. So true cost is closer to $30k

Questions:
1. Am I being a moron by purchasing a new car in the first place?
2. Any pitfalls to using a bank / car loan for 5 days?
3. Any other pitfalls to doing this beside the usual stealership shenanigans?

Thanks for the advice!
people with your finances are usually smart enough to figure out how to buy a vehicle.
if not, consult your financial advisor - isn't that why you pay him/her??
 

JO DYRT

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So I have been pretty Dave Ramsey-ish for quite a long time when it comes to vehicles. All my cars are now used. But I would like to replace my two door 2008 Wrangler with a four door. As some of you know resale value for these things is quite high. It is just the way it is. So when I look say 2016 and up, the prices are almost always via a dealership (clearly trade-ins). Few people pay cash for these things. And for the first time since 1997, I am planning on purchasing a new 2018 or more likely 2019 4 door Wrangler.

Background:
1. I already have a number of deals working. All are about 6% under invoice. Around $42k out the door
2. No debt. House paid off
3. Income ranges around $250k++ per year, but variable depending on RSU, options and profit sharing.
4. Net worth about $2.4 milliion, of which $2 million in liquid assets
5. About $1.2 million of that in taxable, rest in 401k


I do not keep that much cash in the bank, usually no more than $10k. My plan would be to simply finance the car, and pay it off once I sold some securities, which I would imagine would take about four or five days? I would also sell my 2008 and replace back into Vanguard. So true cost is closer to $30k

Questions:
1. Am I being a moron by purchasing a new car in the first place?
2. Any pitfalls to using a bank / car loan for 5 days?
3. Any other pitfalls to doing this beside the usual stealership shenanigans?

Thanks for the advice!

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aldo98229

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Personally, I wouldn’t lay down my financial position on a public forum.

Anyway, these are my two pesos:

Questions:
1. Am I being a moron by purchasing a new car in the first place? —No, if you (a) can afford it, (b) want it, (c) buy the vehicle at a good price and it holds its value well.
2. Any pitfalls to using a bank / car loan for 5 days? —Yes. It will take the bank between 30-45 days to set up the loan, and the DMV about the same time to register and title the vehicle. By paying off the vehicle in five days, you are likely to trip these processes. I found myself in this situation once: my vehicle was in limbo for a few months until everything got straightened out. You may want to either ask the dealer to hold on to the contract for a few days until you come up with the cash, or wait a couple months before paying off the bank.
3. Any other pitfalls to doing this beside the usual stealership shenanigans?

Thanks for the advice!
Good luck!
 
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KnG818

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If your posted balance sheet is accurate, then one would assume that you also have at least one financial advisor.....yet you are on a Jeep form asking for financial advice from a bunch of admitted neanderthals (myself included)??
I can count to potato
 

cOtter

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I would say you should put all you assets into investing for travel to the moon or mars. Don’t if you would get much enjoyment out of a Jeep here on earth.

or if you are really that curious about what to do with all you cash, please send it my way and I will utilize it for my daughters college.
 

Germansheperd

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So I have been pretty Dave Ramsey-ish for quite a long time when it comes to vehicles. All my cars are now used. But I would like to replace my two door 2008 Wrangler with a four door. As some of you know resale value for these things is quite high. It is just the way it is. So when I look say 2016 and up, the prices are almost always via a dealership (clearly trade-ins). Few people pay cash for these things. And for the first time since 1997, I am planning on purchasing a new 2018 or more likely 2019 4 door Wrangler.

Background:
1. I already have a number of deals working. All are about 6% under invoice. Around $42k out the door
2. No debt. House paid off
3. Income ranges around $250k++ per year, but variable depending on RSU, options and profit sharing.
4. Net worth about $2.4 milliion, of which $2 million in liquid assets
5. About $1.2 million of that in taxable, rest in 401k


I do not keep that much cash in the bank, usually no more than $10k. My plan would be to simply finance the car, and pay it off once I sold some securities, which I would imagine would take about four or five days? I would also sell my 2008 and replace back into Vanguard. So true cost is closer to $30k

Questions:
1. Am I being a moron by purchasing a new car in the first place?
2. Any pitfalls to using a bank / car loan for 5 days?
3. Any other pitfalls to doing this beside the usual stealership shenanigans?

Thanks for the advice!
You seriously posted all of that on a Jeep forum asking complete strangers if you should buy a Jeep?
#1 you are either completely full of it or #2 you just need to brag/attention.
The answer is no I don’t think you should buy a Jeep
 

Young04

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You seriously posted all of that on a Jeep forum asking complete strangers if you should buy a Jeep?
#1 you are either completely full of it or #2 you just need to brag/attention.
The answer is no I don’t think you should buy a Jeep
OP is likely the type who will intentionally leave his mobile banking app open for others to see his balances. The ones that have real wealth don't want others to know.
 

Fire Burns

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Please don't buy the Jeep. You'll hate it and it will cost you a bunch more money to upgrade it, which is pretty much mandatory if you've looked into this forum.

Besides, we really don't need you asking advice whether if you should next buy custom forged 22in wheels with 40s as another opportunity to regurgitate your supposed net worth...
 
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Stormin’ Moorman

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"Hi, my name is Richy McAssholerson. I like to brag about my fictitious net worth on various forums on the internet. I don't understand what liquidity is, but i like to use big words so I sound smart to internet strangers. Even though I'm a multi-millionaire I can't do basic math because I can't have $2 million liquid and half my assets in a 401 when my total net worth is only $2.4. If I knew anything about Dave Ramsey I would buy the car with cash in 4-5 days after i sell my liquid securities. But that's a moot point, because I'm an idiot and don't have securities to sell."
 

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