Llama
New Member
- Thread starter
- #1
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!
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!
Sponsored