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What rate would you finance at? If high, pay cash, If low, then finance.
Do you have a preference in owning a car or leasing?
In my case, I’d rather lease. Sell your car to either Carvanna or Vroom, get the extra cash (used car prices are through the roof, I was able to profit $6k) and lease a new one. My monthly payments went down from $300 to $133
Pro
Depends on how much profit and taxes as well might end up being a wash.
Pro
Similar situation but not sure if I should flip the car and make a few grand off of it before getting a new one.
Rising Star
Cash because cars are a depreciating asset
Rising Star
That only matters if you have no other liquidity other than selling the car. If I have (making up numbers to illustrate) $200k in ETFs and $10k in emergency cash, why would I care if the car depreciated?
The risk of something catastrophic happening that wasn’t covered by insurance is already small, and if it did happen, I could just pay cash or sell stocks to cover it.
Different strokes and all, but this doesn’t bother me in the least.
Just wanted to close the loop here. In order to finance, the dealer has to take the car for a undetermined amount of time and give you a rental while they "inspect" it. Fees for this inspection are an additional $2000. If I buy cash I don't have to do any of that, and either way I still need to do RMV re-registration, so financing is not the option I went with. That 2k eats alot into any other returns I would get on that $ over time.
What will they give you for the car as a trade in?
Roll the difference into your next car.
Have you checked with Carmax for what it’s worth?