Our present vehicle is 12 years old and although reliable, we're thinking about a newer fuel efficient vehicle that meets a few different needs than our present one. Perhaps $45k by the time its in our driveway, insured and registered.
Late 60's retired, pension, social security, and an account with empower that was provided by my union (pre tax dollars)( taking $3k month right now) I believe it was called a 404c?.
We have a saving account( VMFXX) that we could use to pay cash for the new vehicle, or we have an excellent credit rating if we decide to finance.
The option also exists to take a lump sum from from our empower account, pay the 20 % and see what how it affects our total income tax (8.5% effective tax rate for 2023 according to turbo tax).
Keeping the cash in VMFXX almost negates the interest on a car loan if the yields there continue.
Is there a clear option for the least total cost?
Late 60's retired, pension, social security, and an account with empower that was provided by my union (pre tax dollars)( taking $3k month right now) I believe it was called a 404c?.
We have a saving account( VMFXX) that we could use to pay cash for the new vehicle, or we have an excellent credit rating if we decide to finance.
The option also exists to take a lump sum from from our empower account, pay the 20 % and see what how it affects our total income tax (8.5% effective tax rate for 2023 according to turbo tax).
Keeping the cash in VMFXX almost negates the interest on a car loan if the yields there continue.
Is there a clear option for the least total cost?
Statistics: Posted by hevysrf — Sun Sep 08, 2024 10:20 am — Replies 1 — Views 162