Buy a gently used vehicle and pay cash. If you get a loan, the vehicle needs to be fully insured, which can be quite expensive especially for new ones.With our backs relatively against the wall, what are general thoughts on how to pay for this in the current market? I suspect we're going to end up buying another several-year-old vehicle in the $30-35K range. Besides the obvious (applying the payment from our totaled car), would you (a) still get a car loan from a credit union at a rate likely to be 6%+, or (b) just keep it simple and pay cash. In my case for (b), I'd probably be looking at selling some funds from a taxable brokerage account to cover it (incurring some capital gains).
We are otherwise a debt-free family (only exception being our mortgage), 43M/42F with retirement savings of approximately $2M.
since you have 2M+, you can certainly self-insure damage on a 30k car caused by your own action and only pay for the cheaper comprehensive coverage.
Statistics: Posted by Thesaints — Wed Jun 26, 2024 12:57 am — Replies 20 — Views 501
