flyfishnevada
Full time employment: Posting here.
In July when I ESR I can access my deferred comp account. I want to take my money out, pay the taxes and move on with my life. I am see some tax increases on the horizon and don't want to end up paying more then than now. That's not my question though.
I owe about $5,000 on my car and $13,000 on my truck. My car is a Hyundai with 70,000 miles, so 30,000 miles of warranty left on it. I was going to sell it and buy a used car with the proceeds, but I'd rather have a lower mileage car with the warranty. My truck is a Dodge Cummins diesel. It has about 100,000 miles, in other words just now broken in. I can expect another 200,000 miles if I take care of it, which I do.
So, should i pay these off saving me about $800 a month in payments and the interest left to pay or invest the money? I think the car is a no brainer. The truck, however is not as simple. I see a positive side, like not having to make the $500 payment the same month I need a major repair. I think it is probably better to pay off debt than to invest, especially in this climate. So am I missing something?
I owe about $5,000 on my car and $13,000 on my truck. My car is a Hyundai with 70,000 miles, so 30,000 miles of warranty left on it. I was going to sell it and buy a used car with the proceeds, but I'd rather have a lower mileage car with the warranty. My truck is a Dodge Cummins diesel. It has about 100,000 miles, in other words just now broken in. I can expect another 200,000 miles if I take care of it, which I do.
So, should i pay these off saving me about $800 a month in payments and the interest left to pay or invest the money? I think the car is a no brainer. The truck, however is not as simple. I see a positive side, like not having to make the $500 payment the same month I need a major repair. I think it is probably better to pay off debt than to invest, especially in this climate. So am I missing something?