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Reply to "Finally entering six figure land. New car or pay down loans?"
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[quote=Anonymous]Congratulations! Let's try and have you hang on to some of this money. Remember you may be in a different tax bracket now, and also, if Biden's 12% extra tax goes through, hang on to some cash to pay that. First, I'd vote to pay down the loans. Lots of reasons for this. Yes you want to "treat" or reward yourself for your hard work, but a car is a BIG reward... Second, if you are going to buy a car regardless, please research on how buying a new car is not a great financial decision vs. buying a two or three year old car. Many cars are leased by one owner, and car leasing periods are usally three years. You can get a one-owner three year old car in great condition with no history of damage for so much cheaper than a new car. Tons of these cars out there. Look at autotrader.com and find what you want, and you can check their history thru carmax to see if there has been prior damage.[/quote]
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