Hello All,
We currently own two six year old vehicles (2018 Nissan Leaf and 2018 Tesla Model 3). They are too small for our leisure travel needs, but perfect commuter vehicles as we can charge at the office for free. We plan to keep both of these vehicles for many years.
We currently rent SUVs or mini-vans for our leisure travel 3-4 times a year. Wife's employer provides a nice discount to rent through Avis and we have been doign that instead of buying a larger vehicles as the registration and insurance would be the same as what we pay for the rentals annually. But it's a hassle and it keeps us from doing trips to visit friends or spontaneously go on weekend trip as the time spent in charging EVs is significant.
We have hit a personal saving and investing milestone and we are looking to buy a more comfortable vehicle for our travel. We decided on buying a used Volvo XC90 after having used it on a trip with friends. The safety rating is good and it has great ADAS features.
After some research on carvana, Autotempest, cars.com, vroom; I found a 2021 model with 49k miles selling for $32k that had an original sticker price of $60k. We have sufficient cash to pay for the vehicle. We max out 401k for both, backdoor Roth for both, and mega backdoor Roth for one person. We only have 10% of our portfolio currently in after-tax account as we don't have much cash left after our contributions to the tax advantaged accounts.
My questions are:
- Should we wait to buy the car as it seems the car market is going to drop
- Should we finance the purchase? The cash could be used to purchase investments in taxable accounts
- Is there another solution I have overlooked? We haven't looked at Turo or other p2p car sharing.
We currently own two six year old vehicles (2018 Nissan Leaf and 2018 Tesla Model 3). They are too small for our leisure travel needs, but perfect commuter vehicles as we can charge at the office for free. We plan to keep both of these vehicles for many years.
We currently rent SUVs or mini-vans for our leisure travel 3-4 times a year. Wife's employer provides a nice discount to rent through Avis and we have been doign that instead of buying a larger vehicles as the registration and insurance would be the same as what we pay for the rentals annually. But it's a hassle and it keeps us from doing trips to visit friends or spontaneously go on weekend trip as the time spent in charging EVs is significant.
We have hit a personal saving and investing milestone and we are looking to buy a more comfortable vehicle for our travel. We decided on buying a used Volvo XC90 after having used it on a trip with friends. The safety rating is good and it has great ADAS features.
After some research on carvana, Autotempest, cars.com, vroom; I found a 2021 model with 49k miles selling for $32k that had an original sticker price of $60k. We have sufficient cash to pay for the vehicle. We max out 401k for both, backdoor Roth for both, and mega backdoor Roth for one person. We only have 10% of our portfolio currently in after-tax account as we don't have much cash left after our contributions to the tax advantaged accounts.
My questions are:
- Should we wait to buy the car as it seems the car market is going to drop
- Should we finance the purchase? The cash could be used to purchase investments in taxable accounts
- Is there another solution I have overlooked? We haven't looked at Turo or other p2p car sharing.
Statistics: Posted by lemonPepper — Tue Apr 09, 2024 8:18 pm — Replies 5 — Views 544