fleadog99

iTrader: (2)

We plan on getting back a big refund around 10K. I am currently under a 4 year lease on a march 06 250 with about 18,000 miles. Should I put that money down and move up to the 350? perhaps a used one with about the same mileage? Or use some and upgrade the 250? the 250 already has 20's, intake, smoked tails, yellow tint fogs, painted matched grill, 6000k HID plugnplay.

What would you do?

Evitzee

I'd save that money for a rainy day (i.e. retirement). Why put it on an instant gratification item?? You already have an IS250, no need to automatically step up to a 350.

fleadog99

iTrader: (2)

I was actually trying to lower my monthly payments this way. If I trade in my lease for a new one and put that money down, and I have a better credit rating than a couple of years ago, wouldn't that lower my monthly payments?

Evitzee

Not necessarily. Anytime you do a new financial transaction you lose money and start from a financial disadvantage (that's why financial people like to do 'deals'. They get commissions and kickbacks for doing the deal). You may lower your payment, but you just used up $10,000 of hard equity. In other words you just bought yourself a lower payment. Not a bargain.

AsianGirl007

iTrader: (1)

I agree! Put it in the bank.

However if you must get a new car I'd wait until next year when the convertible IS comes out. At least then it will seem like you are getting something different and not the "same" car.

Zeus69

iTrader: (1)

Agree with Evitzee. It's not all or none with the 10K. Your life's circumstance determines strategy. Married? Kids? Debt?

If you're young and solo, you could put 5K in an IRA then use the other 5K for whatever.

llamaboiz

Whaa??? no toki doki/coach/burberry??? what about jimmy choo's???

AsianGirl007

iTrader: (1)

LMAO.....$10k buys a lot of Choo's.

Yay-Z

huh??? Convertible IS. wHERE???

jackblack7

First thing you should do is adjust your tax withholding. A refund that large is a bad idea.

Perfection

Just what I was thinking

fleadog99

iTrader: (2)

OK, I thought you guys and or girls, would set me strait on this. I wish I would have gotten the 350 to start with but what can I do. The kid in me wants to buy buy buy. But you guys made sense put it in the bank and pay off any high interest credit cards I got, even though the balance is low. Thanks for the advice. You may now close this thread.

AsianGirl007

iTrader: (1)

Where is in the US (dunno about the rest of the world)....when is sometime next year. This is just what I heard.

May I ask why you think a large refund is a bad idea?

Zeus69

iTrader: (1)

Large refund means the amount withheld from each of your paychecks was probably too much for your circumstance. Any money not coming to you in your paycheck (and that amount varies by number of "dependents" you claim) is going to the government in the form of a interest-free loan. Better you get the money as you go during the year and make it work for you.

AsianGirl007

iTrader: (1)

Being single, I cannot adjust my tax withholding anymore than it already is and I've gotten large tax refund checks as well so I'm still confused.
Did I miss something? lol