What to do with BIG tax refund?
#1
What to do with BIG tax refund?
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?
What would you do?
#2
Lexus Champion
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.
#4
Lexus Champion
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.
#5
Lexus Diva
iTrader: (1)
Join Date: Sep 2001
Location: City of Angels
Posts: 6,951
Likes: 0
Received 0 Likes
on
0 Posts
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.
Last edited by AsianGirl007; 02-03-08 at 01:44 PM.
#6
Pole Position
iTrader: (1)
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.
If you're young and solo, you could put 5K in an IRA then use the other 5K for whatever.
Trending Topics
#9
#12
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.
#14
Pole Position
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.
#15
Lexus Diva
iTrader: (1)
Join Date: Sep 2001
Location: City of Angels
Posts: 6,951
Likes: 0
Received 0 Likes
on
0 Posts
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.
Did I miss something? lol