Who else financed their Raptor?

[RaptorMaryland]

The guy who hates “Nose bleed level rates” lol

Yea, and annuities.

 

[Jace21583]

Any Finical Advisors out there?

Yep

 

[RaptorMaryland]

Yep

What would you advise?

 

[D11gnccer]

I financed. To be honest, financially this truck was a poor decision and one could argue it is a purchase I can’t afford. My justification is that simply by understanding that, I’m at least aware of the situation. Lol.

My reasoning... I’m 32. Purchased my house at the age of 21 at 3.8% and have paid extra on every payment since the first. No college debt as I didn’t go. My credit score is 826. I have not paid interest on anything for the last 10 years except for the mortgage. Last year I invested 17% of my income but wish that I had been advised to start investing at the age of 18. I have a company vehicle so my personal vehicle sits inside a heated garage most of the time. In 2015 I bought a new ecoboost mustang premium package after driving a Ford Ranger for 10 years. Sold it last month with 8800 miles on it and it depreciated 12 grand. My hopes is that the Raptor will retain its value over the years and if it doesn’t... oh well. This truck is awesome and and I enjoy driving it.

When you run the numbers, had I invested the money, the Raptor will probably cause my 401k to be short $250k. Then again, one unplanned visit to the hospital could easily exceed that and financially affect me for life.

 

[RaptorMaryland]

Raptor will probably cause my 401k to be short $250k

Thats a little high for a truck that cost $80k, and

S&P 500 12 Month Total Return is at 9.50% For march 2019

 

[Jace21583]

What would you advise?

The best option would be to use a home equity line of credit and write off the interest on your taxes if you qualify for it. Plus they usually have a low minimum payment if you had an emergency situation, otherwise make a normal monthly payment. Let your investments do what they do in the market and don't hinder their potential growth.

 

[Trackar]

I never intended on paying full, always planned on financing.
Reason being, I prefer to have my money available to trade with and reinvest into businesses. It's not a rare occurrence that I get a 10%+ return in a day from crypto, I also purchased a business for less then my raptor cost me end at the end of March, which is already paying for the raptor and then some. I only put down what I was given for my trade in and financed the rest. Especially, considering I was able to get a 3% interest rate before they start to rise anymore, made it a no brainier.
I also use the raptor for my mobile detailing business, so I can write off quite a bit of stuff that way.

Things to note: I do not have a 401k set up, I'm 22 and prefer to invest on my own. No mortgage, I rent, no student loans as I didn't attend college so the only "debt" I have is the loan for the truck. Which I don't Really consider debt since it was more of a smart decision then a means to acquire the truck.

 

[Badgertits]

I never intended on paying full, always planned on financing.
Reason being, I prefer to have my money available to trade with and reinvest into businesses. It's not a rare occurrence that I get a 10%+ return in a day from crypto, I also purchased a business for less then my raptor cost me end at the end of March, which is already paying for the raptor and then some. I only put down what I was given for my trade in and financed the rest. Especially, considering I was able to get a 3% interest rate before they start to rise anymore, made it a no brainier.
I also use the raptor for my mobile detailing business, so I can write off quite a bit of stuff that way.

Things to note: I do not have a 401k set up, I'm 22 and prefer to invest on my own. No mortgage, I rent, no student loans as I didn't attend college so the only "debt" I have is the loan for the truck. Which I don't Really consider debt since it was more of a smart decision then a means to acquire the truck.

Watch out on the crypto crack buddy boy! You know who gives zero F's if some hacker were to snatch up all your internet money? I'll tell you who - any party that would have the means to actually do something about it for you, the FBI, Police, SEC, FDIC, etc. - all don't give a rats ass. Its an unregulated, unbacked currency, & is disliked by most major governments.

https://www.cnbc.com/2018/06/07/1-p...s-stolen-this-year-and-it-was-easy-to-do.html

 

[Trackar]

Watch out on the crypto crack buddy boy! You know who gives zero F's if some hacker were to snatch up all your internet money? I'll tell you who - any party that would have the means to actually do something about it for you, the FBI, Police, SEC, FDIC, etc. - all don't give a rats ass. Its an unregulated, unbacked currency, & is disliked by most major governments.

https://www.cnbc.com/2018/06/07/1-p...s-stolen-this-year-and-it-was-easy-to-do.html

That’s always a risk, but there’s many precautions I take to minimize that. Nothing has happened to me yet so fingers crossed. Been going it for 3-4 years now, risk is definitely worth the reward imo.

 

[Jace21583]

I never intended on paying full, always planned on financing.
Reason being, I prefer to have my money available to trade with and reinvest into businesses. It's not a rare occurrence that I get a 10%+ return in a day from crypto, I also purchased a business for less then my raptor cost me end at the end of March, which is already paying for the raptor and then some. I only put down what I was given for my trade in and financed the rest. Especially, considering I was able to get a 3% interest rate before they start to rise anymore, made it a no brainier.
I also use the raptor for my mobile detailing business, so I can write off quite a bit of stuff that way.

Things to note: I do not have a 401k set up, I'm 22 and prefer to invest on my own. No mortgage, I rent, no student loans as I didn't attend college so the only "debt" I have is the loan for the truck. Which I don't Really consider debt since it was more of a smart decision then a means to acquire the truck.

If your employer offers a deferred retirement you should take advantage of it. Any short term gains youre going to have to pay normal income tax on, which just chews away at your return. Don't give the govt more of your money than need be.