Nothing. It is money that I keep on hand for day-to-day expenses.I’d keep the loan for now, but the question then becomes, what are you doing with the money you aren’t sinking into the loan? how will it be making more money?
48 months. It's probably a 3-figure savings.Was it a 60 month loan you took?
How much do you figure you'll save in interest if you pay it off today?
For tax reasons, I generally do not invest outside of retirement accounts.The problem is..do you have the discipline to take that $600 a month, EVERY MONTH, on the payment due date, and invest/save it just as you would if you were paying off a RAM that you may or have not needed. Probably not. $600 a month can always find a leak in a budget.
I do get it. If you have it, spend it. A $600 car payment would be a bit much for me. To each his own.For tax reasons, I generally do not invest outside of retirement accounts.
For tax reasons, I generally do not invest outside of retirement accounts.
Good points all. Anything is a better investment than a depreciating vehicle. Pay it off if you possibly can, and invest that $600.00 @ month in a good retirement account, or annuity.Lotsa good points... In the big scheme of things, $18K is not a lot. However, over the long term, it could double or even much more.
I believe in balanced use of money.
I hate loans, but in effect you are gaining an asset using other people's money. So credit is neither bad or good; it is a tool.
Make your money work for you at all times; good markets or bad.
Long term investment in a nice index fund will be worth far more than your Ram in 10 years.
I already have a good system in place for retirement investments, so let’s leave that out of this equation.Good points all. Anything is a better investment than a depreciating vehicle. Pay it off if you possibly can, and invest that $600.00 @ month in a good retirement account, or annuity.
When you get into your 60's I promise you, you'll be very glad you did. And by that time you will have forgotten all about that old Ram.... Which will most likely be in the boneyard by then.
The money is already spent, whether paying it off early or not is really just a math equation.Good points all. Anything is a better investment than a depreciating vehicle. Pay it off if you possibly can, and invest that $600.00 @ month in a good retirement account, or annuity.
When you get into your 60's I promise you, you'll be very glad you did. And by that time you will have forgotten all about that old Ram.... Which will most likely be in the boneyard by then.