@Anonymous wrote:
Why would those reasons make it better to get the car now?
Sorry if you were confused by the way I wrote my reply to that poster. To clarify for you I actually did not list the reasons I want to get it done now; the second sentence of my reply is more like "why its safe for me to act on the reasons I do have". My reasons are personal, but important to me and my life, and that is what I base my decisions on.
@Anonymous wrote:
You're in such a good financial state, why would you be willing to part with that much money? Instead of throwing it away at high interest, you could add that money to your 401k or cash reserves! (Also, a 401k loan should pretty much be a last resort, for financial problems, never an option at all for something like buying a car...)
Well the basic answer is that a couple grand over 6 months doesnt mean much to me, money in general doesnt mean much to me outside of living a simple, comfortable life, with a few extras here and there that I got because I wanted them. You might see it as "throwing the money away", but how much money will YOU "throw away" over the next 6 months on things life soft drinks, alcohol, fast food, salon treatment, trips to the mall, etc things that I simply wont because I view them as wastes? So its a bit of an empty argument if you get my point. I understand that some might view it as wasteful, but I probably view quite a bit of their spending as wasteful as well.
Regarding the 401k, you are wrong on a couple of points. First off I cant add the money to my 401k because its already scheduled for max contrib, and in fact I can proudly say that I have max contrib every single year since 2005. From a young age I worked damn hard, lived well within my means and saved as much as I could and when I look at my 401k and IRA statements it is almost embarassing the amount of money in there, considering I still have 35yrs to go until the current SS retirement age. Secondly you say that a 401k loan should be a last resort and never an option for buying a car, notice how you didnt actually support that statement with any facts or reasoning you simply stated it and expect it to be accepted as truth. I have researched the topic extensively, and a 401k loan can actually save you a crap ton of money given the correct circumstances. In my specific situation I decided against it for various reasons the biggest being that I plan on leaving my current job within 1 year which would cause me major negative tax implications.
@righthererightnow wrote:
Inquiries hurt, get additional ones at your own risk. More than 6 is VERY BAD, I would be careful doing more than 3. They cease affecting the score at 1 year, but they are on for two years. I burned myself, and my scores, that way. Inquries... argh. : (
Can you tell me a little bit about your situation and what happened? How far did your scores go down, how many inquries did you have, how did you get burned, etc? This is stuff I would like to hear about to be honest.
