The fact you’re even aware and acknowledging “young & dumb” means you’re smarter than most, who think they’ve got everything figured out ?
I feel this, I stopped going to college because the pandemic closed all schools around me for a year+ and felt like I was wasting my time trying to get my BA done. Luckily I got a really good n fun job later that year.
The pandemic ??‍
Paying off a large asset is typically foolish financial advice, though, given the market these days, who knows? I've never paid off anything before I absolutely had to due to the terms of the loan. I'd much rather make 10-15% on my money in the market or other investments than give it to the bank so I can pay off a 2% auto loan.
I just bought a new car (The X1) and borrowed partly from 401k and the balance from my bank. Interest was 4.02%, which is the highest I think I've ever seen for an auto loan. RIP
Yeah rates for most new cars are around 4-6% for prime borrowers. Where I work I'm seeing a lot of customers come back with 10 plus percent... some in the 20's which is insane. RN is not a good time to borrow money prices are only going to drop moving forward as ppl are just being pushed out the market by these ridiculous rates and still high pricing which is coming down slowly. In the next year expect a lot of repo's and foreclosures for those who overspent and can't get any equity out of what they borrowed money for when the markets flip on cars and homes.
Couldn't agree more a toy like a sports car is a luxury and preferable you should be able to pay it in full upfront or at least have 50% down if a loan is needed that's just my mindset though
