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I have a 2016 Mustang in which I owe about $13,000; I am getting some money in the future to pay it off. I eventually want to buy a truck. Would it be better for me to pay off the mustang now, or wait and go into the dealership with a down payment and a financed trade-in?
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Hi @SSSuzie
Best of luck deciding what to do with your Mustang! I wanted to share a couple points.
First, this post helps break down the costs of buying and owning.
I also encourage you to consider your emergency fun. Does paying off your mustang deduct from your emergency fund (ideally 3-6 months of living expenses) ?
Also, keep in mind that car values decrease over time so you may be in better position to keep your cash and go to the dealership with enough of a down payment that you aren't building negative equity in the new truck from the start.
These are just a few points worth considering. I hope that helps!
Hi @SSSuzie. We recommend to visit usaa.com/financialadvice and you an submit this question. :) Best wishes!
Hi @SSSuzie
Best of luck deciding what to do with your Mustang! I wanted to share a couple points.
First, this post helps break down the costs of buying and owning.
I also encourage you to consider your emergency fun. Does paying off your mustang deduct from your emergency fund (ideally 3-6 months of living expenses) ?
Also, keep in mind that car values decrease over time so you may be in better position to keep your cash and go to the dealership with enough of a down payment that you aren't building negative equity in the new truck from the start.
These are just a few points worth considering. I hope that helps!