So I have a 2020 Jeep Gladiator, bought for 40 something and it’s worth 30 something now. I live in CO so figured an AWD would be good for this weather and it’s outdoorsy, although I don’t use it much for “outdoor stuff.” Busy with life. I also bought the long term warranty plans at dealer cost on the Jeep thinking I would keep it “forever.” I started a new job where I commuted 100 miles round trip daily so I bought a Tesla (got 6 months free super charging and $12,500 in tax credits, 2023 sorry although different ones are out now) and it’s been great. Saved me more $$$ in gas than the car payment. I also have a $15,000 BMW R9T scrambler. Beautiful bike, I love riding it, also haven’t ridden it in a year with how busy I got. The Jeep loan was 2.5% but I paid it off cuz I wanted to clear up debt (yes I could have invested for more but mentally wanted to be done with car payments), Tesla loan was high interest so I paid it off, and a few thousand left on the motorcycle at 1.9%. I don’t think it’s financially smart to have two vehicles especially when I don’t have a lot of savings or investments…what would be a smart way to handle my vehicle situation? I also have full coverage insurance on all 3… Thanks… TC:200K No longer Air Force.
If you can live with one electric Vehicle sell the bike + Jeep .. But if you need a gas car just sell all the three and buy a cheap hybrid . If you make 200K per year and if you invest in 401K and HSA .. I hope you would make 8K .. So have a house for 2K and no other debt .. You can save enough .. I am not sure of ur family situation .. If you are single just spend 1-1.5K on the house and don’t pay for car and invest all your money .. You can buy much bigger car in next 5 years ..
Thanks…I don’t need a gas car. It’s been a few months…figured a second vehicle isn’t necessary but guess I’m attached to it haha, but I think these posts will help me realize I should get rid of it…I don’t invest in an HSA but just now in a 401K…yeah I spend 3.5K on a house but have two roommates that bring that down to 1.5k. I can get behind selling the Jeep but is it not balanced to keep the motorcycle as a “fun hobby?” (Once I get time to enjoy riding ha). Would it be too extreme to sell that too if I don’t need to or am I “living above my means” and not realizing it? Also DCA the initial lump sum or stick it all in NVDA/BTC/other high risk high reward or be responsible and get some index market/mutual fund? Or invest it all at once in some more responsible/steady market fund? What about a down payment instead on another house instead to rent out in lieu of stock market?
If you drive enough then hold back to bike if you have not touched it for a year then its just lying aside .. No one can probably predict the future on finance and its important to keep updating your portfolio . I would just start investing in ETF’s (usual voo, Vti and international market stuff) , with current situation a bit of money in HYSA and some 5% of my savings in individual stocks which as per my comfort level I think will go up.. I cannot comment on house without knowing your location but I wouldn’t bet too much on housing market .. You have to make sure the rent can cover the monthly mortgage + tax to really make money out of the real estate ..
Sell the jeep and investment that money
So keep Tesla. Keep motorcycle. Invest $ from Jeep in…?
VOO