Bought new car
Just this week my son, who is usually financially savvy, told me to buy a new car because the dealer was willing to give me a very high trade-in allowance (more than half of what I paid for the car). There was nothing wrong with my car, but he insisted I buy a new one to beat the tariffs. Now the stock market is plummeting and I was going to pay cash for the new one (half from my money market and half from my retirement accounts…I’m retired). Now I’m just sick that I followed his advice. Granted the new car has a 5 year/60,000 mile warranty and free oil changes/tire rotations for 3 years. I can’t sleep at night worrying that I did the wrong thing. Could you perhaps make me feel a bit better, if you can. Thanks! P.S. I think you’re great…enjoy you on WGN.
Terry Says
You didn’t do the wrong thing. Enjoy your new car. It would have been far more expensive next month — even if it isn’t an import. But take your money out of your retirement account right now! And don’t forget to have them withhold 20% for taxes on the withdrawal.
