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The Money Mustache Community
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Should I pay off the car loan?
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Topic: Should I pay off the car loan? (Read 1223 times)
doneby35
Bristles
Posts: 388
Should I pay off the car loan?
«
on:
June 22, 2019, 07:20:45 PM »
Curious as to what the smart people on here would do.
I have about 300k in VTSAX and 30k in a savings account. Also have a 5 year auto loan of 15k @3.5% . Should I just pay it off? or would I be better served just dumping the 15k in VTSAX and slowly pay off the vehicle?
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RWD
Walrus Stache
Posts: 6602
Location: Arizona
Re: Should I pay off the car loan?
«
Reply #1 on:
June 22, 2019, 09:23:20 PM »
The
investment order
says you should invest instead of paying it off.
But there is the separate question of whether you should own the vehicle in the first place. It might be more optimal to sell the car, pay off the loan, and buy something cheaper. But without further details as to what vehicle you have I can't make a strong recommendation as to whether you should do so.
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doneby35
Bristles
Posts: 388
Re: Should I pay off the car loan?
«
Reply #2 on:
June 22, 2019, 10:44:57 PM »
I should probably not own it in the first place, but it's a long story that contains a couple of dumb decisions. It's a 2019 chevrolet spark with a KBB fair purchase price of 15,750 from a dealer.
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Should I pay off the car loan?