Hello Mustachians, I have about $5K of debt that I am looking to pay off. I work in accounting, but live in Hawaii and don't get paid much. I am planning to move back to the hip midwest town where I was born, attended high school, and have family. I have a 2010 Civic that I bought new (yes, I know) that would cost $1,500 to ship back. I've thought of selling it here and buying a good 03-05 Honda with 100K miles if I can find one. Used cars are a little cheaper here, perhaps because people would rather sell than ship. Plus I have the time to shop around for a good one and another car to drive if I need to put some work into the used car. Once the used car is fixed up I would sell the new one and use the difference to pay off debt / add to savings. I could ship it and still have a similar cost to a used car where I'm moving. The other option is to wait until before I move to sell the car and buy a used one after I move. Some of my family in the midwest town have bought cars from a small dealer that buys 7-8 year old Hondas / Toyotas with 100K, does any required maintenance, and sells them with a 6 month guarantee. The FSBO used car market there is pretty tight and it can take weeks or more to find a good one. Obviously, I will buy a bike there and try to use it as much as possible. :)
I'm also have about $1K basis in a Roth IRA that I could withdraw (I think) penalty free. I'm thinking about withdrawing the money to pay off the debt. So, what do you think?
