I am looking to purchase a used car eventually. I have a few questions that have loose ends to them that I need some help with.
I'm considering withdrawing some funds from a Roth IRA that I have. I understand some of the implications of that (10% early withdraw fee, +taxes) which can certinaly be elaborated on by anyone here, but I'm also trying to think about how to best save money in the end, considering the useage of bitcoin now as well.
What would be the smartest way to purchase a used car today, with also keeping bitcoin in mind for purchasing power to convert into fiat?
I appreciate the insights, and appologize in advance for the seemingly ignorant question.
Not financial advice, but you can withdraw Roth IRA contributions tax free regardless of age. It’s only when you withdraw earnings is when you’re taxed.
good advice
Sarcasm?
No sarcasm
I have done it myself
Right, that's what I thought. Thank you for the clarification
How much is the car? Are you selling one as well or trading it in? Do you have any cash already to put towards?
The car (honda fit, 2016) would be around 16k. I'd probably sell my car to a dealer and get around 1k for it (2004 honda accord, 200k miles). Ideally, i'd use that cash from the sale and contribute that to the IRA funds.
However, I proposed the idea to my dad about if he were to front the fiat, I would give him the amount of bitcoin for it. That way he can have some exposure to it and have it KYC. Sounds good I think.
if you have an accord, you could probably get a whole new engine w/ turbo for 16k.
keep the accord for another year or two.
dont let the the money burn a hole in your pocket.
I've been drivng a rusty 90s beater for 10 years (250k+). recently picked up a 2006 Honda element (180k) for $2500 USD.
save your funds
Yeah, I'm going to try and milk my accord for as long as I can I think. It has 222,000 miles on it, but its all long drives and I drive with my cruse control like 95% of the time. It's a good car, but just leaking some oil and such right now. Had it looked at and seems its a gasket issue
Make a deal with ur pops it goes 2x u get ur coin back he keeps what appreciated 👏
Thats a great idea
Would you get more selling privately? I know where I am privately also gets you more money. Are you able to access any low rate car loans?
Yeah, selling privately would be better for sure. It's just more convient to sell to a dealer, but Im flexable. Not sure about the car loan rates. To be honest, I've never had a loan, nor completly understand how they work. Care to share?
go to dealer at end of the month to buy car, best time to buy car
I would wait until Feb 15
https://www.ebay.com/itm/316108900490?mkcid=16&mkevt=1&mkrid=711-127632-2357-0&ssspo=ajkmtxrlq6u&sssrc=4429486&ssuid=BfwEAWnvQhO&var=&widget_ver=artemis&media=COPY
good idea to trade with your dad
Buy an old beater that runs, learn how to keep it going, knowledge like that will be super valuable into the future!
Preferably at least early nineties, even better earlier than that hehe
eBay is a great place for used cars
Buy from a dealer with lots of positive ratings
Hmm, idk about ebay for cars though.
https://www.ebay.com/itm/226527079366?mkcid=16&mkevt=1&mkrid=711-127632-2357-0&ssspo=hXmdoqOmSMm&sssrc=4429486&ssuid=BfwEAWnvQhO&var=&widget_ver=artemis&media=COPY
I can't even get ebay to spit out good results when I look for honda fit. It's just a bunch of parts for it
https://www.ebay.com/b/Honda-Cars-and-Trucks/6001/bn_24016462
Woah, perfect. How did you get better results?
I went to duck duck go and searched for eBay Honda for sale
My old boss worked at eBay.
I've never had a problem buying second hand cars.
I don't see the point of paying for a brand new one and star losing value as soon as you used...
Buy a reliable brand, do some research about the most reliable model and year. Also, do a proper inspection / drive test before buying it.
I've never purchased a new car. Always used, always honda. Had a civic before my accord.
Since you're thinking about selling some BTC to purchase the car, you might want to consider getting a zero line of credit (0% interest rate for as long as you want/nedd) with Sovryn, and borrow against your BTC instead of selling it.
Probably finance it if you can get a decent interest rate