Keep the car, put $84,400 in your savings!
You know the “Itch” right? After the new car smell fades and the tires have been replaced, the “itch” for a new car surfaces. My wife still gets that itch and it took awhile to learn to say “No.”
If you took a moment and considered what the money you are now spending on car payments can do for you in the future, you just might hold onto that vehicle a little longer.
By paying yourself that car payment (Once the loan is paid off), say for example, $500 a month at a conservative rate of return of 6%; you would have over
$84,400 in your account after 10 years!
When we consider that the average person between the ages of 48 and 62 has less than $60,000 saved up for Retirement, $84,400 makes a huge difference.
Something to think about……..