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The $7,500 Federal tax credit applies for both the standard and itemized deductions, no? [Edit: Answer is yes, as a tax credit lowers tax liability, while deductions lower the taxable income.]
I still owe $17,000 on the 2017 Premier, with 23,000 miles. KBB says the trade in value for my area is between $25,000 and $27,000, so maybe $9,000 in equity.
The new $36,000 car then becomes a $27,000 car (not including all the extra fees).
My current 60 month loan is set at 2.99% annual interest with 3 1/2 years left on the loan, while the dealer today offers 0% interest for 72 months. I might save $50 a month on payments, but will be making monthly payments for an additional 2 1/2 years beyond what I am currently paying.
California might still offer a $2,500 rebate check, and SMUD likewise might still offer a $500 check.
But I am hoping to retire in another 1 1/2 years, but can always sell the car if the daily commute ends.
Are there any additional details I am missing?
I still owe $17,000 on the 2017 Premier, with 23,000 miles. KBB says the trade in value for my area is between $25,000 and $27,000, so maybe $9,000 in equity.
The new $36,000 car then becomes a $27,000 car (not including all the extra fees).
My current 60 month loan is set at 2.99% annual interest with 3 1/2 years left on the loan, while the dealer today offers 0% interest for 72 months. I might save $50 a month on payments, but will be making monthly payments for an additional 2 1/2 years beyond what I am currently paying.
California might still offer a $2,500 rebate check, and SMUD likewise might still offer a $500 check.
But I am hoping to retire in another 1 1/2 years, but can always sell the car if the daily commute ends.
Are there any additional details I am missing?