Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
Leasing is expensive as compared to outright purchase, or at least it was last time I considered leaasing. However, leasing is convenient, particularly if you routinely change family automobiles every 3 years or so and you don't want to be bothered by what to do with your old (3 year old) car.

I considered it when we got out current car....2016 Mazda CX-5. But the numbers were simply too big for the lease, particularly when with our credit score we could get a 3 year 1.2% APR loan with our CU with payments automatically deducted from out account each month.

I think leasing made a lot more sense when cars started becoming expensive to repair after a few years. But modern cars just seem much more reliable even with higher numbers on the odometer.

As to your $10K from your TIRA. The one thing I can think of is if you regularly give to charities and you are at least 70.5, you might consider using your taxable account cash towards the $10K and use your IRA to make the charitable contributions you'd normally make, using the Qualified Charitable Distribution which, tax wise, is the same as making a contribution then deducting it as an itemized deduction, which few retired person do as the vast majority use the standard deduction. Just seems expensive to lose 27% of your TIRA withdrawal to income tax.

BruceM
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.