Buy a new car or pay off a loan?
I need your opinion!
A few years ago, we bought a car for €30,000, paid €15,000 down, and financed the rest at an interest rate of about 2.3%, which is currently a dream. We pay €250 a month on the car. We have the option to make early repayments. Currently, we still have €8,000 outstanding.
We need a second car, for which we were willing to pay around €8,000. But now we're wondering whether we shouldn't pay off the car so we have €250 more per month to save for a car. I'm on parental leave until mid-2026, so I don't need a car to commute to work or anything like that.
What would you choose?
(1 votes)
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I’d run the loan if the rate is moderate and the interest rate is good. If you have a monthly money next door, the credit will not interfere. I’d always watch that I stay liquid.
I would redeem the credit with first priority
is the question how long it is foreseeable that you will get clear with a car.
you would have to save 3 years to get back to the 8000 euro. if you only need a car this time you need to replace the car.
because then you don’t pay any more interest.
This depends on your entire financial status. If you don’t have any reserves in addition to the 8000 euros, I wouldn’t just spend them.