Hello, new here.
I have a paid off rav4 older car and a 4 year old Q7, and 4 more years of payment left.
I am hoping someone who is good with numbers can help me think this through.
I have around 24k left on q7 loan and since the used car market is hot, if I get a good price for the q7 was thinking of selling it at Carmax/carvana and put anything extra I get on top of the loan amount I can put as a down payment for the model y and finance the rates.
I have heard that some folks got as low as 1.6% from BoA etc.
So if I am still have payments on the q7 for 4 more years. My thought was to just get the model y and make the payment of the Tesla. I would most likely go for a longer term loan to keep the monthly low.
Good idea or is this a terrible idea financially.
TIA
I have a paid off rav4 older car and a 4 year old Q7, and 4 more years of payment left.
I am hoping someone who is good with numbers can help me think this through.
I have around 24k left on q7 loan and since the used car market is hot, if I get a good price for the q7 was thinking of selling it at Carmax/carvana and put anything extra I get on top of the loan amount I can put as a down payment for the model y and finance the rates.
I have heard that some folks got as low as 1.6% from BoA etc.
So if I am still have payments on the q7 for 4 more years. My thought was to just get the model y and make the payment of the Tesla. I would most likely go for a longer term loan to keep the monthly low.
Good idea or is this a terrible idea financially.
TIA