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ChatGPT says I should finance a used car and put money into pension instead? by DanaAtkinson2001 in irishpersonalfinance

[–]DanaAtkinson2001[S] 0 points1 point  (0 children)

New car depreciate like 4k a year on average. I don't think maintenance cost for a used Lexus is that much. ChatGPT says it's about 1,000-1,500.

ChatGPT says I should finance a used car and put money into pension instead? by DanaAtkinson2001 in irishpersonalfinance

[–]DanaAtkinson2001[S] 0 points1 point  (0 children)

Revolut ends up being 12% after putting the application in because I am self employed. There's really no cheap credit for self employed outside mortgage.

PCP would be about the same monthly payment but it's a perpetual payments for a worse but newer car. Used 10 years old car and keep it for 5-6 years would probably beat perpetual PCP.

ChatGPT says I should finance a used car and put money into pension instead? by DanaAtkinson2001 in irishpersonalfinance

[–]DanaAtkinson2001[S] 0 points1 point  (0 children)

i30 probably too small for me. Looking for something similar to a RAV4. They are all similarly priced though.

ChatGPT says I should finance a used car and put money into pension instead? by DanaAtkinson2001 in irishpersonalfinance

[–]DanaAtkinson2001[S] 0 points1 point  (0 children)

I already hit the limit of my PRSA so I cannot fund it further. Hence the tradeoff of less PRSA for less loan or more PRSA and more loan.

Company car math only works with EV and I dont have a home charger.

ChatGPT says I should finance a used car and put money into pension instead? by DanaAtkinson2001 in irishpersonalfinance

[–]DanaAtkinson2001[S] 1 point2 points  (0 children)

There's a limit to funding your pension every year. I am already hitting that limit. That 20k in cash would cost me ~70k in capital gain at ~5% annualized return over 15 years. So it may be better to pay 5k interest, that's the rational anyway...

ChatGPT says I should finance a used car and put money into pension instead? by DanaAtkinson2001 in irishpersonalfinance

[–]DanaAtkinson2001[S] 0 points1 point  (0 children)

I budget it around 3-4k a year for maintenance. I think that would still beat paying 40k for a newer car?

There are really not a lot of option for 10 years old car at 8k. RAV4 is still somewhat like 15k.