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-   -   Phase two of my plan to buy an SRT by year's end. (http://www.jeepgarage.org/f167/phase-two-of-my-plan-to-buy-an-srt-by-years-end-72675.html)

YjagetaJeep 03-11-2014 12:50 AM

Phase two of my plan to buy an SRT by year's end.
 
Phase one was convincing my wife that I am indeed serious about buying a $60K+ Jeep. She has accepted my obsession and realizes that compared to drinking, gambling, or chasing women, my little bucket item is not really that bad

Phase Two: I put my low mileage 325i in the Auto Trader today, and hope to pull some good money out of that

Phase Three: Sell on ebay some of the fairly valuable junk I have collected over the years....Three vintage gold watches including two Omegas, a sizeable knife collection, three of the four electric guitars I own..I will never play in a rock band again. Thats a fact.

Phase Four: Pull about $10k out of a separate IRA I've kept as a little secret. It's never figured in on my retirement. ..just a little something extra.

Phase Five. Go to the local Jeep dealers to Talk Turkey....I've aready established contact and they all are ready and willing to give me an excellent trade in.

bill_de 03-11-2014 06:32 AM

Re: Phase two of my plan to buy an SRT by year's end.
 
Sounds like well thought out plan. The only questionable part, depending on your age, is the IRA withdrawal. Depending on the circumstances you could be paying regular income tax on top of a 10% penalty. That could leave you with a lot less than $10,000 to spend. It could also be more costly than a three year loan at .9%. Just something to think about ... although you probably already did that.

Looking forward to seeing pics of your SRT.


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YjagetaJeep 03-11-2014 08:44 AM

Quote:

Originally Posted by bill_de (Post 989662)
Sounds like well thought out plan. The only questionable part, depending on your age, is the IRA withdrawal. Depending on the circumstances you could be paying regular income tax on top of a 10% penalty. That could leave you with a lot less than $10,000 to spend. It could also be more costly than a three year loan at .9%. Just something to think about ... although you probably already did that.

Looking forward to seeing pics of your SRT.

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Yeah, I know that it's gonna hurt but I am over 59-1/2 so the penalty wont apply, and I have some in a stock which still had not come back to where I bought it, (Pfizer) so I'm thinking I can write the loss off. I need to goband talk to the guy to see the best way. I do have eligible funds in a Roth, but I hate to touch that yet....all that tax free growth

Northland 03-11-2014 10:01 AM

Re: Phase two of my plan to buy an SRT by year's end.
 
My hat is off to you, my friend - I'm still stuck on Phase I. :( (My wife: "Why do you want to buy a new Jeep already?? You just bought one last year!!)

jbjones85 03-11-2014 10:18 AM

With the exception of the Ira withdrawal sounds good. I would say just save an extra few months or have a little higher payment. The interest rates are so low right now (getting sub 3% should be pretty easy) because the Ira should be making that much. Just my 2cents.

YjagetaJeep 03-11-2014 10:21 AM

Sounds like you and I are in the same boat. I leased a new Overland last year without even considering an SRT. But then I started reading abot thr performance these things are capable of ( right here on JeepGarage) and the bug bit me . I tried to eek some more performance out of the 5.7 but it's just not there. I'm over 60 and this will probably be my last shot at getting one, so I'm going for it!
GOOD LUCK ON YOUR NEGOTIATIONS!

YjagetaJeep 03-11-2014 10:26 AM

Quote:

Originally Posted by jbjones85 (Post 989752)
With the exception of the Ira withdrawal sounds good. I would say just save an extra few months or have a little higher payment. The interest rates are so low right now (getting sub 3% should be pretty easy) because the Ira should be making that much. Just my 2cents.

I do understand what you are saying here JB, and this part of the plan may be adjusted somewhat, but I don't want to be putting a huge chunk of my paycheck, or possibly my pension check in a couple of years, into a car payment.

YjagetaJeep 03-23-2014 02:23 AM

Another big step towards getting my SRT today. I sold my low mileage, cherry, 2006 325i. That adds a good amount to the 2014 SRT fund. My annual performance review at work is due on April 1, and I'm realistically hoping for a promotion. That would definitely be a game changer!


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