10-22-2008, 07:49 AM
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CC Member
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Join Date: Aug 2007
Location: Carlsbad,
Ca
Cobra Make, Engine: SPF 2932 with 438 Lykins Motorsports engine. Previous owner of FFR 5452.
Posts: 2,617
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Not Ranked
He isn't saying he is going to take the $$$ from his 401k. He just says that it is tanking.
He is saying (I think) that he wants to use his home equity to purchase a Kirkham.
Am I right so far?
If you take $$ out of your 401k, you will pay a 10% penalty for early withdrawal and you will be taxed on the money at the end of the year. NEVER a good idea to tap into a 401k to buy a toy.
Tapping into your home equity to buy a toy is what got America into the mess it is in today. Gotta have it now and will gamble my home in order to get it.
If your financial situation is that good, you obviously have the cash laying around to pay all cash for the Cobra.
If it isn't that good, start saving and look for a good used one in the next year and pay cash.
If none of the above are applicable, you probably can't afford to buy the car. It's ok to put off toy buying until you can afford it.
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