Take the Money and Run!

Deanna won a brand-new Toyota 4Runner SUV. If she takes the money instead of the car, she'll get $27,000. Dave asks if she had $27,000, would she buy a car with it?

QUESTION: Deanna in Charlotte won a brand-new Toyota 4Runner SUV. She feels she needs to sell it, but since the vehicle is paid off, she isn't sure what to do. If she takes the money instead of the car, she'll get $27,000. Dave asks if she had $27,000, would she buy a car with it?

ANSWER: The bottom line is this: If you're sitting here and I hand you $27,000, would you go buy a new car with it? It sounds like you've got some debt and some other goals that are bigger than owning a $30,000 paid-for car.

The bottom line is this: If you're sitting here and I hand you $27,000, would you go buy a new car with it? It sounds like you've got some debt and some other goals that are bigger than owning a $30,000 paid-for car.

It's kind of exciting, and it's fun, so when you step up and have t o be a grown-up in the middle of it, it takes some of the fun out of the thing. Realistically, you're going to have a $6,000 tax bill. The question is do we have a nice, new, paid-for 4Runner that will last for a long time and stay in debt or become debt-free?

You won't have a single payment in the world, and you won't have a tax problem. Boom! Instant. Now you move on to the next step. That's just sweet. I'm sorry. I'm taking the money.

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