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How Much is my XJ worth?

XJ's are a hobby vehicle....not an investment. We do it because we love it.
That's part of the price we pay.


As far as borrowing on IRA's....don't ever do it.
You pay your tax rate(20-25% depending on your income) on the money you pull out and pay fees on top of that.....unless you are older that 59.5yrs old.


Hobbies are called hobbies for a reason....they are payed for with extra cash.
Cash being the key word.


Happy Memorial Day to all.
Be safe and enjoy those XJ's!!!

I guess some IRA's are different. There is no tax rate i pay. I borrowed from it. It's like a personal loan to myself with a low 4.5% interest rate that i pay to myself. Something My job and Vanguard has setup. My job has rules of course set up. I can borrow up to half only of the total in the account. Cannot get a new loan until i pay off existing loan. Can pay off early if i want. Something else i can also do. I can take a withdrawal only once per calendar year. If i wanted to do that instead. If i do that, yes, Vanguard takes 20% off the top and sends me a 1099 form. Then i have to also pay the 10% penalty when i do my income tax. Would do that only in emergency's. The loan's though work out for me.
 
I guess some IRA's are different. There is no tax rate i pay. I borrowed from it. It's like a personal loan to myself with a low 4.5% interest rate that i pay to myself. Something My job and Vanguard has setup. My job has rules of course set up. I can borrow up to half only of the total in the account. Cannot get a new loan until i pay off existing loan. Can pay off early if i want. Something else i can also do. I can take a withdrawal only once per calendar year. If i wanted to do that instead. If i do that, yes, Vanguard takes 20% off the top and sends me a 1099 form. Then i have to also pay the 10% penalty when i do my income tax. Would do that only in emergency's. The loan's though work out for me.
You're borrowing from 401k. Not an IRA.... it's one way to do it.



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My bad....I didn't include a big stipulation. You would be dinged the tax and fees if you left your job(voluntarily or fired) if loan is not paid back in a certain period of time(not sure what that time period is).


Still not a good idea to borrow....the ira's in your 401k plan should be making 10-12% interest, along with compound interest over time. That's a lot of $$ lost...even after the 4.5% you are making(off yourself).


Sorry guys...not trying to preach. I have dove into this stuff the last few years. I just want people to succeed. At 48 yrs old, all I can do is suggest things based on what I have learned. Some learning due to my mistakes! Hee hee.


So...what's my xj worth? Bought for $3600 3yrs ago. new tires, alignment, every gasket/seal replaced. new exhaust(header, flowmaster, borla). led hdlts, lt bar, head unit, spkrs. just redid whole coolant system. optima battery. large bore throttle body. Probably be lucky to get $4500 in this market. Gonna replace skycrapper springs and shocks real soon.
 
Something to keep in mind with these 401k loans, the money you’re paying 4.5% interest on could have been earning 10%+ if left alone.
 
Depending on the condition of the interior, $3k max.


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Where I live in So Cal, they average about $5k. If the aftermarket parts are installed correct and quality, maintenance is up to date and the jeep is clean, and if someone wants what you have.
 
It’s only worth something to you. Keep it.
 
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