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As far as I know she wants a new car because they are nice.
I just asked for Saturday clients. I have five more pending, but they have been pending for a couple of months. I averaged every paycheck I have received since starting with my current employer back in May\June and if I maintained that average for twelve months I would make $26,806.15 a year.
I do not need anyone telling me that purchasing a $25,294 car while making 6% more than that is the definition of idiocy, especially considering the car would cost over twenty-eight thousand before interest.
I am self-employed and could theoretically claim a car purchase or lease as a deduction, but if I deducted the entire $6,408.44, it would reduce the taxes that I owe by $769.01. Since the tax rate is 12% for my bracket, deductions are only worth 12% of what I pay for them.
I am not anywhere near in the position where I would consider purchasing a car for my mother, but I wish that I could.
I wish for many things.
I will give my mother all of the information that I can gather and we will see what she decides.
By the way, the trade-in value for her car is $1,790, although the private party value is $3,790.
While the KBB value of a 2016 CPO Camry is $14,822, that is before tax, title, license, and all of that other garbage that adds up to more than most cars that I have bought.
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