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 Dear
Terry,
When I buy my next car, is it a good idea to pay for that car outright so I have no payments? Or is it better for me to pay for it with a monthly bill so I'll have tax deductions?
-- Mary
 Dear
Mary,
It's always best to pay cash for a depreciating asset like a new car. And unless you use a home equity loan -- and meet certain IRS guidelines -- interest on a car loan is not deductible against your federal taxes.
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