Saturday,
September 2, 2023
Top Story
The week in review
• The Fed’s favored inflation measure, core PCE, rose 0.2% month-over-month in July, meeting market expectations and maintaining the pace set in June. The annual rate of price increased rose slightly to 4.2%. Including food and energy, the price index also increased by 0.2% from the previous month and 3.3% year-over-year, more than in June.
• The District of Columbia Court of Appeals ruled in favor of investment manager Grayscale (GBTC) in a lawsuit against the SEC, paving the way for bitcoin ETFs. The court found the SEC unlawfully denied Grayscale's application to convert the Grayscale Bitcoin Trust to an ETF.
• The second estimate for Q2 GDP showed the U.S. economy grew at an annualized rate of 2.1%. This marked a decline from the initially reported 2.4% estimate.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Should you trade in an old car or sell it outright?
There comes a time when you just outgrow a car. Maybe your family is expanding, or your commuter vehicle doesn’t make sense for your now-regular road trips. Before you upgrade your wheels, do the math on trade-ins.
First, assess both the market and trade-in value of your car. Trade-in value is typically lower, which may give you pause. However, sales tax on your new car is calculated after the value of your trade-in is deducted, effectively increasing the value of your old car. In the end, you may decide the convenience of a trade-in is worth it. Here’s how to tell how much your car is really worth.
Either way, a larger down payment can save you money. SoFi makes it easy to build your savings with no account fees and automatic saving features like Vaults and Roundups.
