I refinanced my vehicle when rates dropped.

What did you do with the saved money?

I bet it doesn’t matter and you’ll both have a new car in two years. Put it where ever it’s easiest to get to and let your investments be your investments and this be a fund you’re going to need soon

For the record, your wife and I might be related…it doesn’t matter how nice or how paid off, we get tired of getting into the same box for much more than a year or two. I’m sitting at 18 months and started looking this week

I never really understood this logic. I can make 15% a year in the stock market compared to a car note is what 4%. Unless your retired i would rather borrow someone elses money for 4% than rob money that makes 15%

With inflation as bad as it is now a money market, cd isnt even going to come close to keeping up

Taxes shouldn't be a concern for stocks in your situation. You'll only pay taxes when you realize gains (or get paid dividends), and as long as you've held the underlying assets for at least a year, you'll pay long-term capital gains rates, which is 0% for most "average" investors (highest rates are 15% and 20% on gains of over $80,800 for a married couple). The concern with stocks is volatility. You might invest your money in stocks only to have them plummet 25-50% in value just when you need to withdraw the cash for that car purchase.

You might wish to look up Scott Burns articles on what he calls the "Couch Potato Portfolio". His financial advice over the years has always been sound.

Capital gains rate is based on income not the amount of the gain itself.