doc540 Posted December 13, 2010 Share Posted December 13, 2010 4 years ago we bought my daughter a 2004 Toyota RV4. Friday we made the last payment on it. I've owned dozens of cars throughout my lifetime, and this is the first time I've ever kept a car long enough to pay off the term of the note. We have some serious equity in this one now. Link to comment Share on other sites More sharing options...
Seth Posted December 13, 2010 Share Posted December 13, 2010 CONGRATS! Its a great feeling. I love that last payment. Link to comment Share on other sites More sharing options...
Corey Posted December 13, 2010 Share Posted December 13, 2010 feels good to OWN your car Link to comment Share on other sites More sharing options...
3quartertime Posted December 13, 2010 Share Posted December 13, 2010 Reminds me... Years ago a coworker and I were walking out to our cars in the parking lot. He walks to his, an old sixties something rusted beat to crap and back pickup. I sarcastically say, 'nice truck!'. He smiles back as he opens the door with a loud skreeech! and says. 'Yea it is, and only six more payments and she's mine!!!' :roflol: Link to comment Share on other sites More sharing options...
EEH Posted December 13, 2010 Share Posted December 13, 2010 Thats plum not right,,I always trade before I get one paid for,,that way you never know how much you have in it Link to comment Share on other sites More sharing options...
SiG Lady Posted December 13, 2010 Share Posted December 13, 2010 Congratulations! I once saw a license plate on a car that read "PAID FOR." Perhaps it's time for one of those. Link to comment Share on other sites More sharing options...
doc540 Posted December 13, 2010 Author Share Posted December 13, 2010 Congratulations! I once saw a license plate on a car that read "PAID FOR." Perhaps it's time for one of those. now she wants a BMW Link to comment Share on other sites More sharing options...
GrumpyOne Posted December 13, 2010 Share Posted December 13, 2010 Congrats! I've paid off a few, but everytime I manage to do so, something goes catastrophically wrong with the car, or I (or someone else) ends up crashing it about 3 months after it's paid for. I hope you don't share my luck! Link to comment Share on other sites More sharing options...
Sarge Posted December 14, 2010 Share Posted December 14, 2010 Paid the van off last month. My truck will be paid off in May. It will be like getting a $1000 a month pay raise! I always pay my trucks off but there is a fine line between paid for and being too much work to keep up. I kept my last truck 18 years and only had 120k miles on it but it was still getting to be more trouble than it was worth. I'll probably stick to the 10 year plan for this one. Link to comment Share on other sites More sharing options...
basman Posted December 14, 2010 Share Posted December 14, 2010 I always keep my cars after paying them off. Keep them in good shape mechanically, then pass them off to the kids. Most of their driving is local. My son is driving our 1997 Audi A4 (I miss that car!) 130K oldest Daughter a 2000 Honda Accord 160K Youngest Daughter 2002 Mini Van 100K Link to comment Share on other sites More sharing options...
Flexmoney Posted December 14, 2010 Share Posted December 14, 2010 If you have your credit card debt paid down, here is a trick. Since you are used to not having the money that went to pay the car loan, keep paying the car loan...just pay it to yourself...up front...in a separate account... automatically. Do that for 2 more years...4 years...whatever you can manage ... and you will have your "new car" money already funded. Link to comment Share on other sites More sharing options...
CMV Posted December 14, 2010 Share Posted December 14, 2010 If you have your credit card debt paid down, here is a trick. Since you are used to not having the money that went to pay the car loan, keep paying the car loan...just pay it to yourself...up front...in a separate account... automatically. Do that for 2 more years...4 years...whatever you can manage ... and you will have your "new car" money already funded. Exactly how I bought my 07 corvette. Link to comment Share on other sites More sharing options...
kevin c Posted December 14, 2010 Share Posted December 14, 2010 (edited) +2 to Flex. Or you could go one step further and just keep on saving and investing the money. Paid cash for my Honda 16 years ago. Bought a Honda van for my wife two years after that and paid off the note ASAP (the credit union allowed extra principal payments with no penalty). We've got very little invested in our vehicles in terms of image or personality (they're mostly just modes of transportation to us), and they've been mechanically sound, so we haven't bought anything since. Our friends buy or lease new vehicles every three years or so, and just can't understand why we don't do the same. I guess they didn't do the math. Investing the purchase prices of two comparable replacement vehicles every three years at 4% return has been worth a VERY large amount of money. Money we have uses for... Edited December 14, 2010 by kevin c Link to comment Share on other sites More sharing options...
colt22man Posted December 14, 2010 Share Posted December 14, 2010 I've been without car/truck pymt's for 9 yrs. Will never go back. Drove a $3K truck for 3 yrs. sold it for $3500, bought a $13k truck, drove it for 6 yrs(pd. for the day I drove it away)(used) sold it for $9k, bought a 08 with 11K miles, pd for the day I drove it away. The guy I bought my 08 from took a $11K hit for buying new. Changes the way you spend money when you dig deep in your pocket instead of signing on the line for a loan. life is better. Link to comment Share on other sites More sharing options...
Bob DuBois Posted December 14, 2010 Share Posted December 14, 2010 Good Feeling, Hope you have many more! Link to comment Share on other sites More sharing options...
EkuJustice Posted December 16, 2010 Share Posted December 16, 2010 I figure when I have mine paid off, it will be time to take out a loan on another as I predict it will be pretty much worn out. Roughly 65K miles a year without a bit of personal driving isn't a good key to longevity of a vehicle Link to comment Share on other sites More sharing options...
Memphis Posted December 16, 2010 Share Posted December 16, 2010 Gratz! I just sold the first car I ever paid off yesterday. Used the $$ to pay off my new truck and it feels good. My Wife only has about 6 months left on her 2011 Mustang and we're hoping to pay it off sooner. Free pay raise till my Son gets his first car in May. I love being debt free (or close to it)! Link to comment Share on other sites More sharing options...
twodownzero Posted December 16, 2010 Share Posted December 16, 2010 I don't think I'm ever going to borrow money to buy a car again. If I can't save like Flex says....I'll just buy a junker out of the newspaper. Link to comment Share on other sites More sharing options...
kevin c Posted December 16, 2010 Share Posted December 16, 2010 "Never borrow money to pay for a depreciating asset", or something close to that, is what I've been told. Seems like good advice (if you can manage it). Link to comment Share on other sites More sharing options...
Pat Miles Posted December 16, 2010 Share Posted December 16, 2010 I've had one car payment in my life. Not one car paid for monthly but a car that I paid one months payment. Saw that I had paid $60.00 interest for that one month and said screw this noise. Went to the credit union the next day and wrote a check for the payoff on the rest of the loan. I buy a nice vehicle, keep it in great shape, keep it for 10 - 12 years and then pay cash for the next one. Not bad, one monthly payment in 61 years. Pat Link to comment Share on other sites More sharing options...
outerlimits Posted December 16, 2010 Share Posted December 16, 2010 (edited) Time to start a new thread for finally paying off a house. Edited December 16, 2010 by outerlimits Link to comment Share on other sites More sharing options...
ima45dv8 Posted December 16, 2010 Share Posted December 16, 2010 Time to start a new thread for finally paying off a house. Paid mine off earlier this year. Paid of my '06 4Runner month before last. Link to comment Share on other sites More sharing options...
Pat Miles Posted December 16, 2010 Share Posted December 16, 2010 Time to start a new thread for finally paying off a house. Paid mine off earlier this year. Paid of my '06 4Runner month before last. Paid my house off 15 years ago. Retired 5 years ago. Pat Link to comment Share on other sites More sharing options...
outerlimits Posted December 16, 2010 Share Posted December 16, 2010 Paying off a house is good-but sending a child to a private college is about as expensive...especially when they can't get it done in 4 years. Oh well, money's made round to roll not flat to stack! Link to comment Share on other sites More sharing options...
sirveyr Posted December 17, 2010 Share Posted December 17, 2010 I drove $500-$2000 piles of crap since I was a kid. While driving all those piles, I was saving for a full sized 4x4 with my monthly payments to the savings account. I finally bought a gently used '02 4x4 with cold hard cash back in '04. It kinda hurt parting with the money, but it felt really good at the same time. I earned that truck. Link to comment Share on other sites More sharing options...
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