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Started By
Message
just paid off the car last friday
Posted on 4/13/09 at 10:45 am
Posted on 4/13/09 at 10:45 am
Now we can pocket the 600 and save it for a down payment on a house. It may take me 2 more years. Was this a good move or dumb? Let me know what you think.
3
Posted on 4/13/09 at 11:50 am to LoyalTiger211
$600 a month car payment .
I'm 40, have made a comfortable living since I was 23 years old and I never had a payment N of $350.
Cars are wealth KILLERS.
Not trying to be an arse, but NOBODY cares about your ride. Really, they don't.
But yes, having no car payment is a VERY worthy achievement.
Congrats.
It will allow you to dedicate that money elsewhere, in a manner that will BUILD wealth.
I'm 40, have made a comfortable living since I was 23 years old and I never had a payment N of $350.
Cars are wealth KILLERS.
Not trying to be an arse, but NOBODY cares about your ride. Really, they don't.
But yes, having no car payment is a VERY worthy achievement.
Congrats.
It will allow you to dedicate that money elsewhere, in a manner that will BUILD wealth.
Posted on 4/13/09 at 11:52 am to Lsupimp
I just paid off mine last month. Literally had a car payment across ten years and three cars, feels good to be free! 
Posted on 4/13/09 at 1:13 pm to Lsupimp
in Jan 07, we had to get a new van. no money down for 33K ( i know stupid me). paid 595 a month. saved enough with the refund to pay it off. I will always remember this numbew 17,631.26 for the rest of my life 
Posted on 4/13/09 at 1:22 pm to LoyalTiger211
In 03 I bought a tricked out new Kia van with leather, sunroof etc 
for 20k even. It only has 55 k on it six years later and still is under the 100k/10 year bumper to bumper warranty. We paid it off a couple of years ago.
That money has come in REAL handy.
With cars-buy cheap and run em till they die. Calculate your TRUE vehicle cost by the number of years you drove without a car payment. Mine gets cheaper every day I drive it.
If a twenty K car (its a van for God's sake) lasts ten years that was one cheap van.
for 20k even. It only has 55 k on it six years later and still is under the 100k/10 year bumper to bumper warranty. We paid it off a couple of years ago. That money has come in REAL handy.
With cars-buy cheap and run em till they die. Calculate your TRUE vehicle cost by the number of years you drove without a car payment. Mine gets cheaper every day I drive it.
If a twenty K car (its a van for God's sake) lasts ten years that was one cheap van.
Posted on 4/13/09 at 1:39 pm to Lsupimp
car payments suck
/thread
buy cheap, drive them until they die. There is utility in cars beyond the financial side.....though, i.e. having a car to get chicks.
/thread
buy cheap, drive them until they die. There is utility in cars beyond the financial side.....though, i.e. having a car to get chicks.
Posted on 4/13/09 at 1:44 pm to MileHigh
LOL so this beamer might come in handy after all eh?
Posted on 4/13/09 at 1:45 pm to MileHigh
Posted on 4/13/09 at 1:53 pm to Powerman
quote:
LOL so this beamer might come in handy after all eh?
yeah, its a magnet for bisexual women.
Cold Cous Cous - you must not know me very well, I charge for candy.
Posted on 4/13/09 at 2:16 pm to MileHigh
quote:Go buy a house....
buy cheap, drive them until they die.
Posted on 4/13/09 at 2:28 pm to Lsupimp
quote:
Cars are wealth KILLERS.
agreed.
I had a car payment for 2 years of my life back in the mid-90s, then paid it off early.
Most well-respected financial authors (Ron Blue, Thomas Stanley, Robert Kiyosaki, etc.) harp on that point repeatedly.
DON'T have a car payment.
And yes, it is very doable.
Posted on 4/13/09 at 10:08 pm to LoyalTiger211
congrats dude... that is a big check you wrote... any left for me? jk
Posted on 4/13/09 at 10:19 pm to clamdip
quote:
DON'T have a car payment.
And yes, it is very doable.
My current truck note will be my first and last.
Posted on 4/14/09 at 1:19 am to clamdip
quote:
DON'T have a car payment.
I see the wisdom in this, but to me a car payment is really just transportation cost. Could I lower it by paying up front and driving for a long time? Sure. Could I pay more and have a nicer form of transportation sooner than I would otherwise be able to? Sure.
I spend WAY more on dining out every month than I do on car payments, and there's just as much utility in that. I'm not inclined to cut out either one, so long as the car payment stays a relatively small percentage of my income. I understand this is not the case for a lot of people, though.
Posted on 4/14/09 at 1:21 am to Thomas Hudson
I think the idea is designed for someone making $40k and driving around in a $33,000 car.
Posted on 4/14/09 at 7:39 am to Golfer
I'm still driving the same car I bought when I graduated High School. 150K miles and 9 years later she is still going strong. Only downside, its a 2 seater and its goign t obe hard to fit a car seat.
Posted on 4/14/09 at 11:12 am to Chris4x4gill2
in 9 years my car will most likely have more than 400,000 miles at the rate i am going.
Posted on 4/14/09 at 11:30 am to Thomas Hudson
quote:
I spend WAY more on dining out every month than I do on car payments, and there's just as much utility in that. I'm not inclined to cut out either one, so long as the car payment stays a relatively small percentage of my income. I understand this is not the case for a lot of people, though.
Right. I'd agree with you that I might consider having a car payment if all the following conditions are met (just my own personal criteria):
1. I can comfortably pay off the car loan at any time.
2. It is a 0% or near 0% loan rate.
3. The initial principal amount was a really good deal in spite of the 0% loan. As in, i negotiated them down to a cash offer amount, then took the 0% financing. Otherwise, they made up for it in the principal.
The reality for most is that they could not do #1, and they have a pretty high "consumer loan" rate going on #2.
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