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Originally Posted by puck36
Just think if I took my car payment of $250 a month for 40 years at 8% I would have $839,343.
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Actually, what you should do after paying off your car, is to continue to save that payment amount so that when it is time for your next car, you don't need to take out a loan. Unless you can get really cheap financing, it generally doesn't make sense to borrow money to buy a depreciating asset like a car.