Car paid off today

[tripods68]

It took us 3 1/2 years to pay if of $32,500 Odyssey. Boy I tell you, it feels really gooddddd. All we have is the mortgage and 2nd.

No credit card debt
No more car payment

[ActYourWage]

I bet it drives better now....awesome job.

[Broken Arrow]

Congrats! Wonderful news!

[kork13]

Definitely congrats! I paid mine off a couple months ago as well, and I agree.... It's GREAT to get a significant debt like that eliminated--and also to know that the car is 100% your own.

[GREENBACK]

The process isn't much fun but it's great to finish off something like that. My last debt is Mortgage and should be done in 7yrs.. I'll definitely have a party that day

[tripods68]

Thanks guys.

DW and I were so excited this morning. This is actually the first time in 6 years of being married we don't owe anything else except mortgage. This is the moment that we have been waiting for.

[asmom]

Well
Done!!!!!!!!!!!!!!

[disneysteve]

Originally Posted by tripods68

This is actually the first time in 6 years of being married we don't owe anything else except mortgage. This is the moment that we have been waiting for.

Congrats! We're also at the mortgage-only stage and we're chipping away at that but still have about 15 years. Maybe less.

[snafu]

WTG it's a great feeling to know the car lasts longer than the payments. Enjoy Odyssey and know in your heart there is no good reason to change-out vehicles ea. year except in the imagination of the marketing mavens

[nmboone]

I'm so jealous!

[mommyof4]

congrats!

I hope to be in your shoes asap- I just bought a new (used) Hyundai Tuscon yesterday- I want to pay it off asap, now.

[tripods68]

Originally Posted by disneysteve

Congrats! We're also at the mortgage-only stage and we're chipping away at that but still have about 15 years. Maybe less.

The feeling is mutual. DW and couldn't stop "high fiving" and congratulating each other all day

Now we can just "focus" on saving using the snowball affect except it goes to our EF. That's an extra $700 a month that will be putting away on top of what we currently save now.

[disneysteve]

Originally Posted by tripods68

The feeling is mutual. DW and couldn't stop "high fiving" and congratulating each other all day

Now we can just "focus" on saving using the snowball affect except it goes to our EF. That's an extra $700 a month that will be putting away on top of what we currently save now.

We're currently paying an extra $100/month on the mortgage. I'm tempted to increase that, but I think it would be better to boost non-retirement savings. Both of our cars are getting older (both over 100K miles) and we've only got 5 years before college expenses arrive. I think once I cap off the Roths this month, I'll start stashing cash for those things.

[tripods68]

Originally Posted by disneysteve

We're currently paying an extra $100/month on the mortgage. I'm tempted to increase that, but I think it would be better to boost non-retirement savings. Both of our cars are getting older (both over 100K miles) and we've only got 5 years before college expenses arrive. I think once I cap off the Roths this month, I'll start stashing cash for those things.

You pretty much said it..."boost non-retirement savings". That's pretty our goal right now. We need to achieve our EF goal of $36K by next summer. Everything else we start tackling one by one.

For instance, we have a lot of expenses that we are looking ahead in the next year or two. Our kids room is the top priority; we need to repaint both of their rooms, add new beds and furnitures. We are also looking replace our TV and the microwave. Then theres our old 95 Altima that have been so good to us. We like to keep it as long as it last. Hopefully, we won't need to replace it just yet. Knock-on-woods!

[Inkstain82]

Originally Posted by tripods68

It took us 3 1/2 years to pay if of $32,500 Odyssey. Boy I tell you, it feels really gooddddd. All we have is the mortgage and 2nd.

No credit card debt
No more car payment

Congrats! We've closed off a lot of old debts, and are almost up to our savings level that we've been aiming for, and as soon as we do, we'll have the car paid off within a month or two, and we're really looking forward to it.

I'm 27, and I've never not had a car payment.

[DebbieL]

Congratulations! It took me that long to pay off a car worth only half that (mind you, I didn’t really get serious about paying it off until the last year – then I poured extra money into it every chance I got). Well done you two.

PS - I don't know about you, but I never want to have debt for a car again. It really bothered me how much money I was spending just to have 4 wheels, lol.

[tripods68]

Originally Posted by mommyof4

congrats!

I hope to be in your shoes asap- I just bought a new (used) Hyundai Tuscon yesterday- I want to pay it off asap, now.

With some serious discipline you can. ANd just being on this site and participating in the discussions helps me makes better financial decision.

[tripods68]

Originally Posted by DebbieL

Congratulations! It took me that long to pay off a car worth only half that (mind you, I didn’t really get serious about paying it off until the last year – then I poured extra money into it every chance I got). Well done you two.

PS - I don't know about you, but I never want to have debt for a car again. It really bothered me how much money I was spending just to have 4 wheels, lol.

It's been about 8 years ago when I began making car payment. If i can help it, we'll next time a used car using cash.

[moni727]

Congratulations!!

Years ago, a college professor of mine, a retired millionaire from Morgan Stanley at age 40, taught us this following bit of advice when it comes to cars and payments.

He said, once you are done paying off your car, you should take that monthly payment that you were making and pay it toward a car fund for the future. That way, you can pay cash for a new car every ten years or so.

If, however, there are other areas that need attention, like paying off debt, then the extra money should go there.

But I always thought this was great advice for those that pay off their car and wish to perhaps buy a new one in the future.

[Ima saver]

That is what I do. When I pay off a car, I keep making those same payments, but just to my car fund account!

BTW, congratulations!