Car paid off today

[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]

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]

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!

[Tree0164]

Congratulations!

Take the car payment and put in a special account to buy your next car in cash! That is what we did and just bought a used car this past week for cash.